CNA FINANCIAL ANNOUNCES SECOND QUARTER 2024 NET INCOME OF $1.17 PER SHARE AND CORE INCOME OF $1.19 PER SHARE
- Net income up 12% to $317 million versus $283 million in the prior year quarter; core income up 6% to $326 million versus $308 million in the prior year quarter. Core income for the first half of the year up 8% to a record $681 million.
- P&C core income of $380 million versus $374 million, reflects higher investment income partially offset by higher catastrophe losses.
- Net investment income up 7% to $618 million pretax, includes a $33 million increase from fixed income securities and other investments to $540 million and a $10 million increase from limited partnerships and common stock to $78 million.
- P&C combined ratio of 94.8%, compared with 93.8% in the prior year quarter, including 3.5 points of catastrophe loss impact compared with 3.1 points in the prior year quarter. P&C underlying combined ratio was 91.6% compared with 91.1% in the prior year quarter. P&C underlying loss ratio was 60.6% and the expense ratio was 30.7%.
- P&C segments, excluding third party captives, generated gross written premium growth of 7% and net written premium growth of 6% for the second quarter of 2024. P&C renewal premium change of +5% with written rate of +4%, consistent with the last two quarters.
- Book value per share of $36.46; book value per share excluding AOCI of $45.86, a 5% increase from year-end 2023 adjusting for $2.88 of dividends per share.
- Board of Directors declares regular quarterly cash dividend of $0.44 per share.
CHICAGO, July 29, 2024 -- CNA Financial Corporation (NYSE: CNA) today announced second quarter 2024 net income of $317 million, or $1.17 per share, versus $283 million, or $1.04 per share, in the prior year quarter.
Net investment losses for the quarter were $9 million compared to $25 million in the prior year quarter. Core income for the quarter was $326 million, or $1.19 per share, versus $308 million, or $1.13 per share, in the prior year quarter. Our Property & Casualty segments produced core income of $380 million for the second quarter of 2024, an increase of $6 million compared to the prior year quarter driven by higher investment income partially offset by higher catastrophe losses. P&C segments, excluding third party captives, generated gross written premium growth of 7% and net written premium growth of 6%, driven by retention of 85% and renewal premium change of +5%.
Our Life & Group segment produced core loss of $1 million for the second quarter of 2024, versus core loss of $20 million in the prior year quarter.
Our Corporate & Other segment produced a core loss of $53 million for the second quarter of 2024, versus $46 million in the prior year quarter.
CNA Financial declared a quarterly dividend of $0.44 per share payable August 29, 2024 to stockholders of record on August 12, 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.
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