CNA Financial Corporation reported a net income of $403 million for Q3, equivalent to $1.48 per share, an increase from $283 million, or $1.04 per share, in the same period last year.
The insurer posted a record core income of $409 million, up from $293 million in Q3 2024. Net investment losses amounted to $6 million, slightly better than the $7 million loss recorded in the third quarter of 2024.
Mixed Segment Results
CNA’s Property & Casualty (P&C) segments generated core income of $456 million for the quarter, representing a rise of $110 million year-on-year. This 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 increased by 3%, reflecting a 4% rise in renewal premiums.
The company’s Life & Group segment posted a core loss of $22 million, compared to a $9 million loss in the previous year. The Corporate & Other segment saw a reduced core loss of $25 million, an improvement from the $44 million loss recorded in Q3 2024.
CNA achieved its highest-ever quarterly and year-to-date core income, surpassing $1 billion for the first time. Underwriting income nearly tripled, reaching $194 million, compared with the previous year’s quarter, supported by low catastrophe losses. The underlying underwriting gain also reached $235 million, marking the tenth consecutive quarter with an underwriting gain above $200 million.
Improvement in Profitability
The P&C all-in combined ratio improved to 92.8%, with catastrophe losses contributing 1.5 points. The underlying combined ratio fell to 91.3%, while the expense ratio declined to 29.1%, its lowest level since 2008.
Profitability in Challenging Markets
Net written premiums grew by 3%, as CNA maintained its disciplined underwriting approach, focusing on profitability in challenging markets. The company also continued its investments in talent and technology, including artificial intelligence, while expanding its Cardinal E&S platform to capitalise on opportunities in the excess and surplus lines market.
CNA’s strong Q3 performance reflected a combination of solid underwriting discipline, prudent risk management, and robust investment results, positioning the company for a strong finish to 2025. Furthermore, CNA declared a quarterly dividend of $0.46 per share, payable on 4th December to shareholders of record as of 17th November. Leadership Transition In addition, CNA announced that Douglas Worman, currently president and CEO, will assume the additional role of chairman of the board, effective 1st January 2026, following the completion of executive chairman Dino Robusto’s term.