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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.
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Q2 2025 earnings summary4 Aug, 2025

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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Frequently asked questions

CNA Financial Corporation provides commercial property and casualty insurance products primarily in the United States. Their performance and investment management segment develops analytics and provides advisory, asset management, and technology services. They also offer large public sector customers with a wide range of health-care related services under contracts with various government agencies, including Medicare Advantage plans. CNA Financial Corporation is a subsidiary of Loews Corporation.

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