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CNA Financial Corporation (NYSE: CNA) is a prominent insurance holding company that has been a steadfast player in the commercial property and casualty insurance sector since its inception in 1897. With over 125 years of experience, CNA offers a broad range of standard and specialized insurance products and services across the United States, Canada, and Europe.
The company operates through five key segments: Specialty, Commercial, International, Life & Group, and Corporate & Other. The core business focuses on the first three segments, delivering professional, financial, specialty property, and casualty products to small and medium-sized businesses. The Specialty and Commercial segments generate the majority of CNA's revenues, with offerings tailored to industries like construction, healthcare, financial institutions, manufacturing, professional services, real estate, small business, and technology.
CNA's recent financial performance underscores its robust standing. For instance, in the third quarter of 2023, the company reported a net income of $258 million, up significantly from a net loss in the prior year quarter. This improvement was driven by a substantial increase in net investment income, lower catastrophe losses, and record-high underlying underwriting income in its Property & Casualty segments. The core income for the same quarter was $289 million, a stark contrast to the previous year's $43 million.
Additionally, CNA declared a quarterly dividend of $0.42 per share, reflecting its strong financial health and commitment to shareholder value. The company also focuses on continuous improvement and innovation, as evidenced by its adoption of the FASB's updated accounting guidance for long-duration contracts, which aims to enhance transparency and accuracy in financial reporting.
In terms of customer service, CNA prides itself on providing world-class risk control and claims management services. This comprehensive approach ensures that clients can effectively manage risks and grow their businesses profitably. The company's expertise and legacy in the insurance industry make it a reliable partner for businesses seeking tailored insurance solutions.
For more information about CNA Financial Corporation, you can visit their official website at www.cna.com.
AM Best has revised the outlook for CNA Financial (NYSE: CNA) and its subsidiaries to positive from stable, while affirming their Financial Strength Rating of A (Excellent) and Long-Term Issuer Credit Ratings of 'a+'. The positive outlook reflects CNA's consistently strong operating performance, favorable underwriting and investment metrics compared to peers, and support from its 92% shareholder Loews
The ratings acknowledge CNA's very strong balance sheet, adequate operating performance, favorable business profile, and appropriate enterprise risk management. The company maintains the strongest level of risk-adjusted capitalization and has established itself as a leading U.S. writer of commercial and specialty lines, with the specialty insurance segment being its primary profitability driver.
Loews (NYSE: L) reported Q3 2024 net income of $401 million, or $1.82 per share, up from $253 million in Q3 2023. The 38% year-over-year growth was driven by improvements at CNA Financial, Boardwalk Pipelines, and parent company investment income, partially offset by decreased performance at Loews Hotels. CNA's results improved due to higher investment income, while Boardwalk benefited from increased revenues from re-contracting at higher rates. Book value per share excluding AOCI increased to $87.22. The company repurchased 0.8 million shares for $64 million in Q3 and an additional 1.2 million shares for $92 million in Q4.
CNA Financial reported Q3 2024 net income of $283 million ($1.04 per share), up 10% from $258 million in the prior year quarter. Core income reached $293 million ($1.08 per share). Property & Casualty segments showed strong performance with 9% gross written premium growth and 8% net written premium growth. Net investment income increased 13% to $626 million. The P&C combined ratio was 97.2%, including 5.8 points of catastrophe loss impact totaling $143 million. The company declared a quarterly dividend of $0.44 per share. Book value per share reached $39.72, with book value excluding AOCI at $46.50, representing a 7% increase from year-end 2023.
CNA Financial (NYSE: CNA) has announced its estimated pretax net catastrophe losses for the third quarter of 2024, totaling $143 million. The losses are primarily attributed to four major events, with Hurricane Helene accounting for $55 million. The breakdown of losses includes $127 million in the Commercial segment and $16 million in the International segment. Additionally, CNA anticipates fourth quarter 2024 pretax net catastrophe losses related to Hurricane Milton, estimated between $25 million to $55 million. The company's CEO, Dino E. Robusto, expressed sympathy for those affected by the recent catastrophic events. CNA will release its full third quarter 2024 results on November 4, 2024.
