Cna Financial Corporation · NYSE:CNA
Cna Financial — Q3 2025 Earnings Presentation
26 slides from Cna Financial's earnings presentation, Nov 3, 2025
Slide 1: CNA Financial Corporation Third Quarter 2025 Results
CNA Financial Corporation Third Quarter 2025 Results November 3, 2025
Slide 2: Forward Looking Statements
Forward Looking Statements The statements made in the course of this presentation and/or contained in the presentation materials may include statements that relate to anticipated future events (forward-looking statements) rather than actual present conditions or historical events. These statements a
Slide 3: Third Quarter Overview
• Net income of $403 million versus $283 million in the prior year quarter; core income up 40% to a record $409 million versus $293 million in the prior year quarter. Year to date core income up 5% to a record $1,025 million. • P&C core income of $456 million versus $346 million, reflects lower cata
Slide 4: Financial Performance
4 (In millions, except ratios and per share data) Third Quarter Year to Date 2025 2024 Change 2025 2024 Change Revenues $3,817 $3,618 6 % $11,161 $10,581 5 % Core income 409 293 40 % 1,025 974 5 % Net income 403 283 42 % 976 938 4 % Diluted earnings per common share: Core income $1.50 $1.08 39 % $3.
Slide 5: Property & Casualty Operations
5 (In millions, except ratios) Third Quarter Year to Date 2025 2024 2025 2024 GWP ex. 3rd party captives $2,890 $2,825 $9,385 $8,964 GWP change (% year over year) 2 % 5 % Net written premium $2,437 $2,360 $7,889 $7,424 NWP change (% year over year) 3 % 6 % Net earned premium $2,678 $2,484 $7,786 $7,
Slide 6: Property & Casualty Operations Metrics
6 Property & Casualty Rate & Retention 2024 2025 Q1 Q2 Q3 Q4 Q1 Q2 Q3 4% 4% 3% 3% 4% 3% 3% 6% 5% 5% 4% 6% 5% 4% 85% 85% 85% 86% 86% 83% 81% Retention Renewal Premium Change Rate GWP ex. 3rd party captives ($M) $2,936 $3,203 $2,825 $3,230 $3,142 $3,353 $2,890 New Business ($M) $529 $595 $547 $591 $56
Slide 7: Specialty
7 (In millions, except ratios) Third Quarter Year to Date 2025 2024 2025 2024 GWP ex. 3rd party captives $1,009 $982 $2,952 $2,846 GWP change (% year over year) 3 % 4 % Net written premium $867 $862 $2,601 $2,511 NWP change (% year over year) 1 % 4 % Net earned premium $881 $848 $2,573 $2,493 NEP ch
Slide 8: Specialty Production Metrics
8 Specialty Rate & Retention 2024 2025 Q1 Q2 Q3 Q4 Q1 Q2 Q3 —% —% 3% 1% 2% 3% 4% 4% 4% 88% 90% 89% 89% 89% 86% 86% Retention Renewal Premium Change Rate GWP ex. 3rd party captives ($M) $880 $984 $982 $1,049 $930 $1,013 $1,009 New Business ($M) $94 $118 $129 $121 $112 $122 $131 FI & Mgmt Liability Ra
Slide 9: Commercial
9 (In millions, except ratios) Third Quarter Year to Date 2025 2024 2025 2024 GWP ex. 3rd party captives $1,559 $1,538 $5,301 $5,022 GWP change (% year over year) 1 % 6 % Net written premium $1,251 $1,221 $4,312 $4,017 NWP change (% year over year) 2 % 7 % Net earned premium $1,453 $1,325 $4,235 $3,
Slide 10: Commercial Production Metrics
10 Commercial Rate & Retention 2024 2025 Q1 Q2 Q3 Q4 Q1 Q2 Q3 6% 7% 6% 6% 6% 5% 5% 8% 7% 8% 7% 7% 6% 6% 85% 84% 84% 84% 84% 81% 79% Retention Renewal Premium Change Rate GWP ex. 3rd party captives ($M) $1,682 $1,802 $1,538 $1,794 $1,839 $1,903 $1,559 New Business ($M) $367 $405 $345 $395 $370 $420 $
Slide 11: International
1 Excluding currency fluctuations, GWP grew 3% for the third quarter and 3% year to date. NWP grew 12% for the third quarter and 9% year to date. 11 (In millions, except ratios) Third Quarter Year to Date 2025 2024 2025 2024 Gross written premium $322 $305 $1,132 $1,096 GWP change (% year over year)
Slide 12: Life & Group
12 Life & Group Core loss reflects lower income from limited partnership investments (In millions) Third Quarter Year to Date 2025 2024 2025 2024 Net earned premiums $106 $110 $318 $329 Total claims, benefits and expenses 365 367 1,040 1,063 Net investment income 226 240 687 710 Core loss before inc
Slide 13: 2025 L&G Reserve Review
2025 L&G Reserve Review Neutral impact to GAAP reserves following assumption updates for the 3rd straight year (In millions) Change to GAAP Liability for Future Policy Benefits (LFPB) from Changes in Underlying Cash Flow Assumptions 2025 Economic Assumptions ▪ Additional near-term cost of care infla
