- Net income of $299 million versus $317 million in the prior year quarter; core income up 3% to $335 million versus $326 million in the prior year quarter.
- P&C core income of $448 million versus $380 million, reflects higher net investment income and improved current accident year underwriting results.
- Life & Group core income of $1 million versus core loss of $1 million in the prior year quarter.
- Corporate & Other core loss of $114 million versus $53 million in the prior year quarter. The current year quarter includes an $88 million after-tax charge related to unfavorable prior period development associated with legacy mass tort compared with a $28 million after-tax charge in the second quarter of 2024.
- Net investment income up 7% to $662 million pretax, reflects a $22 million increase from fixed income securities and other investments to $562 million and a $22 million increase from limited partnerships and common stock to $100 million.
- P&C combined ratio of 94.1%, compared with 94.8% in the prior year quarter, including 2.4 points of catastrophe loss impact compared with 3.5 points in the prior year quarter.
- Catastrophe losses of $62 million pretax versus $82 million in the prior year quarter.
- P&C underlying combined ratio was 91.7%, compared with 91.6% in the prior year quarter. P&C underlying loss ratio was 61.5% and the expense ratio was 29.8%.
- P&C segments, excluding third party captives, generated gross written premium growth of 5% and net written premium growth of 6%. P&C renewal premium change of +5%, with written rate of +3% and exposure change of +1%.
- Book value per share of $39.39; book value per share excluding AOCI of $45.25, a 4% increase from year-end 2024 adjusting for $2.92 of dividends per share paid.
- Board of Directors declares regular quarterly cash dividend of $0.46 per share.
CHICAGO, Aug. 4, 2025 /PRNewswire/ — CNA Financial Corporation (NYSE:CNA) today announced second quarter 2025 net income of $299 million, or $1.10 per share, versus $317 million, or $1.17 per share, in the prior year quarter. Net investment losses for the quarter were $36 million compared to $9 million in the prior year quarter. Core income for the quarter was $335 million, or $1.23 per share, versus $326 million, or $1.19 per share, in the prior year quarter.
Our Property & Casualty segments produced core income of $448 million for the second quarter of 2025, an increase of $68 million compared to the prior year quarter reflecting higher net investment income and improved current accident year underwriting results. P&C segments, excluding third party captives, generated gross written premium growth of 5% and net written premium growth of 6%, due to renewal premium change of +5% and new business growth of 8%.
Our Life & Group segment produced core income of $1 million for the second quarter of 2025 compared to a core loss of $1 million in the prior year quarter.
Our Corporate & Other segment produced a core loss of $114 million for the second quarter of 2025 versus $53 million in the prior year quarter. The current year quarter includes an $88 million after-tax charge related to unfavorable prior period development associated with legacy mass tort compared with a $28 million after-tax charge in the second quarter of 2024.
CNA Financial declared a quarterly dividend of $0.46 per share, payable September 4, 2025 to stockholders of record on August 18, 2025.
|
Results for the Three Months |
Results for the Six Months |
||||||
|
($ millions, except per share data) |
2025 |
2024 |
2025 |
2024 |
|||
|
Net income |
$ 299 |
$ 317 |
$ 573 |
$ 655 |
|||
|
Core income (a) |
335 |
326 |
616 |
681 |
|||
|
Net income per diluted share |
$ 1.10 |
$ 1.17 |
$ 2.10 |
$ 2.40 |
|||
|
Core income per diluted share |
1.23 |
1.19 |
2.26 |
2.50 |
|||
|
June 30, 2025 |
December 31, 2024 |
||||
|
Book value per share |
$ |
39.39 |
$ |
38.82 |
|
|
Book value per share excluding AOCI |
45.25 |
46.16 |
|||
|
(a) |
Management utilizes the core income (loss) financial measure to monitor the Company’s operations. Please refer herein to the Reconciliation of GAAP Measures to Non-GAAP Measures section of this press release for further discussion of this non-GAAP measure. |
“Core income was $335 million in the quarter, up $9 million over last year. Our underwriting gain was $150 million, up 21%, and our underlying underwriting gain of $213 million represents the ninth consecutive quarter of $200 million or more. Net investment income was up 7% with strong contributions from both the fixed income and alternative portfolios. Cash flow from operations remained strong at $562 million and $1.2 billion for the first half of 2025, up 7% over the prior year.
The P&C all-in combined ratio was 94.1% in the quarter and included $62 million or 2.4 points of catastrophe losses, which is well below our five year average for the quarter. The underlying combined ratio was 91.7% and the expense ratio improved to 29.8%, and was below 30% for the first time since 2008.
Gross written premiums excluding captives grew 5% in the quarter and net written premiums grew 6%. New business grew by 8% to $645 million in the quarter. In the U.S., rate was stable and we continue to achieve double-digit rate increases in our commercial casualty classes of business which are impacted by social inflation. After ten consecutive quarters of rate decline, rates turned positive in financial institutions and management liability this quarter.
