CNA Reports $1,342M Core Income for 2025
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Feb 09 2026
0mins
Should l Buy CNA?
Book value per share of $42.93; book value per share excluding AOCI of $46.99, an 10% increase from year-end 2024 adjusting for $3.84 of dividends per share paid."In the fourth quarter we produced excellent results with $317M of core income, capping off a best on record core income of $1,342M for the full year, which is the third consecutive year of record results. The 2025 full year core income reflects continued excellent underlying underwriting and investment results, which are both record highs, and contributed to delivering nearly $2.5N of cash flow from operations. The P&C all-in combined ratio was 93.8% for the quarter and 94.7% for the full year, which include 1.5 points and 2.3 points of catastrophe losses, respectively. The full year expense ratio of 29.7% is half a point lower than 2024, reflecting ongoing expense discipline while investing in talent, technology and artificial intelligence. Net written premiums grew 2% in the quarter and 5% for the year while new business was flat for the quarter but grew 4% for the full year with retention of 83%. We continue to lean into profitable opportunities while being highly selective in pockets where the market will not let us achieve appropriate risk-adjusted returns. We are pleased with the fourth quarter action taken by AM Best who upgraded CNA's financial strength rating to A+ with a stable outlook. We view AM Best's action as recognition of our consistently strong operating performance, sophisticated risk management and the strength of our balance sheet. Looking forward, we enter the new year with momentum and confidence in our disciplined underwriting strategies and marketplace execution backed by our superior financial strength. We feel we are well positioned as we look forward to an exciting 2026," said Douglas Worman, CEO.
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Analyst Views on CNA
Wall Street analysts forecast CNA stock price to rise
1 Analyst Rating
0 Buy
0 Hold
1 Sell
Moderate Sell
Current: 43.130
Low
47.00
Averages
47.00
High
47.00
Current: 43.130
Low
47.00
Averages
47.00
High
47.00
About CNA
CNA Financial Corporation is an insurance holding company. The Company’s segments include Specialty, Commercial, International, Life & Group and Corporate & Other. The Specialty segment provides management and professional liability and other coverages through property and casualty products and services using a network of brokers, independent agencies and managing general underwriters. The Commercial segment works with a network of brokers and independent agents to market a range of property and casualty insurance products to all types of insureds, targeting small business, construction, middle markets and other commercial customers. The International segment underwrites property and casualty coverage on a global basis through a branch operation in Canada, a European business consisting of insurance companies based in the United Kingdom and Luxembourg and Hardy, its Lloyd's syndicate. The Life & Group segment includes the results of its long-term care business that is in run-off.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
CNA Financial Declares $0.48 Quarterly Dividend with 4.0% Yield
- Quarterly Dividend Announcement: CNA Financial has declared a quarterly dividend of $0.48 per share, consistent with previous distributions, demonstrating the company's ongoing commitment to stable dividends, which bolsters investor confidence.
- Dividend Yield: The forward yield of 4.0% provides a relatively attractive return for investors, potentially drawing in those seeking stable income amidst market fluctuations.
- Payment Schedule: The dividend is payable on June 4, with a record date of May 18 and an ex-dividend date of May 19, ensuring shareholders receive their earnings promptly, which strengthens trust between the company and its investors.
- Financial Performance Context: CNA Financial reported a non-GAAP EPS of $0.83 for Q4 2025; while there is currently no growth spark, the stable dividend policy may lay the groundwork for future growth opportunities.
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Loews Corporation Reports Q1 2026 Financial Results
- Net Income Decline: Loews Corporation reported a net income of $337 million, or $1.63 per share, for Q1 2026, down from $370 million and $1.74 per share in Q1 2025, indicating challenges faced in its insurance and hospitality sectors.
- Revenue Growth: Despite the decline in net income, total revenue for Loews Corporation in Q1 was $4.555 billion, up from $4.494 billion in 2025, demonstrating resilience in its diversified business, particularly in insurance and energy.
- CNA Financial Performance: The CNA Financial segment reported a net income of $194 million, down from $252 million year-over-year, primarily due to investment losses, highlighting pressures on its core insurance operations.
- Shareholder Returns: As of March 31, 2026, Loews Corporation's book value per share increased to $90.90 from $90.71 on December 31, 2025, reflecting solid capital management despite weakened overall profitability.
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CNA Financial Reports Q1 2026 Earnings Results
- Net Income Decline: CNA Financial reported a net income of $211 million for Q1 2026, translating to $0.78 per share, a decrease from $274 million and $1.00 per share in the same quarter last year, indicating profitability pressures and market challenges faced by the company.
- Core Income Performance: The core income for the quarter was $225 million, or $0.83 per share, down from $281 million and $1.03 per share year-over-year, reflecting the impact of poor underwriting results and investment losses on the company's profitability.
