CNA Financial Corporation (CNA) 10-Year Financial Performance & Capital Metrics

CNA • • Insurance & Managed Care

Financial ServicesProperty & Casualty InsuranceCommercial Lines InsuranceDiversified Commercial Lines

AboutCNA Financial Corporation provides commercial property and casualty insurance products primarily in the United States. It operates through Specialty, Commercial, International, Life & Group, and Corporate & Other segments. The company offers professional liability coverages and risk management services to various professional firms, including architects, real estate agents, and accounting and law firms; directors and officers, employment practices, fiduciary, and fidelity coverages to small and mid-size firms, public and privately held firms, and not-for-profit organizations; professional and general liability, as well as associated standard property and casualty coverages for healthcare industry; surety and fidelity bonds; and warranty and alternative risks products. It also provides property insurance products, such as property, marine, boiler, and machinery coverages; casualty insurance products comprising workers' compensation, general and product liability, commercial auto, and umbrella coverages; specialized loss-sensitive insurance programs and total risk management services; and run-off long term care policies. In addition, the company offers long-tail exposures comprising commercial automobile liability, workers' compensation, general and medical professional liability, other professional and management liability, and assumed reinsurance run-off and products liability; and short-tail exposures, such as property, commercial automobile physical damage, marine, and surety. It markets its products through independent agents, brokers, and general underwriters to small, medium, and large businesses; insurance companies; associations; professionals; and other groups in the marine, oil and gas, construction, manufacturing, life science, property, financial services, healthcare, and technology industries. The company was founded in 1853 and is headquartered in Chicago, Illinois. CNA Financial Corporation operates as a subsidiary of Loews Corporation.Show more

Revenue $14B +6.7%
Combined Ratio 91.35% +3.3%
Net Income $959M -20.4%
Return on Equity 9.4% -27.0%
Medical Cost Ratio 68.12% +2.6%
Operating Margin 8.65% -25.2%
Net Margin 6.85% -25.4%
ROA 1.46% -23.8%
Equity / Assets 15.81% +3.4%
Book Value per Share 38.55 +6.1%
Tangible BV/Share 37.74 +6.2%
Debt/Equity 0.28 -7.7%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Profitable underwriting: 91.3% combined ratio
✓Good 3Y average ROE of 16.1%
✓Trading at only 1.2x book value

✗Weaknesses

✗Dividend payout exceeds 100% of earnings

Price & Volume

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Growth Metrics

Revenue CAGR

10Y3.75%

5Y5.39%

3Y6.63%

TTM5.37%

Profit (Net Income) CAGR

10Y3.33%

5Y-0.83%

3Y-6.78%

TTM-23.6%

EPS CAGR

10Y3.28%

5Y6.83%

3Y-7.24%

TTM-23.81%

ROCE

10Y Avg4.16%

5Y Avg2.08%

3Y Avg2.13%

Latest1.85%

Peer Comparison

Diversified Commercial Lines

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
SIGISelective Insurance Group, Inc.	5.01B	82.97	25.69	14.87%	7.78%	11.65%	21.33%	0.16
LLoews Corporation	21.32B	103.16	16.09	9.96%	8.07%	7.55%	11.22%	0.50
WRBW. R. Berkley Corporation	26.11B	68.71	15.76	12.32%	13.01%	19.44%	13.68%	0.34
THGThe Hanover Insurance Group, Inc.	6.05B	170.15	14.54	4.25%	9.75%	18.44%	13.15%	0.28
CBChubb Limited	118.5B	301.11	13.26	12%	16.48%	12.43%	13.66%	0.22
CNACNA Financial Corporation	12.56B	46.42	13.19	6.66%	6.84%	8.81%	19.71%	0.28
TRVThe Travelers Companies, Inc.	60.53B	271.34	12.64	12.22%	12.13%	18.58%	14.99%	0.29
AFGAmerican Financial Group, Inc.	11B	131.90	12.48	7.12%	9.7%	16.87%	10.47%	0.33

