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CNA Financial CNA Commercial — Net IBNR Reserves

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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 cna:NetIbnrReserves.

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 — net IBNR reserves?
CNA Financial (CNA) reported commercial — net IBNR reserves of $7.19B in Q4 2025.
How has CNA Financial's commercial — net IBNR reserves changed year-over-year?
CNA Financial's commercial — net IBNR reserves increased by 5.6% year-over-year, from $6.8B to $7.19B.
What does commercial — net IBNR reserves mean?
The estimated liability for claims incurred but not yet reported, net of reinsurance recoveries. This figure represents the company's retained actuarial estimate for future claim emergence. It is a critical component of the net loss reserve balance and reflects the company's long-term risk retention strategy.

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