CNA Financial Corp. reported fourth quarter 2024 net income of $21 million, down significantly from $367 million for the same quarter the prior year.
The Chicago-based insurer said results include a $290 million after tax loss from an announced pension settlement transaction. In October, CNA said it was going to transfer more than $1 billion in defined pension obligations to Metropolitan Life Insurance via a group annuity contract.
Net income for the full year 2024 at CNA fell 20.4% compared with 2023 to $959 million.
CNA’s property/casualty operations turned in an underwriting gain of $178 million and $496 million for Q4 and fully year 2024. Results are compared with gains of $186 million and $585 million for Q4 and fully year 2023.
Catastrophe losses for the last quarter of 2024 and fully year were each higher than the prior year $45 million and $358 million, respectively.
The Q4 combined ratio for P/C operations was 93.1, up 1 point from the prior year. CEO Douglas M. Worman said the underlying combined ratio for Q4 was 91.4, marking 16 straight quarter below 92.
“Rate continues to be an area of focus in the lines most impacted by social inflation,” Worman added in a statement. “In those lines, there is a need for continued pricing discipline and our rate achievement continues to exceed our estimate of long-run loss cost trend.”
Fourth-quarter net written premiums increased 10% to about $2.8 billion.
Looking at the insurer’s business segments, the Q4 underwriting gain in specialty dropped more than 32% to 54 million, but the underwriting gain in commercial increased more than 23% to $106 million.
Topics Profit Loss
Was this article valuable?
Here are more articles you may enjoy.
State Farm Wins Dismissal of Class Action Over Xactimate Software 
Tesla Slumps Below 50% Share of California’s Electric Car Market 
Florida Bill Advances, Would End Board of Engineers, Other Professional Agencies 
Allstate Agent Can Be Sued Over Nonrenewal of ‘Grandfathered’ Flood Insurance Policy 
