CNA Financial Corporation improves net income in Q1
CNA Financial Corporation improves net income in Q1 | Insurance Business Canada
Insurance News
CNA Financial Corporation improves net income in Q1
Both P&C and life make positive contributions
Insurance News
By
Terry Gangcuangco
CNA Financial Corporation is “off to an excellent start” this year, according to chair and chief executive Dino E. Robusto (pictured).
As indicated in the company’s earnings report for the first three months of 2024, CNA posted improvements in both its property & casualty and life & group segments. Here’s how CNA fared in the quarter:
Metric
Q1 2024
Q1 2023
Group net income (loss)
$338 million
$297 million
Core income (loss) – P&C
$372 million
$346 million
Core income (loss) – L&G
$5 million
$(3 million)
Core income (loss) – corporate & other
$(22 million)
$(18 million)
Group core income (loss)
$355 million
$325 million
Net investment income (loss)
$609 million
$525 million
CNA’s P&C operations generated $2.39 billion in net written premiums in Q1. Of this total, $792 million came from specialty, $1.34 billion from commercial, and $260 million from international.
Commenting on the numbers, Robusto stated: “We are off to an excellent start with a record first quarter core income of $355 million, which benefited from 16% growth in net investment income and continued strong top and bottom line P&C performance.
“The all-in combined ratio was 94.6% and included 3.8 points of catastrophe loss, which is in line with our five-year first quarter average, and the P&C underlying combined ratio of 91.0% represents the 13th consecutive quarter below 92%.
“Gross written premiums ex. captives grew by 8% in the quarter with strong growth in commercial of 17% as the property market remains very favorable given the correction over the last couple of years, and casualty rate increases continue to accelerate.
“Growth in specialty and international were each impacted by the protracted competitive pressures in management liability lines, and so we continue to tread lightly in those lines.”
The CEO highlighted CNA’s “disciplined execution” in the quarter while expressing his camp’s view that the remainder of the year is poised to provide “robust opportunities” for the company to grow profitably and continue to build its investment returns.
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