CNA FINANCIAL CORP
For the period ended Dec 31, 2025. Filed Feb 10, 2026.
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FY2025 · Filed Feb 10, 2026
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Consolidated Operations
Results of Operations
The following table includes the consolidated results of our operations including our financial measure, core income (loss). For more detailed components of our business operations and a discussion of the core income (loss) financial measure, see the Segment Results section within this MD&A. For further discussion of Net investment income and Net investment gains or losses, see the Investments section of this MD&A.
| (In millions) | 2025 | 2024 |
|---|---|---|
| Operating Revenues | ||
| Net earned premiums | $10,900 | $10,211 |
| Net investment income | 2,557 | 2,497 |
| Non-insurance warranty revenue | 1,577 | 1,609 |
| Other revenues | 36 | 34 |
| Total operating revenues | 15,070 | 14,351 |
| Claims, Benefits and Expenses | ||
| Net incurred claims and benefits (re-measurement loss of $104 and $125) | 8,258 | 7,704 |
| Policyholders' dividends | 36 | 34 |
| Amortization of deferred acquisition costs | 1,898 | 1,798 |
| Non-insurance warranty expense | 1,526 | 1,547 |
| Insurance related administrative expenses | 1,349 | 1,275 |
| Interest expense | 135 | 133 |
| Other expenses | 167 | 197 |
| Total claims, benefits and expenses | 13,369 | 12,688 |
| Income tax expense on core income | (359) | (347) |
| Core income | 1,342 | 1,316 |
| Net investment losses | (81) | (81) |
| Income tax benefit on net investment losses | 17 | 17 |
| Net investment losses, after tax | (64) | (64) |
| Pension settlement transaction losses | — | (371) |
| Income tax benefit on pension settlement transaction losses | — | 78 |
| Pension settlement transaction losses, after tax | — | (293) |
| Net income | $1,278 | $959 |
Net income was $1,278 million for 2025 as compared with $959 million for 2024, which included a $293 million after-tax loss from pension settlement transactions. Pension settlement transactions are further discussed in Note J to the Consolidated Financial Statements included under Item 8. Core income increased $26 million in 2025 as compared with 2024. Core income for our Property & Casualty Operations increased $115 million driven by improved current accident year underwriting results and higher net investment income partially offset by unfavorable net prior period development. Core loss for our Life & Group segment increased $21 million, while core loss for our Corporate & Other segment increased $68 million.
Catastrophe losses were $240 million and $358 million for 2025 and 2024. Catastrophe losses for 2025 and 2024 were driven by severe weather related events, including $64 million for the California wildfires in 2025 and $71 million for Hurricane Helene and $33 million for Hurricane Milton in 2024. Unfavorable net prior year loss reserve development of $185 million and $48 million was recorded in 2025 and 2024 related to our Specialty, Commercial, International and Corporate & Other segments. Further information on net prior year loss reserve development is in Note E to the Consolidated Financial Statements included under Item 8.
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