CNA Financial reports Q2 core EPS $1.23 vs. $1.19 last year

Book value per share excluding AOCI was $45.25. “Core income was $335 million in the quarter, up $9 million over last year. Our underwriting gain was $150 million, up 21%, and our underlying underwriting gain of $213 million represents the ninth consecutive quarter of $200 million or more. Net investment income was up 7% with strong contributions from both the fixed income and alternative portfolios. Cash flow from operations remained strong at $562 million and $1.2 billion for the first half of 2025, up 7% over the prior year. The P&C all-in combined ratio was 94.1% in the quarter and included $62 million or 2.4 points of catastrophe losses, which is well below our five year average for the quarter. The underlying combined ratio was 91.7% and the expense ratio improved to 29.8%, and was below 30% for the first time since 2008. Gross written premiums excluding captives grew 5% in the quarter and net written premiums grew 6%. New business grew by 8% to $645 million in the quarter. In the U.S., rate was stable and we continue to achieve double-digit rate increases in our commercial casualty classes of business which are impacted by social inflation. After ten consecutive quarters of rate decline, rates turned positive in financial institutions and management liability this quarter. We are proud of our results through the first half of 2025 as growth is balanced and core underwriting remains strong. We are well positioned and confident in our abilities to execute on the many opportunities to grow profitably for the remainder of the year,” said Douglas Worman, president and CEO of CNA Financial (CNA).