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Is CNA Financial’s International Growth The Bright Spot Investors May Miss?

CNA Financial Corporation reported first quarter 2026 core income of $225 million, down from $281 million in the prior year quarter, resulting in a core return on equity of 7.2% for the quarter and a trailing twelve-month core return on equity excluding accumulated other comprehensive income (AOCI) of 10.6%. The decline reflects deliberate reserve strengthening in excess casualty and professional errors and omissions (E&O) lines for recent accident years alongside an increased current accident year loss ratio. Net investment income rose slightly to $610 million, supported mainly by higher earnings from its fixed income portfolio, though partly offset by weaker returns in common stocks and limited partnerships amid broader market volatility. The property and casualty (P&C) all-in combined ratio was 102.2%, including catastrophe losses of $97 million consistent with long-term averages. Unfavorable prior period reserve development added approximately 4.