CNA Financial Corp Dossier
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SectorFinancials IndustryInsurance - Property & Casualty Beta (adjusted)0.52 Intrinsic Value $42.79median of 2 methodsbased on filings through 30 Jun 2026 Market Price $45.88Price as of 1 Oct 2026 Near fair valueIntrinsic value is 7% below the market price −50% · IV below pricenear fair value ±15%IV above price · +50% Data confidence Sign in to view data confidence Market Cap $12.4B Enterprise Value $15.5B Shares Outstanding 272M diluted Next Earnings Date2 Nov 2026 Last ex-dividend17 Aug 2026 All prices and values are periodic snapshots, not live quotes. Source dates are shown for reference. ThesisStreet consensus, scenarios, merits, risks, and invalidation triggers Thesis Summary CNA remains profitable and well capitalized, with second-quarter 2026 P&C net written premiums growing 4%, a 96.5% reported combined ratio and $11.2 billion of statutory capital and surplus. The offset is weaker underlying underwriting performance: the 94.2% underlying combined ratio was 2.5 points worse year over year, renewal premium change slowed to 2%, rate was flat, and legacy mass-tort development produced a $77 million after-tax charge. This section is the 12-month view: analyst targets and the probability-weighted scenarios built from them. The intrinsic value at the top of this page answers a different question: what the business is worth today. Street view · analyst 12-month targets Low · most bearish analyst$49.00 Mean target$49.00 High · most bullish analyst$49.00 Street targets sit above today's price; our intrinsic value sits below it. Different horizons, different questions. Our research · scenarios, merits, risks, and invalidation triggersResearch as of 2 Sep 2026 Scenarios · 12-month scenario targets Bear CaseDownside scenario $49.0024% Loss costs outpace pricing, the underlying combined ratio deteriorates further, and additional casualty or legacy mass-tort reserve charges reduce earnings and capital flexibility. Base CaseCentral scenario $49.0055% Matches the consensus meanCNA continues producing profitable but less favorable underwriting results, with premium growth moderating as competitive conditions constrain rate. Strong investment income and capital provide resilience, while casualty loss-cost pressure and legacy liabilities limit conviction. Bull CaseUpside scenario $49.0021% Disciplined account selection, 11% new-business growth, stable 83% retention, favorable reinvestment rates and continued premium growth could preserve profitable underwriting while investment income supports earnings. Scenarios are anchored to street consensus at the research date, with our probabilities and rationale. Key Investment Merits
Key Investment Risks
All scenarios are estimates and subject to change. Past performance is not indicative of future results. Quality Pillars MembersThis section is available to registered members. Create a free account or sign in to unlock the full breakdown. Explore this dossierValuationIntrinsic value, the six-method breakdown, peer medians, and your assumptions sandbox.Financial SnapshotRevenue, profitability, returns, balance sheet, dividends, and the filing-level detail.Qualitative AnalysisBusiness overview, strategic initiatives, and mergers, acquisitions & partnerships.Outlook & Key DatesForward estimates, reporting calendar, and the monitoring framework. |