Key Takeaways CNA Financial expects continued premium growth driven by solid retention and new business across segments. The insurer's fixed-income strategy and $11.5B statutory capital base support stable investment performance. CNA Financial's strong dividend history, including a 10-year CAGR of 6.3%, underscores its capital strength. CNA Financial Corporation (CNA) shares are trading at a discount compared to the Zacks Property and Casualty Insurance industry. Its forward price-to-book value of 1.11X is ...

Chubb Appoints Hazelton COO of North America Field OperationsChubb, headquartered in New York City, named Bill Hazelton as chief operating officer (COO) for North America Field Operations, effective Dec. 1. Hazelton will oversee the delivery of Chubb’s full portfolio of personal and commercial insurance products and services to agent and broker distribution partners and assist in the day-to-day management of North America field operations.Hazelton has over three decades of industry experience in underwritin ...

Group 1 - Everest Group has appointed Gary Haase as Executive Vice President and Chief Executive Officer of Legacy Operations, effective December 1st, 2025 [1] - Haase will report to Jim Williamson and will be responsible for leading the strategy and execution of Everest's legacy insurance portfolios, focusing on capital efficiency and long-term value [2] - This appointment follows the sale of Everest's commercial retail business' renewal rights to AIG, indicating a strategic refocus on core global businesses [2] Group 2 - Haase brings over two decades of experience in insurance, reinsurance, and financial services, having recently served as Executive Advisor to private equity and technology firms [3] - His previous roles include EVP and COO of CNA Financial Corporation, where he led enterprise technology and operations [3][4] - Haase's extensive background includes over a decade at Catalina Holdings, where he was Group COO, managing global run-off and operational strategies [4] Group 3 - Jim Williamson highlighted Haase's diverse experience in actuarial, claims, M&A, and technology transformation as key qualifications for his new role [5] - Haase expressed enthusiasm for leveraging Everest's global reach and disciplined underwriting platform to optimize the legacy business and support long-term strategy [5]

Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks.Looking at the history of these trends, perhaps none is more beloved than value investing. This strategy simply looks to identify companies that are being undervalued by the broader market. Value investors use a variety of methods, including tried-a ...

Core Viewpoint - The investment thesis regarding CNA Financial emphasizes the importance of loyalty as a key factor for investors [1]. Group 1 - CNA Financial is perceived as a company where investors are rewarded for their loyalty [1]. - The analysis of CNA Financial is conducted by professionals with extensive experience in the insurance and reinsurance sectors [2]. - The Cash Flow Club, which includes insights on CNA Financial, focuses on company cash flows and access to capital, targeting a yield of over 6% [2].

Core Insights - CNA Financial Corporation reported third-quarter 2025 core earnings of $1.50 per share, exceeding the Zacks Consensus Estimate by 20% and reflecting a 39% year-over-year increase [1][10] - The quarterly results were driven by higher income from fixed income securities, increased renewal premium change, and higher underwriting income due to lower catastrophe losses, although partially offset by rising expenses [1] Financial Performance - Total operating revenues for CNA Financial reached $3.4 billion, marking a 6.3% year-over-year increase, primarily due to higher premiums and net investment income, though it slightly missed the Zacks Consensus Estimate by 0.05% [2][10] - Net written premiums in Property & Casualty Operations rose 3.2% year over year to $2.4 billion, supported by a renewal premium change exceeding 4% and a written rate above 3% [2] Investment Income - Net investment income increased by 2% year over year to $638 million, attributed to higher income from fixed income securities and a larger invested asset base, although it fell short of the Zacks Consensus Estimate of $690.5 million [3] Claims and Expenses - Total claims, benefits, and expenses rose 1.4% to $3.3 billion, driven by higher insurance claims and policyholders' benefits, with catastrophe losses recorded at $41 million pretax, significantly lower than the $143 million loss in the previous year [4] - Underwriting income surged nearly threefold year over year to $194 million, outperforming the estimate of $83.5 million [4] Combined Ratio - The Property & Casualty combined ratio improved by 440 basis points year over year to 92.8, better than the estimate of 97.2 [5][10] Segment Results - Specialty's net written premiums increased by 1% year over year to $867 million, while the combined ratio deteriorated by 30 basis points to 93.3 [6] - Commercial's net written premiums rose by 2% year over year to $1.2 billion, with the combined ratio improving by 750 basis points to 92.7 [6] - International's net written premiums increased by 15% year over year to $319 million, with the combined ratio improving by 430 basis points to 91.8 [7] Core Return on Equity and Book Value - Core return on equity expanded by 380 basis points year over year to 13.2%, and book value, excluding AOCI, increased by 8% to $46.30 per share as of September 30, 2025 [11] Dividend Declaration - CNA Financial's board approved a quarterly dividend of 46 cents per share, scheduled for payment on December 4 to shareholders as of November 17 [12]

