CNA Financial Corporation announced second quarter 2025 net income of $299 million, or $1.10 per share, compared to $317 million, or $1.17 per share, in the prior year quarter. Core income for the quarter increased to $335 million, or $1.23 per share, up from $326 million, or $1.19 per share, in the second quarter of 2024. This growth was driven by higher net investment income and improved current accident year underwriting results.
The Property & Casualty segments produced core income of $448 million, an increase of $68 million compared to the prior year quarter. The underlying underwriting gain of $213 million marked the ninth consecutive quarter of $200 million or more. The P&C all-in combined ratio was 94.1%, including $62 million, or 2.4 points, of catastrophe losses, which was below the five-year average for the quarter. The P&C expense ratio improved to 29.8%, its lowest level since 2008.
Net investment income increased by $44 million to $662 million for the quarter, benefiting from a larger invested asset base and favorable reinvestment rates. Gross written premiums excluding third-party captives grew by 5%, and net written premiums increased by 6%, with new business growth of 8%. Rates in financial institutions and management liability lines turned positive after ten consecutive quarters of decline.
The Corporate & Other segment reported a core loss of $114 million, which included an $88 million after-tax charge related to unfavorable prior period development associated with legacy mass tort claims, partially attributed to an anticipated agreement in principle with the Diocese of Rochester. Operating cash flow remained strong at $562 million for the quarter, and $1.2 billion for the first half of 2025, up 7% over the prior year. CNA Financial declared a quarterly dividend of $0.46 per share, payable on September 4, 2025.
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