Profit jumps at CNA despite slower growth

CNA Financial recorded net income of $403 million in the third quarter, up 42% over the same period last year, as catastrophe losses were sharply lower than the same period last year.

Property/casualty net written premiums were $2.44 billion in the third quarter, a slight increase from $2.36 billion in the third quarter of 2024. Growth was affected by lower retentions in certain segments within the commercial and specialty businesses “as we execute tailored renewal strategies to optimize our portfolio,” President and CEO Douglas Worman said in prepared comments.

The company reported $41 million in pre-tax catastrophe losses in the third quarter, a significant drop from $143 million in the prior-year period.

In its commercial division, lower new business was driven by “prudent underwriting” in its commercial auto portfolio, Mr. Worman said.

The property/casualty combined ratio was 92.8%, an improvement over 97.2% in the same period last year.

In commercial, CNA reported $1.25 billion in net written premium, up 2% from the prior-year quarter. Commercial’s combined ratio was 92.7%, improving from 100.2% in third-quarter 2024.

For the first nine months of 2025, CNA’s net income was $976 million, up 4% from the same period last year.

CNA also said Monday that Mr. Worman has been appointed chairman effective Jan. 1. Dino Robusto’s term as executive chairman ends Dec. 31. At that time he will leave the CNA board and join the board of parent company Loews, which owned about 92% of CNA as of yearend 2024.