CNA Financial Corporation shares Q4, full-year results
CNA Financial Corporation shares Q4, full-year results | Insurance Business Canada
Insurance News
CNA Financial Corporation shares Q4, full-year results
Net income up across both periods
Insurance News
By
Terry Gangcuangco
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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