CNA(US:CNA) ZACKS·2026-02-10 16:45Core Insights - CNA Financial Corporation reported fourth-quarter 2025 core earnings of $1.16 per share, missing the Zacks Consensus Estimate by 3.3% and reflecting a 7.2% year-over-year decline [1][10] - The quarterly results were influenced by higher premiums, improved investment income, and decreased catastrophe losses, but were partially offset by lower underlying underwriting income and increased expenses [1][10] Financial Performance - Total operating revenues for CNA Financial reached $3.4 billion, a 3.8% increase year over year, driven by higher premiums and net investment income, although it missed the Zacks Consensus Estimate by 1.2% [2] - Net written premiums in Property & Casualty Operations rose 2% year over year to $2.8 billion, while new business remained flat [2] - Net investment income increased by 1.4% year over year to $653 million, attributed to higher income from fixed income securities, despite lower returns from common stocks [3] - Total claims, benefits, and expenses rose 6% to $3.4 billion, primarily due to higher insurance claims and policyholders' benefits, with catastrophe losses narrowing to $40 million from $45 million in the previous year [4] - The combined ratio deteriorated by 70 basis points year over year to 93.8, missing the Zacks Consensus Estimate of 85 [5] Segment Results - Specialty's net written premiums decreased by 2% year over year to $914 million, with a combined ratio worsening by 520 basis points to 99 [6] - Commercial's net written premiums increased by 4% year over year to $1.5 billion, with a combined ratio deteriorating by 20 basis points to 92.5 [6] - International's net written premiums rose by 1% year over year to $371 million, with the combined ratio improving by 950 basis points to 85.3 [7] - Life & Group's net earned premiums fell by 2.7% year over year to $105 million, resulting in a core loss of $29 million compared to a profit of $18 million in the previous year [7] - Corporate & Other reported a core loss of $103 million, wider than the loss of $91 million from the prior year [8] Dividend and Capital Update - CNA Financial's board approved a quarterly dividend of 48 cents per share, a 4% increase, and a special dividend of $2.00 per share [12] - The core return on equity contracted by 90 basis points year over year to 10%, while book value per share increased by 10.5% to $42.93 [11] - Statutory capital and surplus for the Combined Continental Casualty Companies reached $11.6 billion at the end of 2025, up 3.7% from the end of 2024 [11] - Net cash flow from operating activities decreased by 18.9% to $570 million in 2025 [11] Full-Year Performance - For the full year 2025, CNA Financial reported core earnings of $4.93 per share, a 2% increase from 2024, but missing the Zacks Consensus Estimate by 0.6% [13] - Total revenues for the year amounted to $13.4 billion, reflecting a 5.8% increase from 2024, although it also missed the Zacks Consensus Estimate by 0.2% [13]