CNA Financial Corporation

CNA Financial Corporation grew second-quarter 2026 P&C net written premiums 4% year over year even as renewal premium change slowed to 2% and renewal rate increases stayed flat, with new business climbing 11% to a record $718 million and retention holding at 83%. Specialty and Commercial net written premiums each rose 5% in the quarter, and management said it continues to write accounts at appropriate prices, terms and conditions while pulling back where risk-adjusted returns are less attractive. Profitability nonetheless came under pressure: the P&C underlying combined ratio deteriorated to 94.2% from 91.7%, the underlying loss ratio rose to 64.1%, and the Commercial underlying combined ratio increased to 92.8% from 90.6%. Net investment income rose to $701 million in the quarter. Among peers, Travelers Companies posted a 5% increase in second-quarter 2026 Business Insurance net written premiums excluding the Canadian divestiture, with renewal premium change of 4.8%, while Chubb said soft conditions persisted in large-account and E&S property and spread to certain casualty and financial lines, pushing North America Commercial P&C net written premiums down 2.3% even as net written premiums excluding large-account and E&S property rose 4.1%, Middle Market and Small Commercial grew 8.9%, and Overseas General net written premiums increased 10.2%. The Zacks Consensus Estimate for CNA's third-quarter 2026 EPS moved down 1.6% over the past 60 days, while the full-year 2026 EPS estimate moved up 2.4%, and the stock carries a Zacks Rank #3 (Hold).