Quarterly earnings results are a good time to check in on a company’s progress, especially compared to its peers in the same sector. Today we are looking at CNA Financial (NYSE: CNA) and the best and worst performers in the property & casualty insurance industry.

Property & Casualty (P&C) insurers protect individuals and businesses against financial loss from damage to property or from legal liability. This is a cyclical industry, and the sector benefits when there is 'hard market', characterized by strong premium rate increases that outpace loss and cost inflation, resulting in robust underwriting margins. The opposite is true in a 'soft market'. Interest rates also matter, as they determine the yields earned on fixed-income portfolios. On the other hand, P&C insurers face a major secular headwind from the increasing frequency and severity of catastrophe losses due to climate change. Furthermore, the liability side of the business is pressured by 'social inflation'—the trend of rising litigation costs and larger jury awards.

The 33 property & casualty insurance stocks we track reported a strong Q4. As a group, revenues beat analysts’ consensus estimates by 2.9%.

Amidst this news, share prices of the companies have had a rough stretch. On average, they are down 6% since the latest earnings results.

CNA Financial (NYSE: CNA)

With roots dating back to 1853 and majority ownership by Loews Corporation, CNA Financial (NYSE: CNA) is a commercial property and casualty insurance provider offering coverage for businesses, including professional liability, surety bonds, and specialized risk management services.

CNA Financial reported revenues of $3.85 billion, up 3.2% year on year. This print exceeded analysts’ expectations by 0.6%. Despite the top-line beat, it was still a softer quarter for the company with a significant miss of analysts’ EPS estimates.

Unsurprisingly, the stock is down 6.6% since reporting and currently trades at $46.53.

Read our full report on CNA Financial here, it’s free.

Best Q4: First American Financial (NYSE: FAF)

Tracing its roots back to 1889 when California was experiencing its first major real estate boom, First American Financial (NYSE: FAF) provides title insurance, settlement services, and risk solutions for residential and commercial real estate transactions across the United States and internationally.

First American Financial reported revenues of $2.05 billion, up 21.6% year on year, outperforming analysts’ expectations by 15.2%. The business had an incredible quarter with a beat of analysts’ EPS estimates and a solid beat of analysts’ revenue estimates.

Although it had a fine quarter compared its peers, the market seems unhappy with the results as the stock is down 1.5% since reporting. It currently trades at $63.39.

Is now the time to buy First American Financial? Access our full analysis of the earnings results here, it’s free.

Weakest Q4: Old Republic International (NYSE: ORI)

Founded during the Roaring Twenties in 1923 and weathering nearly a century of economic cycles, Old Republic International (NYSE: ORI) is a diversified insurance holding company that provides property, liability, title, and mortgage guaranty insurance through its various subsidiaries.

Old Republic International reported revenues of $2.36 billion, up 9.5% year on year, exceeding analysts’ expectations by 1.6%. Still, it was a softer quarter as it posted a significant miss of analysts’ EPS estimates and a significant miss of analysts’ book value per share estimates.

As expected, the stock is down 6.5% since the results and currently trades at $40.31.

Read our full analysis of Old Republic International’s results here.

Assured Guaranty (NYSE: AGO)

Serving as a financial safety net for over $11 trillion in debt service payments since its founding in 2003, Assured Guaranty (NYSE: AGO) provides credit protection products that guarantee scheduled payments on municipal bonds, infrastructure projects, and structured finance obligations.

Assured Guaranty reported revenues of $277 million, up 77.6% year on year. This result surpassed analysts’ expectations by 39.6%. Overall, it was an incredible quarter as it also logged a beat of analysts’ EPS estimates and an impressive beat of analysts’ net premiums earned estimates.

Assured Guaranty delivered the biggest analyst estimates beat and fastest revenue growth among its peers. The stock is down 4% since reporting and currently trades at $83.21.

Read our full, actionable report on Assured Guaranty here, it’s free.

Essent Group (NYSE: ESNT)

Serving as a crucial bridge between homebuyers and the American dream of homeownership, Essent Group (NYSE: ESNT) provides private mortgage insurance and title services that enable lenders to offer home loans with down payments of less than 20%.

Essent Group reported revenues of $312.4 million, flat year on year. This print met analysts’ expectations. Aside from that, it was a softer quarter as it produced a significant miss of analysts’ EPS estimates and revenue in line with analysts’ estimates.

The stock is down 12% since reporting and currently trades at $57.75.

Read our full, actionable report on Essent Group here, it’s free.

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