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季報 季度報告 10-Q 2026-08-03

CAN金融第二季盈利升 上半年淨收入按年跌7%

於 SEC 網站開啟原文

AI 繁中摘要

CNA Financial Corporation（CNA）已向美國證交會提交截至2026年6月30日止季度嘅10-Q申報文件，以下係重點摘要： 📊 **第二季業績（2026年4月至6月）** - 總收入：38.29億美元（2025年同期為37.17億美元） - 淨收入：3.21億美元（去年同期2.99億美元） - 攤薄每股盈利：1.18美元（去年同期1.10美元） - 淨已賺保費：27.59億美元（去年同期26.94億美元） - 淨投資收入：7.01億美元（去年同期6.62億美元） - 淨投資虧損：500萬美元（去年同期虧損4,600萬美元，虧損大幅收窄） 📈 **上半年業績（2026年1月至6月）** - 總收入：75.06億美元（去年同期73.44億美元） - 淨收入：5.32億美元（去年同期5.73億美元，按年下跌約7%） - 攤薄每股盈利：1.95美元（去年同期2.10美元） - 淨已賺保費：54.60億美元（去年同期53.20億美元） - 淨投資收入：13.11億美元（去年同期12.66億美元） 🏢 **業務分部表現（上半年）** - 專業險（Specialty）：保費及盈利表現穩健 - 商業險（Commercial）：承保表現持續貢獻 - 國際業務（International）：增長符合預期 - 人壽及集團非核心業務：繼續按計劃縮減 💰 **投資組合** - 總投資資產：504.56億美元（與去年底504.47億美元相若） - 固定到期證券公允值：438.82億美元 - 未實現虧損總額：23.96億美元，管理層認為主要受無風險利率變動影響，並非信貸惡化；公司無意出售相關證券，亦無需要錄得額外減值 - 信貸虧損撥備：6,300萬美元（去年底為6,900萬美元） 📉 **現金流及資本** - 上半年經營現金流：10.42億美元（去年同期12.00億美元） - 上半年派發普通股股息：每股2.96美元（含一次性股息），總額8.10億美元 - 回購庫存股：約3,600萬美元 - 截至2026年6月30日，股東權益總額：111.86億美元（去年底116.21億美元） - Loews Corporation仍持有CNA約92%普通股 🧾 **其他重點** - 保險賠償及保單持有人福利支出（上半年）：43.44億美元（去年同期41.12億美元），當中包含重新計量虧損4,400萬美元 - 石棉及環境責任儲備：管理層持續檢討相關風險 - 新會計準則ASU 2024-03（收益表開支細分披露）將於2026年12月15日後開始之年度生效，公司正評估影響 整體而言，CNA第二季盈利受惠於保費增長及投資收入上升，但上半年淨收入按年下跌，主要受到再計量虧損及投資表現波動影響。公司資本狀況穩健，繼續維持派息及適度回購股份。投資者需留意利率走向及賠付成本變化對未來業績嘅影響。
展開英文正文 
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q 

☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2026 
OR

☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____ to _____
Commission File Number 1-5823 

CNA FINANCIAL CORPORATION 
(Exact name of registrant as specified in its charter)

Delaware36-6169860
(State or other jurisdiction of
incorporation or organization)(I.R.S. Employer
Identification No.)

151 N. Franklin60606
Chicago,Illinois(Zip Code)
(Address of principal executive offices)

(312) 822-5000 
(Registrant's telephone number, including area code)
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, Par value $2.50"CNA"
New York Stock Exchange
NYSE Texas

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes ☒ No ☐ 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer
☒

Accelerated filer
☐

Non-accelerated filer
☐

Smaller reporting company
☐Emerging growth company
☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒ 
As of July 30, 2026, 270,600,928 shares of common stock were outstanding.

Item NumberPage
Number
PART I

1.Condensed Consolidated Financial Statements:
3

Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2026 and 2025 (Unaudited)
3

Condensed Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2026 and 2025 (Unaudited)
4

Condensed Consolidated Balance Sheets as of June 30, 2026 and December 31, 2025 (Unaudited)
5

Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2026 and 2025 (Unaudited)
6

Condensed Consolidated Statements of Stockholders' Equity for the three and six months ended June 30, 2026 and 2025 (Unaudited)
7

Notes to Condensed Consolidated Financial Statements (Unaudited)
8

2.Management's Discussion and Analysis of Financial Condition and Results of Operations
45

3.Quantitative and Qualitative Disclosures About Market Risk
68

4.Controls and Procedures
68

PART II

1Legal Proceedings
69

6Exhibits
69

 2

Table of Contents

PART I

Item 1. Condensed Consolidated Financial Statements

CNA Financial Corporation
Condensed Consolidated Statements of Operations (Unaudited)

