Fourth Quarter and Full-Year Results Reflect Strong Underwriting and Investment Performance
CNA Financial Corporation reported fourth quarter 2025 net income of $302 million, or $1.11 per-share, compared to $21 million, or $0.07 per-share, in the prior year quarter. The prior year quarter included a $290 million after-tax loss from a pension settlement transaction.
Core income for the fourth quarter was $317 million, or $1.16 per share, compared to $342 million, or $1.25 per share, in the prior year quarter. Net investment losses were $15 million for the quarter versus $31 million in the prior year quarter.
For the full year 2025, CNA posted net income of $1.278 billion, or $4.69 per share, compared to $959 million, or $3.52 per share, in 2024. The prior year included a $293 million after-tax loss from pension settlement transactions. Core income for 2025 rose to $1.342 billion, or $4.93 per share, compared to $1.316 billion, or $4.83 per share, in 2024.
“In the fourth quarter we produced excellent results with $317 million of core income, capping off a best on record core income of $1,342 million for the full year, which is the third consecutive year of record results,” said Douglas M. Worman, Chairman & Chief Executive Officer. “The 2025 full year core income reflects continued excellent underlying underwriting and investment results, which are both record highs, and contributed to delivering nearly $2.5 billion of cash flow from operations.”
Property & Casualty Performance
CNA’s Property & Casualty segments generated core income of $449 million in the fourth quarter, a $2 million decrease from the prior year quarter, reflecting lower underlying underwriting results largely offset by higher net investment income.
For the full year, P&C core income increased to $1.664 billion, up $115 million from 2024. The company attributed the increase to improved current accident year underwriting results and higher net investment income, partially offset by unfavorable net prior period development in 2025 compared to favorable development in 2024.
Key P&C metrics included:
- All-in combined ratio: 93.8% for the quarter and 94.7% for the full year
- Includes 1.5 points and 2.3 points of catastrophe losses, respectively
- Expense ratio: 29.7% for the full year, half a point lower than 2024
- Net written premium growth: 2% for the quarter; 5% for the full year
- New business: Flat in the quarter; up 4% for the year
- Retention: 83%
“We continue to lean into profitable opportunities while being highly selective in pockets where the market will not let us achieve appropriate risk-adjusted returns,” Worman said.
Life & Group and Corporate Results
The Life & Group segment produced a core loss of $29 million in the fourth quarter, compared to an $18 million core loss in the prior year quarter. For the full year, the segment reported a core loss of $44 million versus $23 million in 2024.
The Corporate & Other segment reported a fourth quarter core loss of $103 million, compared to $91 million in the prior year quarter. For the full year, the segment recorded a core loss of $278 million, compared to $210 million in 2024.
Capital Position and Dividend
Book value per share at December 31, 2025 was $42.93, compared to $38.82 at year-end 2024. Book value per share excluding AOCI was $46.99, compared to $46.16 a year earlier.
CNA 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.
The company also noted that in the fourth quarter, AM Best upgraded CNA’s financial strength rating to A+ with a stable outlook.
“We view AM Best’s action as recognition of our consistently strong operating performance, sophisticated risk management and the strength of our balance sheet,” Worman said. “Looking forward, we enter the new year with momentum and confidence in our disciplined underwriting strategies and marketplace execution backed by our superior financial strength. We feel we are well positioned as we look forward to an exciting 2026.”
