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Jun 30, 2024
CNA Q2 2024 Earnings Report
CNA Financial reported second quarter net income and core income, with net income up 12% and core income up 6% compared to the prior year quarter.
Key Takeaways
CNA Financial Corporation announced strong second quarter results with net income of $317 million and core income of $326 million. The P&C segment saw increased core income driven by higher investment income, offsetting higher catastrophe losses. Gross written premiums ex. captives was up 7%, including continued strong growth in Commercial of 12%.
Net income increased by 12% to $317 million compared to the prior year quarter.
Core income rose by 6% to $326 million compared to the prior year quarter.
Net investment income increased by 7% to $618 million pretax.
P&C combined ratio was 94.8%, including 3.5 points of catastrophe loss impact.
CNA
CNA
CNA Revenue by Segment
CNA Revenue by Geographic Location
Revenue by Segment
Property & Casualty Revenue
CapyFin.comNet Investment Income Revenue
CapyFin.comRevenue by Geographic Location
International Revenue
CapyFin.com Forward Guidance
CNA Financial remains optimistic about the latter half of the year, citing strong execution and a continued favorable fixed income investment environment.
Positive Outlook
- Continued strong growth in Commercial, with gross written premiums up 12%.
- Net investment income was up 7% as yields in fixed income portfolio increased.
- Alternatives portfolio generated strong returns.
- Overall rate change remained stable at 4%, but improved one point to 7% in Commercial.
- New business grew 7% to a record high.
Challenges Ahead
- Elevated industry catastrophe losses.
- Increase in the underlying combined ratio.
- Underlying loss ratio increased due to rate pressure.
- Expense ratio increased due to higher acquisition costs.
- Core loss increased in Corporate & Other segment due to office consolidation and unfavorable prior year development.
Revenue & Expenses
Visualization of income flow from segment revenue to net income