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Mar 31, 2024
CNA Q1 2024 Earnings Report
CNA Financial reported a record first quarter core income, driven by growth in net investment income and strong P&C performance.
Key Takeaways
CNA Financial Corporation 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. Core income for the quarter was $355 million, or $1.30 per share. The P&C segments produced core income of $372 million.
Net income increased by 14% to $338 million compared to $297 million in the prior year quarter.
Core income rose by 9% to $355 million, marking the best first quarter core income on record.
Net investment income grew by 16% to $609 million pretax.
P&C combined ratio was 94.6%, with an underlying combined ratio of 91.0%.
CNA
CNA
Forward Guidance
CNA anticipates robust opportunities for profitable growth and continued investment return improvements throughout the remainder of 2024.
Positive Outlook
- Strong top and bottom line P&C performance
- Property market remains very favorable
- Casualty rate increases continue to accelerate
- Retention remained strong at 85%
- Renewal premium change was up a point to 6%
Challenges Ahead
- Catastrophe losses were $88 million, or 3.8 points of the loss ratio
- Growth in Specialty and International were each impacted by the protracted competitive pressures in management liability lines
- Underlying combined ratio increased 0.2 points as compared with the prior year quarter
- Underlying loss ratio increased 0.7 points as compared with the prior year quarter
- The expense ratio increased 1.4 points driven by higher employee related costs partially offset by net earned premium growth of 9%.