The following is a summary of the CNA Financial Corporation (CNA) Q1 2024 Earnings Call Transcript:
Financial Performance:
CNA Financial Corporation reported the highest first quarter core income to date at $355 million, a 9% year-on-year increase.
The company's net investment income increased by $84 million year-over-year, standing at $609 million pretax.
The P&C underlying underwriting gain was over $200 million for the fourth successive quarter.
The all-in combined ratio was 94.6%, with pretax catastrophe losses of $88 million or 3.8 points.
There was an 8% growth in gross written premium ex-captives and 6% growth in net written premium.
Stockholders' equity excluding AOCI increased by 2% from year-end 2023 to $12.2 billion, even after considering dividend payouts.
Business Progress:
Within the Commercial business unit, new business was up 5% in the quarter to $529 million, coupled with an 8% renewal premium change.
The company applies cautious approaches to its management liability lines in both the U.S. Specialty actions and International operations due to aggressive competition.
The property and casualty retention remained high at 85%.
In the Specialty segment, rates in aggregate increased by 2%, with healthcare rates improving to high single digits.
Despite a slight decrease in International gross and net written premiums, the company maintains an optimistic future outlook for this segment's profit contribution.
More details: CNA Financial IR
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