CNA Financial (CNA) Q4 2024 earnings summary

Executive summary

• Q4 2024 net income was $21M, including a $290M after-tax pension settlement loss; core income was $342M.

• Full-year net income was $959M, including $293M after-tax pension settlement loss; record core income of $1,316M.

• Regular quarterly dividend increased 5% to $0.46/share; special dividend of $2.00/share declared.

• Book value per share excluding AOCI rose 8% to $46.16, adjusting for $3.76/share in dividends.

• P&C core income was $451M in Q4 and $1,549M for the year, driven by higher investment and underwriting income.

Financial highlights

• Q4 revenues grew 5% year-over-year to $3,689M; full-year revenues up 7% to $14,270M.

• Q4 net investment income rose 5% to $644M; full year up 10% to $2,497M.

• P&C combined ratio was 93.1% in Q4 (vs. 92.1% prior year); full year 94.9% (vs. 93.5%).

• Gross written premiums grew 9% in Q4 and 8% for the year; net written premiums up 10% in Q4 and 8% for the year.

• Q4 diluted EPS: $0.07 (net income), $1.25 (core); full-year: $3.52 (net), $4.83 (core).

Outlook and guidance

• Management expects to capitalize on market opportunities in 2025 for sustained, profitable growth.

• Financial strength ratings affirmed by all four agencies; Moody's and AM Best revised outlooks to positive.