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Jun 30, 2025
CNA Q2 2025 Earnings Report
CNA reported strong second quarter 2025 results with solid core income and improved underwriting performance.
Key Takeaways
CNA delivered solid Q2 2025 results driven by strong Property & Casualty core income, improved combined ratios, and continued premium growth. Investment income also rose significantly year over year.
Core income reached $335 million, up from $326 million last year
P&C segments delivered $448 million in core income, driven by higher investment income and underwriting improvement
Combined ratio improved to 94.1%, with underlying combined ratio at 91.7%
Book value per share excluding AOCI increased 4% from year-end 2024
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
CNA remains confident in profitable growth for the remainder of 2025, citing strong underwriting, stable rates, and improved loss ratios.
Positive Outlook
- Continued strong underwriting performance with nine consecutive quarters of $200M+ underlying underwriting gain
- Improved expense ratio, falling below 30% for the first time since 2008
- Double-digit rate increases in commercial casualty classes
- Stabilization and rate increases in financial institutions and management liability
- Strong cash flow from operations: $562M for Q2 and $1.2B YTD
Challenges Ahead
- Corporate & Other segment reported a $114M core loss, up significantly due to legacy mass tort charges
- Book value excluding AOCI decreased slightly from year-end
- Catastrophe losses, while lower YoY, still impacted results by $62M
- Underlying loss ratio slightly increased across all segments
Historical Earnings Impact
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Avg. Return Before/After Earnings
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