- Property & Casualty Business: The Property & Casualty segment delivered a core income of $248 million, a decline of $63 million compared to the prior year, primarily due to deteriorating underwriting results and unfavorable prior period development, although higher net investment income partially offset these challenges, indicating pressure on the segment's profitability.
- Dividend Distribution: CNA declared a quarterly cash dividend of $0.48 per share, payable on June 4, 2026, to shareholders of record on May 18, 2026, demonstrating the company's commitment to shareholder returns despite declining earnings.
See More
CNA Financial Reports Q1 2026 Earnings Results
- Net Income Decline: CNA Financial reported a net income of $211 million for Q1 2026, down 23% from $274 million in the prior year quarter, indicating significant pressure on profitability due to poor underwriting results and increased investment losses.
- Core Income Drop: The core income stood at $225 million, a 20% decrease from $281 million year-over-year, primarily driven by deteriorating underwriting results in the Property & Casualty segment, despite a rise in investment income, highlighting challenges in market competitiveness.
- Deteriorating Combined Ratio: The Property & Casualty combined ratio increased to 102.2% from 98.4% in the previous year, largely due to catastrophe impacts and unfavorable prior period developments, suggesting a need for adjustments in risk management and underwriting strategies.
- Shareholder Returns: CNA declared a quarterly cash dividend of $0.48 per share, reflecting a commitment to shareholder returns despite profitability pressures, with payment scheduled for June 4, 2026, demonstrating ongoing efforts to maintain shareholder value.
See More
Loews Corporation Reports Q1 2026 Financial Highlights
- Net Income Decline: Loews Corporation reported a net income of $337 million and earnings per share of $1.63 for Q1 2026, down from $370 million and $1.74 in Q1 2025, primarily due to CNA Financial's poor underwriting results and unfavorable prior year loss reserve developments, indicating challenges in its insurance business.
- CNA Financial Performance: CNA Financial's net income was $194 million, down from $252 million year-over-year, with core income decreasing from $281 million to $225 million, reflecting worsening underwriting results and increased prior year loss reserves, which may impact investor confidence in future profitability.
- Boardwalk Pipeline Growth: Boardwalk Pipelines saw net income rise to $159 million and EBITDA increase to $360 million year-over-year, driven by higher contracting rates and utilization-based revenues in gas transportation, showcasing its strong performance in the natural gas market and potentially providing stable cash flow for the company.
- Share Buyback Program: Loews Corporation repurchased 300,000 shares of its common stock at a total cost of $31 million during Q1 2026, demonstrating confidence in its stock while potentially enhancing earnings per share and increasing shareholder value.
See More
CNA Financial Reports Q1 Non-GAAP EPS of $0.83
- Core Income Decline: CNA Financial's Q1 core income stands at $248 million, down from $311 million year-over-year, reflecting lower underwriting results and unfavorable prior period developments, although partially offset by higher net investment income.
- Rising Combined Ratio: The property and casualty combined ratio increased to 102.2% from 98.4% in the prior year quarter, with catastrophe impacts contributing 3.6 points, slightly lower than the 3.8 points in the previous year, indicating ongoing underwriting cost pressures.
- Slow Premium Growth: The P&C segment reported a net written premium growth of 1% in the quarter, with renewal premium changes at +3% and written rates at +2%, highlighting a competitive market environment with limited growth.
- Increased Book Value: Book value per share reached $40.13, while excluding AOCI it stands at $45.12, reflecting a 1% increase from year-end 2025 after accounting for $2.48 in dividends per share paid, indicating a stable capital position despite dividend payouts.
See More
CNA Financial Declares $0.48 Quarterly Dividend with 4.0% Yield
- Quarterly Dividend Announcement: CNA Financial has declared a quarterly dividend of $0.48 per share, consistent with previous distributions, demonstrating the company's ongoing commitment to stable dividends, which bolsters investor confidence.
- Dividend Yield: The forward yield of 4.0% provides a relatively attractive return for investors, potentially drawing in those seeking stable income amidst market fluctuations.
- Payment Schedule: The dividend is payable on June 4, with a record date of May 18 and an ex-dividend date of May 19, ensuring shareholders receive their earnings promptly, which strengthens trust between the company and its investors.
- Financial Performance Context: CNA Financial reported a non-GAAP EPS of $0.83 for Q4 2025; while there is currently no growth spark, the stable dividend policy may lay the groundwork for future growth opportunities.
See More
Loews Corporation Reports Q1 2026 Financial Results
- Net Income Decline: Loews Corporation reported a net income of $337 million, or $1.63 per share, for Q1 2026, down from $370 million and $1.74 per share in Q1 2025, indicating challenges faced in its insurance and hospitality sectors.
