Chicago-domiciled insurer, CNA Financial Corporation has reported a net income of $283 million for the third quarter of 2024 compared to the $258 million seen in the comparative prior year quarter.<\/p>\n
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The insurer also reported its P&C segment saw its core income increase to $346 million in the quarter, compared to the $351 million in Q3 2023, a decrease that reflects the largely offsetting impacts of higher catastrophe losses and higher investment income.<\/p>\n
P&C combined ratio also increased in Q3 2024, to 97.2%, compared with 94.3% in the prior year quarter. This, the CNA noted, included 5.8 points of catastrophe loss impact compared with 4.1 points in Q3 2023.<\/p>\n
In comparison to the previous year’s quarter, which incurred $94 million in losses, the pretax preannounced catastrophe losses were $143 million, which include $55 million specifically attributed to Hurricane Helene.<\/p>\n
Favourable net prior period development improved the loss ratio by 0.2 points in the current and prior year quarter, CNA noted.<\/p>\n
The P&C segments, excluding third party captives, generated gross written premium growth of 9% and net written premium growth of 8% for the third quarter of 2024.<\/p>\n
In comparison to the prior year’s quarter, where losses amounted to $29 million, Life & Group’s core loss of $9 million is attributable to an increase in investment income.<\/p>\n
Also in Q3 2024, net investment income was 13% up, to $626 million pretax, including a $52 million increase from limited partnerships and common stock to $80 million and a $21 million increase from fixed income securities and other investments to $546 million.<\/p>\n
Dino E. Robusto, Chairman & Chief Executive Officer of CNA Financial Corporation: “We continue to produce excellent results with core income increasing to $293 million and our core income after nine months is a record high of $974 million. Net investment income was up 13% and the P&C all-in combined ratio was 97.2%, inclusive of pretax catastrophe losses of $143 million or 5.8 points which is consistent with our third quarter average over the last five years.<\/p>\n
\u201cThe underlying combined ratio was 91.6%, the fifteenth consecutive quarter below 92%, and included a record low underlying combined ratio of 90.7% in Commercial.<\/p>\n
\u201cGross written premium ex. captives was up 9%, and net written premium was up 8%, each up two points from last quarter and representing the strongest quarterly growth of the year. Renewal premium change increased by a point in the U.S. to 6% and increased by two points for Commercial excluding workers’ compensation to 10%. Rate change remained stable in the U.S. at 4%.<\/p>\n
\u201cNew business grew 15%, also the highest of the year with strong contributions from Commercial and International. The overall P&C retention remained strong at 85% for the quarter.\u201d<\/p>\n
Robusto concluded: \u201cWe are very pleased with our results for the quarter with the continuation of strong renewal pricing in the lines most impacted by social inflation, which continues to exceed our loss cost trends. We remain optimistic about our abilities to capitalise on the favourable market conditions we expect to persist in many classes of business.”<\/p>\n
The post CNA Financial P&C CoR impacted by cat losses in Q3’24<\/a> appeared first on ReinsuranceNe.ws<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":" Chicago-domiciled insurer, CNA Financial Corporation has reported a net income of $283 million for the third quarter of 2024 compared to the $258 million seen in the comparative prior year quarter. The insurer also reported its P&C segment saw its core income increase to $346 million in the quarter, compared to the $351 million in […]<\/p>\n","protected":false},"author":1,"featured_media":1776,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[10],"tags":[],"_links":{"self":[{"href":"https:\/\/calebdewey.com\/index.php\/wp-json\/wp\/v2\/posts\/1774"}],"collection":[{"href":"https:\/\/calebdewey.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/calebdewey.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/calebdewey.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/calebdewey.com\/index.php\/wp-json\/wp\/v2\/comments?post=1774"}],"version-history":[{"count":2,"href":"https:\/\/calebdewey.com\/index.php\/wp-json\/wp\/v2\/posts\/1774\/revisions"}],"predecessor-version":[{"id":1777,"href":"https:\/\/calebdewey.com\/index.php\/wp-json\/wp\/v2\/posts\/1774\/revisions\/1777"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/calebdewey.com\/index.php\/wp-json\/wp\/v2\/media\/1776"}],"wp:attachment":[{"href":"https:\/\/calebdewey.com\/index.php\/wp-json\/wp\/v2\/media?parent=1774"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/calebdewey.com\/index.php\/wp-json\/wp\/v2\/categories?post=1774"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/calebdewey.com\/index.php\/wp-json\/wp\/v2\/tags?post=1774"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}