CNA(CNA) - 2025 Q1 - Quarterly Report

Financial Performance - Net income for the three months ended March 31, 2025, was $274 million, a decrease of 19$338 million in the same period of 2024[10] - Total comprehensive income increased to $480 million in Q1 2025, up from$438 million in Q1 2024, reflecting a rise of 9.6%[10] - Basic earnings per share decreased to $1.01 in 2025 from$1.24 in 2024, reflecting a decline of 18.5%[24] - Core income for Q1 2025 was $281 million, compared to$355 million in Q1 2024, reflecting a decrease of 20.8%[119] - Total operating revenues for Q1 2025 reached $3,636 million, an increase from$3,466 million in Q1 2024, representing a growth of 4.9%[119] Assets and Liabilities - Total assets as of March 31, 2025, were $67,326 million, compared to$66,492 million as of December 31, 2024, indicating a growth of 1.25%[11] - Total liabilities increased to $57,047 million as of March 31, 2025, from$55,979 million at the end of 2024, representing a rise of 1.91%[11] - The total stockholders' equity decreased to $10,279 million as of March 31, 2025, from$10,513 million at the end of 2024, a decline of 2.2%[11] Cash Flow and Dividends - Cash flows provided by operating activities for Q1 2025 were $638 million, an increase of 26.5$504 million in Q1 2024[13] - The company paid dividends of $673 million to common stockholders in Q1 2025, slightly up from$667 million in Q1 2024[13] Investment Performance - The company experienced net unrealized gains on investments of $280 million in Q1 2025, compared to net unrealized losses of$215 million in Q1 2024[10] - Net investment income for the three months ended March 31, 2025, was $604 million, slightly down from$609 million in 2024[28] - The company reported net investment losses of $9 million for the three months ended March 31, 2025, compared to losses of$22 million in 2024[29] - The estimated fair value of total fixed maturity securities available-for-sale as of March 31, 2025, was $41,971 million, compared to$41,111 million as of December 31, 2024[33] Claims and Reserves - Catastrophe losses, net of reinsurance, amounted to $97 million for the three months ended March 31, 2025, driven by severe weather events, including$53 million related to California wildfires[71] - The net reserves for claims and claim adjustment expenses at the end of March 2025 were $19,764 million, an increase from$18,347 million at the end of March 2024[73] - The company incurred net claim and claim adjustment expenses of $1,740 million for the three months ended March 31, 2025, compared to$1,506 million for the same period in 2024[73] Stock Repurchase and Equity - The company repurchased 700,000 shares of common stock at an aggregate cost of $34 million during the three months ended March 31, 2025, with no repurchases in the same period of 2024[25] - The total equity securities as of March 31, 2025, were valued at$695 million, an increase from $659 million as of December 31, 2024[55] Future Commitments and Projections - The company has commitments to purchase or fund approximately$1,575 million and sell approximately $95 million as of March 31, 2025[45] - The company expects to recognize approximately$1.1 billion of deferred revenue in the remainder of 2025, $1.0 billion in 2026,$0.9 billion in 2027, and $1.5 billion thereafter[128]