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	9.1B	9.37B	9.54B	10.13B	10.77B	10.69B	11.55B	11.89B	13.13B	14B
Revenue Growth %	-0.06%	0.03%	0.02%	0.06%	0.06%	-0.01%	0.08%	0.03%	0.1%	0.07%
Medical Costs & Claims+	6.92B	6.52B	6.54B	6.91B	7.19B	7.58B	7.81B	0	8.71B	9.54B
Medical Cost Ratio %	-	-	-	-	-	-	-	-	-	-
Gross Profit+	2.18B	2.85B	3B	3.23B	3.58B	3.11B	3.73B	11.89B	4.41B	4.46B
Gross Margin %	-	-	-	-	-	-	-	-	-	-
Gross Profit Growth %	-0.22%	0.31%	0.05%	0.08%	0.11%	-0.13%	0.2%	2.19%	-0.63%	0.01%
Operating Expenses+	1.63B	1.71B	1.69B	2.26B	2.35B	2.29B	2.27B	11.08B	2.9B	3.25B
OpEx / Revenue %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization	84M	77M	88M	79M	68M	60M	54M	51M	73M	67M
Combined Ratio %	-	-	-	-	-	-	-	-	-	-
Operating Income+	549M	1.14B	1.31B	964M	1.22B	821M	1.46B	814M	1.52B	1.21B
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	-0.55%	1.07%	0.15%	-0.26%	0.27%	-0.33%	0.78%	-0.44%	0.86%	-0.2%
EBITDA+	633M	1.21B	1.4B	1.04B	1.29B	881M	1.52B	865M	1.59B	1.28B
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense	155M	159M	161M	138M	131M	122M	113M	112M	127M	133M
Non-Operating Income	-155M	-159M	-161M	-138M	-131M	-122M	-113M	-112M	-127M	-133M
Pretax Income+	549M	1.14B	1.31B	964M	1.22B	821M	1.46B	814M	1.52B	1.21B
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	70M	278M	411M	151M	223M	131M	278M	132M	313M	252M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	479M	859M	899M	813M	1B	690M	1.18B	682M	1.21B	959M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	-0.31%	0.79%	0.05%	-0.1%	0.23%	-0.31%	0.72%	-0.42%	0.77%	-0.2%
EPS (Diluted)+	1.77	3.17	3.30	2.98	2.53	2.53	4.41	2.50	4.43	3.52
EPS Growth %	-0.31%	0.79%	0.04%	-0.1%	-0.15%	0%	0.74%	-0.43%	0.77%	-0.21%
EPS (Basic)	1.77	3.18	3.32	2.99	2.54	2.54	4.42	2.51	4.44	3.53
Diluted Shares Outstanding	270.7M	271.1M	272.1M	272.5M	272.4M	272.8M	272.8M	272.5M	272.2M	272.7M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	55.05B	55.23B	56.57B	57.15B	52.12B	64.03B	48.55B	60.93B	64.71B	66.49B
Asset Growth %	-0.01%	0%	0.02%	0.01%	-0.09%	0.23%	-0.24%	0.26%	0.06%	0.03%
Total Investment Assets+	44.7B	45.42B	46.87B	44.49B	51.01B	50.29B	43.89B	81.52B	47.61B	47.48B
