CNA Financial Corporation (NYSE: CNA) has reported its financial results for the fourth quarter and full year of 2025. The company announced a net income of $302 million, or $1.11 per share, for the fourth quarter, a significant increase from the $21 million, or $0.07 per share, reported in the prior year quarter. Core income for the quarter was $317 million, or $1.16 per share, compared to $342 million, or $1.25 per share, in the prior year quarter.
For the full year 2025, CNA Financial reported a net income of $1,278 million, or $4.69 per share, compared to $959 million, or $3.52 per share, in the prior year. Core income for the full year was $1,342 million, or $4.93 per share, compared to $1,316 million, or $4.83 per share, in the prior year.
The property and casualty (P&C) segments recorded core income of $449 million for the fourth quarter of 2025, a decrease of $2 million compared to the prior year quarter, reflecting lower underlying underwriting results largely offset by higher net investment income. The P&C segments also generated net written premium growth of 2% in the quarter.
For the full year 2025, the P&C segments recorded core income of $1,664 million, an increase of $115 million compared to the prior year, attributed to improved current accident year underwriting results and higher net investment income partially offset by unfavorable net prior period development in the current year compared to favorable net prior period development in the prior year. The P&C segments also reported net written premium growth of 5% for the full year.
CNA Financial also declared a quarterly cash dividend of $0.48 per share and a special dividend of $2.00 per share, payable on March 12, 2026, to stockholders of record on February 23, 2026.
In the fourth quarter, the P&C combined ratio was 93.8%, compared with 93.1% in the prior year quarter. For the full year, the P&C combined ratio was 94.7%, compared with 94.9% in the prior year.
The company's stockholders' equity saw an increase, with a book value per share of $42.93 as of December 31, 2025, compared to $38.82 as of December 31, 2024. The book value per share excluding accumulated other comprehensive income (AOCI) was $46.99, marking a 10% increase from year-end 2024 after adjusting for dividends paid.
Douglas M. Worman, Chairman & Chief Executive Officer of CNA Financial, expressed satisfaction with the fourth quarter results, highlighting the company's record core income for the full year, continued excellent underlying underwriting and investment results, and strong operating performance.
Looking ahead, the company aims to maintain its disciplined underwriting strategies and marketplace execution, backed by its superior financial strength.
In addition, CNA Financial received an A+ financial strength rating with a stable outlook from AM Best, reflecting the company's consistently strong operating performance, sophisticated risk management, and the strength of its balance sheet.
The financial results indicate CNA Financial's strong performance and its strategic initiatives to drive growth and shareholder value. Today the company's shares have moved -0.09% to a price of $46.38. If you want to know more, read the company's complete 8-K report here.
