Cna Financial Corporation · NYSE:CNA
Cna Financial — Q1 2024 Earnings Presentation
15 slides from Cna Financial's earnings presentation, May 6, 2024
Slide 1: CNA Financial Corporation First Quarter 2024 Results
CNA Financial Corporation First Quarter 2024 Results May 6, 2024
Slide 2: Notices and Disclaimers
Notices and Disclaimers Forward Looking Statements The statements made in the course of this presentation and/or contained in the presentation materials may include statements that relate to anticipated future events (forward-looking statements) rather than actual present conditions or historical ev
Slide 3: First Quarter Overview
First Quarter Overview • Net income up 14% to $338 million versus $297 million in the prior year quarter; core income up 9% to $355 million, reflecting the best first quarter core income on record, versus $325 million in the prior year quarter. • P&C core income of $372 million versus $346 million,
Slide 4: Financial Performance
Financial Performance Strong growth in earnings reflecting the best first quarter core income on record (In millions, except ratios and per share data) First Quarter 2024 2023 Change Revenues $3,444 $3,152 9% Core income 355 325 9% Net income 338 297 14 % Diluted earnings per common share: Core inco
Slide 5: Property & Casualty Operations
Property & Casualty Operations Excellent underwriting results despite higher catastrophe losses (In millions, except ratios) First Quarter 2024 2023 GWP ex. 3rd party captives $2,936 $2,724 GWP change (% year over year) 8% Net written premium $2,390 $2,247 NWP change (% year over year) 6% Net earned
Slide 6: Property & Casualty Production Metrics
Property & Casualty Production Metrics Stable retention and an increase in renewal premium change Property & Casualty Rate & Retention 2023 2024 Q1 Q2 Q3 Q4 Q1 86% 86% 84% 85% 85% Retention Renewal Premium Change 7% 7% 6% 5% 6% Rate 5% 5% 5% 4% 4% GWP ex. 3rd party captives ($M) $2,724 $2,986 $2,595
Slide 7: Specialty
Specialty Continued excellent all-in and underlying combined ratio (In millions, except ratios) First Quarter 2024 2023 GWP ex. 3rd party captives $880 $886 GWP change (% year over year) (1)% Net written premium $792 $788 NWP change (% year over year) 1% Net earned premium $814 $797 NEP change (% ye
Slide 8: Specialty Production Metrics
Specialty Production Metrics Favorable trend in rate and continued strong retentions Specialty Rate & Retention 2023 2024 Q1 Q2 Q3 Q4 Q1 88% 89% 89% 88% Retention 87% Renewal Premium Change 4% 2% 3% Rate —% —% 2% 1% 2% (1)% —% GWP ex. 3rd party captives ($M) $886 $961 $949 $1,004 $880 New Business (
Slide 9: Commercial
Commercial Record underlying combined ratio and 8th straight quarter of double-digit growth (In millions, except ratios) First Quarter 2024 2023 GWP ex. 3rd party captives $1,682 $1,440 GWP change (% year over year) 17 % Net written premium $1,338 $1,188 NWP change (% year over year) 13 % Net earned
Slide 10: Commercial Production Metrics
Commercial Production Metrics Record new business, continued strong rate and renewal premium change, and increased retention Commercial Rate & Retention 2023 2024 Q1 Q2 Q3 Q4 Q1 86% 85% 83% 83% 85% Retention 11% Renewal Premium Change 9% 9% 9% 8% Rate 7% 8% 8% 7% 6% GWP ex. 3rd party captives ($M) $
Slide 11: International
International Consistently profitable results (In millions, except ratios) First Quarter 2024 2023 Gross written premium $374 $398 GWP change (% year over year)1 (6)% Net written premium $260 $271 NWP change (% year over year)1 (4)% Net earned premium $315 $290 NEP change (% year over year) 9% Under
Slide 12: Life & Group
Life & Group Core income reflects strong investment results (In millions) First Quarter 2024 2023 Net earned premiums $110 $115 Net investment income 231 214 Other revenues — — Total operating revenues $341 $329 Total claims, benefits and expenses 341 341 Income tax benefit 5 9 Core income (loss) $5
Slide 13: Pretax Net Investment Income
Pretax Net Investment Income Strong contributions from limited partnership, common stock and fixed income portfolios Total CNAF Highlights $M • Net investment income of $609M is up 16% year- over-year • Limited partnership and common stock returns driven by favorable fourth quarter results from our
Slide 14: Investment Portfolio
Investment Portfolio High quality, diversified and liquid investment portfolio Fixed Maturities by Rating % of Portfolio Highlights 1 AAA 14% • 88% of total invested assets are in fixed income AA 16% securities A 25% • High-quality portfolio with an average credit BBB 40% rating of “A” Investment Gr
Slide 15: Financial Strength
Financial Strength Conservative capital and debt profile support business objectives Mar 31, Dec 31, Capital (In millions, except per share data) 2024 2023 • Financial strength ratings from all four rating Debt $3,520 $3,031 agencies were affirmed in the past year with Stockholders' equity 9,662 9,8