CNA Financial Corporation
- Open
- 48.88
- Day high
- 49.19
- Day low
- 48.63
- Prev close
- 48.56
- Volume
- 52K
- Mkt cap
- $13.2B
- P/E (TTM)
- 10.7
- EPS (TTM)
- $4.56
- P/B
- 1.2
- P/S
- 0.9
- Yield
- 7.98%
- Per share
- $3.90
- ▼Insiders net selling -$1.6M over the last 3 months (0 open-market buys, 2 sales)
- 🏛Institutions accumulating (13F)
CNA Financial Corporation (CNA) is a Financial Services company listed on NYSE. The stock is down 1% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 2 sales (SEC Form 4). Drillr has 1 published research article covering CNA.
CNA Financial Corporation (CNA) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
CNA earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 3, 2026 | $1.04 | $1.19 | +14.4% | $3.8B | +28.7% |
| May 4, 2026 | $1.49 | $0.83 | -44.3% | $2.6B | -11.3% |
| May 1, 2023 | $1.19 | $1.19 | +0.0% | $3.1B | -1.4% |
| Oct 31, 2022 | $0.61 | $0.78 | +27.9% | $3.2B | +4.5% |
| May 2, 2022 | $1.23 | $1.16 | -5.7% | — | — |
| Feb 7, 2022 | $1.01 | $0.97 | -4.0% | $3.1B | +47.4% |
| May 3, 2021 | $0.89 | $0.96 | +7.9% | $2.9B | +0.5% |
| Feb 8, 2021 | $0.99 | $1.23 | +24.2% | $2.9B | +47.6% |
| Nov 2, 2020 | $0.60 | $0.71 | +18.3% | $2.8B | +18.3% |
| May 4, 2020 | $0.56 | $0.40 | -28.6% | $2.3B | -38.1% |
| Feb 10, 2020 | $0.89 | $0.97 | +9.0% | $2.8B | +36.2% |
| Apr 29, 2019 | $1.09 | $1.17 | +7.3% | $2.7B | +38.2% |
CNA insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 5, 2026 | James Mark Stevenofficer: EVP, Chief Risk & Rein Off | Sell | 8,273 | $53.15 |
| Aug 4, 2026 | Franzetti Daniel Paulofficer: EVP & CAO | Sell | 22,656 | $53.09 |
| Mar 20, 2026 | Neuenschwander Jeffrey Johnofficer: SVP & General Counsel | Sell | 3,287 | $45.97 |
| Mar 17, 2026 | Hopper Robert Josephofficer: EVP & Chief Actuary | Tax | 12,758 | $47.03 |
| Mar 17, 2026 | Smith Amy Marieofficer: SVP & Chief Accounting Officer | Grant | 4,773 | — |
| Mar 17, 2026 | Neuenschwander Jeffrey Johnofficer: SVP & General Counsel | Tax | 1,361 | $47.03 |
| Mar 17, 2026 | Aguinaga Elizabeth Annofficer: EVP, Chief HR Officer | Tax | 11,512 | $47.03 |
| Mar 17, 2026 | LINDQUIST SCOTT Rofficer: EVP & CFO | Grant | 37,232 | — |
| Mar 17, 2026 | Neuenschwander Jeffrey Johnofficer: SVP & General Counsel | Grant | 3,540 | — |
| Mar 17, 2026 | LINDQUIST SCOTT Rofficer: EVP & CFO | Tax | 18,603 | $47.03 |
| Mar 17, 2026 | Possell Jane Elizabethofficer: EVP & CIO | Grant | 19,888 | — |
| Mar 17, 2026 | Hopper Robert Josephofficer: EVP & Chief Actuary | Grant | 19,888 | — |
| Mar 17, 2026 | Possell Jane Elizabethofficer: EVP & CIO | Tax | 7,006 | $47.03 |
| Mar 17, 2026 | Aguinaga Elizabeth Annofficer: EVP, Chief HR Officer | Grant | 19,888 | — |
| Mar 17, 2026 | James Mark Stevenofficer: EVP, Chief Risk & Rein Off | Tax | 6,791 | $47.03 |
Source: CNA SEC Form 4 filings, latest Aug 5, 2026. For informational purposes only — not investment advice.
