Record Core Income
CNA Financial Corporation achieved record core income of $409 million in the third quarter, driven by strong underwriting gains and higher net investment income. Year-to-date core income exceeded $1 billion for the first time on record.
Strong Underwriting Performance
Underwriting income was particularly strong at $194 million, nearly triple the prior year quarter, benefiting from benign catastrophe losses. The underlying underwriting gain was $235 million, marking the tenth consecutive quarter above $200 million.
Improved Combined Ratios
The P&C all-in combined ratio was 92.8%, with an underlying combined ratio of 91.3%. The Commercial segment showed a 7.5 point improvement from the prior year quarter, and the International segment achieved a combined ratio of 91.8%.
Growth in International Segment
The International segment saw a 15% increase in net written premiums, with new business up 29%, capitalizing on several niche opportunities.
Strong Investment Results
Net investment income was $638 million, a 2% increase from the prior year, driven by favorable reinvestment rates and strong cash flow from operations.
Stable Expense Management
The P&C expense ratio was 29.1% for the third quarter, reflecting effective management and higher net earned premiums.