CNA sees improved results in second quarter

CEO expresses optimism about remainder of the year

CNA sees improved results in second quarter

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.”

Robusto, who will become executive chairman next year when Doug Worman takes over as president and CEO, added that his camp remains optimistic about the second half of 2024.

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

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