CNA Financial Corp. Monday reported fourth-quarter net income of $21 million, compared with $367 million in the year-earlier period.
Property/casualty net written premiums rose 10% to $2.752 billion and the insurer's property/casualty combined ratio was 93.1%, a point worse than the 92.1% in the prior-year quarter, according to the company's earnings statement released before markets opened.
Catastrophe losses more than doubled to $45 million from $22 million in the fourth quarter of 2023.
CNA President and CEO Douglas M. Worman said in a prepared statement that the change in the combined ratio was principally due to higher catastrophe losses.
In the commercial segment, net written premiums rose 12% to $1.452 billion, and the combined ratio improved to 92.3% from 92.9% in the year-earlier quarter.
In the specialties segment, net written premiums increased 5% to $934 million and the combined ratio worsened to 93.8% from 90.8%.
Net investment income rose 5% to $644 million, including a $17 million increase from fixed-income securities and a $16 million increase from limited partnerships and common stock, the statement said.
For the full year 2024, net income dropped 20.41% to $959 million.
Property/casualty net written premiums rose 8% to $10.176 billion, and the property/casualty combined ratio worsened to 94.9% from 93.5% in 2023.
Catastrophe losses were $358 million in 2024 compared with $236 million in 2023.
In the commercial business segment, net written premiums rose 12% to $5.469 billion, and the combined ratio worsened to 96.7% from 96.0%.
In the specialties segment, net written premiums increased 3% to $3.445 billion, and the combined ratio worsened to 92.6% from 90.4%.
Net investment income rose 10% to $2.497 billion, including a $118 million increase from limited partnerships and common stock and a $115 million increase from fixed-income securities and other investments.