CNA Announces Third Quarter 2024 Results

CNA FINANCIAL ANNOUNCES THIRD QUARTER 2024 NET INCOME OF $1.04 PER SHARE AND CORE INCOME OF $1.08 PER SHARE

Read the press release here.

• Net income up 10% to $283 million versus $258 million in the prior year quarter; core income of $293 million versus $289 million in the prior year quarter. Year to date core income up 6% to a record $974 million.

• P&C core income of $346 million versus $351 million, reflects the largely offsetting impacts of higher catastrophe losses and higher investment income.

• Life & Group core loss of $9 million versus $29 million in the prior year quarter, reflects higher investment income.

• Net investment income up 13% to $626 million pretax, includes a $52 million increase from limited partnerships and common stock to $80 million and a $21 million increase from fixed income securities and other investments to $546 million.

• P&C combined ratio of 97.2%, compared with 94.3% in the prior year quarter, including 5.8 points of catastrophe loss impact compared with 4.1 points in the prior year quarter. P&C underlying combined ratio was 91.6% compared with 90.4% in the prior year quarter. P&C underlying loss ratio was 61.1% and the expense ratio was 30.2%.

• Preannounced catastrophe losses of $143 million pretax, includes $55 million for Hurricane Helene, versus $94 million in the prior year quarter.

• P&C segments, excluding third party captives, generated gross written premium growth of 9% and net written premium growth of 8% for the third quarter of 2024.

• P&C renewal premium change of +5%, consistent with the prior quarter, with written rate of +3%. Commercial renewal premium change of +8% and Specialty renewal premium change of +2%, each up 1 point from the prior quarter. International renewal premium change of +1%, down 1 point from the prior quarter.

• Book value per share of $39.72; book value per share excluding AOCI of $46.50, a 7% increase from year-end 2023 adjusting for $3.32 of dividends per share paid.

• Board of Directors declares regular quarterly cash dividend of $0.44 per share.

Chicago, November 4, 2024 --- CNA Financial Corporation (NYSE: CNA) today announced third quarter 2024 net income of $283 million, or $1.04 per share, versus $258 million, or $0.95 per share, in the prior year quarter. Net investment losses for the quarter were $7 million compared to $31 million in the prior year quarter. Core income for the quarter was $293 million, or $1.08 per share, versus $289 million, or $1.06 per share, in the prior year quarter.

Our Property & Casualty segments produced core income of $346 million for the third quarter of 2024, a decrease of $5 million compared to the prior year quarter driven by the largely offsetting impacts of higher catastrophe losses and higher investment income. P&C segments, excluding third party captives, generated gross written premium growth of 9% and net written premium growth of 8%, driven by new business growth of 15%, retention of 85% and renewal premium change of +5%.

Our Life & Group segment produced a core loss of $9 million for the third quarter of 2024, versus core loss of $29 million in the prior year quarter. Our Corporate & Other segment produced a core loss of $44 million for the third quarter of 2024, versus $33 million in the prior year quarter.

CNA Financial declared a quarterly dividend of $0.44 per share payable December 5, 2024 to stockholders of record on November 18, 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.