Long-Term Investments	43.98B	44.79B	45.99B	43.59B	49.15B	49.15B	42.06B	42.06B	45.45B	46.38B
Short-Term Investments	1.66B	1.41B	1.44B	1.29B	1.86B	3.37B	1.83B	39.46B	2.17B	3.84B
Total Current Assets+	4.13B	3.89B	4.08B	3.41B	9.39B	0	10.88B	2.31B	51.79B	0
Cash & Equivalents	387M	271M	355M	310M	419M	419M	475M	475M	345M	472M
Receivables	0	0	0	0	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	0	0	0	0	6.76B	-10.85B	7.64B	-39.33B	40.42B	-14.04B
Goodwill & Intangibles+	231M	214M	220M	214M	217M	217M	215M	215M	224M	222M
Goodwill	150M	145M	148M	146M	148M	148M	144M	144M	146M	145M
Intangible Assets	81M	69M	72M	68M	69M	69M	71M	71M	78M	77M
PP&E (Net)	343M	310M	326M	324M	252M	252M	226M	226M	253M	295M
Other Assets	5.73B	5.65B	5.81B	9.21B	-66M	-49.62B	-1.18B	-42.13B	-1.28B	-46.9B
Total Liabilities	43.29B	43.26B	44.32B	45.94B	6.8B	51.32B	52.1B	52.1B	54.82B	55.98B
Total Debt+	2.56B	2.71B	2.86B	2.68B	2.68B	2.78B	2.78B	2.78B	3.03B	2.97B
Net Debt	2.17B	2.44B	2.5B	2.37B	2.36B	2.36B	2.31B	2.31B	2.69B	2.5B
Long-Term Debt	2.21B	2.71B	2.71B	2.68B	2.68B	2.78B	2.78B	2.54B	2.48B	2.97B
Short-Term Debt	350M	0	150M	0	0	0	42M	243M	550M	0
Total Current Liabilities+	41.08B	40.55B	41.62B	43.26B	4.02B	0	243M	4.96B	18.47B	0
Accounts Payable	0	0	0	0	0	0	0	0	0	0
Deferred Revenue	0	0	0	3.4B	4.02B	0	4.5B	4.71B	0	0
Other Current Liabilities	-82M	17.88B	17.6B	14.13B	-21M	0	-4.36B	-26M	17.92B	0
Deferred Taxes	1000K	1000K	1000K	1000K	1000K	0	-1000K	-1000K	0	0
Other Liabilities	40.73B	40.5B	41.47B	36.45B	0	-6.8B	46.49B	49.91B	47.62B	-7.5B
Total Equity+	11.76B	11.97B	12.24B	11.22B	12.21B	12.71B	-3.56B	8.82B	9.89B	10.51B
Equity Growth %	-0.08%	0.02%	0.02%	-0.08%	0.09%	0.04%	-1.28%	3.48%	0.12%	0.06%
Shareholders Equity	11.76B	11.97B	12.24B	11.22B	12.21B	12.71B	12.81B	8.82B	9.89B	10.51B
Minority Interest	0	0	0	0	0	0	0	0	0	0
Retained Earnings	9.31B	9.36B	9.41B	9.28B	9.35B	9.08B	9.66B	9.57B	9.76B	9.69B
Common Stock	683M	683M	683M	683M	683M	683M	683M	683M	683M	683M
Accumulated OCI	-315M	-173M	32M	-878M	51M	803M	320M	-3.56B	-2.67B	-1.99B
Return on Equity (ROE)	0.04%	0.07%	0.07%	0.07%	0.09%	0.06%	0.26%	0.26%	0.13%	0.09%
Return on Assets (ROA)	0.01%	0.02%	0.02%	0.01%	0.02%	0.01%	0.02%	0.01%	0.02%	0.01%
