Financial Highlights - Net income decreased by 6% from $317 million to $299 million, while core income increased by 3% from $326 million to $335 million[6] - Net investment income increased by 7% to $662 million pretax, driven by increases in both fixed income securities and limited partnerships/common stock[6] - The book value per share excluding AOCI increased by 4% from year-end 2024, adjusting for $2.92 of dividends per share paid[6] Property & Casualty Operations - The P&C combined ratio improved slightly from 948% to 941%, with catastrophe losses impacting 24 points compared to 35 points in the prior year quarter[6] - P&C segments, excluding third-party captives, experienced gross written premium growth of 5% and net written premium growth of 6%[6] - The underlying combined ratio for P&C was 917%, compared to 916% in the prior year quarter[6] Segment Performance - Specialty segment GWP ex third party captives increased by 3% from $984 million to $1013 million[10] - Commercial segment GWP ex third party captives increased by 6% from $1802 million to $1903 million[12] - International segment NWP increased by 9% from $359 million to $391 million[14] Investment Portfolio and Capital - Fixed income securities net investment income increased from $520 million to $544 million[19] - Limited Partnership & Common Stock net investment income increased from $78 million to $100 million[22] - The company maintains a high-quality investment portfolio, with 88% of total invested assets in fixed income securities and an average credit rating of "A"[30]

Core Financial Performance - CNA Financial Corporation reported a net income of $299 million, or $1.10 per share, for Q2 2025, down from $317 million, or $1.17 per share, in the same quarter last year [1][6] - Core income increased to $335 million, or $1.23 per share, compared to $326 million, or $1.19 per share, in the prior year quarter, reflecting a 3% growth [1][6] - Net investment losses for the quarter were $36 million, compared to $9 million in the prior year quarter [1][6] Property & Casualty Segment - The Property & Casualty (P&C) segment generated core income of $448 million, an increase of $68 million from the prior year quarter, driven by higher net investment income and improved underwriting results [2][6] - P&C segments, excluding third-party captives, saw gross written premium growth of 5% and net written premium growth of 6%, attributed to a renewal premium change of +5% and new business growth of 8% [2][9] - The P&C combined ratio improved to 94.1%, down from 94.8% in the prior year quarter, with catastrophe losses of $62 million compared to $82 million in the previous year [6][8] Life & Group Segment - The Life & Group segment reported core income of $1 million for Q2 2025, compared to a core loss of $1 million in the prior year quarter, indicating a turnaround in performance [3][16] Corporate & Other Segment - The Corporate & Other segment experienced a core loss of $114 million, worsening from a loss of $53 million in the prior year quarter, primarily due to an $88 million after-tax charge related to legacy mass tort [4][19] Investment Income - Net investment income increased by 7% to $662 million pretax, driven by a $22 million increase from fixed income securities and a $22 million increase from limited partnerships and common stock [6][20] - The increase in net investment income reflects a larger invested asset base and favorable reinvestment rates [20] Stockholders' Equity and Dividends - Stockholders' equity rose to $10.7 billion, a 1% increase from year-end 2024, primarily due to net income and improvements in net unrealized investment losses [21] - The company declared a quarterly dividend of $0.46 per share, payable on September 4, 2025 [4][6]