CNA sees improved earnings in second quarter

CNA sees improved earnings in second quarter | Insurance Business America

Insurance News

CNA sees improved earnings in second quarter

Chief executive expresses optimism about the rest of the year

Insurance News

By
Terry Gangcuangco

Insurance group CNA Financial Corporation has published its financial results for the second quarter of 2024.

Here’s how the company fared in the three and six months ended June 30:

Metric

Q2 2024

Q2 2023

H1 2024

H1 2023

Net income

$317 million

$283 million

$655 million

$580 million

Core income

$326 million

$308 million

$681 million

$633 million

P&C core income

$380 million

$374 million

$752 million

$720 million

Life & group core income (loss)

$(1 million)

$(20 million)

$4 million

$(23 million)

Corporate & other core income (loss)

$(53 million)

$(46 million)

$(75 million)

$(64 million)

Net investment income

$618 million

$575 million

$1.23 billion

$1.10 billion

Commenting on the numbers, chair and chief executive Dino E. Robusto (pictured) said: “We produced outstanding results in the quarter with an $18 million increase in core income to $326 million, leading to record core income in the first half of 2024. Net investment income was up 7% as yields in our fixed income portfolio increased again this quarter and our alternatives portfolio generated strong returns.

“Despite the elevated industry catastrophe losses, the all-in combined ratio for overall P&C was 94.8%, inclusive of pretax catastrophe losses of $82 million or 3.5 points which was consistent with our recent five-year average.

“The P&C underlying combined ratio was 91.6%, which generated the fifth consecutive quarter of underlying underwriting gain of $200 million or more with all three business segments (specialty, commercial, and international) contributing meaningfully to the bottom line.”

Meanwhile, the company declared a quarterly dividend of $0.44 per share payable on August 29.

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