CNA(US:CNA) Seeking Alphaยท2025-11-03 12:56Core Insights - The company reported record core income of $409 million for the third quarter, driven by strong underwriting gains and higher net investment income [1] - Year-to-date core income exceeded $1 billion for the first time, indicating robust financial performance [1] - Underwriting income reached $194 million, nearly tripling compared to the same quarter last year, benefiting from low catastrophe losses [1] Financial Performance - The net written premiums grew by 3%, reflecting the company's ability to identify growth opportunities while maintaining strong underwriting discipline [1] - Operating cash flow remained strong, with net investment income increasing by $12 million year-over-year to $638 million, attributed to improved fixed income results [1] Combined Ratio Analysis - The P&C all-in combined ratio was reported at 92.8% for the third quarter, including $41 million in catastrophe losses, which contributed 1.5 points to the ratio [2] - The underlying combined ratio was 91.3%, with an underlying loss ratio of 61.9%, slightly higher than previous periods, indicating a cautious approach to market conditions [2] - The expense ratio was effectively managed at 29.1%, showcasing the company's operational efficiency [2]