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Dec 31, 2023
CNA Q4 2023 Earnings Report
Announced Q4 2023 net income of $1.35 per share and record core income of $1.33 per share.
Key Takeaways
CNA Financial reported a strong Q4 2023, with net income up 54% to $367 million and core income up 37% to a record $362 million. The Property & Casualty segment drove core income growth, supported by higher investment and underwriting income.
Net income increased by 54% to $367 million compared to the prior year quarter.
Core income reached a record $362 million, up 37% from the prior year quarter.
P&C core income rose to $434 million, driven by higher investment and underwriting income.
The company's combined ratio improved to 92.1%, reflecting lower catastrophe losses.
Revenue by Geographic Location
Forward Guidance
CNA Financial is optimistic about its prospects for the coming year, citing broad-based profitability and a track record of double-digit growth.
Positive Outlook
- Favorable terms and conditions from the hard market are expected to persist into 2024.
- Renewal premium change in Commercial was 9% in the quarter, and 11% excluding workers' compensation, exceeding loss cost trends.
- Underlying and all-in underwriting income achieved record levels.
- Pretax net investment income increased by 25%.
- Net and gross written premiums ex. captives each grew by 10%.
Challenges Ahead
- Corporate & Other segment produced a core loss of $76 million, reflecting a $19 million after-tax charge related to office consolidation.
- Specialty segment's underlying combined ratio increased 2.0 points due to higher acquisition and employee-related costs.
- International segment's underlying combined ratio increased 0.8 points due to higher employee-related costs.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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