CNA Financial Corporation (NYSE:CNA) reported second-quarter results on Monday that exceeded Wall Street expectations for both earnings and revenue, although the insurer’s shares were little changed in pre-market trading.
Adjusted earnings came in at $1.19 per share, surpassing the consensus forecast of $1.01 by 18%.
Revenue Significantly Exceeds Expectations
Quarterly revenue totaled $4.73 billion, comfortably ahead of analysts’ expectations of $2.97 billion, representing a 59% positive surprise.
Net income increased to $321 million, or $1.18 per diluted share, compared with $299 million, or $1.10 per share, in the same quarter last year.
Core income was $324 million, or $1.19 per share, versus $335 million, or $1.23 per share, in the second quarter of 2025.
Property & Casualty Business Continues to Drive Results
CNA’s Property & Casualty operations generated core income of $426 million during the quarter, a decrease of $22 million from a year earlier.
The decline reflected softer underlying underwriting performance, although stronger net investment income helped offset part of the impact.
Net written premiums increased 4%, supported by record new business production of $718 million, up 11% year over year, while renewal premium pricing improved by 2%.
Management Highlights Disciplined Growth Strategy
Chairman and Chief Executive Officer Douglas M. Worman said the company continued to deliver solid operating performance.
“We delivered strong second quarter results with core income of $324 million reflecting deliberate and disciplined growth, excellent investment income and high-quality underwriting results,” said Douglas M. Worman, Chairman & Chief Executive Officer.
Combined Ratio and Investment Income
The Property & Casualty combined ratio rose to 96.5% from 94.1% in the prior-year quarter, including a 2.3-point impact from catastrophe losses.
The underlying combined ratio increased to 94.2% from 91.7%, while the underlying loss ratio reached 64.1%.
Net investment income climbed by $39 million to $701 million, supported by stronger returns from limited partnerships and common stock investments, together with higher income generated from the fixed-income portfolio.
Other Business Segments Deliver Mixed Performance
The Life & Group segment reported a core loss of $10 million, compared with core income of $1 million in the prior-year period.
Meanwhile, the Corporate & Other division posted a core loss of $92 million, improving from a loss of $114 million a year earlier. The latest quarter included a $77 million after-tax charge related to legacy mass tort claims.
Book Value Improves and Dividend Declared
Book value per share, excluding accumulated other comprehensive income (AOCI), increased 4% from the end of 2025 to $45.83 after adjusting for dividends totaling $2.96 per share.
CNA also announced a quarterly cash dividend of $0.48 per share, which is scheduled to be paid on September 3, 2026.