CNA Reports 6.2% Decline in Q4 Underwriting Results

CNA Financial reported a remarkable surge in net income for the fourth quarter of 2025, reaching an impressive $302 million, a significant increase from just $21 million in the same quarter of the previous year. This substantial growth was largely attributed to a $290 million benefit derived from a pension settlement transaction.

The underwriting gain for CNA’s property and casualty operations stood at $167 million for Q4 2025, slightly down from $178 million in Q4 2024. The combined ratio saw a minor increase of 0.7 points, reaching 93.8. Catastrophe losses were reported at $40 million for the fourth quarter, a decrease from $45 million during the same period the previous year.

In the commercial segment, CNA maintained stable results, achieving an underwriting gain of $109 million compared to $106 million in the prior year, with a nearly flat combined ratio of 92.5. However, the company’s specialty operations experienced a decline, posting an underwriting gain of only $9 million, down from $54 million in Q4 2024. The combined ratio for this segment rose to 99, up from 93.8 the previous year.

CNA noted that unfavorable prior year reserve development contributed to a 3-point increase in the loss ratio for specialty operations during the fourth quarter, contrasting with no net development in the same quarter of the previous year.

For the full year 2025, CNA Financial achieved a record net income of approximately $1.28 billion, a notable increase from $959 million in 2024. The property and casualty underwriting income for the year was reported at $551 million, compared to $496 million the previous year. The combined ratio at the end of the year remained stable at 94.7, slightly improved from 94.9 in 2024.

Topics
Profit Loss
Underwriting

CNA Financial reported a remarkable surge in net income for the fourth quarter of 2025, reaching an impressive $302 million, a significant increase from just $21 million in the same quarter of the previous year. This substantial growth was largely attributed to a $290 million benefit derived from a pension settlement transaction.

The underwriting gain for CNA’s property and casualty operations stood at $167 million for Q4 2025, slightly down from $178 million in Q4 2024. The combined ratio saw a minor increase of 0.7 points, reaching 93.8. Catastrophe losses were reported at $40 million for the fourth quarter, a decrease from $45 million during the same period the previous year.

In the commercial segment, CNA maintained stable results, achieving an underwriting gain of $109 million compared to $106 million in the prior year, with a nearly flat combined ratio of 92.5. However, the company’s specialty operations experienced a decline, posting an underwriting gain of only $9 million, down from $54 million in Q4 2024. The combined ratio for this segment rose to 99, up from 93.8 the previous year.

CNA noted that unfavorable prior year reserve development contributed to a 3-point increase in the loss ratio for specialty operations during the fourth quarter, contrasting with no net development in the same quarter of the previous year.

For the full year 2025, CNA Financial achieved a record net income of approximately $1.28 billion, a notable increase from $959 million in 2024. The property and casualty underwriting income for the year was reported at $551 million, compared to $496 million the previous year. The combined ratio at the end of the year remained stable at 94.7, slightly improved from 94.9 in 2024.

Topics
Profit Loss
Underwriting