CNA reports Q4 2025 earnings

CNA Insurance reported fourth quarter net income of $302 million, or $1.11 per share, compared to $21 million a year earlier, when results were impacted by a pension settlement loss. Core income was $317 million, slightly below $342 million in the prior year quarter.

Full-year results hit a record. Net income reached $1.28 billion ($4.69 per share) and core income rose to a record $1.34 billion ($4.93 per share).

Commercial P&C remains the profit engine. P&C core income totaled $449 million in the quarter and $1.66 billion for the year, with premium growth of 2% in Q4 and 5% for 2025.

Underwriting stayed profitable. The P&C combined ratio was 93.8% in the quarter and 94.7% for the year, with lower catastrophe impact than 2024.

Investment income provided support. Net investment income was $653 million in Q4 and $2.56 billion for the full year, driven mainly by fixed income.

Capital returned to shareholders increased. CNA raised its quarterly dividend 4% to $0.48 per share and declared a $2.00 special dividend.

Life & Group and Corporate segments continued to report losses, but overall results were driven by stable underwriting and higher investment income in the core commercial P&C business.