CNA posts net income of $299m, P&C CoR strengthens to 94.1% in Q2’25

Chicago-domiciled insurer CNA Financial Corporation reported net income of $299 million for the second quarter of 2025, down from $317 million in the same period last year.

Core income in Q2’25 rose to $335 million, up from $326 million in Q2’24.

Net investment income increased by 7% to $662 million pretax, while net investment losses rose to $36 million, up from $9 million a year earlier.

The company’s property and casualty (P&C) segment posted core income of $448 million, compared to $380 million in the prior-year quarter, reflecting higher net investment income and improved current accident year underwriting results.

The P&C combined ratio improved to 94.1%, down from 94.8%, including 2.4 points of catastrophe losses, compared to 3.5 points in Q2’24. The loss ratio was 63.9% and the expense ratio was 29.8%, compared to 63.8% and 30.7%, respectively, in the prior-year period.

Catastrophe losses totalled $62 million pretax, compared to $82 million in Q2’24.

The P&C underlying combined ratio was 91.7%, up slightly from 91.6%, with an underlying loss ratio of 61.5% and an expense ratio of 29.8%.

P&C gross written premiums, excluding third-party captives, grew 5% to $3.35 billion, up from $3.2 billion.

P&C net written premiums grew 6% to $2.8 billion from $2.7 billion, and net earned premiums increased 8% to $2.6 billion from $2.4 billion.

The company’s Life & Group segment reported core income of $1 million, compared to a core loss of $1 million in Q2’24.

The Corporate & Other segment posted a core loss of $114 million, up from $53 million a year earlier.

Douglas M. Worman, President & CEO of CNA Financial Corporation, said, “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.”