CNA(US:CNA)2026-02-09 11:11Financial Performance - Q4 2025 net income was $302 million, or $1.11 per share, compared to $21 million, or $0.07 per share, in the prior year quarter[7]. - Full year 2025 net income reached $1,278 million, or $4.69 per share, versus $959 million, or $3.52 per share, in the prior year[10]. - Core income for Q4 2025 was $317 million, or $1.16 per share, down from $342 million, or $1.25 per share, in the prior year quarter[7]. - Core income for the year ended December 31, 2025, was $1,664 million, compared to $1,549 million in 2024, reflecting a growth of about 7.4%[53]. - Core income per diluted share for 2025 was $4.93, up from $4.83 in 2024, indicating a year-over-year increase of 2.1%[48]. - The company's return on equity for Q4 2025 was 10.5%, a substantial increase from 0.8% in Q4 2024[58]. Property & Casualty Segment - Property & Casualty (P&C) segments generated core income of $449 million in Q4 2025, a slight decrease from $451 million in the prior year quarter[8]. - P&C segments achieved net written premium growth of 2% in Q4 2025, with a renewal premium change of +4% and a written rate of +2%[8]. - Full year 2025 P&C core income was $1,664 million, an increase of $115 million compared to the prior year, driven by improved underwriting results[11]. - The P&C combined ratio for Q4 2025 was 93.8%, compared to 93.1% in the prior year quarter, with an underlying combined ratio of 92.3%[15]. - The fourth quarter underlying combined ratio increased by 2.2 points compared to the prior year quarter[22]. - The fourth quarter combined ratio increased by 5.2 points, with unfavorable net prior period development raising the loss ratio by 3.0 points[22]. - Catastrophe losses for the fourth quarter were $35 million, contributing 2.4 points to the loss ratio, compared to $33 million and 2.3 points in the prior year quarter[24]. - The full year underlying combined ratio improved by 0.1 points, marking the lowest full year on record[24]. - The full year combined ratio improved by 2.8 points, also the lowest full year on record, with catastrophe losses totaling $23 million[27]. Investment and Equity - Net investment income for the fourth quarter increased by $9 million to $653 million, driven by higher income from fixed income securities[32]. - Stockholders' equity reached $11.6 billion, an 11% increase from year-end 2024, primarily due to net income and improved net unrealized investment losses[33]. - The expense ratio for the fourth quarter improved by 0.6 points, attributed to a favorable acquisition ratio and net earned premium growth of 5%[24]. - The company reported net investment losses of $64 million for the year ended December 31, 2025, consistent with the losses reported in 2024[46]. Dividends and Ratings - CNA Financial declared a quarterly cash dividend of $0.48 per share, a 4% increase, along with a special dividend of $2.00 per share[12]. - AM Best upgraded CNA's financial strength rating to A+ with a stable outlook, reflecting strong operating performance and risk management[17]. Future Outlook - The total statutory capital and surplus is currently under preliminary assessment, reflecting the company's financial health[43]. - The investment portfolio is actively monitored, with management focusing on unrealized gains and losses, indicating a proactive approach to risk management[43]. - Forward-looking statements indicate that the company anticipates future events with inherent risks and uncertainties, emphasizing the need for careful monitoring of market conditions[60].