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CNA Financial (CNA) investor relations material
CNA Financial Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Net income for Q2 2025 was $299 million, down from $317 million year-over-year; core income rose 3% to $335 million, driven by higher investment income and improved underwriting.
Property & Casualty (P&C) core income increased to $448 million, supported by higher investment income and better underwriting.
Life & Group segment returned to a core profit of $1 million, reversing a prior year loss.
Corporate & Other segment core loss widened to $114 million, including an $88 million after-tax charge for legacy mass torts.
Board declared a regular quarterly cash dividend of $0.46 per share.
Financial highlights
Total revenues grew 6% year-over-year to $3.72 billion in Q2; net investment income rose 7% to $662 million.
Book value per share excluding AOCI increased 4% from year-end 2024, adjusting for dividends.
P&C combined ratio improved to 94.1% from 94.8% year-over-year; catastrophe losses declined to $62 million.
Diluted core EPS was $1.23, up 3% year-over-year; net EPS was $1.10, down 6%.
Cash flow from operations was $562 million for the quarter, up 7% year-over-year.
Outlook and guidance
Financial strength ratings affirmed by all four agencies since August 2024; Moody's and AM Best maintain positive outlooks.
Management expects sufficient liquidity and capital resources to fund obligations in the near term.
Book value per share excluding AOCI expected to remain strong, supported by capital management and dividend policy.
Company remains well positioned with balanced growth and strong core underwriting.
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