- Revenue Growth: Despite the decline in net income, total revenue for Loews Corporation in Q1 was $4.555 billion, up from $4.494 billion in 2025, demonstrating resilience in its diversified business, particularly in insurance and energy.
- CNA Financial Performance: The CNA Financial segment reported a net income of $194 million, down from $252 million year-over-year, primarily due to investment losses, highlighting pressures on its core insurance operations.
- Shareholder Returns: As of March 31, 2026, Loews Corporation's book value per share increased to $90.90 from $90.71 on December 31, 2025, reflecting solid capital management despite weakened overall profitability.
See More
CNA Financial Reports Q1 2026 Earnings Results
- Net Income Decline: CNA Financial reported a net income of $211 million for Q1 2026, translating to $0.78 per share, a decrease from $274 million and $1.00 per share in the same quarter last year, indicating profitability pressures and market challenges faced by the company.
- Core Income Performance: The core income for the quarter was $225 million, or $0.83 per share, down from $281 million and $1.03 per share year-over-year, reflecting the impact of poor underwriting results and investment losses on the company's profitability.
- Property & Casualty Business: The Property & Casualty segment delivered a core income of $248 million, a decline of $63 million compared to the prior year, primarily due to deteriorating underwriting results and unfavorable prior period development, although higher net investment income partially offset these challenges, indicating pressure on the segment's profitability.
- Dividend Distribution: CNA declared a quarterly cash dividend of $0.48 per share, payable on June 4, 2026, to shareholders of record on May 18, 2026, demonstrating the company's commitment to shareholder returns despite declining earnings.
See More
CNA Financial Reports Q1 2026 Earnings Results
- Net Income Decline: CNA Financial reported a net income of $211 million for Q1 2026, down 23% from $274 million in the prior year quarter, indicating significant pressure on profitability due to poor underwriting results and increased investment losses.
- Core Income Drop: The core income stood at $225 million, a 20% decrease from $281 million year-over-year, primarily driven by deteriorating underwriting results in the Property & Casualty segment, despite a rise in investment income, highlighting challenges in market competitiveness.
- Deteriorating Combined Ratio: The Property & Casualty combined ratio increased to 102.2% from 98.4% in the previous year, largely due to catastrophe impacts and unfavorable prior period developments, suggesting a need for adjustments in risk management and underwriting strategies.
- Shareholder Returns: CNA declared a quarterly cash dividend of $0.48 per share, reflecting a commitment to shareholder returns despite profitability pressures, with payment scheduled for June 4, 2026, demonstrating ongoing efforts to maintain shareholder value.
See More
Loews Corporation Reports Q1 2026 Financial Highlights
- Net Income Decline: Loews Corporation reported a net income of $337 million and earnings per share of $1.63 for Q1 2026, down from $370 million and $1.74 in Q1 2025, primarily due to CNA Financial's poor underwriting results and unfavorable prior year loss reserve developments, indicating challenges in its insurance business.
- CNA Financial Performance: CNA Financial's net income was $194 million, down from $252 million year-over-year, with core income decreasing from $281 million to $225 million, reflecting worsening underwriting results and increased prior year loss reserves, which may impact investor confidence in future profitability.
- Boardwalk Pipeline Growth: Boardwalk Pipelines saw net income rise to $159 million and EBITDA increase to $360 million year-over-year, driven by higher contracting rates and utilization-based revenues in gas transportation, showcasing its strong performance in the natural gas market and potentially providing stable cash flow for the company.
- Share Buyback Program: Loews Corporation repurchased 300,000 shares of its common stock at a total cost of $31 million during Q1 2026, demonstrating confidence in its stock while potentially enhancing earnings per share and increasing shareholder value.
See More
CNA Financial Reports Q1 Non-GAAP EPS of $0.83
- Core Income Decline: CNA Financial's Q1 core income stands at $248 million, down from $311 million year-over-year, reflecting lower underwriting results and unfavorable prior period developments, although partially offset by higher net investment income.
- Rising Combined Ratio: The property and casualty combined ratio increased to 102.2% from 98.4% in the prior year quarter, with catastrophe impacts contributing 3.6 points, slightly lower than the 3.8 points in the previous year, indicating ongoing underwriting cost pressures.
- Slow Premium Growth: The P&C segment reported a net written premium growth of 1% in the quarter, with renewal premium changes at +3% and written rates at +2%, highlighting a competitive market environment with limited growth.
- Increased Book Value: Book value per share reached $40.13, while excluding AOCI it stands at $45.12, reflecting a 1% increase from year-end 2025 after accounting for $2.48 in dividends per share paid, indicating a stable capital position despite dividend payouts.
See More
