CNA Financial management commentary attributes Q3 2026 core income decline to long-term care reserve charge
CNA•CNA Financial’s third-quarter 2026 core income fell to $203 million from $409 million a year earlier, reflecting a $137 million after-tax long-term care reserve charge. The underlying property-casualty combined ratio rose to 94.2% from 91.3%.
1. Core income declines
CNA Financial management said third-quarter 2026 core income was $203 million, down from $409 million a year earlier, reflecting long-term care reserve strengthening. The $137 million after-tax charge was almost entirely offset economically by investment portfolio actions, with earnings benefits expected to emerge over time.
2. Property-casualty results
The underlying property-casualty combined ratio worsened to 94.2% from 91.3%, reflecting higher prudent loss assumptions maintained since the first half. Catastrophe losses were $78 million, primarily from severe storms; favorable reserve development elsewhere offset excess casualty strengthening linked to social inflation.
3. Investment income
Net investment income totaled $635 million versus $638 million. Higher fixed-income income partly offset weaker limited partnership and common stock returns.
