CNA(US:CNA)2025-08-04 10:25Financial Performance - For the three months ended June 30, 2025, net income was $299 million, a decrease of 5.7% from $317 million in the same period of 2024[10] - For the six months ended June 30, 2025, net income was $573 million, down 12.5% from $655 million in the same period of 2024[10] - Total operating revenues for the three months ended June 30, 2025, were $3,763 million, an increase from $3,529 million in the same period of 2024, representing a growth of 6.6%[127] - Core income for the three months ended June 30, 2025, was $335 million, compared to $326 million for the same period in 2024, reflecting a slight increase of 2.8%[127] - For the six months ended June 30, 2025, core income was $616 million, compared to $N/A for the same period in 2024, indicating a strong performance[131] - The company reported a net income of $573 million for the six months ended June 30, 2025, down from $655 million in the same period of 2024, reflecting a decrease of approximately 12.5%[10] Assets and Liabilities - Total assets as of June 30, 2025, were $68,936 million, an increase of 3.7% from $66,492 million at the end of 2024[11] - Total liabilities increased to $58,275 million as of June 30, 2025, up from $55,979 million at the end of 2024, representing a growth of 4.1%[11] - The company’s total stockholders' equity increased to $10,661 million as of June 30, 2025, from $10,513 million at the end of 2024, reflecting a growth of 1.4%[11] - Total assets measured at fair value on a recurring basis were $45,082 million as of June 30, 2025, compared to $43,692 million as of December 31, 2024, reflecting a growth of 3.2%[56] Investment Performance - The company reported a net unrealized gain on investments of $73 million for the three months ended June 30, 2025, compared to a loss of $244 million in 2024[10] - Net investment income for the six months ended June 30, 2025, was $1,266 million, an increase of 3.2% from $1,227 million in 2024[27] - The gross investment income for the six months ended June 30, 2025, was $1,311 million, compared to $1,269 million in 2024, reflecting a growth of 3.3%[27] - The company reported net investment losses of $46 million for the three months ended June 30, 2025, compared to losses of $10 million in 2024[28] - The company reported net investment losses of $55 million for the six months ended June 30, 2025, which impacted overall profitability[131] Claims and Expenses - The company’s claim and claim adjustment expenses rose to $26,203 million as of June 30, 2025, compared to $24,976 million at the end of 2024, indicating an increase of 4.9%[11] - The company incurred net claim and claim adjustment expenses of $3,518 million for the six months ended June 30, 2025, compared to $3,078 million for the same period in 2024[75] - The net reserves for claim and claim adjustment expenses at the end of June 2025 were $20,273 million, an increase from $18,616 million at the end of June 2024[75] - The gross reserves at the end of June 2025 were $26,203 million, up from $23,974 million at the end of June 2024[75] Dividends and Share Repurchase - The company paid dividends of $798 million to common stockholders in the first half of 2025, compared to $786 million in the same period of 2024[13] - The company repurchased 700,000 shares of common stock at a cost of $34 million during the six months ended June 30, 2025[24] Future Projections and Commitments - The company expects to recognize approximately $0.8 billion of deferred revenue in the remainder of 2025, $1.1 billion in 2026, $0.9 billion in 2027, and $1.6 billion thereafter[141] - The company had commitments to purchase or fund approximately $1,805 million and sell approximately $80 million as of June 30, 2025[46] Other Financial Metrics - Basic earnings per share for the six months ended June 30, 2025, was $2.11, down 12.5% from $2.41 in 2024[23] - The company recognized $9 million in impairment losses on fixed maturity securities available-for-sale during the six months ended June 30, 2025[29] - The allowance for credit losses as of June 30, 2025, totaled $51 million, with a reduction of $6 million from securities disposed during the period[40]