CNA(US:CNA) Seeking Alpha·2026-02-09 21:24Core Insights - The company achieved strong results in the fourth quarter, with an underlying underwriting gain exceeding $200 million and increased investment income [1] - For the full year, the company reported record levels of core and net income, maintaining an underlying combined ratio below 92% for five consecutive years, with an underlying underwriting gain of $855 million, the highest on record [1] Financial Performance - Core income for the fourth quarter was $317 million, with property and casualty (P&C) core income at $449 million [2] - Net investment income rose to $653 million, driven by strong performance in the fixed income portfolio, which offset lower returns from limited partnerships and common stocks [2] Combined Ratio Analysis - The P&C all-in combined ratio was 93.8%, reflecting an increase of 0.7 points year-over-year, primarily due to a higher underlying loss ratio of 61.9% compared to 61.1% in the prior year [3] - Catastrophe losses of $40 million contributed 1.5 points to the combined ratio, while the underlying combined ratio for P&C was 92.3%, up 0.9 points from the previous year [4]