CNA FINANCIAL CORP
For the period ended Dec 31, 2024. Filed Feb 11, 2025.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2024 · Filed Feb 11, 2025
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Consolidated Operations
Results of Operations
The following table includes the consolidated results of our operations including our financial measure, core income (loss). For more detailed components of our business operations and a discussion of the core income (loss) financial measure, see the Segment Results section within this MD&A. For further discussion of Net investment income and Net investment gains or losses, see the Investments section of this MD&A.
| (In millions) | 2024 | 2023 |
|---|---|---|
| Operating Revenues | ||
| Net earned premiums | $10,211 | $9,480 |
| Net investment income | 2,497 | 2,264 |
| Non-insurance warranty revenue | 1,609 | 1,624 |
| Other revenues | 34 | 30 |
| Total operating revenues | 14,351 | 13,398 |
| Claims, Benefits and Expenses | ||
| Net incurred claims and benefits (re-measurement loss of $125 and $88) | 7,704 | 7,039 |
| Policyholders' dividends | 34 | 29 |
| Amortization of deferred acquisition costs | 1,798 | 1,644 |
| Non-insurance warranty expense | 1,547 | 1,544 |
| Insurance related administrative expenses | 1,275 | 1,251 |
| Interest expense | 133 | 127 |
| Other expenses | 197 | 147 |
| Total claims, benefits and expenses | 12,688 | 11,781 |
| Income tax expense on core income | (347) | (333) |
| Core income | 1,316 | 1,284 |
| Net investment losses | (81) | (99) |
| Income tax benefit on net investment losses | 17 | 20 |
| Net investment losses, after tax | (64) | (79) |
| Pension settlement transaction losses | (371) | — |
| Income tax benefit on pension settlement transaction losses | 78 | — |
| Pension settlement transaction losses, after tax | (293) | — |
| Net income | $959 | $1,205 |
Net income was $959 million for 2024, which includes a $293 million after-tax loss from pension settlement transactions, as compared with $1,205 million for 2023. Pension settlement transactions are further discussed in Note J to the Consolidated Financial Statements included under Item 8. Core income increased $32 million in 2024 as compared with 2023. Core income for our Property & Casualty Operations increased $44 million driven by higher net investment income and improved underlying underwriting results partially offset by higher catastrophe losses and an unfavorable impact from changes in foreign currency exchange rates. Core loss for our Life & Group segment decreased $25 million, while core loss for our Corporate & Other segment increased $37 million.
Catastrophe losses were $358 million and $236 million for 2024 and 2023, primarily driven by severe weather related events, including $71 million for Hurricane Helene and $33 million for Hurricane Milton in 2024. Unfavorable net prior year loss reserve development of $48 million was recorded in each of 2024 and 2023 related to our Specialty, Commercial, International and Corporate & Other segments. Further information on net prior year loss reserve development is in Note E to the Consolidated Financial Statements included under Item 8.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.