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CNA Financial Corporation
Type
Public
Traded as NYSE: CNA
Russell 1000 Component
Industry Insurance
Founded 1897; 120 years ago (1897)
Detroit, Michigan, U.S.
1967 (1967) (parent company)
Headquarters CNA Center
Chicago, Illinois, U.S.
Key people
Dino Robusto, Chairman and CEO
Revenue Increase US$ 9.366 billion (2016)
Operating income
Increase US$ 1.137 billion (2016)
Net income
Increase US$ 859 million (2016)
Total assets Increase US$ 55.233 billion (2016)
Total equity Increase US$ 11.969 billion (2016)
Owner Loews Corporation (90%)
Number of employees
6,700 (2016)
Website www.cna.com

CNA Financial Corporation is a financial corporation based in Chicago, Illinois, United States, and noted for its 600-foot (180 m) tall red headquarters building, CNA Center. Its principal subsidiary, Continental Casualty Company (CCC), was founded in 1897. CNA (the parent company) was incorporated in 1967.

CNA itself is 90% owned by a holding company, Loews Corporation. This holding company also has interests in offshore oil and gas drilling rigs, natural gas transmission pipelines, oil and gas exploration, and in hotel operations.

Continental Assurance Company of North America was founded in Detroit in 1897. The purpose of the company was to provide accident and health insurance to railroad industry employees. This company then merged with the Metropolitan Accident Company, changed its name to the Continental Casualty Company, and moved to Chicago.

The National Fire Insurance Company of Hartford was acquired in 1956, and in 1963 the American Casualty Company was acquired. The first letters of each of the original companies were merged to form the acronym CNA. It was then referred to as the Continental National American Group, now it simply goes by CNA.

In 1968, CNA bought the Manhattan Fund from Gerald Tsai for $27 million in stock.

In 1999, CNA sold its personal insurance division to Allstate. That personal insurance company is now Encompass Insurance Company, a subsidiary of Allstate.

On February 13, 2003, the company restated its financial data for the past three years, cutting shareholders' equity by $254 million, to comply with federal accounting requirements concerning its life settlement contracts. On March 19, 2003, the company announced a revision to its previously reported fourth quarter 2002 results to reflect an additional $32 million of after-tax impairment losses on equity securities. On May 3, 2005, CNA said it would restate financial results for prior years to correct its accounting for several reinsurance contracts, mainly with a former affiliate, and its equity accounting with this affiliate. For 2004, this would reduce stockholders' equity as of Dec. 31, 2004, by $29 million, or 0.3 percent. On February 16, 2006, CNA restated its annual financial statements from 2001 to 2004 as well as interim statements through the third quarter of 2005 to correct accounting for businesses reported as discontinued operations. On March 8, 2006, the company would make their third results restatements in less than a year, to correct errors in reporting cash flow.

On January 1, 2004, CNA sold its Group Benefits division to The Hartford, based in Hartford, Connecticut. The Hartford merged its new purchase with its own Group Benefits Division. With the sale of this division came the end of CNA's long history as a multi-line insurer.

In 2009 CNA hired Thomas Motamed, who had retired from Chubb Corporation in 2009, as its new Chairman and CEO. From 2009 to 2014, Motamed changed CNA's focus from providing general property and casualty insurance, into a focus on niches such as health care, financial services and property coverage; he cut jobs, eliminating IT staff and less profitable businesses like workers' compensation coverage, and paid Berkshire Hathaway to take over longterm liabilities for asbestos and other environmental claims. Due to these actions CNA had $937.0 million in net income on revenue of $10.11 billion in 2013, its best performance since 2006.

In May 2011, a United States Department of Labor administrative law judge referred the company for criminal investigation after a probe found that the firm had failed to pay life insurance benefits to the families of nine Iraqi translators killed while working for the American government. The Labor investigation reportedly found that the company had withheld documents and information in an effort to avoid making the payments.

In 2012 CNA paid the City of Chicago $13.7 million in tax credits that the company had received since 2006. The tax credits were given based on CNA's promise to retain at least 2,700 employees in Chicago, but the job cuts by CNA had reduced the headcount to ~2100 by the end of 2012.

CNA’s building with wording formed by office lights through windows "Go Cubs Go".

Breast Cancer Awareness Month, October 2005

December 2005, "gift" of a wrapped present design reflecting the winter holidays.