We are proud of our results through the first half of 2025 as growth is balanced and core underwriting remains strong. We are well positioned and confident in our abilities to execute on the many opportunities to grow profitably for the remainder of the year,” said Douglas M. Worman, President & Chief Executive Officer of CNA Financial Corporation.
|
Property & Casualty Operations |
|||||||||||
|
Results for the Three |
Results for the Six |
||||||||||
|
($ millions) |
2025 |
2024 |
2025 |
2024 |
|||||||
|
Gross written premiums ex. 3rd party captives |
$ 3,353 |
$ 3,203 |
$ 6,495 |
$ 6,139 |
|||||||
|
GWP ex. 3rd party captives change (% year over year) |
5 |
% |
6 |
% |
|||||||
|
Net written premiums |
$ 2,846 |
$ 2,674 |
$ 5,452 |
$ 5,064 |
|||||||
|
NWP change (% year over year) |
6 |
% |
8 |
% |
|||||||
|
Net earned premiums |
$ 2,588 |
$ 2,389 |
$ 5,108 |
$ 4,720 |
|||||||
|
NEP change (% year over year) |
8 |
% |
8 |
% |
|||||||
|
Underwriting gain |
$ 150 |
$ 124 |
$ 190 |
$ 250 |
|||||||
|
Net investment income |
$ 414 |
$ 361 |
$ 776 |
$ 718 |
|||||||
|
Core income |
$ 448 |
$ 380 |
$ 759 |
$ 752 |
|||||||
|
Loss ratio |
63.9 |
% |
63.8 |
% |
65.8 |
% |
63.9 |
% |
|||
|
Less: Effect of catastrophe impacts |
2.4 |
3.5 |
3.1 |
3.6 |
|||||||
|
Less: Effect of (favorable) unfavorable development-related items |
— |
(0.3) |
1.2 |
(0.3) |
|||||||
|
Underlying loss ratio |
61.5 |
% |
60.6 |
% |
61.5 |
% |
60.6 |
% |
|||
|
Expense ratio |
29.8 |
% |
30.7 |
% |
30.1 |
% |
30.4 |
% |
|||
|
Combined ratio |
94.1 |
% |
94.8 |
% |
96.3 |
% |
94.7 |
% |
|||
|
Underlying combined ratio |
91.7 |
% |
91.6 |
% |
92.0 |
% |
91.4 |
% |
|||
- The underlying combined ratio was generally consistent with the prior year quarter. The underlying loss ratio increased 0.9 points as compared with the prior year quarter as a result of increases across each segment. The expense ratio improved by 0.9 points as compared with the prior year quarter primarily attributed to net earned premium growth of 8% and a favorable acquisition ratio.
- The combined ratio improved 0.7 points as compared with the prior year quarter. Catastrophe losses were $62 million, or 2.4 points of the loss ratio in the quarter compared with $82 million, or 3.5 points of the loss ratio, for the prior year quarter. There was no impact on the loss ratio from net prior period development for the current quarter compared with 0.3 points of favorable development improving the loss ratio in the prior year quarter.
- P&C segments, excluding third party captives, generated gross written premium growth of 5% and net written premium growth of 6%.
Business Operating Highlights
|
Specialty |
|||||||||||
|
Results for the Three |
Results for the Six |
||||||||||
|
($ millions) |
2025 |
2024 |
2025 |
2024 |
|||||||
|
Gross written premiums ex. 3rd party captives |
$ 1,013 |
$ 984 |
$ 1,943 |
$ 1,864 |
|||||||
|
GWP ex. 3rd party captives change (% year over year) |
3 |
% |
4 |
% |
|||||||
|
Net written premiums |
$ 892 |
$ 857 |
$ 1,734 |
$ 1,649 |
|||||||
|
NWP change (% year over year) |
4 |
% |
5 |
% |
|||||||
|
Net earned premiums |
$ 862 |
$ 831 |
$ 1,692 |
$ 1,645 |
|||||||
|
NEP change (% year over year) |
4 |
% |
3 |
% |
|||||||
|
Underwriting gain |
$ 53 |
$ 60 |
$ 95 |
$ 136 |
|||||||
|
Loss ratio |
60.1 |
% |
59.2 |
% |
60.7 |
% |
58.9 |
% |
|||
|
Less: Effect of catastrophe impacts |
— |
— |
— |
— |
|||||||
|
Less: Effect of (favorable) unfavorable development-related items |
— |
(0.4) |
0.6 |
(0.5) |
|||||||
|
Underlying loss ratio |
60.1 |
% |
59.6 |
% |
60.1 |
% |
59.4 |
% |
|||
|
Expense ratio |
33.2 |
% |
33.2 |
% |
|
||||||