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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