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CNA Financial Corporation Fourth Quarter 2025 Results February 09, 2026 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 events. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and generally ...

CNA Financial (CNA) came out with quarterly earnings of $1.16 per share, missing the Zacks Consensus Estimate of $1.2 per share. This compares to earnings of $1.25 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -3.33%. A quarter ago, it was expected that this insurance holding company would post earnings of $1.25 per share when it actually produced earnings of $1.5, delivering a surprise of +20%.Over the last four quarters, t ...

Financial Performance - Q4 2025 net income was $302 million, or $1.11 per share, compared to $21 million, or $0.07 per share, in the prior year quarter[7]. - Full year 2025 net income reached $1,278 million, or $4.69 per share, versus $959 million, or $3.52 per share, in the prior year[10]. - Core income for Q4 2025 was $317 million, or $1.16 per share, down from $342 million, or $1.25 per share, in the prior year quarter[7]. - Core income for the year ended December 31, 2025, was $1,664 million, compared to $1,549 million in 2024, reflecting a growth of about 7.4%[53]. - Core income per diluted share for 2025 was $4.93, up from $4.83 in 2024, indicating a year-over-year increase of 2.1%[48]. - The company's return on equity for Q4 2025 was 10.5%, a substantial increase from 0.8% in Q4 2024[58]. Property & Casualty Segment - Property & Casualty (P&C) segments generated core income of $449 million in Q4 2025, a slight decrease from $451 million in the prior year quarter[8]. - P&C segments achieved net written premium growth of 2% in Q4 2025, with a renewal premium change of +4% and a written rate of +2%[8]. - Full year 2025 P&C core income was $1,664 million, an increase of $115 million compared to the prior year, driven by improved underwriting results[11]. - The P&C combined ratio for Q4 2025 was 93.8%, compared to 93.1% in the prior year quarter, with an underlying combined ratio of 92.3%[15]. - The fourth quarter underlying combined ratio increased by 2.2 points compared to the prior year quarter[22]. - The fourth quarter combined ratio increased by 5.2 points, with unfavorable net prior period development raising the loss ratio by 3.0 points[22]. - Catastrophe losses for the fourth quarter were $35 million, contributing 2.4 points to the loss ratio, compared to $33 million and 2.3 points in the prior year quarter[24]. - The full year underlying combined ratio improved by 0.1 points, marking the lowest full year on record[24]. - The full year combined ratio improved by 2.8 points, also the lowest full year on record, with catastrophe losses totaling $23 million[27]. Investment and Equity - Net investment income for the fourth quarter increased by $9 million to $653 million, driven by higher income from fixed income securities[32]. - Stockholders' equity reached $11.6 billion, an 11% increase from year-end 2024, primarily due to net income and improved net unrealized investment losses[33]. - The expense ratio for the fourth quarter improved by 0.6 points, attributed to a favorable acquisition ratio and net earned premium growth of 5%[24]. - The company reported net investment losses of $64 million for the year ended December 31, 2025, consistent with the losses reported in 2024[46]. Dividends and Ratings - CNA Financial declared a quarterly cash dividend of $0.48 per share, a 4% increase, along with a special dividend of $2.00 per share[12]. - AM Best upgraded CNA's financial strength rating to A+ with a stable outlook, reflecting strong operating performance and risk management[17]. Future Outlook - The total statutory capital and surplus is currently under preliminary assessment, reflecting the company's financial health[43]. - The investment portfolio is actively monitored, with management focusing on unrealized gains and losses, indicating a proactive approach to risk management[43]. - Forward-looking statements indicate that the company anticipates future events with inherent risks and uncertainties, emphasizing the need for careful monitoring of market conditions[60].

Core Insights - Loews Corporation reported a significant increase in net income for the fourth quarter of 2025, reaching $402 million or $1.94 per share, compared to $187 million or $0.86 per share in the same quarter of 2024, largely due to the absence of a pension settlement charge that impacted the previous year's results [2][5][8]. Consolidated Financial Highlights - For the fourth quarter of 2025, consolidated revenues totaled $4.734 billion, an increase from $4.546 billion in the fourth quarter of 2024 [19]. - The company’s net income attributable to Loews Corporation for the year ended December 31, 2025, was $1.667 billion, or $7.97 per share, compared to $1.414 billion, or $6.41 per share, in 2024 [8][19]. - Book value per share increased to $90.71 as of December 31, 2025, from $79.49 as of December 31, 2024 [4][19]. Segment Performance - CNA Financial's net income attributable to Loews Corporation was $276 million in Q4 2025, a significant increase from $19 million in Q4 2024, excluding the prior year's pension charge [4][5]. - Boardwalk Pipelines reported a decrease in net income to $110 million in Q4 2025 from $145 million in Q4 2024, primarily due to the non-recurrence of a $36 million income tax benefit recorded in the previous year [4][19]. - Loews Hotels & Co experienced a decline in net income to $6 million in Q4 2025 from $27 million in Q4 2024, mainly due to a $20 million asset impairment charge related to hotel renovations [4][19]. Share Repurchase Activity - In 2025, Loews Corporation repurchased a total of 8.9 million shares of its common stock for $782 million, with 1.0 million shares repurchased in Q4 2025 for $98 million [1][17]. Cash and Debt Position - As of December 31, 2025, Loews Corporation held $3.9 billion in cash and investments against $1.8 billion in debt, indicating a strong liquidity position [4].

