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CNA Financial (CNA)

CNA is one of the largest U.S. commercial property and casualty insurance companies. CNA provides a broad range of standard and specialized property and casualty insurance products and services for businesses and professionals in the U.S., Canada and Europe, backed by more than 120 years of experience and approximately $45 billion of invested assets.

Company profile

Ticker
CNA
Exchange
Website
CEO
Dino Robusto
Employees
Incorporated
Location
Fiscal year end
SEC CIK
Subsidiaries
American Casualty Company • CNA Insurance Company (Europe) S.A. • CNA Insurance Company Limited • Columbia Casualty Company • Continental Casualty Company • Continental Reinsurance Corporation International, Ltd • Hardy Bermuda Limited • Hardy Underwriting Labuan Limited • Hardy Underwriting Limited • National Fire Insurance Company ...
IRS number
366169860

CNA stock data

Investment data

Data from SEC filings
Top 50 of 173 long holdings
End of quarter 30 Jun 22
Value
 
#Shares
 
Prev Q
 
Change
%, QoQ
$14.62M 600K 550K +9.1
$14.51M 90K 45K +100.0
$13.94M 181K 175K +3.4
$10.82M 45K 30K +50.0
$10.64M 80K 50K +60.0
$10.52M 700K 600K +16.7
$10.5M 62.5K NEW
$9.88M 37.5K 40K -6.3
$9.76M 1.6M NEW
$9.41M 85K NEW
$9.19M 60K 60K 0
$8.47M 155K 70.48K +119.9
$7.62M 170K 145K +17.2
$6.54M 3K 2.5K +20.0
$6.39M 110K 100K +10.0
$6.17M 600K 300K +100.0
$6.17M 70K 70K 0
$5.02M 50.27K 50.27K 0
$4.93M 100K 100K 0
$2.82M 11.68K 11.68K 0
$2.07M 9.53K 9.53K 0
$2.04M 17.15K 15.94K +7.5
$1.9M 21.08K 20K +5.4
$1.87M 68.03K 70.53K -3.5
$1.76M 10.54K 10.54K 0
$1.73M 15.68K 15.83K -0.9
$1.73M 7.54K 7.54K 0
$1.71M 25.21K 22.04K +14.3
$1.68M 24.63K 24.51K +0.5
$1.65M 19.85K 19.85K 0
$1.6M 25.43K 26.88K -5.4
$1.38M 17.5K 18.64K -6.1
$1.2M 19.21K 19.21K 0
$1.15M 28.57K 28.57K 0
$1.14M 34.18K 33.91K +0.8
$1.1M 62.2K 41K +51.7
$1.08M 15.19K 15.19K 0
$1.07M 16.58K 16.58K 0
$1.04M 8.6K 8.7K -1.1
$980K 25.19K 26.93K -6.5
$970K 12.04K 10.93K +10.2
$962K 39.85K 39.85K 0
$961K 20.62K 22.54K -8.5
$954K 26.7K 27K -1.1
$952K 15K 15K 0
$942K 9.44K 9.23K +2.3
$932K 10.56K 10.56K 0
$924K 23.53K 23.21K +1.4
$914K 23.31K 23.71K -1.7
$899K 4.78K 5.06K -5.5
Holdings list only includes long positions. Only includes long positions.

Calendar

1 Aug 22
20 Aug 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
28 Jun 22 Susan Ann Stone Common Stock Payment of exercise Dispose F No No 45.36 3,388 153.68K 23,891
24 May 22 Daniel Paul Franzetti Common Stock Sell Dispose S No No 44.79 9,486 424.88K 41,830
10 May 22 Bless Michael A Common Stock Buy Acquire P No No 44.18 2,500 110.45K 2,500
6 Apr 22 Daniel Paul Franzetti Common Stock Payment of exercise Dispose F No No 48.16 7,543 363.27K 51,316
98.4% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 192 180 +6.7%
Opened positions 38 38
Closed positions 26 24 +8.3%
Increased positions 61 59 +3.4%
Reduced positions 57 49 +16.3%
13F shares Current Prev Q Change
Total value 11.99B 12.99B -7.7%
Total shares 267.05M 267.16M -0.0%
Total puts 0 2K EXIT
Total calls 17.8K 30.9K -42.4%
Total put/call ratio 0.1
Largest owners Shares Value Change
L Loews 243.21M $10.92B 0.0%
TROW T. Rowe Price 6.23M $279.58M -4.0%
First Trust Advisors 1.61M $72.1M -2.9%
LSV Asset Management 1.48M $66.38M -2.4%
JPM JPMorgan Chase & Co. 1.32M $59.12M -1.7%
BLK Blackrock 1.24M $55.69M +7.8%
River Road Asset Management 1.07M $48.08M -3.6%
Donald Smith & Co. 978.17K $43.92M -5.6%
Victory Capital Management 918.98K $41.26M +20.5%
Private Management 883.84K $39.68M -1.1%
Largest transactions Shares Bought/sold Change
TROW T. Rowe Price 6.23M -257.39K -4.0%
MS Morgan Stanley 309.4K +194.72K +169.8%
Parametric Portfolio Associates 0 -172.91K EXIT
Victory Capital Management 918.98K +156.1K +20.5%
BLK Blackrock 1.24M +89.96K +7.8%
Pacifica Capital Investments 68.84K -85.52K -55.4%
LGEN Legal & General 0 -76.65K EXIT
Balyasny Asset Management 169.17K +72.36K +74.7%
Arrowstreet Capital, Limited Partnership 0 -70.09K EXIT
Alaska Permanent Fund 117.08K +63.98K +120.5%

