Cna Financial Corporation · NYSE:CNA
Cna Financial — Q4 2025 Earnings Presentation
23 slides from Cna Financial's earnings presentation, Feb 9, 2026
Slide 1: CNA Financial Corporation Fourth Quarter 2025 Results
CNA Financial Corporation Fourth Quarter 2025 Results February 09, 2026
Slide 2: Notices and Disclaimers
Notices and Disclaimers 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 ev
Slide 3: Fourth Quarter Overview
Fourth Quarter Overview • Net income of $302 million versus $21 million in the prior year quarter, which included a $290 million after-tax loss from a pension settlement transaction. Core income of $317 million versus $342 million in the prior year quarter. • P&C core income of $449 million versus $
Slide 4: Full Year Overview
Full Year Overview • Record high net income of $1,278 million versus $959 million in the prior year, which included a $293 million after-tax loss from pension settlement transactions. Core income of $1,342 million, which is the best on record, versus $1,316 million in the prior year. • P&C core inco
Slide 5: Financial Performance
Financial Performance 5 (In millions, except ratios and per share data) Fourth Quarter Year to Date 2025 2024 Change 2025 2024 Change Revenues $3,828 $3,689 4 % $14,989 $14,270 5 % Core income 317 342 (7) % 1,342 1,316 2 % Net income1 302 21 N/M 1,278 959 33 % Diluted earnings per common share: Core
Slide 6: Property & Casualty Operations
Strong full year underwriting results with lower catastrophe losses and lower expense ratio Property & Casualty Operations 6 (In millions, except ratios) Fourth Quarter Year to Date 2025 2024 2025 2024 GWP ex. warranty captives $3,309 $3,272 $12,982 $12,476 GWP change (% year over year) 1 % 4 % Net
Slide 7: Property & Casualty Production Metrics
Property & Casualty Production Metrics Continued disciplined and nuanced execution across the portfolio 7 Property & Casualty Rate & Retention 2024 2025 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 4% 4% 3% 3% 4% 3% 3% 2% 6% 5% 5% 4% 6% 5% 4% 4% 85% 85% 85% 86% 86% 83% 81% 84% Retention Renewal Premium Change Rate GWP e
Slide 8: Specialty
Continued solid underlying underwriting results Specialty 8 (In millions, except ratios) Fourth Quarter Year to Date 2025 2024 2025 2024 GWP ex. warranty captives $1,074 $1,080 $4,130 $4,030 GWP change (% year over year) (1) % 2 % Net written premium $914 $934 $3,515 $3,445 NWP change (% year over y
Slide 9: Specialty Production Metrics
Specialty Production Metrics Continued stable renewal premium change and rate above 2024 levels 9 Specialty Rate & Retention 2024 2025 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 —% —% 3% 1% 2% 3% 4% 4% 4% 4% 88% 90% 89% 89% 89% 86% 86% 85%Retention Renewal Premium Change Rate GWP ex. warranty captives ($M) $942 $985 $
Slide 10: Commercial
Commercial 10 (In millions, except ratios) Fourth Quarter Year to Date 2025 2024 2025 2024 Net written premium $1,509 $1,452 $5,821 $5,469 NWP change (% year over year) 4 % 6 % Net earned premium $1,460 $1,384 $5,695 $5,158 NEP change (% year over year) 5 % 10 % Underwriting gain $109 $106 $272 $171
Slide 11: Commercial Production Metrics
Commercial Production Metrics 11 Commercial Rate & Retention 2024 2025 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 6% 7% 6% 6% 6% 5% 5% 3% 8% 7% 8% 7% 7% 6% 6% 5% 85% 84% 84% 84% 84% 81% 79% 82% Retention Renewal Premium Change Rate Gross Written Premium ($M) $1,686 $1,927 $1,547 $1,804 $1,853 $2,065 $1,569 $1,846 New
Slide 12: International
