CNA FINANCIAL CORP — Form 8-K

CNA Financial reported Q3 2026 core income of $203 million versus $409 million in Q3 2025, down 50% YoY, driven by a $137 million after-tax unfavorable impact from annual long-term care reserve assumption updates (primarily $145M cost-of-care inflation and $75M morbidity charges, partially offset by $50M premium rate gains). The P&C segment generated core income of $397 million (down from $456M), with combined ratio of 97.0% including 2.8 points of catastrophe losses ($78M pretax vs $41M prior year). However, the LTC reserve charge is largely offset by favorable economic impact from $1.3B of fixed-income duration extension trades executed YTD, not yet reflected in GAAP earnings but anticipated to benefit future investment income. Book value per share ex-AOCI increased 5% YTD after adjusting for $3.44 dividends paid.