PRESS RELEASES

CNA FINANCIAL ANNOUNCES FIRST QUARTER 2025 NET INCOME OF $1.00 PER SHARE AND CORE INCOME OF $1.03 PER SHARE

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• Net income of $274 million versus $338 million in the prior year quarter; core income of $281 million versus $355 million in the prior year quarter.

• P&C core income of $311 million versus $372 million, reflects lower underwriting results partially offset by higher net investment income.

• Life & Group results largely consistent with the prior year quarter.

• Corporate & Other core loss of $36 million versus $22 million in the prior year quarter. The current year quarter includes a $17 million after-tax charge related to unfavorable prior period development associated with legacy mass tort claims.

• Net investment income of $604 million pretax, reflects a $14 million decrease from limited partnerships and common stock to $54 million, partially offset by a $9 million increase from fixed income securities and other investments to $550 million.

• P&C combined ratio of 98.4%, compared with 94.6% in the prior year quarter, including 3.8 points of catastrophe loss impact in both quarters. The current year quarter also includes an unfavorable impact of 2.5 points from net prior period development driven by commercial auto in accident year 2024, compared to a favorable impact of 0.2 points in the prior year quarter.

• Catastrophe losses of $97 million pretax, includes $53 million for the California wildfires, versus $88 million in the prior year quarter.

• P&C underlying combined ratio was 92.1%, compared with 91.0% in the prior year quarter. P&C underlying loss ratio was 61.5% and the expense ratio was 30.2%.

• P&C segments, excluding third party captives, generated gross written premium growth of 7% and net written premium growth of 9%. Excluding currency fluctuations, gross written premiums grew 8% and net written premiums grew 10%. P&C renewal premium change of +6%, with written rate of +4% and exposure change of +2%.

• Book value per share of $37.98; book value per share excluding AOCI of $44.58, a 2% increase from year-end 2024 adjusting for $2.46 of dividends per share paid.

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

CHICAGO, May 5, 2025 /PRNewswire/ -- CNA Financial Corporation (NYSE: CNA) today announced first quarter 2025 net income of $274 million, or $1.00 per share, versus $338 million, or $1.24 per share, in the prior year quarter. Net investment losses for the quarter were $7 million compared to $17 million in the prior year quarter. Core income for the quarter was $281 million, or $1.03 per share, versus $355 million, or $1.30 per share, in the prior year quarter.

Our Property & Casualty segments produced core income of $311 million for the first quarter of 2025, a decrease of $61 million compared to the prior year quarter resulting from lower underwriting results partially offset by higher net investment income. P&C segments, excluding third party captives, generated gross written premium growth of 7% and net written premium growth of 9%, due to retention of 86% and renewal premium change of +6%.

Our Life & Group segment produced core income of $6 million for the first quarter of 2025 compared to $5 million in the prior year quarter.

Our Corporate & Other segment produced a core loss of $36 million for the first quarter of 2025 versus $22 million in the prior year quarter primarily due to a $17 million after-tax charge related to unfavorable prior period development associated with legacy mass tort claims.

CNA Financial declared a quarterly dividend of $0.46 per share, payable June 5, 2025 to stockholders of record on May 19, 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 www.cna.com.