A month has gone by since the last earnings report for CNA Financial (CNA). Shares have added about 4.2% in that time frame, outperforming the S&P 500.
But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is CNA Financial due for a pullback? Well, first let’s take a quick look at its latest earnings report in order to get a better handle on the recent catalysts for CNA Financial Corporation before we dive into how investors and analysts have reacted as of late.
CNA Financial Q3 Earnings Beat Estimates on Solid Underwriting
CNA Financial Corporation reported third-quarter 2025 core earnings of $1.50 per share, which beat the Zacks Consensus Estimate by 20%. The bottom line increased 39% year over year.
The quarterly results of CNA reflected higher income from fixed income securities, increased renewal premium change, and higher underwriting income owing to lower catastrophe losses. It was partly offset by escalating expenses.
Total operating revenues of CNA Financial were $3.4 billion, up 6.3% year over year due to higher premiums, net investment income, and other revenues. The top line missed the Zacks Consensus Estimate by 0.05%.
Net written premiums of Property & Casualty Operations increased 3.2% year over year to $2.4 billion, driven by P&C renewal premium change of more than 4% with a written rate of over 3% and exposure change of more than 1%.
Net investment income rose 2% year over year to $638 million. The increase was driven by higher income from fixed income securities as a result of a larger invested asset base and favorable reinvestment rates. The Zacks Consensus Estimate and our estimate for net investment were both pegged at $690.5 million.
Total claims, benefits and expenses increased 1.4% to $3.3 billion, primarily due to higher insurance claims and policyholders’ benefits, amortization of deferred acquisition costs, other operating expenses and interest expense. Our estimate was also $3.4 billion.
Catastrophe losses were $41 million pretax, narrower than a loss of $143 million in the year-ago quarter. Underwriting income surged nearly threefold year over year to $194 million, driven by low catastrophe losses. Our estimate was $83.5 million.
The P&C combined ratio improved 440 basis points (bps) year over year to 92.8. Our estimate was 97.2.
Specialty’s net written premiums increased 1% year over year to $867 million. Our estimate was $909.8 million. The combined ratio deteriorated 30 bps to 93.3. The Zacks Consensus Estimate was pegged at 94.
Commercial’s net written premiums increased 2% year over year to $1.2 billion. Our estimate was $1.4 billion. The combined ratio improved 750 bps to 92.7. The Zacks Consensus Estimate was pegged at 99.
International’s net written premiums increased 15% year over year to $319 million. Our estimate was $329.2 million. The combined ratio improved 430 bps to 91.8. The Zacks Consensus Estimate was pegged at 98.
Life & Group’s net earned premiums were $106 million, down 3.6% year over year. Our estimate was $106.2 million. The core loss was $22 million, wider than a loss of $9 million incurred in the year-ago quarter, primarily due to lower net investment income from limited partnerships.
Corporate & Other’s core loss of $25 million was narrower than the loss of $44 million incurred in the year-earlier quarter. Our estimate was $42 million.