CNA Financial reports Q1 2025 results, marking decrease in net and core income
<p data-sourcepos="3:1-3:230">CNA Financial Corporation (NYSE:CNA) today announced its financial results for the first quarter of 2025, reporting a decrease in both net income and core income compared to the prior year quarter.
<p data-sourcepos="5:1-5:276">For the first quarter of 2025, CNA reported net income of $274 million, or $1 per share, down from $338 million, or $1.24 per share, in the same period of 2024.
<p data-sourcepos="5:1-5:276">Net investment losses for the quarter improved to $7 million, compared to $17 million in the prior year quarter.
<p data-sourcepos="7:1-7:150">Core income for the quarter stood at $281 million, or $1.03 per share, a decrease from $355 million, or $1.30 per share, in the first quarter of 2024.
<p data-sourcepos="9:1-9:241">Net investment income before taxes totaled $604 million. This reflects a $14 million decrease from limited partnerships and common stock, which was partially offset by a $9 million increase from fixed income securities and other investments.
<p data-sourcepos="11:1-11:205">Catastrophe losses before taxes were $97 million for the quarter, including $53 million attributed to the California wildfires. This compares to $88 million in catastrophe losses in the prior year quarter.
<p data-sourcepos="13:1-13:487">The company's Property & Casualty segments generated core income of $311 million for the first quarter of 2025, a $61 million decrease from the prior year quarter.
<p data-sourcepos="13:1-13:487">This was primarily driven by lower underwriting results, although partially offset by higher net investment income.
<p data-sourcepos="13:1-13:487">Excluding third-party captives, the P&C segments saw gross written premium growth of 7% and net written premium growth of 9%, supported by a retention rate of 86% and a renewal premium change of +6%.
<p data-sourcepos="15:1-15:155">The Life & Group segment reported core income of $6 million for the first quarter of 2025, a slight increase from $5 million in the prior year quarter.
<p data-sourcepos="17:1-17:303">The Corporate & Other segment posted a core loss of $36 million for the first quarter of 2025, wider than the $22 million loss in the prior year quarter.
<p data-sourcepos="17:1-17:303">This was primarily due to a $17 million after-tax charge related to unfavorable prior period development associated with legacy mass tort claims.
<p data-sourcepos="19:1-19:140">CNA Financial also announced a quarterly dividend of $0.46 per share, payable on June 5, 2025, to stockholders of record as of May 19, 2025.
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