CNA Financial Corporation shares Q4, full-year results

CNA Financial Corporation shares Q4, full-year results | Insurance Business Canada

Insurance News

CNA Financial Corporation shares Q4, full-year results

Net income up across both periods

Insurance News

By
Terry Gangcuangco

CNA Financial Corporation has published its earnings report for 2023.

Here’s how the insurer fared in the fourth quarter and full 12 months of the past year:

Metric

Q4 2023

Q4 2022

FY 2023

FY 2022

Property & casualty core income

US$434 million

US$342 million

US$1.5 billion

US$1.2 billion

Life & group core income / (loss)

US$4 million

US$(25 million)

US$(48 million)

US$(221 million)

Core income

US$362 million

US$265 million

US$1.3 billion

US$836 million

Net income

US$367 million

US$239 million

US$1.2 billion

US$682 million

“We ended the year strong, with core income up 37% to a record high of US$362 million in the fourth quarter capping off a record level for the year of US$1,284 million, a 54% increase driven by a 25% increase in pretax net investment income and record levels of underlying and all-in underwriting income,” Dino E. Robusto, CNA chair and chief executive, said in a release.

The CEO also noted: “In the quarter, renewal premium change was 5% in the aggregate across all operating segments and geographies. In commercial, renewal premium change was 9% in the quarter, consistent with the prior quarter, and excluding workers’ compensation, renewal premium change was 11% continuing to exceed our loss cost trends which remained stable in the quarter.

“We remain optimistic about our opportunities for this year given our broad-based profitability across our three operating segments and track record of double-digit growth levels in the last several years.”

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