CNA Financial: A Portfolio Cornerstone, Not A Bargain
CNA remained profitable in Q3 2026, reporting a 97% combined ratio and $82 million in pre-tax underwriting income, though year-to-date results were significantly weaker. Specialty and International were profitable, Commercial was roughly breakeven amid higher long-tail severity, and the long-term care review led to a roughly $171 million pre-tax charge.
Why it matters — The results highlight the contrast between profitable segments and pressure on Commercial underwriting, alongside ongoing uncertainty in CNA’s legacy long-term care portfolio.