CNA Financial Corporation reported Q3 net income of US$403 million, or US$1.48 per share, up from US$283 million, or US$1.04 per share, a year earlier.
The insurer posted a record core income of US$409 million, compared with US$293 million in the same period last year. Net investment losses were US$6 million, slightly better than the US$7 million loss recorded in Q3 2024.
The company's Property & Casualty (P&C) segments generated core income of US$456 million for the quarter, an increase of US$110 million year-over-year. The improvement was attributed to lower catastrophe losses, stronger underwriting results and higher net investment income. Excluding third-party captives, P&C gross written premiums grew by 2%, while net written premiums rose 3%, reflecting a 4% renewal premium increase.
CNA’s Life & Group segment reported a core loss of US$22 million, compared to a US$9 million loss a year ago, while its Corporate & Other segment posted a reduced core loss of US$25 million, down from US$44 million.
CNA achieved its highest-ever quarterly and year-to-date core income, surpassing US$1 billion for the first time. Underwriting income nearly tripled to US$194 million from the prior-year quarter, supported by low catastrophe losses. The underlying underwriting gain reached US$235 million, marking the tenth consecutive quarter above US$200 million.
The P&C all-in combined ratio improved to 92.8%, with catastrophe losses contributing 1.5 points, while the underlying combined ratio fell to 91.3%. The expense ratio declined to 29.1%, its lowest since 2008.
Net written premiums grew 3% as CNA maintained its disciplined underwriting approach, focusing on profitability in challenging markets. The company also continued investing in talent and technology, including artificial intelligence, while expanding its Cardinal E&S platform to capture opportunities in the excess and surplus lines segment.
The insurer’s Q3 performance reflected strong underwriting discipline, prudent risk management, and solid investment results, positioning it for a strong close to 2025. CNA also declared a quarterly dividend of US$0.46 per share, payable on Dec. 4, to shareholders of record as of Nov. 17.
Meanwhile, CNA announced that Douglas Worman, who is currently president and CEO, will assume the additional role of chairman of the board, effective Jan. 1, 2026, following the end of executive chairman Dino Robusto's term.
