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CNA Financial Corporation (CNA-0.61%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, reporting net income of $959 million, down from $1,205 million in the previous year. This decrease was primarily due to a $293 million after-tax loss from pension settlement transactions.
Core income increased slightly to $1,316 million from $1,284 million in 2023, driven by higher net investment income and improved underlying underwriting results, despite higher catastrophe losses.
Net earned premiums rose to $10,211 million from $9,480 million, reflecting growth in the Commercial segment due to favorable renewal premium changes, rate increases, and higher new business.
CNA's Property & Casualty Operations reported a combined ratio of 94.0%, up from 92.6% in 2023, due to increased loss ratios primarily from higher catastrophe losses and elevated loss cost trends in commercial auto.
The Specialty segment reported a combined ratio of 92.6%, up from 90.4% in the prior year, attributed to increased loss ratios from pricing pressure in management liability lines.
The International segment saw a combined ratio increase to 94.0% from 92.6%, impacted by higher catastrophe losses and an increase in the expense ratio.
CNA's investment portfolio yielded net investment income of $2,497 million, up from $2,264 million in 2023, driven by favorable limited partnership and common stock returns.
Net investment losses decreased to $81 million from $99 million in the previous year, with improvements in non-redeemable preferred stock values and lower net losses on disposals of fixed maturity securities.
CNA's total assets amounted to $66,492 million as of December 31, 2024, with stockholders' equity at $10,513 million, reflecting an increase from the prior year's equity of $9,893 million.
The company continues to focus on its underwriting strategies and investment portfolio management to navigate the competitive insurance market and economic conditions.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the CNA Financial Corporation annual 10-K report dated February 11, 2025. To report an error, please email earnings@qz.com.