CNA sees improved results in second quarter
CNA sees improved results in second quarter | Insurance Business Canada
Insurance News
CNA sees improved results in second quarter
CEO expresses optimism about remainder 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
US$317 million
US$283 million
US$655 million
US$580 million
Core income
US$326 million
US$308 million
US$681 million
US$633 million
P&C core income
US$380 million
US$374 million
US$752 million
US$720 million
Life & group core income (loss)
US$(1 million)
US$(20 million)
US$4 million
US$(23 million)
Corporate & other core income (loss)
US$(53 million)
US$(46 million)
US$(75 million)
US$(64 million)
Net investment income
US$618 million
US$575 million
US$1.23 billion
US$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 US$18 million increase in core income to US$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.
“Despit the elevated industry catastrophe losses, the all-in combined ratio for overall P&C was 94.8%, inclusive of pretax catastrophe losses of US$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 US$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 US$0.44 per share payable on August 29.
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