The company maintains a conservative capital structure with a debt-to-equity ratio of 0.27 and a substantial $10.9 billion equity buffer as of 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Total Assets | 62.17B | 69.44B | 60.81B | 59.56B | 55.79B | 61.69B | 60.19B | 56.87B | 52.92B | 52.73B | 51.39B | 50.98B | 51.7B | 51.95B | 53.45B | 49.92B | 48.96B | 55.77B | 52.21B | 57.64B | 61.49B | 58.79B | 62.5B | 68.5B | 61.73B | 65.97B | 62.07B | 61.22B | 62.36B | 61.27B | 60.73B |
| Asset Growth % | 35.63% | 14.19% | 2.1% | 6.75% | -9.55% | 2.48% | 5.85% | 7.46% | 0.36% | 2.6% | 0.81% | -1.4% | -0.47% | -2.82% | 7.08% | 1.97% | -12.22% | 6.83% | -9.42% | -6.26% | 4.6% | -5.94% | -8.76% | 10.97% | -6.42% | 6.28% | 1.39% | -1.83% | 1.78% | 0.88% | 1.39% |
| Total Investment Assets | 4M | 50.45B | 47.48B | 46.56B | 43.18B | 50.33B | 50.29B | 47.74B | 44.49B | 46.87B | 45.42B | 44.7B | 46.26B | 46.29B | 47.95B | 44.79B | 43.1B | 42.42B | 35.39B | 42.24B | 44.6B | 38.72B | 38.14B | 37.75B | 34.58B | 34.88B | 34.4B | 34.69B | 36.51B | 40.13B | 40.29B |
| Long-Term Investments | 188.94B | 46.74B | 47.48B | 46.56B | 43.18B | 50.33B | 50.29B | 47.74B | 44.49B | 46.87B | 45.42B | 44.7B | 46.26B | 46.29B | 47.95B | 44.79B | 43.1B | 42.42B | 35.39B | 42.24B | 44.6B | 38.15B | 37.65B | 36.74B | 33.95B | 34.24B | 33.79B | 34.21B | 36.08B | 35.25B | 34.43B |
| Short-Term Investments | 1.5B | 3.71B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.24B | 5.86B | 7.54B | 7.01B | 3.74B | 4.72B | 3.35B | 4.04B | 4.88B | 5.85B |
| Total Current Assets | 4.24B | 14.73B | 4.14B | 3.79B | 3.63B | 3.48B | 3.03B | 2.69B | 2.63B | 2.65B | 2.48B | 2.46B | 2.13B | 2.17B | 2.04B | 1.69B | 1.63B | 8.38B | 9.3B | 10.29B | 11.67B | 58.44B | 62.1B | 68.03B | 61.19B | 65.26B | 61.03B | 60.15B | 61.17B | 59.9B | 59.67B |
| Cash & Equivalents | 522M | 425M | 472M | 345M | 475M | 536M | 419M | 242M | 310M | 355M | 271M | 387M | 190M | 195M | 156M | 75M | 77M | 140M | 85M | 94M | 84M | 96M | 95M | 139M | 126M | 142M | 163M | 153M | 217M | 383M | 257.1M |
| Receivables | 35.85B | 10.6B | 3.67B | 3.44B | 3.16B | 2.94B | 2.61B | 2.45B | 2.32B | 2.29B | 2.21B | 2.08B | 1.94B | 1.98B | 1.88B | 1.61B | 1.56B | 8.24B | 9.21B | 10.2B | 11.59B | 14.07B | 17.54B | 2.69B | 15.51B | 3.83B | 15M | 2.21B | 251M | 18M | 133.8M |
| Other Current Assets | -1.5B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 19.63B | 25.42B | 41.37B | 38.55B | 60.77B | 56.13B | 54.43B | 56.66B | 54.62B | 53.43B |
| Goodwill & Intangibles | 3.58B | 1.13B | 222M | 224M | 144M | 215M | 217M | 147M | 146M | 148M | 145M | 231M | 237M | 155M | 267M | 139M | 141M | 141M | 141M | 142M | 142M | 146M | 162M | 162M | 174M | 265M | 317M | 328M | 368M | 620M | 417.7M |
| Goodwill | 147M | 148M | 145M | 146M | 144M | 148M | 148M | 147M | 146M | 148M | 145M | 150M | 152M | 155M | 154M | 123M | 0 | 141M | 141M | 142M | 142M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 986M | 77M | 78M | 0 | 67M | 69M | 0 | 0 | 0 | 0 | 81M | 85M | 0 | 113M | 16M | 141M | 0 | 0 | 0 | 0 | 146M | 162M | 162M | 174M | 265M | 317M | 328M | 368M | 620M | 417.7M |
