L · 10-Q · 2026Q3 · Full report

CNA Investment Portfolio Quality

LOEWS CORP · 2026-11-02 · Importance 57 · Surprise 64 · From source text

CNA’s fixed maturity securities had an estimated fair value of $42.067 billion and net unrealized losses of $3.881 billion at September 30, 2026, compared with fair value of $43.402 billion and net unrealized losses of $1.197 billion at December 31, 2025. The September 2026 portfolio included $14.791 billion of BBB securities and $1.879 billion of non-investment-grade securities. Available-for-sale fixed maturities in a gross unrealized loss position totaled $34.469 billion in estimated fair value and $4.171 billion in gross unrealized losses. Securities rated BBB represented $12.137 billion of that fair value and $1.181 billion of gross unrealized losses.

Key facts

• At September 30, 2026, CNA’s fixed-maturity securities had estimated fair value of $42.067 billion and net unrealized losses of $3.881 billion, compared with $43.402 billion and $1.197 billion, respectively, at December 31, 2025. source
• CNA’s net investment income increased $42 million for the nine months ended September 30, 2026, driven by higher fixed-income income from a larger invested asset base and favorable reinvestment rates and higher common-stock returns, partly offset by lower limited partnership returns. source
• CNA’s net investment income decreased $3 million for the three months ended September 30, 2026, due to lower limited partnership returns, partly offset by higher fixed-income income from a larger invested asset base and favorable reinvestment rates and higher common-stock returns. source
• At September 30, 2026, CNA assigned an AAA rating to $741 million of municipal bonds that were pre-refunded or backed by mortgages guaranteed by a U.S. government agency or sponsored enterprise; the comparable amount at December 31, 2025 was $661 million. source
• At September 30, 2026, 2% of CNA’s fixed-maturity portfolio was internally rated, compared with 1% at December 31, 2025. source

Impact estimates