Q1 Net Income at CNA Financial Down 19%

CNA Financial Corporation reported first quarter net income of $274 million, down 19% from the same period a year ago.

CNA’s property/casualty operations booked net income of $311 million, with underwriting income of $40 million for Q1 2025, compared to net income of $372 million and underwriting income of $126 million for Q1 2024.

The Q1 P/C combined ratio was 98.4 compared to 94.6 a year ago, reflecting higher catastrophe losses—$97 million during the first three months ($53 million in losses from the California wildfires) versus $88 million the prior year—as well as unfavorable prior-year reserve development that added 2.5 points to the Q1 loss ratio.

However, President and CEO Douglas M. Worman said in a statement, “Each of our operating segments produced solid growth and strong underlying profitability this quarter.”

Net written premiums in P/C operations were up 9% to $2.6 billion in Q1. The underlying combined ratio remained fairly steady at 92.1, up 1.1 points compared to Q1 2024.

The commercial segment of P/C operations was the only one of three segments (specialty and international, the others), to record a Q1 underwriting loss—$17 million compared to a gain of $29 million the prior year. The combined ratio here increased 3.5 points to 101.1 on unfavorable reserves developments in commercial auto. The commercial segment also led in NWP growth of 12% in Q1 to nearly $1.5 billion.

Topics
Profit Loss