CNA reports record Q1 core income

CNA Financial Corp. Monday posted record first-quarter core income of $355 million, citing strong underwriting performance.

The Chicago-based property/casualty insurer reported that core income increased 9% from $325 million in the prior-year quarter.

CNA said its net income rose 14% to $338 million, up from $297 million in last year’s first quarter.

Property/casualty core income increased to $372 million from $346 million due to higher investment income and a favorable net prior-year development.

Dino Robusto, CNA chairman and CEO, said on an analyst call that new business grew 18% and retention rates improved to 85%. Net written premium increased 13%.

Mr. Robusto said rates for commercial auto increased 14% and for excess casualty 11%. Rates for primary commercial general liability experienced a single-digit increase, he said.

Scott Lindquist, CNA’s chief financial officer and executive vice president, said the company will be conducting a review of its legacy mass tort exposures in the second quarter of 2024.