Slide 14: LTC Progress Focused on Active Management
LTC Progress Focused on Active Management Proactive approach to managing block across all dimensions of the business 14 Material progress made recently • 31 rate increase approvals in 2025 with an average rate increase amount of 28% • Approximately 1,200 buyouts in 2025 with $51M of cash paid • Incr
Slide 15: Individual LTC Block Characteristics
Individual LTC Block Characteristics More mature, richer benefit ILTC reserves have reached inflection point 15 Commentary Block Characteristics • De-risking of the more mature ILTC block with richer policy benefits is well underway ◦ We believe the ILTC reserve balance is at peak levels and declini
Slide 16: Group LTC Block Characteristics
Total Inforce GLTC Policies 2 Group LTC Block Characteristics Less rich benefits and peak reserves significantly below ILTC peak reserves 16 Commentary Block Characteristics • We believe the projected GAAP GLTC reserves will peak in the mid-2030’s at substantially lower levels than peak ILTC reserve
Slide 17: Pretax Net Investment Income
Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Total CNAF Limited Partnership & Common Stock Highlights Fixed Income Securities 4.8% 4.8% 4.8% 4.9% 4.8% Fixed Income Effective Yield (Pretax) Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 80 94 54 100 71 3.1% 3.5% 2.0% 3.6% 2.5% Limited Partnership & Common Stock
Slide 18: Investment Portfolio
6% 5% 3% 2% 2% 1% 18 Life & Group 9.8 yrs P&C and Corporate 4.6 yrs Total 6.3 yrs 1 AAA includes obligations of the U.S. Government, U.S. Government agencies and U.S. Government-sponsored enterprises. AA 16% A 26% BBB 38% Corporate & Other 50% Municipals 17% Other ABS 7% RMBS 7% AAA 1 16% Non-IG 4%
Slide 19: Capital
Capital • Financial strength ratings from all four rating agencies have been affirmed since August 2024 • Moody’s and AM Best maintain positive outlooks; S&P and Fitch maintain stable outlooks • Statutory surplus remains very strong • Adjusting for dividends, book value per share ex. AOCI increased
Slide 20: Appendix
APPENDIX CHA
Slide 21: Reconciliation of Net Income to Core Income
Results for the Three Months Ended September 30 Results for the Nine Months Ended September 30 (In millions) 2025 2024 2025 2024 Net income $403 $283 $976 $938 Less: Net investment losses (6) (7) (49) (33) Less: Pension settlement transaction losses — (3) — (3) Core income $409 $293 $1,025 $974 Core
Slide 22: Results for the Three Months Ended September 30, 2025
22 Results for the Three Months Ended September 30, 2025 (In millions) Specialty Commercial International Property & Casualty Net income $ 173 $ 229 $ 44 $ 446 Net investment losses, after tax 3 4 3 10 Core income $ 176 $ 233 $ 47 $ 456 Less: Net investment income 162 192 42 396 Non-insurance warran
Slide 23: Results for the Three Months Ended September 30, 2024
23 Results for the Three Months Ended September 30, 2024 (In millions) Specialty Commercial International Property & Casualty Net income $ 167 $ 132 $ 34 $ 333 Net investment losses, after tax 4 7 2 13 Core income $ 171 $ 139 $ 36 $ 346 Less: Net investment income 157 183 32 372 Non-insurance warran
Slide 24: Results for the Nine Months Ended September 30, 2025
24 Results for the Nine Months Ended September 30, 2025 (In millions) Specialty Commercial International Property & Casualty Net income $ 487 $ 552 $ 135 $ 1,174 Net investment losses, after tax 16 23 2 41 Core income $ 503 $ 575 $ 137 $ 1,215 Less: Net investment income 483 575 114 1,172 Non-insura
Slide 25: Results for the Nine Months Ended September 30, 2024
25 Results for the Nine Months Ended September 30, 2024 (In millions) Specialty Commercial International Property & Casualty Net income $ 498 $ 436 $ 116 $ 1,050 Net investment losses, after tax 19 28 1 48 Core income $ 517 $ 464 $ 117 $ 1,098 Less: Net investment income 461 534 95 1,090 Non-insuran
Slide 26: Book Value per Share and Return on Equity
September 30, 2025 December 31, 2024 Book value per share $41.83 $38.82 Less: Per share impact of AOCI (4.47) (7.34) Book value per share excluding AOCI $46.30 $46.16 Book value per share excluding AOCI allows management and investors to analyze the amount of the Company's net worth primarily attrib