Property and casualty (P&C) business insurer CNA Financial (CNA) has released its financial performance report for the first quarter of 2023 (Q1 2023).
For Q1 2023, CNA reported a net income of US$297 million (US$1.09 per share), up from US$295 million in the previous year quarter. It also saw US$325 million core income (US$1.19 per share), up 9% from US$298 million in the previous year.
For Q1 2023, CNA's P&C insurance earned a core income of US$346 million, up from US$321 million in the previous year quarter and reflecting higher investment income and record high pre-tax underlying underwriting income of US$197 million, partially offset by higher pre-tax catastrophe losses and unfavourable prior period development.
During the same period, CNA P&C had a combined ratio of 93.9% (up from 91.9% in the prior year quarter), including 2.4 points of catastrophe loss impact (versus 1.0 points in the prior year quarter).
P&C's underlying combined ratio was 90.8% (versus 91.4%, in the prior year quarter). Meanwhile, the underlying loss ratio was 59.8%, and the expense ratio was 30.7%.
P&C segments, excluding third party captives, generated gross written premium (GWP) and net written premium growth of 11% – or 12% excluding foreign currency fluctuations for the first quarter of 2023.
The report also showed a P&C renewal premium change of +7%, with written rate of +5% (up a point from the prior quarter), and exposure change of +2%.
CNA recently appointed a new head of risk control in Canada to drive its strategic growth agenda for risk control in the country.
