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CNA Financial CNA Commercial — Gross IBNR Reserves

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$449M-8.9%

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:LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseIncurredButNotReportedIBNRClaimsAmount.

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, 2025SpecialtyCommercialInternationalLife & GroupCorporate & OtherTotal
(In millions)
Gross Case Reserves$2,166$4,093$1,052$556$1,196$9,063
Gross IBNR Reserves5,6188,1562,324351,40317,536
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 Reserves4,3877,1881,9612923813,803
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 IBNR reserves?
CNA Financial (CNA) reported commercial — gross IBNR reserves of $8.16B in Q4 2025.
How has CNA Financial's commercial — gross IBNR reserves changed year-over-year?
CNA Financial's commercial — gross IBNR reserves increased by 6.7% year-over-year, from $7.65B to $8.16B.
What does commercial — gross IBNR reserves mean?
The estimated liability for claims that have been incurred by the policyholder but have not yet been reported to the insurer, calculated on a gross basis. This figure is based on actuarial projections of future claim emergence and is essential for ensuring the company remains solvent for long-tail insurance lines. It represents the 'unknown' portion of the company's total claim liability.

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