Financial report summary

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Risks
  • If we determine that our recorded insurance reserves are insufficient to cover our estimated ultimate unpaid liability for claim and claim adjustment expenses, we may need to increase our insurance reserves which would result in a charge to our earnings.
  • Our actual experience could vary from the key assumptions used to determine active life reserves for long term care policies.
  • We are vulnerable to material losses from natural and man-made disasters.
  • The COVID-19 pandemic and measures to mitigate the spread of the virus have resulted in increased claims and related litigation risk across our enterprise, which may continue to have adverse impacts on our business, results of operations and financial condition and could be material.
  • We have exposures related to asbestos and environmental pollution (A&EP) claims, which could result in material losses.
  • We are exposed to, and may face adverse developments related to, mass tort claims that could arise from our insureds’ sale or use of potentially harmful products or substances, changes to the social and legal environment, issues related to altered interpretation of coverage and other new and emerging claim theories.
  • We face intense competition in our industry; we may be adversely affected by the cyclical nature of the property and casualty business and the evolving landscape of our distribution network.
  • Our underwriting strategies currently rely on the effectiveness of reinsurance arrangements and we accordingly face risks relating to reinsurance, including obtaining reinsurance at a cost or on terms and conditions we deem acceptable, reinsurance counterparty risk and ineffective reinsurance coverage.
  • We may be adversely affected by technological changes or disruptions in the insurance marketplace.
  • We are controlled by a single stockholder which could result in potential conflicts of interest.
  • We may incur significant realized and unrealized investment losses and volatility in net investment income arising from changes in the financial markets.
  • We use analytical models to assist our decision making in key areas such as pricing, reserving, catastrophe risks and capital modeling and may be adversely affected if actual results differ materially from the model outputs and related analyses.
  • Any significant interruption in the operation of our business functions, facilities and systems or our vendors' facilities and systems could result in a materially adverse effect on our operations.
  • Any significant breach in our data security infrastructure or our vendors’ facilities and systems could disrupt business, cause financial losses and damage our reputation, and insurance coverage may not be available for claims related to a breach.
  • Inability to detect and prevent significant employee or third-party service provider misconduct, inadvertent errors and omissions, or exposure relating to functions performed on our behalf could result in a materially adverse effect on our business, results of operations and financial condition.
  • Loss of key vendor relationships and issues relating to the transitioning of vendor relationships could compromise our ability to conduct business.
  • We are subject to capital adequacy requirements and, if we are unable to maintain or raise sufficient capital to meet these requirements, regulatory agencies may restrict or prohibit us from operating our business.
  • Our insurance subsidiaries, upon whom we depend for dividends in order to fund our corporate obligations, are limited by insurance regulators in their ability to pay dividends.
  • Rating agencies may downgrade their ratings of us, thereby adversely affecting our ability to write insurance at competitive rates or at all and increasing our cost of capital.
  • We are subject to extensive existing state, local, federal and foreign governmental regulations that restrict our ability to do business and generate revenues; additional regulation or significant modification to existing regulations or failure to comply with regulatory requirements may have a materially adverse effect on our business, results of operations and financial condition.
Management Discussion
  • Core income increased $371 million in 2021 as compared with 2020. Core income for our Property & Casualty Operations increased $344 million primarily due to improved current accident year underwriting results and higher net investment income driven by limited partnership and common stock returns. Core income for our Life & Group segment improved $117 million. Core loss for our Corporate & Other segment increased $90 million.
  • Net catastrophe losses were $397 million in 2021 as compared with $550 million in 2020. Catastrophe losses for the year ended December 31, 2021 were driven by severe weather related events, primarily Hurricane Ida and Winter Storms Uri and Viola. Net catastrophe losses for the year ended December 31, 2020 included $294 million related primarily to severe weather related events, $195 million related to the COVID-19 pandemic and $61 million related to civil unrest.
  • Unfavorable net prior year loss reserve development of $11 million was recorded in 2021 as compared with favorable net prior year loss reserve development of $20 million in 2020 related to our Specialty, Commercial, International and Corporate & Other segments. Further information on net prior year loss reserve development is in Note E to the Consolidated Financial Statements included under Item 8.

Content analysis

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