CNA Financial (NYSE: CNA) has announced that it will release its third quarter 2024 financial results on Monday, November 4, 2024, before the market opens. The company will make available a news release, earnings presentation, and financial supplement on its website at www.cna.com in the Investor Relations section. Additionally, CNA will post a transcript of earnings remarks, which will include commentary from Dino Robusto, the Company's Chairman & Chief Executive Officer, and Scott Lindquist, the Chief Financial Officer.
CNA is inviting shareholders and analysts to submit questions for management in advance of the earnings release. These questions can be sent to ralitza.todorova@cna.com, and management may address some or all of them in the posted earnings remarks.
CNA Financial reported strong Q2 2024 results with net income up 12% to $317 million and core income up 6% to $326 million. Key highlights include:
- P&C core income increased to $380 million, driven by higher investment income
- Net investment income rose 7% to $618 million
- P&C combined ratio was 94.8%, with 3.5 points from catastrophe losses
- P&C segments saw 7% gross written premium growth and 6% net written premium growth
- Book value per share excluding AOCI increased 5% to $45.86
The company declared a quarterly dividend of $0.44 per share. Management expressed optimism about the latter half of the year, citing strong execution and a favorable fixed income investment environment.
Loews (NYSE: L) has announced a significant leadership transition. James Tisch will retire as President & CEO on December 31, 2024, to be succeeded by Benjamin Tisch, the current Senior Vice President of Corporate Development and Strategy. James Tisch will become Chairman of the Board of Directors, while Benjamin Tisch and Alexander Tisch (CEO of Loews Hotels & Co) will join the Board. Andrew Tisch and Jonathan Tisch will transition to Directors Emeriti.
The Board of Directors expressed confidence in Benjamin Tisch's leadership abilities, citing his deep knowledge of Loews and his decade-long experience with the company. James Tisch's 25-year tenure as CEO was praised for creating substantial shareholder value through strategic capital allocation and portfolio management, reducing the share count by two-thirds.
Loews (NYSE: L) reported net income of $369 million, or $1.67 per share, in Q2 2024, up from $360 million in Q2 2023. Excluding a prior period gain, net income increased 14% year-over-year, driven by CNA Financial and Boardwalk Pipelines. CNA's net income improved due to higher net investment income, while Boardwalk's results benefited from increased revenues. Book value per share, excluding AOCI, rose to $85.42 as of June 30, 2024. The company repurchased 2.4 million shares for $180 million in Q2 2024. Key highlights include:
- CNA's net income attributable to Loews increased 14% to $291 million
- Boardwalk's net income rose 23% to $70 million
- Loews Hotels' net income decreased to $35 million from $74 million
- Parent company had $3.1 billion in cash and investments and $1.8 billion in debt
CNA Financial (NYSE: CNA) will publish its second quarter 2024 results before the market opens on July 29, 2024.
The earnings release, financial supplement, and earnings presentation will be accessible on CNA's Investor Relations webpage. Additionally, a transcript featuring commentary from Chairman and CEO Dino Robusto and CFO Scott Lindquist will be available.
Shareholders and analysts are encouraged to submit questions to management prior to the earnings release, which may be addressed in the earnings remarks.
CNA Financial (NYSE: CNA) announced that Doug Worman will become the President and CEO, effective January 1, 2025. Dino E. Robusto, the current Chairman and CEO, will transition to Executive Chairman of CNA's Board of Directors. This leadership change aims to continue CNA's focus on profitability and underwriting performance. James S. Tisch, CEO of Loews , and CNA's largest shareholder, expressed confidence in Worman's leadership. Worman, who joined CNA in 2017, has held key positions and significantly contributed to the company's growth.
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