Periods ended June 30Three MonthsSix Months
(In millions, except per share data)2026202520262025
Revenues
Net earned premiums$2,759 $2,694 $5,460 $5,320 
Net investment income701 662 1,311 1,266 
Net investment losses(5)(46)(23)(55)
Non-insurance warranty revenue367 398 741 795 
Other revenues7 9 17 18 
Total revenues3,829 3,717 7,506 7,344 
Claims, Benefits and Expenses
Insurance claims and policyholders’ benefits (re-measurement loss of $25, $15, $44 and $23)
2,169 2,085 4,344 4,112 
Amortization of deferred acquisition costs481 469 957 940 
Non-insurance warranty expense356 384 712 769 
Other operating expenses 385 368 755 731 
Interest expense33 31 66 63 
Total claims, benefits and expenses3,424 3,337 6,834 6,615 
Income before income tax405 380 672 729 
Income tax expense(84)(81)(140)(156)
Net income$321 $299 $532 $573 

Basic earnings per share$1.18 $1.10 $1.96 $2.11 

Diluted earnings per share$1.18 $1.10 $1.95 $2.10 

Weighted Average Outstanding Common Stock and Common Stock Equivalents
Basic270.9271.1271.0271.2
Diluted271.7272.2272.0272.4

The accompanying Notes are an integral part of these Condensed Consolidated Financial Statements (Unaudited).

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Table of Contents

CNA Financial Corporation
Condensed Consolidated Statements of Comprehensive Income (Unaudited)

Periods ended June 30Three MonthsSix Months
(In millions)2026202520262025
Comprehensive Income
Net income$321 $299 $532 $573 
Other Comprehensive Income (Loss), net of tax
Changes in:
Net unrealized gains and losses on investments with an allowance for credit losses(1)1 (8)(2)
Net unrealized gains and losses on other investments190 72 (235)355 
Net unrealized gains and losses on investments189 73 (243)353 
Impact of changes in discount rates used to measure long-duration contract liabilities(34)(3)180 (117)
Foreign currency translation adjustment(22)128 (56)166 
Pension and postretirement benefits— 1 1 3 
Other comprehensive income (loss), net of tax133 199 (118)405 
Total comprehensive income$454 $498 $414 $978 

The accompanying Notes are an integral part of these Condensed Consolidated Financial Statements (Unaudited).
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Table of Contents

CNA Financial Corporation
Condensed Consolidated Balance Sheets

(In millions, except share data)June 30, 2026 (Unaudited)December 31, 2025
Assets
Investments:
Fixed maturity securities at fair value (amortized cost of $45,458 and $44,668, less allowance for credit loss of $63 and $69)
$43,882 $43,402 
Equity securities at fair value (cost of $760 and $728)
793 769 
Limited partnership investments2,904 2,772 
Other invested assets119 105 
Mortgage loans (less allowance for credit loss of $15 and $15)
1,037 1,079 
Short-term investments1,721 2,320 
Total investments50,456 50,447 
Cash339 425 
Reinsurance receivables (less allowance for uncollectible receivables of $27 and $27)
6,497 6,381 
Insurance receivables (less allowance for uncollectible receivables of $25 and $25)
4,199 3,739 
Accrued investment income487 480 
Deferred acquisition costs1,026 986 
Deferred income taxes576 575 
Property and equipment at cost (less accumulated depreciation of $339 and $346)
291 282 
Goodwill147 148 
Deferred non-insurance warranty acquisition expense2,981 3,220 
Other assets2,875 2,760 
Total assets$69,874 $69,443 
Liabilities
Insurance reserves:
Claim and claim adjustment expenses$27,490 $26,599 
Unearned premiums8,035 7,635 
Future policy benefits13,262 13,448 

Long-term debt2,973 2,971 
Deferred non-insurance warranty revenue3,798 4,138 
Other liabilities (includes $54 and $54 due to Loews Corporation)
3,130 3,031 
Total liabilities58,688 57,822 
Commitments and contingencies (Notes C and G)

Stockholders' Equity
Common stock ($2.50 par value; 500,000,000 shares authorized; 273,040,243 shares issued; 270,598,685 and 270,671,747 shares outstanding)
683 683 
Additional paid-in capital2,199 2,229 
Retained earnings9,637 9,915 
Accumulated other comprehensive loss(1,216)(1,098)
Treasury stock (2,441,558 and 2,368,496 shares), at cost
(117)(108)
Total stockholders’ equity11,186 11,621 
Total liabilities and stockholders' equity$69,874 $69,443 

The accompanying Notes are an integral part of these Condensed Consolidated Financial Statements (Unaudited).
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Table of Contents

CNA Financial Corporation
Condensed Consolidated Statements of Cash Flows (Unaudited)

