CNA posts 54% profit increase in Q4
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CNA Financial Corp. on Monday reported a net income of $367 million for fourth-quarter 2023, a 54% increase compared with the year-ago quarter.
Property/casualty net written premium totaled $2.18 billion, a 6% increase over last year’s third quarter, largely driven by renewal premium change.
CNA Chairman and CEO Dino Robusto said during a conference call with analysts that overall 2023 results represent the third consecutive year of double-digit growth for the insurer. Net income was up 77% to a record $1.21 billion for all of 2023, versus $682 million in 2022.
“Our P&C operations continue to produce strong results with record levels of underwriting and underlying underwriting gains,” he said. “The market is experiencing varying cycle dynamics like loss of business, and we have navigated that environment very well and expect to continue to leverage profitable growth opportunities in 2024.”
“We would expect pricing increases to stay higher for longer, as well as continued robust property pricing in 2024,” Mr. Robusto said.
The insurer’s property/casualty combined ratio was 92.1%, compared with 93.7% in the prior-year quarter, including one point of catastrophe loss impact compared with 3.6 points in the prior-year quarter.
The insurer’s net investment income rose 31% to $553 million, reflecting increases from limited partnerships, common stock, fixed securities and other investments, the insurer said in its results statement.
