A month has gone by since the last earnings report for CNA Financial (CNA). Shares have added about 0.1% in that time frame, underperforming the S&P 500.Will the recent positive trend continue leading up to its next earnings release, or is CNA Financial due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important catalysts. CNA Financial's Q3 Earnings & Revenues Top EstimatesCNA Financial Corporation reported third-quarter 2022 core earnings of 78 cents per share, which beat the Zacks Consensus Estimate by 27.9%. The bottom line however decreased 10.3% year over year.The insurer’s results reflected a decline in LPs and common stock as well as higher catastrophe loss, partially offset by an increase in underwriting gain and increased investment income from the fixed income portfolio.Behind Third-Quarter HeadlinesTotal operating revenues of CNA Financial were $2.7 billion, up 2.9% year over year due to higher premiums. The top line beat the Zacks Consensus Estimate by 0.9%. Net written premiums of Property & Casualty Operations improved 8% year over year to about $2.2 billion, driven by a retention rate of 85%, renewal premium change of 8% and new business growth of 12%.Net investment income decreased 18% year over year to $422 million. The decrease was due to lower limited partnership and common stock investments, partially offset by an increase in investment income from fixed income securities.Total claims, benefits and expenses increased 6% to $2.8 billion, primarily due to higher insurance claims and policyholders' benefits, non-insurance warranty expenses and other operating expenses. Catastrophe losses were $114 million, narrower than losses of $178 million in the year-ago quarter.The combined ratio improved 420 basis points (bps) year over year to 95.8. Core return on equity was 6.9%, down 80 bps. Book value excluding AOCI as of Sep 30 was $45.00 per share, down 1.9% from Dec 31, 2021. Statutory surplus decreased 8.3% from 2021 end to $10.3 billion at quarter end.Segment ResultsSpecialty’s net written premiums rose 2% year over year to $840 million. The combined ratio deteriorated 50 bps to 88.7.Commercial’s net written premiums increased 16% year over year to $962 million. The combined ratio improved 970 bps to 93.2.International’s net written premiums increased 1% year over year to $258 million. The combined ratio improved 110 bps to 94.4.Life & Group’s net earned premiums were $118 million, down 4.1% year over year. The core loss was $22 million against $41 million earned in the year-ago quarter due to lower net investment income.Corporate & Other’s core loss of $25 million was wider than a loss of $21 million in the year-earlier quarter.Dividend UpdateCNA Financial’s board of directors approved a quarterly dividend of 40 cents per share to be paid out on Dec 1 to shareholders of Nov 15.How Have Estimates Been Moving Since Then?In the past month, investors have witnessed a downward trend in estimates review.VGM ScoresAt this time, CNA Financial has an average Growth Score of C, a grade with the same score on the momentum front. However, the stock was allocated a grade of A on the value side, putting it in the top quintile for this investment strategy.Overall, the stock has an aggregate VGM Score of B. If you aren't focused on one strategy, this score is the one you should be interested in.OutlookEstimates have been broadly trending downward for the stock, and the magnitude of this revision indicates a downward shift. Notably, CNA Financial has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.Performance of an Industry PlayerCNA Financial belongs to the Zacks Insurance - Property and Casualty industry. Another stock from the same industry, Chubb (CB), has gained 1.5% over the past month. More than a month has passed since the company reported results for the quarter ended September 2022.Chubb reported revenues of $12.59 billion in the last reported quarter, representing a year-over-year change of +8.3%. EPS of $3.17 for the same period compares with $2.64 a year ago.For the current quarter, Chubb is expected to post earnings of $4.19 per share, indicating a change of +10% from the year-ago quarter. The Zacks Consensus Estimate has changed -0.9% over the last 30 days.Chubb has a Zacks Rank #3 (Hold) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of B. Zacks Names "Single Best Pick to Double" From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all. It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time. This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.Free: See Our Top Stock and 4 Runners Up >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report CNA Financial Corporation (CNA): Free Stock Analysis Report Chubb Limited (CB): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research