CNA Financial Corporation (NYSE: CNA) has released its first quarter 2025 financial results, revealing a net income of $274 million, or $1.00 per share, compared to $338 million, or $1.24 per share, in the prior year quarter. The core income for the quarter was $281 million, or $1.03 per share, compared to $355 million, or $1.30 per share, in the prior year quarter. This reflects a decrease in net income and core income compared to the prior year quarter.
The property & casualty (P&C) core income for the first quarter of 2025 was $311 million, a decrease of $61 million compared to the prior year quarter, primarily due to lower underwriting results partially offset by higher net investment income. The P&C segments had generated gross written premium growth of 7% and net written premium growth of 9%. Excluding currency fluctuations, gross written premiums grew 8% and net written premiums grew 10%.
The life & group segment produced core income of $6 million for the first quarter of 2025, compared to $5 million in the prior year quarter. Meanwhile, the corporate & other segment produced a core loss of $36 million for the first quarter of 2025, versus $22 million in the prior year quarter, primarily due to a $17 million after-tax charge related to unfavorable prior period development associated with legacy mass tort claims.
The book value per share was reported as $37.98 as of March 31, 2025, a decrease from $38.82 as of December 31, 2024. Excluding accumulated other comprehensive income (AOCI), the book value per share was $44.58, marking a 2% increase from year-end 2024 after adjusting for $2.46 of dividends per share paid.
For the property & casualty operations, the underwriting gain decreased from $126 million in the first quarter of 2024 to $40 million in the first quarter of 2025. Net investment income for the segment also saw a slight increase from $357 million to $362 million. However, the combined ratio increased from 94.6% in the prior year quarter to 98.4% in the first quarter of 2025.
The specialty segment's underwriting gain decreased from $76 million in the first quarter of 2024 to $42 million in the first quarter of 2025. The combined ratio also rose from 90.7% to 95.1% during the same period.
In the commercial segment, there was an underwriting loss of $17 million in the first quarter of 2025, compared to an underwriting gain of $29 million in the first quarter of 2024. The combined ratio increased from 97.6% to 101.1%.
In the international segment, the underwriting gain decreased from $21 million in the first quarter of 2024 to $15 million in the first quarter of 2025. The combined ratio increased from 93.3% to 95.4%.
The net investment income decreased from $609 million in the first quarter of 2024 to $604 million in the first quarter of 2025, reflecting the largely offsetting impacts of lower common stock returns and higher income from fixed income securities.
The market has reacted to these announcements by moving the company's shares -0.4% to a price of $48.16. Check out the company's full 8-K submission here.
