CNA Financial: A Portfolio Cornerstone, Not A Bargain

CNA remained profitable in Q3 2026 with a 97% combined ratio and $82 million of pre-tax underwriting income, despite significantly weaker year-to-date results. Specialty and International remain profitable, while Commercial is roughly breakeven as higher long-tail severity pressures underwrite margins. CNA's long-term care review produced a roughly $171 million pre-tax Q3 charge, highlighting the continuing uncertainty surrounding this legacy portfolio.