International Consistently profitable results 12 (In millions, except ratios) Fourth Quarter Year to Date 2025 2024 2025 2024 Net written premium $371 $366 $1,347 $1,262 NWP change (% year over year) 1 % 7 % Net earned premium $333 $319 $1,311 $1,256 NEP change (% year over year) 4 % 4 % Underwritin
Slide 13: Life & Group
Core loss reflects lower income from limited partnerships Life & Group 13 (In millions) Fourth Quarter Year to Date 2025 2024 2025 2024 Net earned premiums $105 $108 $423 $437 Total claims, benefits and expenses 375 366 1,415 1,429 Net investment income 227 230 914 940 Core loss before income tax (4
Slide 14: Pretax Net Investment Income
Pretax Net Investment Income Strong contributions from fixed income and limited partnerships 644 604 662 638 653 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Total CNAF Limited Partnership & Common Stock Highlights Fixed Income Securities 529 530 544 550 553 4.8% 4.8% 4.9% 4.8% 4.9% Fixed Income Effectiv
Slide 15: Investment Portfolio
Investment Portfolio 151 AAA includes obligations of the U.S. Government, U.S. Government agencies and U.S. Government-sponsored enterprises. High quality, diversified and liquid investment portfolio • 87% of total invested assets are in fixed income securities • High-quality portfolio with an avera
Slide 16: Capital
Capital • Financial strength and credit ratings were upgraded by AM Best in the fourth quarter; all other ratings have been affirmed in the past 15 months • Moody's maintains a positive outlook on ratings; AM Best outlook was revised to stable following upgrade; S&P and Fitch maintain stable outlook
Slide 17: Appendix
APPENDIX CHA
Slide 18: Reconciliation of GAAP to Non-GAAP Measures: Core Income
Results for the Three Months Ended December 31 Results for the Year Ended December 31 2025 2024 2025 2024 Net income $302 $21 $1,278 $959 Less: Net investment losses (15) (31) (64) (64) Less: Pension settlement transaction losses — (290) — (293) Core income $317 $342 $1,342 $1,316 Core income (loss)
Slide 19: Underwriting Gain Non-GAAP Definitions
19 Underwriting gain (loss) is deemed to be a non-GAAP financial measure and is calculated pretax as net earned premiums less total insurance expenses, which includes insurance claims and policyholders' benefits, amortization of deferred acquisition costs and insurance related administrative expense
Slide 20: Results for Three Months Ended December 31, 2024
20 Results for the Three Months Ended December 31, 2024 (In millions) Specialty Commercial International Property & Casualty Net income $ 165 $ 222 $ 37 $ 424 Net investment losses (gains), after tax 12 16 (1) 27 Core income $ 177 $ 238 $ 36 $ 451 Less: Net investment income 165 199 36 400 Non-insur
Slide 21: Results for Year Ended December 31, 2025
21 Results for the Year Ended December 31, 2025 (In millions) Specialty Commercial International Property & Casualty Net income $ 615 $ 788 $ 205 $ 1,608 Net investment losses, after tax 22 32 2 56 Core income $ 637 $ 820 $ 207 $ 1,664 Less: Net investment income 650 775 156 1,581 Non-insurance warr
Slide 22: Results for Year Ended December 31, 2024
22 Results for the Year Ended December 31, 2024 (In millions) Specialty Commercial International Property & Casualty Net income $ 663 $ 658 $ 153 $ 1,474 Net investment losses, after tax 31 44 — 75 Core income $ 694 $ 702 $ 153 $ 1,549 Less: Net investment income 626 733 131 1,490 Non-insurance warr
Slide 23: Book Value per Share and Return on Equity
December 31, 2025 December 31, 2024 Book value per share $42.93 $38.82 Less: Per share impact of AOCI (4.06) (7.34) Book value per share excluding AOCI $46.99 $46.16 Book value per share excluding AOCI allows management and investors to analyze the amount of the Company's net worth primarily attribu