CNA Financial Corp

cna.com

What Do They Do?

Sells commercial property and casualty insurance, including surety, to businesses, insurance companies and professional groups, and provides warranty and claims services.

How Do They Make Money?

Vehicle and consumer-goods owners generally pay in full when they enter separately priced warranty contracts; CNA earns warranty-administration revenue over the service period.

revenue

Segment	Share	Revenue
Specialty	38% FY2022: 44%
Commercial	43% FY2022: 37%
International	9.8% FY2022: 9.6%
Life & Group	8.9% FY2022: 11%
Corporate & Other	0.5% FY2022: 0.2%

Who Are Their Customers?

Businesses, insurance companies, associations and professionals buy insurance and related services, mainly through independent agents, retail and wholesale brokers, and managing general underwriters. Commercial coverage targets small businesses, construction, middle-market and other commercial customers.

Do Revenues Turn Into Profits?

Yes. It kept 9 cents of every revenue dollar as net income in FY2025 and turned 16 cents into free cash flow.

Net income, FY2025

9% of revenue

▲ +33% vs FY2024 ($959M, 7%)

Free cash flow, FY2025

16% of revenue

▼ −3% vs FY2024 ($2.5B, 17%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +3%; vs $3.7B in Q2 FY2025
Net income: ▲ +7%; vs $299M in Q2 FY2025

Commercial share of revenue vs 43.5% in Q2 FY2025

Growing. Revenue grew 26% in 4 years, from $11.9B in FY2021 to $15B in FY2025, about 6% a year.

Revenue over time

Specialty Commercial International Life & Group Corporate & Other

$20B$10B$0

FY2021 FY2022 FY2023 FY2024 FY2025

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