CNA(US:CNA)2025-11-03 11:21Financial Performance - Net income for Q3 2025 was $403 million, or $1.48 per share, compared to $283 million, or $1.04 per share, in the prior year quarter, representing a 42% increase in net income [3]. - Core income reached a record $409 million, or $1.50 per share, up 40% from $293 million, or $1.08 per share, in the prior year quarter [2]. - Year-to-date core income surpassed $1 billion for the first time in history, with underwriting income at $194 million, nearly triple the prior year's quarter [7]. - Core income for the nine months ended September 30, 2025, was $1,025 million, up from $974 million in 2024, reflecting a growth of 5.2% [42]. - Core income per diluted share for the three months ended September 30, 2025, was $1.50, compared to $1.08 in 2024, marking an increase of 38.9% [44]. - The annualized return on equity for the three months ended September 30, 2025, was 14.7%, up from 11.0% in the same period of 2024 [55]. - The company reported a core return on equity of 13.2% for the three months ended September 30, 2025, compared to 9.4% in 2024 [55]. Underwriting and Premiums - Property & Casualty (P&C) core income increased to $456 million, up $110 million from the prior year quarter, driven by lower catastrophe losses and improved underwriting results [4]. - Gross written premium growth for P&C segments, excluding third party captives, was 2%, while net written premium growth was 3% [15]. - Gross written premiums excluding third-party captives increased by 1% to $1,559 million for Q3 2025, compared to $1,538 million in Q3 2024 [19]. - Net written premiums grew by 2% to $1,251 million for Q3 2025, up from $1,221 million in Q3 2024 [19]. - Net earned premiums rose by 10% to $1,453 million for Q3 2025, compared to $1,325 million in Q3 2024 [19]. - The combined ratio improved by 7.5 points to 92.7% in Q3 2025, down from 100.2% in Q3 2024 [20]. - The underlying combined ratio reached a record low of 90.0%, improving by 0.7 points year-over-year [19]. - The underlying combined ratio improved to 91.3%, with an expense ratio of 29.1%, the lowest since 2008 [8]. - Underwriting gain for the three months ended September 30, 2025, was $194 million, compared to $68 million in 2024, indicating a significant increase of 185.3% [48]. - The underlying underwriting gain for the three months ended September 30, 2025, was $235 million, compared to $209 million in 2024, reflecting an increase of 12.4% [48]. Investment and Equity - Net investment income rose 2% to $638 million pretax, with a $21 million increase from fixed income securities [2]. - Net investment income for Q3 2025 was $638 million, an increase of $12 million from $626 million in Q3 2024 [27]. - Stockholders' equity rose by 8% to $11.3 billion from year-end 2024, driven by net income and improved net unrealized investment losses [28]. - Book value per share increased to $41.83, with a book value excluding AOCI of $46.30, reflecting an 8% increase from year-end 2024 [2]. - Book value per share as of September 30, 2025, was $41.83, an increase from $38.82 as of December 31, 2024 [53]. Catastrophe Losses - P&C combined ratio improved to 92.8%, down from 97.2% in the prior year quarter, with catastrophe losses of $41 million compared to $143 million in the prior year [8]. - The effect of catastrophe losses for the three months ended September 30, 2025, was $41 million, compared to $143 million in 2024, showing a decrease of 71.4% [48]. - Core loss for Life & Group segment increased to $(22) million in Q3 2025, compared to $(9) million in Q3 2024 [24]. Dividends - The company declared a quarterly cash dividend of $0.46 per share, payable on December 4, 2025 [5].