CNA Financial Corporation reported third‑quarter 2025 results that included net income of $403 million, or $1.48 per share, and a record core income of $409 million, or $1.50 per share. Total revenue for the quarter was $3.82 billion, up 5.6% from $3.618 billion in the same period a year earlier, and slightly below the consensus estimate of $3.43 billion.
Property & Casualty operations generated a core income of $456 million, up $110 million from the prior year. Gross written premiums excluding third‑party captives rose 2% to $2.890 billion, while net written premiums increased 3% to $2.437 billion. The all‑in combined ratio fell to 92.8%, and the underlying combined ratio improved to 91.3%, reflecting a 1.5‑point reduction in catastrophe losses and a 0.4‑point drop in the underlying loss ratio.
Net investment income rose to $396 million, up from $372 million in the prior year quarter, as higher fixed‑income yields offset a $6 million net investment loss. The investment portfolio’s higher reinvestment rate contributed to the record core income.
Revenue growth was primarily driven by the Property & Casualty segment, which contributed the largest portion of the $3.82 billion total revenue. The Life & Group and Corporate & Other segments contributed the remainder, with the Life & Group segment reporting a core loss of $22 million and the Corporate & Other segment reporting a core loss of $25 million.
Management noted that the record core income and strong underwriting performance were driven by lower catastrophe losses—$41 million versus $143 million in the same quarter a year earlier—and improved underlying underwriting results. The company did not provide forward guidance in the release.
CNA declared a quarterly dividend of $0.46 per share, payable December 4 2025.
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