CNA Financial (CNA) Investor presentation summary

Business overview and market position

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

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

• Holds strong financial strength ratings: S&P A+, A.M. Best A+, Moody's A2, Fitch A+.

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

• Consistently strong operating performance and robust financial stability.

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%.

• Total capital excluding AOCI was $15.7 billion at year-end 2025, with an 18.9% debt-to-capital ratio.

• Statutory surplus stood at $11.6 billion, and annual operating cash flow reached $2.5 billion in 2025.

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

Underwriting and segment performance

• P&C underwriting gain reached a record $855 million in 2025, with all segments contributing to profitability.

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

• Specialty segment maintained solid underwriting discipline, with combined ratios below 95% and stable premium.

• International segment produced underwriting gains for 22 consecutive quarters, with combined ratios near 91%.