CNA Financial Reports Record Core Income in Q3, CEO to Take on Board Chair Role
CNA Financial Corporation has announced a stellar third-quarter performance for 2025, marked by record core income and significant improvements across key segments. The impressive results underscore the company’s strategic focus on disciplined underwriting, prudent risk management, and investments in technology and talent. Alongside the financial success, CNA also revealed that current President and CEO Douglas Worman will assume the additional role of Chairman of the Board, effective January 1, 2026.
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Strong Financial Performance Driven by P&C Segment
CNA Financial reported a net income of $403 million, or $1.48 per share, a substantial increase from $283 million, or $1.04 per share, in the same quarter of the previous year. The company’s core income reached a record high of $409 million, compared to $293 million in Q3 2024. Net investment losses were minimal at $6 million, a slight improvement from the $7 million loss recorded in the corresponding period last year. This overall financial strength highlights CNA’s ability to navigate market challenges and capitalize on emerging opportunities.
The Property & Casualty (P&C) segments were a significant driver of the company’s success, generating a core income of $456 million for the quarter, a remarkable $110 million increase year-over-year. This improvement was largely attributed to lower catastrophe losses, stronger underwriting results, and higher net investment income. Excluding third-party captives, P&C gross written premiums grew by 2%, while net written premiums rose 3%, reflecting a 4% renewal premium increase. This demonstrates the effectiveness of CNA’s underwriting strategies and its ability to retain and grow its customer base.
While the P&C segment thrived, other segments experienced mixed results. The Life & Group segment reported a core loss of $22 million, compared to a $9 million loss a year ago. However, the Corporate & Other segment showed improvement, posting a reduced core loss of $25 million, down from $44 million. These varying performances highlight the diverse nature of CNA’s operations and the importance of managing each segment effectively.
Underwriting Discipline and Strategic Investments Fuel Growth
CNA achieved its highest-ever quarterly and year-to-date core income, surpassing $1 billion for the first time. This milestone reflects the company’s commitment to underwriting discipline and its ability to generate sustainable profitability. Underwriting income nearly tripled to $194 million from the prior-year quarter, supported by low catastrophe losses. The underlying underwriting gain reached $235 million, marking the tenth consecutive quarter above $200 million. This consistent performance underscores CNA’s strong underwriting capabilities and its ability to manage risk effectively.
The P&C all-in combined ratio improved to 92.8%, with catastrophe losses contributing 1.5 points, while the underlying combined ratio fell to 91.3%. The expense ratio declined to 29.1%, its lowest since 2008. These metrics demonstrate CNA’s efficiency in managing its operations and controlling costs, contributing to its overall profitability. A lower combined ratio indicates that the company is paying out less in claims and expenses relative to the premiums it is collecting, while a lower expense ratio reflects improved operational efficiency.
Beyond financial performance, CNA is strategically investing in talent and technology to drive future growth. This includes leveraging artificial intelligence to enhance its operations and expanding its Cardinal E&S platform to capture opportunities in the excess and surplus lines segment. These investments demonstrate CNA’s commitment to innovation and its ability to adapt to changing market conditions. For example, AI could be used to improve claims processing, detect fraud, and personalize customer service, while the expansion of the Cardinal E&S platform allows CNA to access a wider range of specialized insurance markets.
Leadership Transition and Future Outlook
In addition to the strong financial results, CNA announced a significant leadership transition. Douglas Worman, the current President and CEO, will assume the additional role of Chairman of the Board, effective January 1, 2026. This appointment reflects Worman’s proven leadership and his ability to guide the company towards continued success. He will succeed Dino Robusto, the current Executive Chairman, whose term will end at the end of the year.
CNA’s Q3 performance reflects strong underwriting discipline, prudent risk management, and solid investment results, positioning it for a strong close to 2025. The company also declared a quarterly dividend of $0.46 per share, payable on December 4, to shareholders of record as of November 17. This dividend payment demonstrates CNA’s commitment to returning value to its shareholders and its confidence in its future financial performance.
Conclusion
CNA Financial’s record core income in Q3 2025 is a testament to its strategic focus on underwriting discipline, risk management, and investments in technology and talent. The strong performance of the P&C segment, coupled with the company’s commitment to innovation and shareholder value, positions CNA for continued success in the insurance market. The upcoming leadership transition, with Douglas Worman assuming the role of Chairman of the Board, further reinforces the company’s stability and its commitment to long-term growth.
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