On October 30, 2023, CNA Financial Corp (CNA, Financial) announced its third quarter 2023 earnings, reporting a net income of $258 million, or $0.95 per share, compared to a net loss of $42 million, or $(0.15) per share, in the prior year quarter. The company's core income for the quarter was $289 million, or $1.06 per share, versus $43 million, or $0.16 per share, in the prior year quarter.
Financial Performance and Achievements
CNA Financial Corp (CNA, Financial) demonstrated a strong performance in Q3 2023, with a significant increase in net income and core income. The company's Property & Casualty segments produced core income of $351 million for the third quarter of 2023, an increase of $91 million compared to the prior year quarter. This was driven by higher net investment income, record high pretax underlying underwriting income, and lower catastrophe losses.
Income Statement Highlights
The company's net investment income rose by 31% to $553 million pretax. This includes a $72 million increase from limited partnerships and common stock to $28 million and a $59 million increase from fixed income securities and other investments to $525 million. The P&C combined ratio was 94.3%, compared with 95.8% in the prior year quarter.
Balance Sheet and Cash Flow Statement Details
The company's book value per share stood at $31.61, while the book value per share excluding AOCI was $45.43, a 7% increase from year-end 2022 adjusting for $2.46 of dividends per share. The Board of Directors declared a regular quarterly cash dividend of $0.42 per share.
Company's Analysis
CNA Financial Corp (CNA, Financial) showed a strong performance in Q3 2023, with significant increases in net income and core income. The company's Property & Casualty segments produced core income of $351 million for the third quarter of 2023, an increase of $91 million compared to the prior year quarter. This was driven by higher net investment income, record high pretax underlying underwriting income, and lower catastrophe losses.
Other Pertinent Details
CNA Financial Corp (CNA, Financial) is one of the largest U.S. commercial property and casualty insurance companies. The company provides a broad range of standard and specialized insurance products and services for businesses and professionals in the U.S., Canada, and Europe.
Explore the complete 8-K earnings release (here) from CNA Financial Corp for further details.
