L · 10-Q · 2026Q3 · Full report
CNA Underwriting Performance
LOEWS CORP · 2026-11-02 · Importance 52 · Surprise 56 · Matches filing data
CNA Property & Casualty Operations core income decreased $59 million in the third quarter and $144 million in the first nine months of 2026, driven by weaker underlying underwriting results, catastrophe losses and, year to date, unfavorable prior-year reserve development. Third-quarter catastrophe losses were $78 million, versus $41 million a year earlier; nine-month losses were $226 million, versus $200 million, and unfavorable prior-year reserve development was $93 million, versus $56 million. The nine-month combined ratio rose to 98.6% from 95.1%, while the underlying combined ratio increased to 94.4% from 91.7%. Specialty’s nine-month combined ratio increased 4.6 points, mainly from higher underlying losses and reserve development; Commercial’s rose 3.8 points, while International improved 0.3 points.
Key facts
- CNA's Property & Casualty Operations recorded unfavorable net prior-year loss reserve development of $93 million in the first nine months of 2026, versus $56 million in 2025. source
- CNA's Property & Casualty Operations recorded $226 million of catastrophe losses and $9 million of catastrophe-related reinsurance reinstatement premiums in the first nine months of 2026, versus $200 million of catastrophe losses and no reinstatement premiums in 2025. source
- CNA's Property & Casualty Operations core income decreased $59 million in the third quarter of 2026 versus 2025, primarily due to lower underlying underwriting results and higher catastrophe losses. source
- CNA's Property & Casualty Operations recorded catastrophe losses of $78 million in the third quarter of 2026, versus $41 million in 2025, driven by severe weather events. source
- CNA's Property & Casualty Operations core income decreased $144 million in the first nine months of 2026 versus 2025, primarily due to lower underlying underwriting results, higher unfavorable prior-year development and catastrophe losses, partly offset by higher net investment income. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| operating_income | negative | realized | -4.4% | CNA's Property & Casualty Operations recorded unfavorable net prior-year loss reserve development of $93 million in the first nine months… |
| operating_income | negative | realized | -3.1% | CNA's Property & Casualty Operations recorded $226 million of catastrophe losses and $9 million of catastrophe-related reinsurance… |
| operating_income | negative | realized | -1.1% | CNA's Property & Casualty Operations recorded $226 million of catastrophe losses and $9 million of catastrophe-related reinsurance… |