CNA Q3 2024 Earnings Report
Key Takeaways
CNA Financial announced strong Q3 2024 results, with net income increasing by 10% to $283 million and core income rising to $293 million. The P&C segment faced challenges from higher catastrophe losses, while the Life & Group segment improved due to higher investment income. Net investment income increased by 13% to $626 million.
Net income increased by 10% to $283 million, with earnings per share (EPS) at $1.04.
Core income rose to $293 million, or $1.08 per share.
Net investment income increased by 13% to $626 million.
The P&C combined ratio was 97.2%, including 5.8 points of catastrophe loss impact.
CNA
CNA
CNA Revenue by Segment
CNA Revenue by Geographic Location
Forward Guidance
CNA anticipates favorable market conditions will persist in many classes of business and expects strong renewal pricing in lines impacted by social inflation to continue exceeding loss cost trends.
Positive Outlook
- Core income increasing to $293 million
- Core income after nine months is a record high of $974 million
- Net investment income was up 13%
- Underlying combined ratio was 91.6%, the fifteenth consecutive quarter below 92%
- New business grew 15%, also the highest of the year with strong contributions from Commercial and International
Challenges Ahead
- P&C combined ratio was 97.2%, inclusive of pretax catastrophe losses of $143 million or 5.8 points
- Underlying loss ratio increased 1.1 points as compared with the prior year quarter due to increases in our Commercial and Specialty segments
- The assumption updates in the third quarter of 2024 unfavorably impacted core loss by $5 million after-tax
- The underlying combined ratio increased 5.7 points as compared with the prior year quarter.
- The underlying loss ratio increased 1.5 points primarily driven by continued pricing pressure in management liability lines over the last several quarters.
Revenue & Expenses
Visualization of income flow from segment revenue to net income