Home Financials  Summary CNA Financial released Q1 earnings results, and the stock is down sharply. The quarter had higher claims for CNA, but seasonality isn't unusual for P&C insurers. Bigger concerns are higher competition, social inflation, few growth opportunities, and long-tail product lines. The balance sheet remains healthy, so a better discount is needed to improve chances at attractive, long-term returns. aluxum/E+ via Getty Images I rated CNA Financial ( CNA ) a Buy two years ago . It's worth a follow-up. What better time than right after earnings ? The marker sure had a big reaction. I want to talk about why this happened. First, though, let's Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha).…