Chicago, 6 May 2024 - CNA Financial announces first quarter 2024 net income of $1.24 per share and core income of $1.30 per share.
- Net income up 14% to $338 million versus $297 million in the prior year quarter; core income up 9% to $355 million, reflecting the best first quarter core income on record, versus $325 million in the prior year quarter.
- P&C core income of $372 million versus $346 million, reflects higher investment income and favorable net prior year development, partially offset by higher catastrophe losses.
- Net investment income up 16% to $609 million pretax, includes a $44 million increase from fixed income securities and other investments to $541 million and a $40 million increase from limited partnerships and common stock to $68 million.
- P&C combined ratio of 94.6%, compared with 93.9% in the prior year quarter, including 3.8 points of catastrophe loss impact compared with 2.4 points in the prior year quarter. P&C underlying combined ratio was 91.0% compared with 90.8% in the prior year quarter. P&C underlying loss ratio was 60.5% and the expense ratio was 30.1%.
- P&C segments, excluding third party captives, generated gross written premium growth of 8% and net written premium growth of 6% for the first quarter of 2024. P&C renewal premium change of +6%, with written rate of +4% and exposure change of +2%.
- Book value per share of $35.62; book value per share excluding AOCI of $45.10, a 2% increase from year-end 2023 adjusting for $2.44 of dividends per share.
- Board of Directors declares regular quarterly cash dividend of $0.44 per share.
CNA Financial Corporation (NYSE: CNA) today announced first quarter 2024 net income of $338 million, or $1.24 per share, versus $297 million, or $1.09 per share, in the prior year quarter. Net investment losses for the quarter were $17 million compared to $28 million in the prior year quarter. Core income for the quarter was $355 million, or $1.30 per share, versus $325 million, or $1.19 per share, in the prior year quarter.
Our Property & Casualty segments produced core income of $372 million for the first quarter of 2024, an increase of $26 million compared to the prior year quarter driven by higher investment income and favorable net prior period development, partially offset by higher catastrophe losses. P&C segments, excluding third party captives, generated gross written premium growth of 8% and net written premium growth of 6%, driven by retention of 85%, renewal premium change of +6% and new business growth of 5%.
Our Life & Group segment produced core income of $5 million for the first quarter of 2024 versus core loss of $3 million in the prior year quarter, driven by higher net investment income.
Our Corporate & Other segment produced a core loss of $22 million for the first quarter of 2024, versus $18 million in the prior year quarter, which reflects a $5 million after-tax charge related to office consolidation in the current quarter.
CNA Financial declared a quarterly dividend of $0.44 per share payable June 6, 2024 to stockholders of record on May 20, 2024.
About the Company
CNA is one of the largest U.S. commercial property and casualty insurance companies. Backed by more than 125 years of experience, CNA provides a broad range of standard and specialized insurance products and services for businesses and professionals in the U.S., Canada and Europe. For more information, please visit CNA at www.cna.com
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