CNA Financial Corporation, a Chicago-based insurance company, announced financial results for the fourth quarter of 2025, with net income of $302 million, core revenue of $317 million, and a combined property and casualty ratio of 93.8%.
For the full year of 2025, CNA Financial announced that its property and casualty insurance business had a net profit of US$1.278 billion, a core income of US$1.342 billion, and a combined ratio of 94.7%, setting a “record high.”
Net income for the fourth quarter of 2025 compared to $21 million in the fourth quarter of 2024 and included a $290 million after-tax loss from pension settlement transactions. Core revenue for the quarter was down slightly from $342 million in the same period in 2024.
Property and Casualty segment core revenues for the fourth quarter of 2025 were $449 million, down $2 million from the prior-year period, reflecting lower underlying underwriting performance, largely offset by an increase in net investment income.
Net written premiums in the Property & Casualty segment also increased 2% due to a +4% change in renewal premiums and a +2% change in underwriting rates.
The segment’s combined ratio was 93.8%, compared with 93.1% in the same period last year, including the impact of catastrophic losses of 1.5 percentage points, compared with 1.8 percentage points in the same period last year.
The underlying property and casualty insurance combined ratio was 92.3%, compared with 91.4% in the fourth quarter of 2024. The basic loss rate of property insurance was 61.9%, and the expense rate was 30.1%.
CNA Financial also reported a core loss of $29 million in its life and group business units, compared with $18 million in the year-earlier period. Core loss in the Corporate and Others segment was $103 million, compared with $91 million in the same period last year.
The company’s net investment income for the fourth quarter of 2025 was $653 million, with fixed income securities and other investments increasing $26 million to $576 million and limited partnerships and common shares decreasing $17 million to $77 million.
For the full year of 2025, CNA Financial reported a significant increase in its net income, compared to the $959 million reported in 2024, which included a $293 million after-tax loss from pension settlement transactions.
Core revenue for the year was $1.342 billion, also considered the best on record, compared with $1.316 billion the previous year.
Property and casualty core revenue in 2025 was $1.664 billion, a slight increase from the $1.549 billion reported in 2024. This reflects improved underwriting performance in the current incident year and higher net investment income, partially offset by unfavorable net developments in the prior period.
CNA Financial announced that the combined ratio of property and casualty insurance in 2025 was 94.7%, compared with 94.9% in the previous year, of which the impact of catastrophe losses increased to 2.3 percentage points from 3.6 percentage points in the previous year.
The underlying combined ratio of property and casualty insurance was 91.8%, compared with 91.5% in 2024. The basic loss rate of property insurance was 61.7%, and the expense ratio was 29.7%.
Additionally, net written premiums in the Property & Casualty segment increased 5%. Property insurance renewal premium change +4%, written rate +3%.
In 2025, Life & Group’s core loss will be US$44 million, compared with US$23 million in the previous year. Corporate and other core losses were $278 million, compared with $210 million in the prior year.
Net investment income for the entire company was $2.557 billion in 2025, with fixed income securities and other investments increasing $78 million to $2.255 billion and limited partnerships and common equity decreasing $18 million to $302 million.
Douglas M. Worman, chairman and chief executive officer of CNA Financial Corporation, said: “We delivered outstanding results in the fourth quarter, with core revenue reaching $317 million and full-year core revenue reaching a record $1.342 billion, marking the third consecutive year of record performance.”
He continued: “Full-year 2025 core earnings reflect continued strong underlying underwriting and investment performance, both reaching record highs and contributing nearly $2.5 billion in operating cash flow.”
Added: “We are pleased with the actions taken by AM Best in the fourth quarter to upgrade CNA’s financial strength rating to A+ with a stable outlook. We view AM Best’s actions as recognition of our continued strong operating performance, proven risk management and balance sheet strength.”
“Looking ahead, we enter the new year with momentum and confidence in our disciplined underwriting strategy and market execution, supported by our superior financial strength. We feel well-positioned and look forward to an exciting 2026.”
