CNACNA FINANCIAL CORP

Fire, Marine & Casualty Insurance

Revenue: $1.6B; 2.0% YoY
Operating margin: —
EBITDA: —
Market cap: $13.2B
Employees: 6,600; $239K revenue each
Net debt / EBITDA: —; $2.6B net debt
AI in 10-K: 2.1; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
195% of net income
Cash flow under 80% of net income
Dilutive SBCNo
3% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
43% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
0% of assets
Over 40% of assets
Shareholder dissentNo
96% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeYes
$239K · 15th pct
Bottom quartile of its SIC industry
Quiet on AINo
2.1 per 10K words · 56th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedNo
$13.2B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$3M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$1.4B	$1.6B	$1.6B	$1.6B	$1.6B	2.0%
Net income	$1.2B	$682M	$1.2B	$959M	$1.3B	33%
Operating cash flow	$2.0B	$2.5B	$2.3B	$2.6B	$2.5B	3.2%
Capex	$26M	$52M	$90M	$95M	$86M	9.5%
Stock-based comp	$32M	$36M	$38M	$42M	$41M	2.4%
Buybacks	$18M	$39M	$24M	$20M	$34M	70%
Dividends	$621M	$982M	$787M	$1.0B	$1.0B	2.1%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Aug 2, 2023	LOEWS CORP	SC 13D	91.7%	Passive
Sep 20, 2022	LOEWS CORP	SC 13D/A	90.0%	Active

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $3M · 6
Net: −$3M

Pay vs performance

No pay-versus-performance disclosure yet.