Six months ended June 30
(In millions)20262025
Cash Flows from Operating Activities
Net income$532 $573 
Adjustments to reconcile net income to net cash flows provided by operating activities:
Deferred income tax expense17 28 
Trading portfolio activity(2)(11)
Net investment losses23 55 
Equity method investees(29)(18)
Net amortization of investments(109)(96)
Depreciation and amortization40 35 
Changes in:
Receivables, net(601)(669)
Accrued investment income(8)(7)
Deferred acquisition costs(43)(49)
Insurance reserves1,442 1,414 
Other, net(220)(55)
Net cash flows provided by operating activities1,042 1,200 
Cash Flows from Investing Activities
Dispositions:
Fixed maturity securities - sales1,573 1,497 
Fixed maturity securities - maturities, calls and redemptions1,633 1,613 
Equity securities312 261 
Limited partnerships101 51 
Mortgage loans53 37 
Purchases:
Fixed maturity securities(3,997)(3,756)
Equity securities(322)(296)
Limited partnerships(174)(192)
Mortgage loans(11)(62)
Change in other investments(13)4 
Change in short-term investments621 422 
Purchases of property and equipment(33)(42)

Other, net2 (8)
Net cash flows used by investing activities(255)(471)
Cash Flows from Financing Activities
Dividends paid to common stockholders(812)(798)

Purchase of treasury stock(36)(34)
Other, net(19)(15)
Net cash flows used by financing activities(867)(847)
Effect of foreign exchange rate changes on cash(6)19 
Net change in cash(86)(99)
Cash, beginning of year425 472 
Cash, end of period$339 $373 

The accompanying Notes are an integral part of these Condensed Consolidated Financial Statements (Unaudited).
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Table of Contents

CNA Financial Corporation
Condensed Consolidated Statements of Stockholders' Equity (Unaudited)

Periods ended June 30Three MonthsSix Months
(In millions)2026202520262025
Common Stock
Balance, beginning of period$683 $683 $683 $683 
Balance, end of period683 683 683 683 
Additional Paid-in Capital
Balance, beginning of period2,195 2,204 2,229 2,229 
Stock-based compensation4 9 (30)(16)
Balance, end of period2,199 2,213 2,199 2,213 
Retained Earnings

Balance, beginning of period9,448 9,287 9,915 9,686 
Dividends to common stockholders ($0.48, $0.46, $2.96 and $2.92 per share)
(132)(126)(810)(799)
Net income321 299 532 573 
Balance, end of period9,637 9,460 9,637 9,460 
Accumulated Other Comprehensive Loss

Balance, beginning of period(1,349)(1,785)(1,098)(1,991)
Other comprehensive income (loss)133 199 (118)405 
Balance, end of period(1,216)(1,586)(1,216)(1,586)
Treasury Stock
Balance, beginning of period(120)(110)(108)(94)
Stock-based compensation3 1 27 19 
Purchase of treasury stock — — (36)(34)
Balance, end of period(117)(109)(117)(109)
Total stockholders' equity$11,186 $10,661 $11,186 $10,661 

The accompanying Notes are an integral part of these Condensed Consolidated Financial Statements (Unaudited).

 7

Table of Contents

CNA Financial Corporation
Notes to Condensed Consolidated Financial Statements

Note A. General
Basis of Presentation
The Condensed Consolidated Financial Statements include the accounts of CNA Financial Corporation (CNAF) and its subsidiaries. Collectively, CNAF and its subsidiaries are referred to as CNA or the Company. Loews Corporation (Loews) owned approximately 92% of the outstanding common stock of CNAF as of June 30, 2026.
The accompanying Condensed Consolidated Financial Statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP). Intercompany amounts have been eliminated. Certain financial information that is normally included in annual financial statements prepared in accordance with GAAP, including certain financial statement notes, is not required for interim reporting purposes and has been condensed or omitted. These statements should be read in conjunction with the Consolidated Financial Statements and notes thereto included in CNAF's Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC) for the year ended December 31, 2025, including the summary of significant accounting policies in Note A. The preparation of Condensed Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the Condensed Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates.
The interim financial data as of June 30, 2026 and for the three and six months ended June 30, 2026 and 2025 is unaudited. However, in the opinion of management, the interim data includes all adjustments, including normal recurring adjustments, necessary for a fair statement of the Company's results for the interim periods in accordance with GAAP. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the full year.
Accounting Standards Pending Adoption
In November 2024, the FASB issued Accounting Standards Update (ASU) No. 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The updated accounting guidance requires disaggregated disclosure of specified expense categories. The guidance also requires disclosure of total selling expenses and how the Company defines selling expenses. The guidance is effective for fiscal years beginning after December 15, 2026, and interim periods within