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Mar 31, 2025
CNA Q1 2025 Earnings Report
CNA reported solid Q1 2025 results with strong premium growth and resilient underwriting despite catastrophe losses.
Key Takeaways
CNA Financial delivered $274M in net income and $281M in core income in Q1 2025. The company posted its eighth consecutive quarter with over $200M in underlying underwriting gains, while growing premiums and managing through elevated catastrophe losses.
Forward Guidance
CNA expects continued profitable growth in premiums and strong underwriting fundamentals, while remaining vigilant amid persistent catastrophe risks and social inflation trends.
Positive Outlook
- Eighth consecutive quarter with ≥$200M underlying underwriting gain
- Premiums grew 9% YoY excluding captives
- Strong retention and renewal pricing discipline
- Improved investment income from fixed income securities
Challenges Ahead
- Elevated catastrophe activity including California wildfires
- Unfavorable prior-period development in commercial auto and legacy mass tort claims
- Combined ratio deterioration due to higher loss trends in some lines
- Continued pressure in management liability pricing
Historical Earnings Impact
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Avg. Return Before/After Earnings
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