| PP&E (Net) | 287M | 282M | 453M | 393M | 381M | 401M | 451M | 502M | 324M | 326M | 310M | 343M | 295M | 304M | 326M | 309M | 333M | 360M | 393M | 378M | 277M | 197M | 235M | 314M | 369M | 444M | 716M | 746M | 824M | 747M | 645.4M |
| Other Assets | 7.99B | 5.98B | 7.29B | 7.32B | 7B | 6.61B | 5.52B | 5.15B | 4.75B | 2.18B | 2.08B | 2.22B | 1.76B | 2.06B | 1.71B | 1.79B | 2.4B | 2.7B | 3.02B | 2.53B | 2.8B | -38.15B | -37.65B | -36.74B | -33.95B | -34.24B | -33.79B | -34.21B | -36.08B | -35.25B | -34.43B |
| Total Liabilities | 57.7B | 57.82B | 50.3B | 49.67B | 47.25B | 48.88B | 47.49B | 44.65B | 41.7B | 40.48B | 39.42B | 39.22B | 38.91B | 39.27B | 41.12B | 38.41B | 37.41B | 44.58B | 44.87B | 47.05B | 51.33B | 49.55B | 53.02B | 59.3B | 52.07B | 57.38B | 52.2B | 52.09B | 53B | 52.96B | 53.67B |
| Total Debt | 2.97B | 2.97B | 3.21B | 3.25B | 3B | 3.03B | 3.11B | 3.05B | 2.68B | 2.86B | 2.71B | 2.56B | 2.56B | 2.56B | 2.57B | 2.61B | 2.65B | 2.3B | 2.06B | 2.16B | 2.16B | 1.69B | 2.26B | 1.9B | 2.29B | 2.57B | 2.73B | 2.88B | 3.16B | 2.9B | 2.76B |
| Net Debt | 2.45B | 2.55B | 2.74B | 2.9B | 2.53B | 2.49B | 2.69B | 2.81B | 2.37B | 2.5B | 2.44B | 2.17B | 2.37B | 2.37B | 2.41B | 2.53B | 2.57B | 2.16B | 1.97B | 2.06B | 2.07B | 1.59B | 2.16B | 1.76B | 2.17B | 2.42B | 2.57B | 2.73B | 2.94B | 2.51B | 2.51B |
| Long-Term Debt | 2.97B | 2.97B | 2.97B | 2.48B | 2.54B | 2.78B | 2.78B | 2.68B | 2.68B | 2.71B | 2.71B | 2.21B | 2.56B | 2.01B | 2.56B | 2.52B | 2.25B | 2.3B | 2.06B | 1.81B | 2.16B | 1.44B | 1.73B | 1.64B | 1.87B | 2.24B | 2.73B | 2.88B | 3.16B | 2.9B | 2.76B |
| Short-Term Debt | 0 | 0 | 43M | 586M | 243M | 42M | 44M | 38M | 0 | 150M | 0 | 350M | 0 | 549M | 13M | 83M | 400M | 0 | 0 | 350M | 0 | 252M | 531M | 263M | 420M | 329M | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 3.98B | 38.37B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 48.4B | 51.51B | 57.91B | 50.46B | 55.03B | 49.69B | 49.4B | 50.04B | 50.06B | 50.91B |
| Accounts Payable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.64B | 0 | 3.43B | 2.76B | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue | 3.98B | 7.63B | 7.35B | 6.93B | 6.37B | 5.76B | 5.12B | 4.58B | 4.18B | 4.03B | 3.76B | 3.67B | 3.59B | 3.72B | 3.61B | 3.25B | 3.2B | 3.27B | 3.41B | 3.6B | 3.78B | 0 | 0 | 0 | 29M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 0 | 30.74B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 31.12B | 31.87B | -3.44B | -2.99B | 51.98B | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Liabilities | 44.37B | 12.34B | 42.23B | 42.05B | 39.56B | 40.88B | 39.77B | 37.43B | 35.43B | 37.35B | 36.14B | 36.63B | 35.52B | 36.52B | 37.49B | 35.1B | 34.48B | 41.83B | 42.33B | 44.39B | 48.02B | 0 | 0 | 0 | -34M | 329M | -2.73B | -2.88B | -3.16B | -2.9B | -2.76B |
| Total Equity | 10.86B | 11.62B | 10.51B | 9.89B | 8.55B | 12.81B | 12.71B | 12.21B | 11.22B | 12.24B | 11.97B | 11.76B | 12.79B | 12.67B | 12.34B | 11.51B | 11.55B | 11.2B | 7.34B | 10.59B | 10.16B | 9.24B | 9.48B | 9.21B | 9.66B | 8.59B | 9.86B | 9.13B | 9.36B | 8.31B | 7.06B |
