CNA(CNA) - 2025 Q1 - Quarterly Results

Financial Performance - Net income for Q1 2025 was $274 million, or $1.00 per share, down from $338 million, or $1.24 per share, in the prior year quarter [3]. - Core income for Q1 2025 was $281 million, or $1.03 per share, compared to $355 million, or $1.30 per share, in the prior year quarter [3]. - Core income for Q1 2025 was $6 million, consistent with the prior year quarter, reflecting favorable persistency [23]. - Net investment income for Q1 2025 was $604 million, a decrease of $5 million from the prior year quarter [25]. - Return on equity for Q1 2025 was 10.5%, down from 13.8% in the prior year [48]. Property & Casualty (P&C) Performance - Property & Casualty (P&C) core income decreased to $311 million from $372 million, attributed to lower underwriting results [4]. - P&C gross written premiums grew by 7% to $3.142 billion, while net written premiums increased by 9% to $2.606 billion [12]. - New business in P&C grew by 7% to $565 million in the quarter [9]. - The P&C combined ratio was 98.4%, an increase from 94.6% in the prior year quarter, with catastrophe losses of $97 million [14]. - The underlying combined ratio for P&C increased to 92.1%, up from 91.0% in the prior year quarter [14]. - Catastrophe losses included $53 million for California wildfires, compared to $88 million in the prior year quarter [14]. - The combined ratio increased by 2.1 points compared to the prior year quarter, with catastrophe losses of $11 million contributing 3.6 points to the loss ratio [22]. - Gross written premiums grew by 4% and net written premiums increased by 7% for Q1 2025, excluding currency fluctuations [22]. - The underlying underwriting gain for Q1 2025 was $200 million, compared to $209 million in the prior year [44]. Shareholder Information - Book value per share was $37.98, a decrease from $38.82 at year-end 2024 [7]. - Book value per share excluding AOCI increased by 2% to $44.58 from year-end 2024 [46]. - Stockholders' equity decreased by 2% to $10.3 billion from year-end 2024, primarily due to dividends paid [26]. - The company declared a quarterly cash dividend of $0.46 per share, payable on June 5, 2025 [6]. Forward-Looking Statements - Forward-looking statements indicate that actual results may differ materially from projections due to inherent risks and uncertainties [50]. - CNA does not have an obligation to update or revise any forward-looking statements even if expectations change [51]. - Descriptions of coverage under CNA policies are for convenience only and should not be relied upon for coverage questions [52].