Chicago-based insurer CNA Financial Corporation has announced its financial results for the third quarter of 2025, reporting an increased net income of $403 million, 40% growth in core income and an improved Property & Casualty combined ratio of 92.8%.
Net investment losses for the quarter were $6 million compared to $7 million in the prior year quarter.
According to the firm, at $409 million, Q3 2025 core income was a record, and compares to the $293 million seen in the prior year quarter.
“We achieved record core income of $409 million in the quarter, with year to date core income surpassing $1 billion for the first time in history. Underwriting income was exceptionally strong at $194 million, nearly triple the prior year’s quarter, aided by low catastrophe losses,” Douglas M. Worman, President & Chief Executive Officer of CNA Financial Corporation, stated.
He continued: “The underlying underwriting gain reached $235 million, a record best, marking the tenth consecutive quarter above $200 million. Net investment income rose again year over year driven by higher fixed income results.”
CNA’s P&C segments produced core income of $456 million for the quarter, an increase of $110 million compared to Q3 2024. This growth reflects lower catastrophe losses, improved underlying underwriting results and higher net investment income.
P&C combined ratio improved to 92.8% from 97.2% in Q3 2024, including 1.5 points of catastrophe loss impact compared with 5.8 points in the prior year quarter.
Catastrophe losses were $41 million pretax versus $143 million in the prior year quarter.
P&C underlying combined ratio in Q3 2025 was 91.3%, compared with 91.6% in the prior year quarter. P&C underlying loss ratio was 61.9% and the expense ratio was 29.1%.
P&C segments, excluding third party captives, generated gross written premium (GWP) growth of 2% and net written premium growth of 3%, due to renewal premium change of +4%.
The Life & Group segment produced core loss of $22 million for Q3 2025, an increase when compared to a core loss of $9 million in the same period last year.
The company’s Corporate & Other segment produced a core loss of $25 million for Q3 2025, compared to $44 million Q3 2024.
Worman said: “Net written premiums grew 3% as we maintained disciplined underwriting, prioritizing profitability over growth in challenging market segments. The company continues to efficiently manage expenses while increasing its investments in talent and technology, including artificial intelligence, and is expanding its Cardinal E&S offering to capitalize on opportunities in the excess and surplus lines market.
Adding: “Overall, CNA’s third quarter results reflect outstanding underwriting performance, prudent risk management and strategic growth, positioning the company for a strong finish to the year.
“As we near the end of the year and Dino Robusto’s term as Executive Chairman, I also want to express deep gratitude to Dino on behalf of the organization for his vast contributions to CNA. Dino’s leadership and vision over the last nine years has created lasting value for all stakeholders.”
About the Author