See the full CNA insider & 13F page →CNA Financial Corporation company profile
Overview
CNA Financial Corporation (NYSE:CNA) is a major American commercial property and casualty insurance company founded in 1853 and headquartered in Chicago, Illinois. Operating as a subsidiary of Loews Corporation, CNA has evolved from its origins as Continental Assurance Company into one of the largest commercial insurers in the United States. The company provides specialized insurance products and risk management services primarily to businesses, professionals, and organizations across various industries. With over 170 years of experience, CNA has established itself as a leading provider of commercial insurance solutions, serving clients through a network of independent agents, brokers, and underwriters nationwide and internationally.
Business
CNA Financial operates in the commercial property and casualty insurance industry, which provides protection against financial losses from property damage, liability claims, and other business risks. Unlike personal insurance that covers individuals, commercial insurance protects businesses from potentially catastrophic financial losses that could threaten their operations or existence. The company operates through five primary business segments: 1. **Specialty Segment** (approximately 35% of revenue): Provides specialized professional liability insurance and risk management services to specific professional groups including architects, real estate agents, accounting firms, law firms, and healthcare providers. This segment also offers directors and officers insurance, employment practices liability, fiduciary coverage, and fidelity bonds to protect against employee dishonesty. 2. **Commercial Segment** (approximately 45% of revenue): Offers traditional commercial insurance products including property insurance (covering buildings, equipment, and inventory), casualty insurance (workers' compensation, general liability, commercial auto), and umbrella coverage that provides additional protection above underlying policies. 3. **International Segment** (approximately 15% of revenue): Provides similar commercial insurance products to businesses operating internationally, with particular strength in the United Kingdom and other international markets. 4. **Life & Group Segment** (approximately 3% of revenue): Manages a run-off portfolio of long-term care insurance policies, meaning they no longer write new business but continue servicing existing policies until they expire. 5. **Corporate & Other Segment** (approximately 2% of revenue): Handles corporate functions and other miscellaneous operations. The company specializes in complex commercial risks that require sophisticated underwriting expertise, particularly in areas affected by social inflation - the tendency for insurance claims to increase beyond general economic inflation due to factors like larger jury awards and more aggressive litigation tactics.
Revenue model
CNA Financial generates revenue primarily through insurance premiums paid by policyholders in exchange for coverage against specified risks. The company's business model follows the traditional insurance cycle: collect premiums upfront, invest the funds (called "float") until claims are paid, and profit from the difference between premiums collected and claims paid out, plus investment income. The company's customers are primarily businesses ranging from small professional firms to large corporations, along with government entities and non-profit organizations. Premium pricing varies based on the assessed risk of each client, with higher-risk businesses paying more for coverage. CNA also generates significant revenue from investment income on its insurance reserves and surplus funds. With approximately $66 billion in total assets, the company maintains a substantial investment portfolio that generated $2.5 billion in net investment income in 2024, representing about 18% of total revenue. Several factors influence CNA's profitability margins: **Margin-enhancing factors** include disciplined underwriting that maintains adequate pricing for risks, favorable investment market conditions that boost investment returns, benign catastrophe activity that reduces large claims payouts, and successful rate increases that outpace loss cost inflation. **Margin-pressuring factors** include social inflation that drives up claim settlements beyond economic inflation, increased catastrophe activity from natural disasters, competitive pricing pressure that limits rate increases, and rising loss cost trends in certain lines like commercial auto and casualty coverage. The company also faces pressure from an increasingly aggressive plaintiffs' bar that seeks larger settlements and jury awards. The company's profitability is measured by its combined ratio - the percentage of premiums paid out in claims and expenses. A combined ratio below 100% indicates underwriting profit, while above 100% indicates an underwriting loss. CNA achieved a strong all-in combined ratio of 94.9% in 2024, demonstrating profitable underwriting operations.