Equity / Assets	-	-	-	-	-	-	-	-	-	-
Debt / Equity	0.22x	0.23x	0.23x	0.24x	0.22x	0.22x	-	0.32x	0.31x	0.28x
Book Value per Share	43.43	44.15	45.00	41.16	44.84	46.58	-13.04	32.39	36.34	38.55
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	1.39B	1.42B	1.25B	1.23B	1.77B	1.77B	2B	2.5B	2.29B	2.57B
Operating CF Growth %	-0.04%	0.02%	-0.11%	-0.02%	0.45%	0%	0.13%	0.25%	-0.09%	0.13%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	479M	859M	899M	813M	690M	690M	1.18B	682M	1.21B	959M
Depreciation & Amortization	84M	77M	88M	79M	60M	60M	54M	51M	73M	67M
Stock-Based Compensation	14M	36M	36M	32M	34M	0	0	36M	0	0
Deferred Taxes	-150M	136M	168M	-20M	-49M	-49M	43M	-34M	2M	-45M
Other Non-Cash Items	15M	2M	-2M	-3M	-205M	-171M	-384M	43M	-291M	200M
Working Capital Changes	680M	163M	101M	-24M	1.25B	1.25B	1.1B	1.72B	1.3B	1.39B
Cash from Investing+	-372M	-846M	-424M	-177M	-705M	-705M	-1.23B	-1.51B	-1.84B	-1.32B
Capital Expenditures	-125M	-146M	-102M	-99M	-23M	-23M	-26M	-52M	-90M	-95M
Acquisitions	-14M	38M	21M	-76M	149M	149M	-194M	-199M	-238M	-238M
Purchase of Investments	-8.74B	-9.83B	-9.24B	-11.05B	-10.77B	-10.77B	-9.7B	-10.12B	-7.18B	-6.86B
Sale/Maturity of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Investing	-76M	196M	-228M	18M	-82M	-82M	96M	-85M	-10M	16M
Cash from Financing+	-807M	-673M	-755M	-1.08B	-902M	-902M	-648M	-1.03B	-577M	-1.12B
Dividends Paid	-811M	-813M	-842M	-896M	-929M	-950M	-621M	-982M	-787M	-1.02B
Share Repurchases	0	0	0	0	-23M	-18M	-18M	-39M	-24M	-20M
Stock Issued	0	0	0	0	0	0	0	0	0	0
Debt Issuance (Net)	0	1000K	1000K	-1000K	-1000K	1000K	0	0	1000K	-1000K
Other Financing	4M	0	-18M	-9M	74M	-10M	-9M	-11M	-14M	-12M
Net Change in Cash+	197M	-116M	84M	-45M	177M	177M	117M	-61M	-130M	127M
Exchange Rate Effect	-1000K	-1000K	1000K	-1000K	1000K	1000K	-1000K	-1000K	1000K	-1000K
Cash at Beginning	190M	387M	271M	355M	242M	242M	419M	536M	475M	345M
Cash at End	387M	271M	355M	310M	419M	419M	536M	475M	345M	472M
Free Cash Flow+	1.26B	1.27B	1.15B	1.13B	1.75B	1.75B	1.97B	2.45B	2.19B	2.48B
FCF Growth %	-0.08%	0.01%	-0.09%	-0.02%	0.55%	0%	0.13%	0.24%	-0.1%	0.13%
FCF Margin %	-	-	-	-	-	-	-	-	-	-
FCF per Share	4.66	4.68	4.23	4.14	6.43	6.42	7.23	8.99	8.06	9.08

