CNA Financial Corporation’s third-quarter net income fell to $196 million as annual long-term-care reserve assumption updates widened a segment loss and catastrophe costs rose in property and casualty insurance.
Property & Casualty core income declined $59 million year over year to $397 million. The segment’s combined ratio rose to 97.0% from 92.8%; catastrophe losses accounted for 2.8 percentage points, versus 1.5 points a year earlier. Pretax catastrophe losses totaled $78 million, compared with $41 million. Its underlying combined ratio was 94.2%, up from 91.3%, while net written premiums grew 3%. Renewal premium change was 3%, and written rate was 2%. There was no net prior-period development impact in either quarter.
Life & Group’s core loss reached $171 million, versus $22 million in third-quarter 2025. CNA attributed the result to a $137 million unfavorable after-tax impact from annual updates to long-term-care reserve assumptions. The company said recent portfolio actions should almost entirely counterbalance the updates’ economic effect, although the anticipated benefit is excluded from current-period earnings under generally accepted accounting principles (GAAP).
For the three months ended Sept. 30, net income was $196 million, or $0.72 per share, compared with $403 million, or $1.48 per share, in third-quarter 2025. Core income, CNA’s non-GAAP operating measure, was $203 million, or $0.75 per share, down from $409 million, or $1.50 per share. The year-earlier core result was a company record.
Net investment income totaled $635 million. Fixed-income securities and other investments generated $587 million, up $20 million; limited partnerships and common stock generated $48 million, down $23 million. Corporate & Other recorded a core loss of $23 million, compared with $25 million a year earlier. Book value was $37.80 per share. Excluding accumulated other comprehensive income (AOCI), book value was $46.11 per share, up 5% from year-end 2025 after adjusting for $3.44 in dividends per share paid. The board approved its regular quarterly dividend of $0.48 per share.
