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CNA

CNA Financial Corporation

CNA

CNA Financial Corporation • NYSE
$46.75 ▼ -0.38% (-0.18)
Market Cap $12.65 B
52w High $51.42
52w Low $43.29
Dividend Yield 3.84%
P/E 12.77
Volume 134.68K
Outstanding Shares 270.67M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $3.749B ▲ $721M ▲ $403M ▲ 10.75% ▲ $1.49 ▲ $567M ▲
Q2-2025 $3.636B ▲ $702M ▼ $299M ▲ 8.223% ▲ $1.1 ▲ $429M ▲
Q1-2025 $3.571B ▼ $724M ▼ $274M ▲ 7.673% ▲ $1.01 ▲ $398M ▲
Q4-2024 $3.613B ▲ $1.1B ▲ $21M ▼ 0.581% ▼ $0.077 ▼ $69M ▼
Q3-2024 $3.551B $714M $283M 7.97% $1.04 $410M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $3.993B ▲ $69.756B ▲ $58.434B ▲ $11.322B ▲
Q2-2025 $3.711B ▼ $68.936B ▲ $58.275B ▲ $10.661B ▲
Q1-2025 $3.893B ▼ $67.326B ▲ $57.047B ▲ $10.279B ▼
Q4-2024 $4.313B ▲ $66.492B ▼ $55.979B ▼ $10.513B ▼
Q3-2024 $3.921B $67.356B $56.598B $10.758B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $403M ▲ $720M ▲ $-975M ▼ $369M ▲ $110M ▲ $704M ▲
Q2-2025 $299M ▲ $562M ▼ $-559M ▼ $-125M ▲ $-110M ▼ $538M ▼
Q1-2025 $274M ▲ $638M ▼ $88M ▲ $-722M ▼ $11M ▼ $620M ▼
Q4-2024 $21M ▼ $703M ▼ $-555M ▼ $-119M ▲ $16M ▼ $665M ▼
Q3-2024 $283M $748M $-553M $-120M $81M $730M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Specialty Segment
Specialty Segment
 $5.60Bn ▲$1.38Bn ▼$1.43Bn ▲$4.29Bn ▲
Commercial Segment
Commercial Segment
 $5.92Bn ▲$1.56Bn ▼$1.62Bn ▲$0 ▼
International Segment
International Segment
 $1.39Bn ▲$340.00M ▼$360.00M ▲$0 ▼
Life and Group NonCore Segment
Life and Group NonCore Segment
 $1.38Bn ▲$330.00M ▼$340.00M ▲$0 ▼

Five-Year Company Overview

Income Statement

Income Statement CNA’s income statement shows a business that has been growing steadily while managing through the usual ups and downs of insurance cycles. Revenue has climbed each year, suggesting stable demand and decent pricing power. Profitability dipped in the early part of the period and again a bit in the most recent year versus a very strong prior year, likely reflecting higher claims or expenses. Even so, earnings remain clearly better than in the early pandemic years, pointing to improved underwriting discipline and more supportive investment income. Overall, the story is one of gradual growth with some volatility in margins, which is typical for a property and casualty insurer.

Balance Sheet

Balance Sheet The balance sheet looks generally solid and fairly conservative. The asset base has expanded, while debt has stayed roughly flat, meaning leverage has become more manageable over time. Shareholders’ equity fell from earlier highs but has been rebuilding, which suggests that capital strength has been recovering after past market or claim pressures. Cash on hand is modest, but that is normal for an insurer that holds most of its resources in a diversified investment portfolio rather than in pure cash. The main risk is that equity and asset values can be sensitive to interest rates, investment markets, and large loss events, but the overall capital structure appears stable.

Cash Flow

Cash Flow CNA generates healthy, consistent cash flow from its core operations, which is a key positive. Operating cash flow has been solidly above accounting earnings, indicating that the business converts profits into cash reliably. Capital spending needs are low, so most of that operating cash turns into free cash that can support dividends, investments in technology, or balance sheet strength. As with any insurer, cash flows can swing with the timing of premiums and claims, but the multi‑year pattern here points to a business that throws off dependable cash rather than one reliant on one‑off events.

Competitive Edge

Competitive Edge CNA occupies a focused position in commercial property and casualty insurance, leaning heavily on specialization rather than raw scale. It targets specific industries like construction, healthcare, financial institutions, and professional services, where deep expertise and tailored coverage matter. Its integrated risk control services—using engineers and specialists who understand each industry—help reduce clients’ losses and deepen relationships with brokers and policyholders. A strong network of independent agents and brokers values this expertise, giving CNA a defensible niche even against much larger competitors. The flip side is ongoing exposure to intense price competition, catastrophic events, and regulatory changes that can quickly pressure margins if underwriting discipline slips.

Innovation and R&D

Innovation and R&D CNA is clearly leaning into technology and data rather than treating them as side projects. It is rolling out AI‑supported underwriting to speed up and sharpen risk selection, modernizing its systems into the cloud, and using advanced analytics tools to give underwriters and managers better insight into trends. On the claims side, it is digitizing processes—especially in long‑term care—to make the experience smoother and collect richer data. These efforts are more about making the existing business smarter and more efficient than about launching flashy new products. The key uncertainties are execution and payoff: success could strengthen its underwriting edge and cost structure, while missteps could mean high spending with only modest competitive gain.

Summary

Taken together, CNA looks like a mature insurer with steady growth, a generally sound balance sheet, and strong, recurring cash generation. Its main financial message is one of rising revenue with profitability that fluctuates but has improved compared with earlier years. Strategically, its edge comes from specialization in selected industries, strong broker relationships, and proactive risk control services that are hard for more generic competitors to replicate. At the same time, it operates in a cyclical, event‑driven business where large losses, competition, and regulation can quickly shift results. How well CNA continues to refine its underwriting, manage catastrophe exposure, and execute on its technology transformation will likely be central to its performance in the coming years.

NEWS

November 3, 2025 · 6:36 AM UTC

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November 3, 2025 · 6:00 AM UTC

CNA FINANCIAL ANNOUNCES THIRD QUARTER 2025 NET INCOME OF $1.48 PER SHARE AND RECORD CORE INCOME OF $1.50 PER SHARE

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October 14, 2025 · 10:00 AM UTC

CNA Financial to Report Third Quarter 2025 Results on November 3

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