CNA Financial management commentary attributes Q3 2026 core income decline to long-term care reserve charge

• CNA Financial management commentary put third-quarter 2026 core income at $203 million versus $409 million a year earlier, reflecting long-term care reserve strengthening.
• The $137 million after-tax reserve charge was almost entirely offset economically by investment portfolio actions; earnings benefits will emerge over time, management said.
• 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 reached $78 million, primarily from severe storms; favorable reserve development elsewhere offset excess casualty strengthening linked to social inflation.
• Net investment income totaled $635 million versus $638 million; higher fixed-income income partly offset weaker limited partnership and common stock returns.

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