PRESS RELEASES

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PRESS RELEASES

Explore the latest announcements, updates and more from CNA.

Feb 10, 2025
CNA Announces Fourth Quarter 2024 Results

CNA FINANCIAL ANNOUNCES Q4 2024 NET INCOME OF $0.07 PER SHARE AND CORE INCOME OF $1.25 PER SHARE FULL YEAR 2024 NET INCOME OF $3.52 PER SHARE AND RECORD CORE INCOME OF $4.83 PER SHARE REGULAR QUARTERLY DIVIDEND INCREASED 5% TO $0.46 PER SHARE SPECIAL DIVIDEND OF $2.00 PER SHARE

 

Read the press release here.

 

Fourth Quarter

 

  • Net income of $21 million, includes $290 million after-tax loss from the previously announced pension settlement transaction, versus $367 million in the prior year quarter; core income of $342 million versus $362 million in the prior year quarter.

  • P&C core income of $451 million versus $434 million, reflects higher investment income and higher underlying underwriting income partially offset by higher catastrophe losses.
    Life & Group core loss of $18 million versus core income of $4 million in the prior year quarter.

  • Corporate & Other core loss of $91 million versus $76 million in the prior year quarter.

  • Net investment income up 5% to $644 million pretax, includes a $17 million increase from fixed income securities and other investments to $550 million and a $16 million increase from limited partnerships and common stock to $94 million

  • P&C combined ratio of 93.1%, compared with 92.1% in the prior year quarter, including 1.8 points of catastrophe loss impact compared with 1.0 point in the prior year quarter. P&C underlying combined ratio was 91.4%, consistent with the prior year quarter. P&C underlying loss ratio was 61.1% and the expense ratio was 30.0%.

  • P&C segments, excluding third party captives, generated gross written premium growth of 9% and net written premium growth of 10% in the quarter. P&C renewal premium change of +4%, with written rate of +3% and exposure change of +1%.

 

Full Year

 

  • Net income of $959 million, includes $293 million after-tax loss from pension settlement transactions, versus $1,205 million in the prior year; record core income of $1,316 million, versus $1,284 million in the prior year.

  • P&C core income of $1,549 million versus $1,505 million, reflects higher investment income and record high underlying underwriting income partially offset by higher catastrophe losses.

  • Life & Group core loss of $23 million versus core loss of $48 million in the prior year.

  • Corporate & Other core loss of $210 million versus core loss of $173 million in the prior year.

  • Net investment income up 10% to $2,497 million pretax, includes a $118 million increase from limited partnerships and common stock to $320 million and a $115 million increase from fixed income securities and other investments to $2,177 million.

  • P&C combined ratio of 94.9%, compared with 93.5% in the prior year, including 3.6 points of catastrophe loss impact compared with 2.6 points in the prior year. P&C underlying combined ratio was 91.5% compared with 90.9% in the prior year. P&C underlying loss ratio was 60.9% and the expense ratio was 30.2%.

  • P&C segments, excluding third party captives, generated gross written premium growth of 8% and net written premium growth of 8%. P&C renewal premium change of +5%, with written rate of +4% and exposure change of 1%.

 

Stockholders' Equity:

 

  • Book value per share of $38.82; book value per share excluding AOCI of $46.16, an 8% increase from year-end 2023 adjusting for $3.76 of dividends per share paid.

  • Increased quarterly cash dividend 5% to $0.46 per share; special dividend of $2.00 per share.

 

CHICAGO, Feb. 10, 2025 /PRNewswire/ -- CNA Financial Corporation (NYSE: CNA) today announced fourth quarter 2024 net income of $21 million, or $0.07 per share, versus $367 million, or $1.35 per share, in the prior year quarter. Net income for the current quarter includes a $290 million after-tax loss from the previously announced pension settlement transaction. Net investment losses for the quarter were $31 million compared to net investment gains of $5 million in the prior year quarter. Core income for the quarter was $342 million, or $1.25 per share, versus $362 million, or $1.33 per share, in the prior year quarter.

 

Our Property & Casualty segments produced core income of $451 million for the fourth quarter of 2024, an increase of $17 million compared to the prior year quarter resulting from higher investment income and higher underlying underwriting income partially offset by higher catastrophe losses and an unfavorable impact from changes in foreign currency exchange rates. P&C segments, excluding third party captives, generated gross written premium growth of 9% and net written premium growth of 10%, due to new business growth of 8%, retention of 86% and renewal premium change of +4%.

 

Our Life & Group segment produced a core loss of $18 million for the fourth quarter of 2024 versus core income of $4 million in the prior year quarter. Our Corporate & Other segment produced a core loss of $91 million for the fourth quarter of 2024 versus $76 million in the prior year quarter.

 

Net income for the full year 2024 was $959 million, or $3.52 per share, versus $1,205 million, or $4.43 per share, in the prior year. Net income for the current year includes a $293 million after-tax loss from pension settlement transactions. Net investment losses for the full year were $64 million compared to $79 million in the prior year. Core income for the full year 2024 was $1,316 million, or $4.83 per share, versus $1,284 million, or $4.71 per share, in the prior year.

 

Our Property & Casualty segments produced core income of $1,549 million for the full year 2024, an increase of $44 million compared to the prior year primarily attributed to higher investment income and higher underlying underwriting income partially offset by higher catastrophe losses. P&C segments, excluding third party captives, generated gross written premium and net written premium growth of 8%, due to new business growth of 9% and written rate of +4%.

 

Our Life & Group segment produced a core loss of $23 million for the full year 2024 versus $48 million in the prior year. Our Corporate & Other segment produced a core loss of $210 million for the full year 2024 versus $173 million in the prior year.

 

CNA Financial declared a quarterly cash dividend of $0.46 per share and a special dividend of $2.00 per share, payable March 13, 2025 to stockholders of record on February 24, 2025.

 

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.