CNA Financial (NYSE:CNA) delivered a record-breaking performance for 2025, as the commercial insurer’s disciplined underwriting and robust investment gains paved the way for a massive capital return to investors.
The insurer reported a record core income of $1.34 billion for the full year, capping off what Chief Executive Officer Douglas Worman described as an "excellent" period of operational execution.
Net income for the fourth quarter stood at $302 million, or $1.11 per share, while full-year net income surged to $1.28 billion, up from $959 million in 2024.
The strong results were driven by a 5% increase in net written premiums and a highly efficient underlying combined ratio of 91.8%, reflecting the company's ability to maintain profitability despite a shifting pricing environment.
In a significant move to return excess capital, CNA’s board declared a special dividend of $2 per share, alongside a 4% increase in its regular quarterly dividend to $0.48.
Both payouts are scheduled for March 12, 2026.
This aggressive dividend policy highlights the company's fortress balance sheet, with book value per share rising to $42.93, or $46.99 when excluding accumulated other comprehensive income (AOCI).