INVESTOR PRESENTATION February 2026 2025 Q4 Legal Disclaimers 1. See Appendix – "Boardwalk EBITDA" for a reconciliation of net income attributable to Loews to EBITDA, a non-GAAP measure. 2. See page titled "Loews Hotels & Co – Portfolio" for additional information about hotels owned and operated by Loews Hotels & Co. Forward Looking Statements and Risk Factors. The information presented herein is generally available from public sources, including our and our subsidiaries' earnings releases and SEC filings. ...

The market expects CNA Financial (CNA) to deliver a year-over-year decline in earnings on higher revenues when it reports results for the quarter ended December 2025. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.The earnings report, which is expected to be released on February 9, might help the stock move higher if these key numbers are be ...

CHICAGO, Jan. 20, 2026 /PRNewswire/ -- CNA Financial Corporation (NYSE: CNA) will report fourth quarter 2025 results before the market opens on Monday, February 9, 2026. The news release, earnings presentation and financial supplement will be available on CNA's website at www.cna.com via the Investor Relations section. Along with these documents CNA will post a transcript of earnings remarks, which will include commentary from the Company's Chairman and Chief Executive Officer, Douglas M. Worman, and Chief ...

Core Insights - CNA Financial Corporation's shares closed at $47.91, close to its 52-week high of $51.34, indicating strong investor confidence and potential for further price appreciation [2] - The stock is trading above its 50-day and 200-day simple moving averages, suggesting solid upward momentum [2] Market Performance - CNA Financial has a market capitalization of $12.96 billion, with an average trading volume of 0.4 million shares over the last three months [3] - Shares have gained 3.1% in the past six months, outperforming the industry's growth of 2.3% [9] Valuation Metrics - CNA Financial shares are trading at a forward price-to-book value of 1.15X, lower than the industry average of 1.52X, the Finance sector's 4.33X, and the S&P 500 Composite's 8.57X [4] - The company has a Value Score of A, indicating attractive valuation compared to peers [4] Growth Projections - The Zacks Consensus Estimate for CNA Financial's 2025 earnings per share indicates a year-over-year increase of 0.6%, with revenues projected at $13.53 billion, reflecting a 6.2% year-over-year improvement [10] - For 2026, revenues are expected to increase by 2% from the 2025 estimates [10] Analyst Sentiment - Analysts have adjusted their estimates, with the consensus for 2025 earnings moving up by 5.8% and for 2026 by 0.4% over the past 60 days [11] Financial Strength - CNA Financial's trailing 12-month return on equity (ROE) is 12.7%, surpassing the industry average of 8% [14] - The company maintains a solid balance sheet with statutory capital of $11.5 billion, supporting stable investment performance [8][18] Dividend Policy - CNA Financial has a strong dividend history, with a 10-year compound annual growth rate (CAGR) of 6.3% and a current dividend yield of 3.8%, significantly higher than the industry average of 0.2% [19] - The company has been committed to returning value to shareholders through regular and special dividends [19] Strategic Factors - Continued premium growth is expected due to solid retention, favorable renewal premium changes, and new business across various segments [15][20] - The company's fixed-income investment strategy is designed to support investment results amid a favorable rate environment [15]

Core Viewpoint - AM Best has upgraded the Financial Strength Rating (FSR) and Long-Term Issuer Credit Ratings (Long-Term ICRs) for CNA Financial Corporation's property/casualty subsidiaries, reflecting strong balance sheet strength and operating performance [1] Group 1: Ratings Upgrade - The FSR has been upgraded to A+ (Superior) from A (Excellent) for CNA Insurance Companies and Western Surety Group, with Long-Term ICRs upgraded to "aa-" (Superior) from "a+" (Excellent) [1] - The outlook for these ratings has been revised to stable from positive [1] Group 2: Financial Strength and Performance - CNA's ratings reflect very strong balance sheet strength, strong operating performance, and a favorable business profile, supported by its commercial casualty underwriting and investment metrics [1] - The ratings acknowledge the historical financial support from Loews Corporation, which holds a 92% stake in CNA [1] Group 3: Risk Management and Profitability - CNA has demonstrated consistently positive operating performance over the last five years, with significant profitability from commercial insurance operations due to effective underwriting and expense management [1] - The ratings also consider CNA's enterprise risk management (ERM) structure and the support from its parent company [1] Group 4: Western Surety Group Ratings - Western Surety Group's ratings reflect its strongest balance sheet strength and strong operating performance, with a favorable loss reserve position and modest underwriting leverage [1] - WSG maintains a strong market position in the surety bond markets, consistently reporting profitable performance [1] Group 5: Long-Term Issue Credit Ratings - Long-Term IRs for CNA Financial Corporation have been upgraded to "a-" (Excellent) from "bbb+" (Good) for multiple senior unsecured notes totaling $500 million each, with various due dates from 2027 to 2035 [1] - The outlooks for these Long-Term IRs have been revised to stable from positive [1]