Chicago-based insurer CNA Financial Corporation has announced its financial results for the fourth quarter of 2025, reporting a net income of $302 million, core income of $317 million, and a Property & Casualty combined ratio of 93.8%.
For the full year 2025, CNA Financial reported a “record high” net income of $1,278 million, core income of $1,342 million, and a combined ratio of 94.7% for its P&C segment.
Q4 2025 net income compares to the $21 million seen in Q4 2024, which included a $290 million after-tax loss from a pension settlement transaction. This quarter’s core income saw a slight dip from the $342 million reported in the same period in 2024.
The P&C segments delivered core income of $449 million for the fourth quarter of 2025, a decrease of $2 million compared to the prior year quarter reflecting lower underlying underwriting results, largely offset by higher net investment income.
P&C segments also generated net written premium growth of 2%, due to renewal premium change of +4% and written rate of +2%.
The combined ratio for the segments stood at 93.8%, compared with 93.1% in the prior year quarter, including 1.5 points of catastrophe loss impact compared with 1.8 points in the prior year quarter.
P&C underlying combined ratio was 92.3%, which compares with 91.4% in Q4 2024. P&C underlying loss ratio was 61.9% and the expense ratio was 30.1%.
CNA Financial also reported a core loss of $29 million for its Life & Group segments, which compares to the $18 million seen in the prior year quarter. The Corporate & Other segment saw a core loss of $103 million versus $91 million in the prior year quarter.
Net investment income for the company for Q4 2025 was $653 million, reflecting a $26 million increase from fixed income securities and other investments to $576 million and a $17 million decrease from limited partnerships and common stock to $77 million.
For the full year 2025, CNA Financial reported a significant increase in its net income, which compares to the $959 million reported for 2024, this includes a $293 million after-tax loss from pension settlement transactions.
Core income for the year was $1,342 million, also considered the best on record, versus $1,316 million in the year prior.
P&C core income in 2025 was $1,664 million, a slight increase from the $1,549 million reported for 2024. This reflects improved current accident year underwriting results and higher net investment income partially offset by unfavourable net prior period development.
CNA Financial reported a P&C combined ratio for 2025 of 94.7%, which compares with 94.9% in the prior year, including 2.3 points of catastrophe loss impact compared with 3.6 points in the prior year.
P&C underlying combined ratio for the year was 91.8% compared with 91.5% in 2024. P&C underlying loss ratio was 61.7% and the expense ratio was 29.7%.
Additionally, P&C segments generated net written premium growth of 5%. P&C renewal premium change of +4%, with written rate of +3%.
For 2025, Life & Group core loss of $44 million versus $23 million in the prior year. Corporate & Other core loss of $278 million versus $210 million in the prior year.
Net investment income for the whole company was $2,557 million in 2025, reflecting a $78 million increase from fixed income securities and other investments to $2,255 million and a $18 million decrease from limited partnerships and common stock to $302 million.
“”In the fourth quarter we produced excellent results with $317 million of core income, capping off a best on record core income of $1,342 million for the full year, which is the third consecutive year of record results,” said Douglas M. Worman, Chairman & Chief Executive Officer of CNA Financial Corporation.
“The 2025 full year core income reflects continued excellent underlying underwriting and investment results, which are both record highs, and contributed to delivering nearly $2.5 billion of cash flow from operations,” he continued.
Adding: “We are pleased with the fourth quarter action taken by AM Best who upgraded CNA’s financial strength rating to A+ with a stable outlook. We view AM Best’s action as recognition of our consistently strong operating performance, sophisticated risk management and the strength of our balance sheet.
“Looking forward, we enter the new year with momentum and confidence in our disciplined underwriting strategies and marketplace execution backed by our superior financial strength. We feel we are well positioned as we look forward to an exciting 2026.”
