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Feb 09, 2026
CNA Announces Fourth Quarter 2025 Results

CNA FINANCIAL ANNOUNCES Q4 2025 NET INCOME OF $1.11 PER SHARE AND CORE INCOME OF $1.16 PER SHARE FULL YEAR 2025 NET INCOME OF $4.69 PER SHARE AND CORE INCOME OF $4.93 PER SHARE REGULAR QUARTERLY DIVIDEND INCREASED 4% TO $0.48 PER SHARE SPECIAL DIVIDEND OF $2.00 PER SHARE

 

Read the press release here.


Fourth Quarter

 

  • Net income of $302 million versus $21 million in the prior year quarter, which included a $290 million after-tax loss from a pension settlement transaction. Core income of $317 million versus $342 million in the prior year quarter.

  • P&C core income of $449 million versus $451 million, reflects lower underlying underwriting results largely offset by higher net investment income.

  • Life & Group core loss of $29 million versus $18 million in the prior year quarter.

  • Corporate & Other core loss of $103 million versus $91 million in the prior year quarter.

  • Net investment income of $653 million, reflects a $26 million increase from fixed income securities and other investments to $576 million and a $17 million decrease from limited partnerships and common stock to $77 million.

  • P&C combined ratio of 93.8%, compared with 93.1% in the prior year quarter, including 1.5 points of catastrophe loss impact compared with 1.8 points in the prior year quarter. P&C underlying combined ratio was 92.3%, compared with 91.4% in the prior year quarter. P&C underlying loss ratio was 61.9% and the expense ratio was 30.1%.

  • P&C segments generated net written premium growth of 2% in the quarter. P&C renewal premium change of +4%, with written rate of +2%.

 

Full Year

 

  • Record high net income of $1,278 million versus $959 million in the prior year, which included a $293 million after-tax loss from pension settlement transactions. Core income of $1,342 million, which is the best on record, versus $1,316 million in the prior year.

  • P&C core income of $1,664 million versus $1,549 million, reflects improved current accident year underwriting results and higher net investment income partially offset by unfavorable net prior period development.

  • Life & Group core loss of $44 million versus $23 million in the prior year.

  • Corporate & Other core loss of $278 million versus $210 million in the prior year.

  • Net investment income of $2,557 million, reflects a $78 million increase from fixed income securities and other investments to $2,255 million and a $18 million decrease from limited partnerships and common stock to $302 million.

  • P&C combined ratio of 94.7%, compared with 94.9% in the prior year, including 2.3 points of catastrophe loss impact compared with 3.6 points in the prior year. P&C underlying combined ratio was 91.8% compared with 91.5% in the prior year. P&C underlying loss ratio was 61.7% and the expense ratio was 29.7%.

  • P&C segments generated net written premium growth of 5%. P&C renewal premium change of +4%, with written rate of +3%.

 

Stockholders' Equity

 

  • Book value per share of $42.93; book value per share excluding AOCI of $46.99, an 10% increase from year-end 2024 adjusting for $3.84 of dividends per share paid.

  • Increased quarterly cash dividend 4% to $0.48 per share; special dividend of $2.00 per share

 

CHICAGO, Feb. 9, 2026 -- CNA Financial Corporation (NYSE: CNA) today announced fourth quarter 2025 net income of $302 million, or $1.11 per share, versus $21 million, or $0.07 per share, in the prior year quarter.  Net income for the prior year quarter included a $290 million after-tax loss from a pension settlement transaction.  Net investment losses for the quarter were $15 million compared to $31 million in the prior year quarter.  Core income for the quarter was $317 million, or $1.16 per share, versus $342 million, or $1.25 per share, in the prior year quarter.

 

Our Property & Casualty segments delivered core income of $449 million for the fourth quarter of 2025, a decrease of $2 million compared to the prior year quarter reflecting lower underlying underwriting results largely offset by higher net investment income.  P&C segments generated net written premium growth of 2%, due to renewal premium change of +4% and written rate of +2%.

 

Our Life & Group segment produced a core loss of $29 million for the fourth quarter of 2025 versus $18 million in the prior year quarter.  Our Corporate & Other segment reported a core loss of $103 million for the fourth quarter of 2025 versus $91 million in the prior year quarter.

 

Net income for the full year 2025 was $1,278 million, or $4.69 per share, versus $959 million, or $3.52 per share, in the prior year.  Net income for the prior year included a $293 million after-tax loss from pension settlement transactions.  Net investment losses were $64 million for the full year 2025 and 2024.  Core income for the full year 2025 was $1,342 million, or $4.93 per share, versus $1,316 million, or $4.83 per share, in the prior year.

 

Our Property & Casualty segments recorded core income of $1,664 million for the full year 2025, an increase of $115 million compared to the prior year attributed to improved current accident year underwriting results and higher net investment income partially offset by unfavorable net prior period development in the current year compared to favorable net prior period development in the prior year.  P&C segments generated net written premium growth of 5%, due to renewal premium change of +4% and written rate of +3%.

 

Our Life & Group segment reported a core loss of $44 million for the full year 2025 versus $23 million in the prior year.  Our Corporate & Other segment produced a core loss of $278 million for the full year 2025 versus $210 million in the prior year.

 

CNA Financial declared a quarterly cash dividend of $0.48 per share and a special dividend of $2.00 per share, payable March 12, 2026 to stockholders of record on February 23, 2026.

 

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.

 

Contacts

 

Kelly Messina | Vice President, Marketing
Kelly.Messina@cna.com
872-817-0350

 

Ralitza K. Todorova | Vice President, Investor Relations & Rating Agencies
Ralitza.Todorova@cna.com
312-822-3834