Fourth quarter net income at CNA Financial Corp. was up about 54% to $367 million, and net income for the year increased 77% to a record $1.2 billion.
CNA said its property/casualty segments recorded net premium growth during the quarter of 10%, driven by new-business growth of 16%, retention of 85%, and premium increases of over 5% at renewal.
CEO Dino E. Robusto said CNA in 2023 continued to “lock in favorable terms and conditions from the hard market, which [CNA feels] will largely persist into 2024.”
P/C logged a Q4 combined ratio of 92.1 — a 1.6-point improvement from the same time the year prior. Catastrophe losses were $22 million compared to $76 million in Q4 2022.
Underwriting profit in the fourth quarter and full year was $186 million and $585 million compared to $134 million and $559 million, respectively, in 2022.
Cincinnati Financial Corp.
Cincinnati Financial Corp. record net fourth quarter net income of about $1.2 billion compared to about $1 billion during the same time the prior year, and reversed a loss for the year with net income of about $1.8 billion compared to a loss of $487 million in 2022.
In the company’s insurance operations, the fourth quarter combined ratio was 87.5, improved from 94.9 for the fourth quarter of 2022. Full-year 2023 P/C combined ratio improved 3.2 points to 94.9 due to “sound underwriting judgment and lower catastrophe losses,” said CEO Steven J. Johnston.
Consolidated P/C underwriting profit during Q4 was $252 million compared to $93 million for Q4 2022. For the year, underwriting profit increased 186% to $401 million. P/C price increases, growth initiatives, and higher insured exposures drove 13% growth in net premiums written to $1.9 billion.
Cincinnati Financial said it had 300 new agency appointments in full-year 2023, including 84 that market only personal lines products.
The personal lines segment recorded a Q4 underwriting profit of $88 million and a combined ratio of 84.7. These results compared to underwriting profit of $20 million and a combined ratio of 95.7 in Q4 2022. The commercial segment logged underwriting profit of $85 million from $13 million the year prior and improved the Q4 combined ratio 6.7 points to 92.2.
American Financial Group
American Financial Group reported fourth quarter net income of $263 million compared to $276 million for the 2022 fourth quarter.
Net written premiums in AFG’s specialty P&C operations were up 8% in the fourth quarter to about $1.4 billion. The aggregate specialty group finished the last three months of 2023 with a combined ratio of 87.7—1.1 points higher that the same period in 2022.
Underwriting profit was $212 million for the 2023 fourth quarter compared to $217 million in the fourth quarter of 2022.
The Property and Transportation Group recorded a fourth quarter underwriting profit of $67 million, relatively flat from $68 million in Q4 2022. AFG said below average underwriting profit in crop insurance operations was largely offset by higher year-over year underwriting profits in property & inland marine and non-crop agricultural businesses. AFG’s Specialty Casualty Group reported an underwriting profit of $114 million in the 2023 fourth quarter compared to $128 million the year prior. Higher profits workers’ compensation and executive liability businesses were offset by lower underwriting profit in the excess and surplus lines business. The Specialty Financial Group reported an underwriting profit of $45 million in the fourth quarter of 2023, compared to $33 million in the fourth quarter of 2022, primarily as a result of higher underwriting profit in financial institutions business.
For the full year 2023 , AFG finished with net income $852 million compared to $898 the prior year.
Topics Profit Loss
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