Cna Financial Corporation · NYSE:CNA
Cna Financial — Q2 2025 Earnings Presentation
22 slides from Cna Financial's earnings presentation, Aug 4, 2025
Slide 1: CNA Financial Corporation Second Quarter 2025 Results
CNA Financial Corporation Second Quarter 2025 Results August 4, 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: Second Quarter Overview
• Net income of $299 million versus $317 million in the prior year quarter; core income up 3% to $335 million versus $326 million in the prior year quarter. • P&C core income of $448 million versus $380 million, reflects higher net investment income and improved current accident year underwriting re
Slide 4: Financial Performance
4 (In millions, except ratios and per share data) Second Quarter Year to Date 2025 2024 Change 2025 2024 Change Revenues $3,717 $3,519 6 % $7,344 $6,963 5 % Core income 335 326 3 % 616 681 (10) % Net income 299 317 (6) % 573 655 (13) % Diluted earnings per common share: Core income $1.23 $1.19 3 % $
Slide 5: Property & Casualty Operations
5 (In millions, except ratios) Second Quarter Year to Date 2025 2024 2025 2024 GWP ex. 3rd party captives $3,353 $3,203 $6,495 $6,139 GWP change (% year over year) 5 % 6 % Net written premium $2,846 $2,674 $5,452 $5,064 NWP change (% year over year) 6 % 8 % Net earned premium $2,588 $2,389 $5,108 $4
Slide 6: Property & Casualty Operations Metrics
6 Property & Casualty Rate & Retention 2024 2025 Q1 Q2 Q3 Q4 Q1 Q2 4% 4% 3% 3% 4% 3% 6% 5% 5% 4% 6% 5% 85% 85% 85% 86% 86% 83% Retention Renewal Premium Change Rate GWP ex. 3rd party captives ($M) $2,936 $3,203 $2,825 $3,230 $3,142 $3,353 New Business ($M) $529 $595 $547 $591 $565 $645 Specialty Rat
Slide 7: Specialty
7 (In millions, except ratios) Second Quarter Year to Date 2025 2024 2025 2024 GWP ex. 3rd party captives $1,013 $984 $1,943 $1,864 GWP change (% year over year) 3 % 4 % Net written premium $892 $857 $1,734 $1,649 NWP change (% year over year) 4 % 5 % Net earned premium $862 $831 $1,692 $1,645 NEP c
Slide 8: Specialty Production Metrics
8 Specialty Rate & Retention 2024 2025 Q1 Q2 Q3 Q4 Q1 Q2 —% —% 3% 1% 2% 3% 4% 4% 88% 90% 89% 89% 89% 86% Retention Renewal Premium Change Rate GWP ex. 3rd party captives ($M) $880 $984 $982 $1,049 $930 $1,013 New Business ($M) $94 $118 $129 $121 $112 $122 FI & Mgmt Liability Rate (3)% (6)% (5)% (4)%
Slide 9: Commercial
9 (In millions, except ratios) Second Quarter Year to Date 2025 2024 2025 2024 GWP ex. 3rd party captives $1,903 $1,802 $3,742 $3,484 GWP change (% year over year) 6 % 7 % Net written premium $1,563 $1,458 $3,061 $2,796 NWP change (% year over year) 7 % 9 % Net earned premium $1,402 $1,247 $2,782 $2
Slide 10: Commercial Production Metrics
10 Commercial Rate & Retention 2024 2025 Q1 Q2 Q3 Q4 Q1 Q2 6% 7% 6% 6% 6% 5% 8% 7% 8% 7% 7% 6% 85% 84% 84% 84% 84% 81% Retention Renewal Premium Change Rate GWP ex. 3rd party captives ($M) $1,682 $1,802 $1,538 $1,794 $1,839 $1,903 New Business ($M) $367 $405 $345 $395 $370 $420 Middle Market Rate 5%
Slide 11: International
1 Excluding currency fluctuations, GWP grew 3% for the second quarter and 4% year to date. NWP grew 7% for the second quarter and year to date. 11 (In millions, except ratios) Second Quarter Year to Date 2025 2024 2025 2024 Gross written premium $437 $417 $810 $791 GWP change (% year over year)1 5 %
Slide 12: Life & Group
12 Life & Group Current quarter and year to date reflect favorable persistency partially offset by lower investment income (In millions) Second Quarter Year to Date 2025 2024 2025 2024 Net earned premiums $106 $109 $212 $219 Total claims, benefits and expenses 345 355 675 696 Net investment income 2
Slide 13: Pretax Net Investment Income
Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Total CNAF Limited Partnership & Common Stock Highlights Fixed Income Securities 4.8% 4.8% 4.8% 4.8% 4.9% Fixed Income Effective Yield (Pretax) Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 78 80 94 54 100 3.1% 3.1% 3.5% 2.0% 3.6% Limited Partnership & Common Stock
Slide 14: Investment Portfolio
6% 4% 3% 2% 2% 1% 14 Life & Group 9.8 yrs P&C and Corporate 4.5 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 25% BBB 40% Corporate & Other 53% Municipals 15% Other ABS 7% RMBS 7% AAA 1 15% Non-IG 4%
Slide 15: Capital, Leverage and Liquidity
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 16: Appendix
APPENDIX CHA
Slide 17: Reconciliation of Net Income to Core Income
Results for the Three Months Ended June 30 Results for the Six Months Ended June 30 (In millions) 2025 2024 2025 2024 Net income $299 $317 $573 $655 Less: Net investment losses (36) (9) (43) (26) Core income $335 $326 $616 $681 Core income (loss) is calculated by excluding from net income (loss) the
Slide 18: Three Months Ended June 30, 2025 Reconciliation
18 Results for the Three Months Ended June 30, 2025 (In millions) Specialty Commercial International Property & Casualty Net income $ 165 $ 199 $ 53 $ 417 Net investment losses, after tax 12 19 — 31 Core income $ 177 $ 218 $ 53 $ 448 Less: Net investment income 170 206 38 414 Non-insurance warranty
Slide 19: Three Months Ended June 30, 2024 Reconciliation
19 Results for the Three Months Ended June 30, 2024 (In millions) Specialty Commercial International Property & Casualty Net income $ 164 $ 160 $ 45 $ 369 Net investment losses (gains), after tax 5 7 (1) 11 Core income $ 169 $ 167 $ 44 $ 380 Less: Net investment income 154 175 32 361 Non-insurance w
Slide 20: Six Months Ended June 30, 2025 Reconciliation
20 Results for the Six Months Ended June 30, 2025 (In millions) Specialty Commercial International Property & Casualty Net income $ 314 $ 323 $ 91 $ 728 Net investment losses (gains), after tax 13 19 (1) 31 Core income $ 327 $ 342 $ 90 $ 759 Less: Net investment income 321 383 72 776 Non-insurance w
Slide 21: Six Months Ended June 30, 2024 Reconciliation
21 Results for the Six Months Ended June 30, 2024 (In millions) Specialty Commercial International Property & Casualty Net income $ 331 $ 304 $ 82 $ 717 Net investment losses (gains), after tax 15 21 (1) 35 Core income $ 346 $ 325 $ 81 $ 752 Less: Net investment income 304 351 63 718 Non-insurance w
Slide 22: Book Value per Share and Return on Equity Calculation
June 30, 2025 December 31, 2024 Book value per share $39.39 $38.82 Less: Per share impact of AOCI (5.86) (7.34) Book value per share excluding AOCI $45.25 $46.16 Book value per share excluding AOCI allows management and investors to analyze the amount of the Company's net worth primarily attributabl