CNA Announces Third Quarter 2025 Results

CNA FINANCIAL ANNOUNCES THIRD QUARTER 2025 NET INCOME OF $1.48 PER SHARE AND RECORD CORE INCOME OF $1.50 PER SHARE

Read the press release here.

• Net income of $403 million versus $283 million in the prior year quarter; core income up 40% to a record $409 million versus $293 million in the prior year quarter. Year to date core income up 5% to a record $1,025 million.

• P&C core income of $456 million versus $346 million, reflects lower catastrophe losses, improved underlying underwriting results and higher net investment income.

• Life & Group core loss of $22 million versus $9 million in the prior year quarter.

• Corporate & Other core loss of $25 million versus $44 million in the prior year quarter.

• Net investment income up 2% to $638 million pretax, reflects a $21 million increase from fixed income securities and other investments to $567 million and a $9 million decrease from limited partnerships and common stock to $71 million.

• P&C combined ratio of 92.8%, compared with 97.2% in the prior year quarter, including 1.5 points of catastrophe loss impact compared with 5.8 points in the prior year quarter.

• Catastrophe losses of $41 million pretax versus $143 million in the prior year quarter.

• P&C underlying combined ratio was 91.3%, compared with 91.6% in the prior year quarter. P&C underlying loss ratio was 61.9% and the expense ratio was 29.1%.

• P&C segments, excluding third party captives, generated gross written premium growth of 2% and net written premium growth of 3%. P&C renewal premium change of +4%, with written rate of +3% and exposure change of +1%.

• Book value per share of $41.83; book value per share excluding AOCI of $46.30, a 8% increase from year-end 2024 adjusting for $3.38 of dividends per share paid.

• Board of Directors declares regular quarterly cash dividend of $0.46 per share.

CHICAGO, Nov. 3, 2025 -- CNA Financial Corporation (NYSE: CNA) today announced third quarter 2025 net income of $403 million, or $1.48 per share, versus $283 million, or $1.04 per share, in the prior year quarter. Net investment losses for the quarter were $6 million compared to $7 million in the prior year quarter. Core income for the quarter was a record $409 million, or $1.50 per share, versus $293 million, or $1.08 per share, in the prior year quarter.

Our Property & Casualty segments produced core income of $456 million for the third quarter of 2025, an increase of $110 million compared to the prior year quarter reflecting lower catastrophe losses, improved underlying underwriting results and higher net investment income. P&C segments, excluding third party captives, generated gross written premium growth of 2% and net written premium growth of 3%, due to renewal premium change of +4%.

Our Life & Group segment produced core loss of $22 million for the third quarter of 2025 compared to a core loss of $9 million in the prior year quarter. Our Corporate & Other segment produced a core loss of $25 million for the third quarter of 2025 versus $44 million in the prior year quarter.

CNA Financial declared a quarterly dividend of $0.46 per share, payable December 4, 2025 to stockholders of record on November 17, 2025.

About the Company

CNA is one of the largest U.S. commercial property and casualty insurance companies. Backed by more than 125 years of experience, CNA provides a broad range of standard and specialized insurance products and services for businesses and professionals in the U.S., Canada and Europe. For more information, please visit CNA at cna.com.