What is CNA Financial's commercial — gross case reserves?

CNA Financial (CNA) reported commercial — gross case reserves of $4.09B in Q4 2025.

How has CNA Financial's commercial — gross case reserves changed year-over-year?

CNA Financial's commercial — gross case reserves increased by 10.9% year-over-year, from $3.69B to $4.09B.

What does commercial — gross case reserves mean?

The total estimated amount of claims that have been reported to the insurer but remain unpaid, calculated before any deductions for reinsurance. This reflects the specific, known liabilities the company is managing for its commercial policyholders. It serves as a measure of the current volume and severity of known pending claims.

CNA Financial (CNA) Commercial — Gross Case Reserves

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Other segment segments

Specialty

$2.17B+7.1%

Corporate & Other

$1.2B-3.6%

International

$1.05B+20.1%

Life & Group

$556M-2.8%

Similar metrics at other companies

AIZShort Duration — Case Reserves

$299.8M-69.3%

AIZLong Duration, Non-core Operations — Case Reserves

$900K-25.0%

AIZShort Duration Contracts, Non-core Operations — Case Reserves

$30.2M-14.9%

AIZLong Duration Contracts, All Other Disposed or Runoff Businesses — Case Reserves

$0—

AIZShort Duration Contracts, All Other Disposed and Runoff Businesses — Case Reserves

$61.7M-24.5%

KGLiability For Unpaid Claims And Claims Adjustment Expense Reported Claims Amount

$269.15M-24.0%

Other financials

Income statement

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Revenue$3.7B+1.4%

Net income$211.0M-23.0%

EPS (diluted)$0.78-22.0%

Balance sheet

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Cash & equivalents$522.0M+8.1%

Total debt$3.0B-0.1%

Total equity$10.9B+5.6%

Total assets$68.6B+1.8%

Cash flow

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Operating cash flow$393.0M-38.4%

CapEx$13.0M-27.8%

Free cash flow$380.0M-38.7%

Valuation

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Market cap$14.16B+9.9%

Enterprise value$16.61B+7.3%

P/E11.7×-3.0×

P/S0.9×+0.1×

Profitability

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Net margin8.1%+1.9pp

FCF margin14.4%-3.7pp

Returns & leverage

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Return on equity11.5%+2.5pp

Debt / equity0.3×0.0×

Where this comes from

Reported directly by CNA Financial in its filing.

Tagged under the XBRL concept us-gaap:LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseReportedClaimsAmount.

The source filing: CNA Financial’s 10-K, filed February 10, 2026.

Filed: Feb 10, 2026, 8:11 AM EST
Fiscal year: FY2025
Accession: 0000021175-26-000011

December 31, 2025	Specialty	Commercial	International	Life & Group	Corporate & Other	Total
(In millions)
Gross Case Reserves	$2,166	$4,093	$1,052	$556	$1,196	$9,063
Gross IBNR Reserves	5,618	8,156	2,324	35	1,403	17,536
Total Gross Carried Claim and Claim Adjustment Expense Reserves	$7,784	$12,249	$3,376	$591	$2,599	$26,599
Net Case Reserves	$1,801	$3,508	$880	$506	$119	$6,814
Net IBNR Reserves	4,387	7,188	1,961	29	238	13,803
Total Net Carried Claim and Claim Adjustment Expense Reserves	$6,188	$10,696	$2,841	$535	$357	$20,617

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FAQ

What is CNA Financial's commercial — gross case reserves?: CNA Financial (CNA) reported commercial — gross case reserves of $4.09B in Q4 2025.
How has CNA Financial's commercial — gross case reserves changed year-over-year?: CNA Financial's commercial — gross case reserves increased by 10.9% year-over-year, from $3.69B to $4.09B.
What does commercial — gross case reserves mean?: The total estimated amount of claims that have been reported to the insurer but remain unpaid, calculated before any deductions for reinsurance. This reflects the specific, known liabilities the company is managing for its commercial policyholders. It serves as a measure of the current volume and severity of known pending claims.