Q reports

Period Date Adjusted Actuals EPS GAAP EPS
Q4 2020 2021-02-08 Future report Set alerts
Q3 2020 2020-10-26 Future report Set alerts
Q2 2020 2020-08-03 0.36 0.55
Q1 2020 2020-05-04 0.40 -0.23
Q4 2019 2020-02-10 0.97 1.00
Q3 2019 2019-10-28 0.37 0.39
Q2 2019 2019-08-05 1.08 1.02
Q1 2019 2019-04-29 1.17 1.25
Q4 2018 2019-02-11 -0.08 -0.31
Q3 2018 2018-11-05 1.17 1.23

Ratings

2016-01-22 Lower Price Target Deutsche Bank Buy $45.00 to $42.00
2016-01-22 Lower Price Target Deutsche Bank AG Buy $45.00 to $42.00
2015-10-16 Lower Price Target RBC Capital Outperform $280.00
2015-10-16 Lower Price Target Royal Bank Of Canada Outperform $280.00
2015-05-05 Lower Price Target Deutsche Bank Buy $47.00 to $45.00
2015-02-09 Reiterated Rating William Blair Market Perform
2015-01-14 Upgrade Macquarie Neutral to Outperform
2014-12-15 Downgrade William Blair Outperform to Market Perform
2014-11-06 Reiterated Rating Deutsche Bank Buy $47.00 to $48.00
2014-08-05 Reiterated Rating Deutsche Bank Buy $47.00 to $48.00
2014-05-13 Reiterated Rating Mediobanca SpA Outperform $14.83 to $12.62
2013-10-30 Reiterated Rating Deutsche Bank Buy $42.00 to $44.00
2013-09-12 Initiated William Blair Outperform
2013-09-04 Initiated Deutsche Bank Buy $42
2009-01-06 Downgrade Bernstein Outperform to Mkt Perform
2007-11-16 Upgrade Bernstein Mkt Perform to Outperform
2007-11-15 Upgrade Credit Suisse Neutral to Outperform $46 to $42
2007-08-27 Upgrade Credit Suisse Underperform to Neutral $46
2007-06-28 Downgrade Credit Suisse Neutral to Underperform $46
2016-01-22 Lower Price Target Deutsche Bank Buy $45.00 to $42.00
2016-01-22 Lower Price Target Deutsche Bank AG Buy $45.00 to $42.00
2015-10-16 Lower Price Target RBC Capital Outperform $280.00
2015-10-16 Lower Price Target Royal Bank Of Canada Outperform $280.00
2015-05-05 Lower Price Target Deutsche Bank Buy $47.00 to $45.00

There is presents forecasts of rating agencies and recommendations for investors about this ticker

Major Shareholders

Name Relationship Total Shares Holding stocks
LOEWS CORP 89.89%  (242649773) CNA / DO /
MOTAMED THOMAS F Chairman and CEO 0.24%  (636247) CNA / VRSK /
Robusto Dino Chairman & CEO 0.05%  (144313) CB / CNA /
Mense D Craig EVP & CFO 0.05%  (132248) CNA /
TISCH ANDREW H 0.04%  (106100) ADMP / BWP / CNA / DO / L / LRN /
TISCH JAMES S 0.04%  (106100) ADMP / CNA / DO / GE / L /
PONTARELLI THOMAS EVP & Chief Admin Officer 0.03%  (80077) CNA /
Szerlong Timothy J President, Worldwide Field Ops 0.03%  (75724) CNA /
Pinkes Andrew J EVP, Worldwide P&C Claim 0.03%  (70978) CNA /
HERMAN MARK President & COO, CNA Specialty 0.02%  (60593) CNA /
Leidwinger Kevin James President & COO, Commerical 0.02%  (58215) CNA /
Haefner Larry A. EVP & Chief Actuary 0.02%  (46649) CNA /
Brosnan David John President, International 0.02%  (42103) CNA /
KANTOR JONATHAN D EVP, Secretary & Gen. Counsel 0.02%  (41181) CNA /
MIRALLES ALBERT JOSEPH JR President, Long-Term Care 0.01%  (40310) CNA /
Merten Joseph Gerard EVP, Technology & Operations 0.01%  (36303) CNA /
Smith Kevin Gene President & COO, Specialty 0.01%  (31213) CNA /
Fay George R. EVP, Worldwide P&C Claim 0.01%  (26858) CNA /
LILIENTHAL STEPHEN W Chairman & CEO 0.01%  (19135) CNA /
Worman Douglas EVP & Chief Underwriting Off 0.01%  (17273) CNA /

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