CNA Financial Corporation announced first quarter 2025 net income of $274 million, or $1.00 per share, a decrease from $338 million, or $1.24 per share, in the prior year quarter. Core income for the quarter also declined to $281 million, or $1.03 per share, compared to $355 million, or $1.30 per share, in the first quarter of 2024. This reduction was primarily driven by lower underwriting results in Property & Casualty Operations.
The Property & Casualty segments produced core income of $311 million, a decrease of $61 million compared to the prior year quarter. The P&C all-in combined ratio increased to 98.4%, including 3.8 points of catastrophe loss primarily from California wildfires, compared to 94.6% in the prior year quarter. The underlying combined ratio also rose to 92.1% from 91.0%, and unfavorable prior period development added 2.5 points to the loss ratio, driven by commercial auto in accident year 2024.
Net investment income for the quarter was $604 million, a slight decrease of $5 million from the prior year quarter, reflecting lower common stock returns largely offset by higher fixed income income. The Corporate & Other segment reported an increased core loss of $36 million, 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 on June 5, 2025, maintaining the increased rate from the previous quarter.
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