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Combined Ratio	93.97%	87.86%	86.27%	90.49%	88.64%	92.32%	87.34%	93.15%	88.43%	91.35%
Medical Cost Ratio	76.08%	69.59%	68.57%	68.16%	66.77%	70.93%	67.68%	0%	66.38%	68.12%
Return on Equity (ROE)	3.9%	7.24%	7.43%	6.93%	8.54%	5.54%	25.88%	25.89%	12.88%	9.4%
Return on Assets (ROA)	0.87%	1.56%	1.61%	1.43%	1.83%	1.19%	2.1%	1.25%	1.92%	1.46%
Equity / Assets	21.36%	21.67%	21.65%	19.63%	23.44%	19.85%	-7.33%	14.48%	15.29%	15.81%
Book Value / Share	43.43	44.15	45	41.16	44.84	46.58	-13.04	32.39	36.34	38.55
Debt / Equity	0.22x	0.23x	0.23x	0.24x	0.22x	0.22x	-	0.32x	0.31x	0.28x
Revenue Growth	-6.1%	2.91%	1.88%	6.2%	6.25%	-0.74%	8.04%	2.99%	10.38%	6.66%

Revenue by Segment

	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023
Specialty	-	-	-	-	-	-	4.58B	5B	5.21B	5.49B
Specialty Growth	-	-	-	-	-	-	-	9.14%	4.10%	5.39%
Commercial	-	-	-	-	-	-	3.91B	4.2B	4.44B	5.22B
Commercial Growth	-	-	-	-	-	-	-	7.31%	5.76%	17.56%
Life and Group Non-Core	-	-	-	-	-	-	1.35B	1.46B	1.28B	1.35B
Life and Group Non-Core Growth	-	-	-	-	-	-	-	7.53%	-12.42%	5.49%
International	-	-	-	-	-	-	998M	1.11B	1.13B	1.28B
International Growth	-	-	-	-	-	-	-	11.62%	1.80%	12.79%
Corporate and Other	-	-	-	-	39M	32M	17M	21M	24M	73M
Corporate and Other Growth	-	-	-	-	-	-17.95%	-46.88%	23.53%	14.29%	204.17%
Specialty	3.69B	3.61B	3.66B	-	4.18B	4.49B	-	-	-	-
Specialty Growth	-	-2.19%	1.25%	-	-	7.44%	-	-	-	-
Commercial	3.67B	3.42B	3.47B	-	3.58B	3.85B	-	-	-	-
Commercial Growth	-	-6.79%	1.64%	-	-	7.46%	-	-	-	-
Life and Group Non-Core	-	-	-	-	1.33B	1.34B	-	-	-	-
Life and Group Non-Core Growth	-	-	-	-	-	0.53%	-	-	-	-
International	974M	855M	857M	-	1.06B	1.04B	-	-	-	-
International Growth	-	-12.22%	0.23%	-	-	-2.08%	-	-	-	-
Professional & Management Liability	-	-	-	2.59B	-	-	-	-	-	-
Professional & Management Liability Growth	-	-	-	-	-	-	-	-	-	-
Middle Markets	-	-	-	1.91B	-	-	-	-	-	-
Middle Markets Growth	-	-	-	-	-	-	-	-	-	-
Other Commercial Insurance	-	-	-	1.13B	-	-	-	-	-	-
Other Commercial Insurance Growth	-	-	-	-	-	-	-	-	-	-
Warranty & Alternative Risks	-	-	-	551M	-	-	-	-	-	-
Warranty & Alternative Risks Growth	-	-	-	-	-	-	-	-	-	-
Surety	-	-	-	541M	-	-	-	-	-	-
Surety Growth	-	-	-	-	-	-	-	-	-	-
Small Business	-	-	-	480M	-	-	-	-	-	-
Small Business Growth	-	-	-	-	-	-	-	-	-	-
Hardy	-	-	-	359M	-	-	-	-	-	-
Hardy Growth	-	-	-	-	-	-	-	-	-	-
CNA Europe	-	-	-	326M	-	-	-	-	-	-
CNA Europe Growth	-	-	-	-	-	-	-	-	-	-
Intersegment Eliminations	-	-	-	-1M	-	-	-	-	-	-
Intersegment Eliminations Growth	-	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

CNA Financial Corporation (CNA) has a price-to-earnings (P/E) ratio of 13.2x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

CNA Financial Corporation (CNA) grew revenue by 6.7% over the past year. This is steady growth.

Yes, CNA Financial Corporation (CNA) is profitable, generating $997.0M in net income for fiscal year 2024 (6.9% net margin).

Dividend & Returns

Yes, CNA Financial Corporation (CNA) pays a dividend with a yield of 8.10%. This makes it attractive for income-focused investors.

CNA Financial Corporation (CNA) has a return on equity (ROE) of 9.4%. This is below average, suggesting room for improvement.

Industry Metrics

CNA Financial Corporation (CNA) has a combined ratio of 91.3%. A ratio below 100% indicates underwriting profitability.

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