Core Insights - CNA Financial Corporation reported strong financial results for the third quarter of 2025, with earnings per share of $1.48, exceeding the estimated $1.25, and revenue of approximately $3.82 billion, surpassing the estimated $2.84 billion [1][6]. Financial Performance - The company achieved a net income of $403 million, or $1.48 per share, a significant increase from $283 million, or $1.04 per share, in the same quarter of the previous year [2]. - Core income reached a record $409 million, or $1.50 per share, up from $293 million, or $1.08 per share, in the prior year quarter [2][4]. Segment Analysis - The Property and Casualty segments generated core income of $456 million, an increase of $110 million compared to the previous year, driven by lower catastrophe losses, improved underwriting results, and higher net investment income [3]. - The segments, excluding third-party captives, experienced a 2% growth in gross written premiums and a 3% increase in net written premiums, supported by a 4% renewal premium change [3]. Overall Financial Metrics - Year-to-date core income increased by 5% to a record $1.025 billion [4]. - The company's price-to-earnings (P/E) ratio is approximately 13.97, and the price-to-sales ratio is about 0.84, indicating a relatively low market valuation compared to its revenue [4]. - The enterprise value to sales ratio is around 1.02, and the enterprise value to operating cash flow ratio is approximately 5.60 [5]. - The earnings yield is about 7.16%, and the debt-to-equity ratio is approximately 0.28, reflecting a moderate level of debt [5]. - The current ratio is around 0.43, which may indicate potential liquidity concerns [5].

Core Financial Performance - CNA Financial Corporation reported a net income of $403 million for Q3 2025, a 42% increase from $283 million in Q3 2024 [1][2] - Core income reached a record $409 million, up from $293 million in the prior year quarter, marking a 40% growth [2][3] - Year-to-date core income surpassed $1 billion for the first time in history [3] Underwriting and Investment Results - Underwriting income was exceptionally strong at $194 million, nearly triple the prior year's quarter, supported by low catastrophe losses [3] - The underlying underwriting gain reached a record $235 million, marking the tenth consecutive quarter above $200 million [4] - Net investment income increased year over year due to higher fixed income results [4] Property & Casualty Segment Performance - The Property & Casualty (P&C) combined ratio improved to 92.8% from 97.2% in Q3 2024, with catastrophe losses significantly reduced to $41 million pretax from $143 million [5] - P&C segments produced core income of $456 million for the quarter, an increase of $110 million compared to Q3 2024 [4][5] - The P&C underlying combined ratio was 91.3%, slightly improved from 91.6% in the prior year quarter [5] Premium Growth and Strategic Focus - P&C segments, excluding third-party captives, saw gross written premium (GWP) growth of 2% and net written premium growth of 3%, driven by a renewal premium change of +4% [6] - The company maintained disciplined underwriting, prioritizing profitability over growth in challenging market segments [7] - CNA is investing in talent and technology, including artificial intelligence, and expanding its Cardinal E&S offering to capitalize on opportunities in the excess and surplus lines market [7] Leadership and Future Outlook - The third quarter results reflect outstanding underwriting performance, prudent risk management, and strategic growth, positioning the company for a strong finish to the year [8] - Acknowledgment of Dino Robusto's contributions as Executive Chairman, highlighting his leadership over the past nine years [9]

Core Insights - The company reported record core income of $409 million for the third quarter, driven by strong underwriting gains and higher net investment income [1] - Year-to-date core income exceeded $1 billion for the first time, indicating robust financial performance [1] - Underwriting income reached $194 million, nearly tripling compared to the same quarter last year, benefiting from low catastrophe losses [1] Financial Performance - The net written premiums grew by 3%, reflecting the company's ability to identify growth opportunities while maintaining strong underwriting discipline [1] - Operating cash flow remained strong, with net investment income increasing by $12 million year-over-year to $638 million, attributed to improved fixed income results [1] Combined Ratio Analysis - The P&C all-in combined ratio was reported at 92.8% for the third quarter, including $41 million in catastrophe losses, which contributed 1.5 points to the ratio [2] - The underlying combined ratio was 91.3%, with an underlying loss ratio of 61.9%, slightly higher than previous periods, indicating a cautious approach to market conditions [2] - The expense ratio was effectively managed at 29.1%, showcasing the company's operational efficiency [2]

Financial Highlights - Net income reached $403 million, a 42% increase compared to $283 million in the prior year quarter[6,7] - Core income increased by 40% to a record $409 million, compared to $293 million in the prior year quarter[6,7] - Year-to-date core income also hit a record $1,025 million, up 5%[6,7] - Net investment income rose by 2% to $638 million pretax, with fixed income securities and other investments contributing $567 million and limited partnerships and common stock contributing $71 million[6] Property & Casualty (P&C) Operations - P&C core income was $456 million, up from $346 million, driven by lower catastrophe losses, improved underwriting results, and higher net investment income[6] - The P&C combined ratio improved to 928%, compared to 972% in the prior year quarter, including a 15 points catastrophe loss impact compared with 58 points in the prior year quarter[6] - P&C segments, excluding third party captives, saw gross written premium growth of 2% and net written premium growth of 3%[6] Life & Group (L&G) and Long-Term Care (LTC) - Life & Group experienced a core loss of $22 million, compared to a loss of $9 million in the prior year quarter[6] - Individual LTC policies have declined by 50% (~96000 policies) since 2015 with stable open claim counts[28] - Group LTC policies have declined 48% (~111000 insureds) since 2015 from active management with claim counts remaining stable[34] Capital and Dividends - Book value per share was $4183, while book value per share excluding AOCI was $4630, an 8% increase from year-end 2024 adjusting for $338 of dividends per share paid[6] - The Board of Directors declared a regular quarterly cash dividend of $046 per share[6]