Competitive moat
CNA Financial possesses a moderate but meaningful competitive moat built primarily on specialized expertise, regulatory barriers, and customer relationships, though it faces ongoing competitive pressures typical of the commercial insurance industry. The company's strongest moat elements include its specialized underwriting expertise in complex commercial risks, particularly in professional liability and specialty lines where deep industry knowledge creates barriers to entry. CNA's 170-year operating history has allowed it to develop sophisticated risk assessment capabilities and claims handling expertise that newer entrants struggle to replicate quickly. Regulatory barriers provide some protection, as insurance companies must meet strict capital requirements, obtain licenses in each state where they operate, and maintain substantial reserves. These requirements create meaningful barriers to new competitors and limit the ability of existing players to rapidly expand market share. The company benefits from strong customer relationships with independent agents and brokers who value CNA's specialized expertise and claims-paying ability. High retention rates of 85% demonstrate customer loyalty, though this loyalty can be tested during hard market cycles when competitors offer more attractive pricing. However, CNA's moat faces several challenges. The commercial insurance industry is highly competitive with numerous well-capitalized competitors including AIG, Travelers, and Zurich. Product commoditization in certain lines makes it difficult to maintain pricing power, and customers can switch carriers relatively easily during renewal periods. Potential disruption could come from insurtech companies leveraging technology to improve underwriting efficiency and customer experience, though the complexity of commercial risks provides some protection against technological disruption. Additionally, alternative risk transfer mechanisms like captive insurance companies allow large corporations to self-insure certain risks, potentially reducing demand for traditional commercial insurance. The company's moat is strongest in specialized professional liability lines where expertise matters most, but weaker in more commoditized commercial lines where price competition is intense.
Risks & safety
CNA Financial demonstrates a **strong margin of safety** with solid financial fundamentals, though typical insurance industry characteristics create some balance sheet complexity. **Solvency and Capital Position:** - Strong capitalization with $10.5 billion in shareholders' equity - Debt-to-equity ratio of 0.28, indicating conservative leverage - Minimal cash burn risk given positive operating cash flows of $2.6 billion in 2024 - Insurance regulatory capital ratios well above required minimums **Profitability Metrics:** - Price-to-earnings ratio of 13.7x based on 2024 earnings, reasonable for insurance sector - Return on equity of 9.1% in 2024, solid for insurance industry - Price-to-book ratio of 1.25x, slight premium to book value - Consistent profitability with record core income of $1.3 billion in 2024 **Liquidity and Cash Generation:** - Strong free cash flow generation of $2.5 billion in 2024 - Current ratio appears low at 1.09x, but this is typical for insurers due to reserve accounting - Substantial investment portfolio provides liquidity if needed **Other Considerations:** - Exposure to catastrophic losses and social inflation trends - Long-tail liability exposures create reserve uncertainty - Parent company Loews Corporation provides additional financial backing - Dividend sustainability supported by strong cash generation
Recent development
Based on recent earnings calls, CNA has executed several key strategic initiatives over the past few years focused on disciplined growth, operational excellence, and portfolio optimization. **Leadership Transition and Strategic Direction**: The company underwent a significant leadership change with Dino Robusto transitioning from CEO to Executive Chairman and Doug Worman becoming President and CEO effective January 1, 2025. This transition represents continuity in strategic direction while bringing fresh leadership to drive future growth. **Underwriting Excellence and Pricing Discipline**: CNA has maintained rigorous underwriting standards while achieving strong premium growth, with gross written premiums growing 8% in 2024 excluding captives. The company has been particularly focused on obtaining adequate rate increases in lines affected by social inflation, achieving renewal premium increases of 4-5% annually while maintaining high retention rates of 85%. **Portfolio Optimization**: The company has been actively managing its business mix, including successful completion of a pension risk transfer transaction in 2024 and ongoing optimization of its long-term care portfolio through policy buyouts and rate increases. CNA also reallocated $500 million from limited partnership investments to high-quality fixed income securities to improve asset-liability matching. **Technology and Operational Improvements**: While not extensively detailed in earnings calls, the company has continued investing in technology infrastructure and operational efficiency improvements to enhance underwriting capabilities and customer service. **International Expansion**: The International segment has shown strong growth with 13% net written premium growth in 2024, indicating successful expansion in international markets while maintaining disciplined underwriting standards. **Capital Management**: CNA has demonstrated strong capital discipline through regular dividend increases (raising quarterly dividend from $0.44 to $0.46) and special dividends ($2.00 per share in 2024), while maintaining strong capital ratios for future growth opportunities.
CNA company profile · for informational purposes only — not investment advice.
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