CNA Financial Corporation Reports Decline in First-Quarter Earnings for 2025
CNA Financial Corporation reported a decline in its first-quarter earnings for 2025, citing higher catastrophe-related losses and reserve development. Despite this, the insurer recorded continued premium growth and stable underwriting performance across its core segments.
Net income for the quarter was US$274 million, or US$1.00 per share, compared to US$338 million, or US$1.24 per share, in the same period last year. Core income dropped to US$281 million, or US$1.03 per share, from US$355 million, or US$1.30 per share, year over year.
The company’s Property & Casualty (P&C) operations posted core income of US$311 million, down US$61 million from the prior-year period. CNA attributed the change to lower underwriting results, partially offset by an increase in net investment income. The P&C combined ratio was 98.4%, including 3.8 points of catastrophe losses, mainly related to wildfires in California.
P&C premium growth remained steady, with gross written premiums excluding captives rising 7%, and net written premiums increasing 9%. New business was up 7% to US$565 million, supported by an average rate increase of 4% and a renewal premium change of 6%. Retention held at 86%. Rate increases were more pronounced in social inflation-affected segments, with excess casualty up three points to 14%, and specialty up two points to 3%.
CNA’s CEO Douglas M. Worman said the insurer maintained its underlying underwriting profitability despite elevated industry-wide catastrophe losses. “Each of our operating segments produced growth and stable results this quarter,” he noted.
The company’s book value per share excluding accumulated other comprehensive income (AOCI) rose 2% from year-end 2024 to US$44.58, adjusting for US$2.46 in dividends per share. CNA’s total stockholders’ equity stood at US$10.3 billion as of March 31, a 2% decline primarily attributed to dividend distributions.
CNA declared a quarterly dividend of US$0.46 per share, payable on June 5, 2025, to shareholders of record as of May 19, 2025.
