CNA Financial sees $403m net income and record $409m core income in Q3’25

Core Financial Performance - CNA Financial Corporation reported a net income of $403 million for Q3 2025, a 42% increase from $283 million in Q3 2024 [1][2] - Core income reached a record $409 million, up from $293 million in the prior year quarter, marking a 40% growth [2][3] - Year-to-date core income surpassed $1 billion for the first time in history [3] Underwriting and Investment Results - Underwriting income was exceptionally strong at $194 million, nearly triple the prior year's quarter, supported by low catastrophe losses [3] - The underlying underwriting gain reached a record $235 million, marking the tenth consecutive quarter above $200 million [4] - Net investment income increased year over year due to higher fixed income results [4] Property & Casualty Segment Performance - The Property & Casualty (P&C) combined ratio improved to 92.8% from 97.2% in Q3 2024, with catastrophe losses significantly reduced to $41 million pretax from $143 million [5] - P&C segments produced core income of $456 million for the quarter, an increase of $110 million compared to Q3 2024 [4][5] - The P&C underlying combined ratio was 91.3%, slightly improved from 91.6% in the prior year quarter [5] Premium Growth and Strategic Focus - P&C segments, excluding third-party captives, saw gross written premium (GWP) growth of 2% and net written premium growth of 3%, driven by a renewal premium change of +4% [6] - The company maintained disciplined underwriting, prioritizing profitability over growth in challenging market segments [7] - CNA is investing in talent and technology, including artificial intelligence, and expanding its Cardinal E&S offering to capitalize on opportunities in the excess and surplus lines market [7] Leadership and Future Outlook - The third quarter results reflect outstanding underwriting performance, prudent risk management, and strategic growth, positioning the company for a strong finish to the year [8] - Acknowledgment of Dino Robusto's contributions as Executive Chairman, highlighting his leadership over the past nine years [9]