| Equity Growth % | 29.38% | 10.54% | 6.27% | 15.73% | -33.27% | 0.8% | 4.03% | 8.9% | -8.39% | 2.3% | 1.81% | -8.12% | 0.95% | 2.75% | 7.17% | -0.35% | 3.16% | 52.55% | -30.67% | 4.18% | 9.96% | -2.54% | 2.98% | -4.65% | 12.41% | -12.91% | 8% | -2.44% | 12.66% | 17.69% | 4.81% |
| Shareholders Equity | 10.86B | 11.62B | 10.51B | 9.89B | 8.55B | 12.81B | 12.71B | 12.21B | 11.22B | 12.24B | 11.97B | 11.76B | 12.79B | 12.67B | 12.34B | 11.51B | 10.98B | 10.69B | 6.92B | 10.2B | 9.83B | 8.95B | 9.21B | 8.95B | 9.4B | 8.37B | 9.65B | 8.94B | 9.16B | 8.31B | 7.06B |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 570M | 506M | 420M | 385M | 335M | 291M | 275M | 256M | 256M | 224M | 217M | 195M | 204M | 0 | 0 |
| Retained Earnings | 9.45B | 9.91B | 9.69B | 9.76B | 9.34B | 9.66B | 9.08B | 9.35B | 9.28B | 9.41B | 9.36B | 9.31B | 9.64B | 9.49B | 8.77B | 8.31B | 7.88B | 7.26B | 6.84B | 7.29B | 6.49B | 5.62B | 5.6B | 5.16B | 6.59B | 6.68B | 8.33B | 7.11B | 7.26B | 6.98B | 6.02B |
| Common Stock | 683M | 683M | 683M | 683M | 683M | 683M | 683M | 683M | 683M | 683M | 683M | 683M | 683M | 683M | 683M | 683M | 683M | 683M | 683M | 683M | 683M | 645M | 645M | 565M | 565M | 565M | 464M | 464M | 464M | 155M | 154.6M |
| Accumulated OCI | -1.35B | -1.1B | -1.99B | -2.67B | -3.6B | 320M | 803M | 51M | -878M | 32M | -173M | -315M | 400M | 442M | 831M | 480M | 326M | -325M | -3.92B | 103M | 549M | 359M | 650M | 841M | 604M | 226M | 873M | 1.19B | 1.06B | 589M | 298.7M |
| Return on Equity (ROE) | 11.94% | 11.55% | 9.4% | 13.07% | 6.39% | 9.28% | 5.54% | 8.54% | 6.93% | 7.43% | 7.24% | 3.9% | 5.43% | 7.49% | 5.27% | 5.31% | 6.07% | 4.52% | -3.34% | 8.2% | 11.42% | 2.82% | 4.55% | -15.02% | 1.79% | -17.39% | 12.44% | -1.86% | 2.58% | 12.57% | 13.99% |
| Return on Assets (ROA) | 1.96% | 1.96% | 1.59% | 2.09% | 1.16% | 1.94% | 1.18% | 1.82% | 1.54% | 1.73% | 1.68% | 0.93% | 1.33% | 1.78% | 1.21% | 1.24% | 1.32% | 0.78% | -0.54% | 1.43% | 1.84% | 0.44% | 0.65% | -2.18% | 0.26% | -2.51% | 1.92% | -0.28% | 0.37% | 1.58% | 1.6% |
| Equity / Assets | 17.46% | 16.73% | 17.29% | 16.61% | 15.32% | 20.76% | 21.11% | 21.48% | 21.2% | 23.22% | 23.29% | 23.06% | 24.75% | 24.4% | 23.08% | 23.06% | 23.59% | 20.07% | 14.06% | 18.37% | 16.53% | 15.72% | 15.17% | 13.44% | 15.64% | 13.02% | 15.89% | 14.92% | 15.01% | 13.56% | 11.62% |
| Debt / Equity | 0.27x | 0.26x | 0.31x | 0.33x | 0.35x | 0.24x | 0.24x | 0.25x | 0.24x | 0.23x | 0.23x | 0.22x | 0.20x | 0.20x | 0.21x | 0.23x | 0.23x | 0.21x | 0.28x | 0.20x | 0.21x | 0.18x | 0.24x | 0.21x | 0.24x | 0.30x | 0.28x | 0.32x | 0.34x | 0.35x | 0.39x |
| Book Value per Share | 40.13 | 42.68 | 38.55 | 36.34 | 31.37 | 46.95 | 46.58 | 44.84 | 41.16 | 45.00 | 44.15 | 43.43 | 47.28 | 46.91 | 45.72 | 42.69 | 42.86 | 41.61 | 27.24 | 38.95 | 38.74 | 36.10 | 37.04 | 40.59 | 42.66 | 42.77 | 53.45 | 48.04 | 50.41 | 44.76 | 38.04 |
| Tangible BV per Share | 39.59 | 38.51 | 37.74 | 35.52 | 30.84 | 46.17 | 45.78 | 44.30 | 40.63 | 44.45 | 43.61 | 42.57 | 46.41 | 46.33 | 44.73 | 42.18 | 42.33 | 41.08 | 26.72 | 38.43 | 38.20 | 35.53 | 36.41 | 39.87 | 41.89 | 41.45 | 51.74 | 46.32 | 48.42 | 41.42 | 35.79 |
Legacy LTC reserve volatility
