CNA Financial (CNA) Investor presentation summary

Business overview and market position

• Among the largest U.S. commercial lines insurers, with $10.7 billion net written premium and $13.0 billion gross written premium in 2025.

• Operates core business segments: Commercial, Specialty, and International, with a strong presence in the U.S., Canada, UK, and Europe.

• Holds robust financial strength ratings: S&P A+ (Stable), A.M. Best A+ (Stable), Moody's A2 (Positive), Fitch A+ (Stable).

• Specialized underwriting capabilities and industry segment focus underpin top quartile performance.

Financial performance and capital strength

• Achieved record core income for the third consecutive year, reaching $1.34 billion in 2025.

• Underlying combined ratio remained below 92% for five consecutive years; expense ratio improved to 29.7%.

• Maintains a robust balance sheet with $11.6 billion equity, $3.0 billion debt, and $15.7 billion total capital (ex. AOCI).

• Returned over $8.8 billion to shareholders from 2016 through 2025.

Underwriting and portfolio management

• Sustained improvement in underwriting performance, with each P&C segment contributing to profitability.

• Commercial segment net written premium grew at a 13% CAGR from 2021 to 2025, with combined ratios improving to 90.5%.

• Specialty and International segments maintained solid underwriting results and consistent profitability.

• Strategic focus on specialization, portfolio optimization, and global collaboration.