CNA Financial Corporation (NYSE:CNA) reported fourth-quarter core income of $317 million, or $1.16 per diluted share, missing analysts’ expectations of $1.19 per share. Revenue totaled $2.79 billion, also below the consensus forecast of $2.88 billion.
Shares of the insurer slipped 0.11% in after-hours trading following the release.
Compared with the same period a year earlier, when core income reached $342 million, or $1.25 per share, the latest quarterly result reflected weaker underlying underwriting performance. Higher net investment income provided a partial offset.
CNA’s Property & Casualty combined ratio worsened to 93.8% from 93.1% in the prior-year quarter, while the underlying combined ratio increased to 92.3% from 91.4%.
“In the fourth quarter we produced excellent results with $317 million of core income, capping off a best on record core income of $1,342 million for the full year, which is the third consecutive year of record results,” said Douglas M. Worman, Chairman and Chief Executive Officer of CNA Financial Corporation.
For the full year 2025, CNA posted record net income of $1.278 billion, or $4.69 per share, up from $959 million, or $3.52 per share, in 2024. Core income also reached a new high at $1.342 billion, or $4.93 per share, compared with $1.316 billion, or $4.83 per share, the year before.
Across its Property & Casualty operations, net written premiums rose 2% in the fourth quarter and increased 5% for the full year.
Net investment income climbed to $653 million in the fourth quarter from $644 million a year earlier, driven by stronger returns from fixed-income securities as a result of a larger invested asset base and more favorable reinvestment rates.
The company also announced a 4% increase in its quarterly dividend to $0.48 per share, alongside a special dividend of $2.00 per share. Both will be payable on March 12, 2026, to shareholders on record as of February 23, 2026.
“Looking forward, we enter the new year with momentum and confidence in our disciplined underwriting strategies and marketplace execution backed by our superior financial strength,” Worman added.