As reported in recent financial statements, CNA's total assets grew from $59.6 billion in 2023Q4 to $62.2 billion by 2026Q1, indicating a steady accumulation of balance sheet capacity despite the competitive pressures currently impacting the broader property and casualty insurance market across the United States.
The expansion of the asset base appears to be supported by consistent underwriting discipline, though the growth rate remains modest. Investors should monitor whether this capital accumulation is being effectively deployed to capture market share or if it is primarily a function of retained earnings from the specialty lines.
Based on the provided quarterly data, claims and loss reserves fluctuated between $2.2 billion and $2.6 billion over the last ten quarters, suggesting that management is actively adjusting for evolving loss cost trends within their long-tail casualty and professional liability insurance portfolios.
The variance in reserve levels may imply that the company is responding to the heightened litigation environment and social inflation. Analysts should investigate whether these adjustments are sufficient to cover potential future claims, as any under-reserving could lead to adverse development that would negatively impact future earnings.
According to historical balance sheet data, CNA maintains a robust equity position that reached $10.9 billion in 2026Q1, providing a significant buffer against potential underwriting volatility and supporting the company's ability to sustain its dividend policy despite the inherent risks of its legacy business segments.
The firm's low debt-to-equity profile suggests a fortress-like balance sheet that provides substantial flexibility for capital allocation. This capitalization structure appears to prioritize stability, which is essential given the long-term nature of the liabilities associated with the Life & Group run-off segment.
As indicated by the divergence between net income and operational performance, the Life & Group run-off segment continues to introduce non-cash volatility into the balance sheet, which warrants further investigation by analysts attempting to isolate the true underlying health of the core specialty insurance operations.
The market may be mispricing CNA by failing to distinguish between the stable, high-margin specialty business and the unpredictable legacy LTC liabilities. This structural complexity may create a persistent valuation discount that does not accurately reflect the company's fundamental underwriting capabilities.
Quick answers to the most common questions about buying CNA stock.
As of 2025, CNA Financial Corporation (CNA) had total assets of $69.44B including $14.73B in current assets.
CNA Financial Corporation (CNA) carries total debt of $2.97B, offset by $4.13B in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
CNA Financial Corporation (CNA) has total shareholders' equity (book value) of $11.62B ($42.68 book value per share). Book value represents the net worth of the company belonging to common stock holders.
CNA Financial Corporation (CNA) reported a current ratio of 0.38x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.