CNA Q4 Underwriting Results Drop 6.2%

Fourth quarter 2025 net income at CNA Financial shot up to $302 million compared with $21 million the prior year quarter.

Results, CNA, said, included a $290 million benefit from a pension settlement transaction.

The underwriting gain for CNA’s property/casualty operations was $167 million for Q4 2025 compared with $178 million for Q4 2024. The combined ratio increased 0.7 points to 93.8. Catastrophe losses were $40 million in the fourth quarter versus $45 million during the same time the year prior.

While CNA maintained Q4 results in the commercial segment (with an underwriting gain of $109 million versus $106 million and near flat combined ratio of 92.5), the company’s specialty operations posted an underwriting gain of $9 million, down from $54 million for Q4 2024. The combined ratio increased to 99 from 93.8 the prior year.

CNA said unfavorable prior year reserve development increased the loss ratio in specialty 3 points during the fourth quarter, compared with no net development the prior year quarter.

Net income for the full year 2025 was about $1.28 billion—a record—compared with $959 million for 2024. For the full year P/C underwriting income was $551 million versus $496 million. The combined ratio at year end was stable at 94.7. It was 94.9 for 2024.