PRESS RELEASES
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CNA FINANCIAL ANNOUNCES Q4 2023 NET INCOME OF $1.35 PER SHARE AND RECORD CORE INCOME OF $1.33 PER SHARE FULL YEAR 2023 NET INCOME OF $4.43 PER SHARE AND RECORD CORE INCOME OF $4.71 PER SHARE REGULAR QUARTERLY DIVIDEND INCREASED 5% TO $0.44 PER SHARE SPECIAL DIVIDEND OF $2.00 PER SHARE
Fourth Quarter
Full Year
Stockholders' Equity
CHICAGO, Feb. 5, 2024 /PRNewswire/ -- CNA Financial Corporation (NYSE: CNA) today announced fourth quarter 2023 net income of $367 million, or $1.35 per share, versus $239 million, or $0.87 per share, in the prior year quarter. Net investment gains for the quarter were $5 million compared to net investment losses of $26 million in the prior year quarter. Core income for the quarter was $362 million, or $1.33 per share, versus $265 million, or $0.97 per share, in the prior year quarter.
Our Property & Casualty segments produced core income of $434 million for the fourth quarter of 2023, an increase of $92 million compared to the prior year quarter driven by higher investment income and higher underwriting income. P&C segments, excluding third party captives, generated gross written premium and net written premium growth of 10%, driven by new business growth of 16%, retention of 85% and renewal premium change of +5%.
Our Life & Group segment produced core income of $4 million for the fourth quarter of 2023 versus core loss of $25 million in the prior year quarter driven by higher net investment income.
Our Corporate & Other segment produced a core loss of $76 million for the fourth quarter of 2023, an increase of $24 million compared to the prior year quarter, which reflects a $19 million after-tax charge related to office consolidation.
Net income for the full year 2023 was $1,205 million, or $4.43 per share, versus $682 million, or $2.51 per share, in the prior year. Net investment losses for the full year were $79 million compared to $154 million in the prior year. Core income for the full year 2023 was $1,284 million, or $4.71 per share, versus $836 million, or $3.07 per share, in the prior year. Core income increased 31% to $1,286 million versus $979 million in the prior year quarter, excluding the results of the third quarter Life & Group annual reserve reviews.
Our Property & Casualty segments produced core income of $1,505 million for the full year 2023, an increase of $265 million compared to the prior year driven by higher investment income and record high underwriting income. P&C segments, excluding third party captives, generated gross written premium growth of 10% and net written premium growth of 9%, driven by written rate of +5% and new business growth of 11%.
Our Life & Group segment produced a core loss of $48 million for the full year 2023 versus $221 million in the prior year, which reflects higher investment income and an unfavorable after-tax impact of $143 million in the prior year as a result of the annual reserve reviews.
Our Corporate & Other segment produced a core loss of $173 million for the full year 2023 versus $183 million in the prior year.
CNA Financial declared a quarterly dividend of $0.44 per share and a special dividend of $2.00 per share, payable March 7, 2024 to stockholders of record on February 20, 2024.
About the Company
CNA is one of the largest U.S. commercial property and casualty insurance companies. Backed by more than 125 years of experience, CNA provides a broad range of standard and specialized insurance products and services for businesses and professionals in the U.S., Canada and Europe. For more information, please visit CNA at www.cna.com.
Conference Call and Webcast/Presentation Information
A conference call for investors and the professional investment community will be held at 8:00 a.m. (CT) today. On the conference call will be Dino E. Robusto, Chairman and Chief Executive Officer of CNA Financial Corporation, Scott R. Lindquist, Executive Vice President and Chief Financial Officer of CNA Financial Corporation and other members of senior management. Participants can access the call by dialling (844) 481-2830 (USA Toll Free) or +1 (412) 317-1850 (International). The call will also be broadcast live on the internet and may be accessed from the Investor Relations page of the CNA website (www.cna.com). A presentation will be posted and available on the CNA website that will provide additional insight into the results.
The call is available to the media, but questions will be restricted to investors and the professional investment community. An online replay will be available on CNA's website following the call. Financial supplement information related to the results is available on the investor relations pages of the CNA website or by contacting investor.relations@cna.com.