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CNA Financial (NYSE: CNA) has announced that it will release its third quarter 2024 financial results on Monday, November 4, 2024, before the market opens. The company will make available a news release, earnings presentation, and financial supplement on its website at www.cna.com in the Investor Relations section. Additionally, CNA will post a transcript of earnings remarks, which will include commentary from Dino Robusto, the Company's Chairman & Chief Executive Officer, and Scott Lindquist, the Chief Financial Officer.
CNA is inviting shareholders and analysts to submit questions for management in advance of the earnings release. These questions can be sent to ralitza.todorova@cna.com, and management may address some or all of them in the posted earnings remarks.
CNA Financial reported strong Q2 2024 results with net income up 12% to $317 million and core income up 6% to $326 million. Key highlights include:
- P&C core income increased to $380 million, driven by higher investment income
- Net investment income rose 7% to $618 million
- P&C combined ratio was 94.8%, with 3.5 points from catastrophe losses
- P&C segments saw 7% gross written premium growth and 6% net written premium growth
- Book value per share excluding AOCI increased 5% to $45.86
The company declared a quarterly dividend of $0.44 per share. Management expressed optimism about the latter half of the year, citing strong execution and a favorable fixed income investment environment.
Loews (NYSE: L) has announced a significant leadership transition. James Tisch will retire as President & CEO on December 31, 2024, to be succeeded by Benjamin Tisch, the current Senior Vice President of Corporate Development and Strategy. James Tisch will become Chairman of the Board of Directors, while Benjamin Tisch and Alexander Tisch (CEO of Loews Hotels & Co) will join the Board. Andrew Tisch and Jonathan Tisch will transition to Directors Emeriti.
The Board of Directors expressed confidence in Benjamin Tisch's leadership abilities, citing his deep knowledge of Loews and his decade-long experience with the company. James Tisch's 25-year tenure as CEO was praised for creating substantial shareholder value through strategic capital allocation and portfolio management, reducing the share count by two-thirds.
Loews (NYSE: L) reported net income of $369 million, or $1.67 per share, in Q2 2024, up from $360 million in Q2 2023. Excluding a prior period gain, net income increased 14% year-over-year, driven by CNA Financial and Boardwalk Pipelines. CNA's net income improved due to higher net investment income, while Boardwalk's results benefited from increased revenues. Book value per share, excluding AOCI, rose to $85.42 as of June 30, 2024. The company repurchased 2.4 million shares for $180 million in Q2 2024. Key highlights include:
- CNA's net income attributable to Loews increased 14% to $291 million
- Boardwalk's net income rose 23% to $70 million
- Loews Hotels' net income decreased to $35 million from $74 million
- Parent company had $3.1 billion in cash and investments and $1.8 billion in debt
CNA Financial (NYSE: CNA) will publish its second quarter 2024 results before the market opens on July 29, 2024.
The earnings release, financial supplement, and earnings presentation will be accessible on CNA's Investor Relations webpage. Additionally, a transcript featuring commentary from Chairman and CEO Dino Robusto and CFO Scott Lindquist will be available.
Shareholders and analysts are encouraged to submit questions to management prior to the earnings release, which may be addressed in the earnings remarks.
CNA Financial (NYSE: CNA) announced that Doug Worman will become the President and CEO, effective January 1, 2025. Dino E. Robusto, the current Chairman and CEO, will transition to Executive Chairman of CNA's Board of Directors. This leadership change aims to continue CNA's focus on profitability and underwriting performance. James S. Tisch, CEO of Loews , and CNA's largest shareholder, expressed confidence in Worman's leadership. Worman, who joined CNA in 2017, has held key positions and significantly contributed to the company's growth.
Loews reported net income of $457 million for the first quarter of 2024, representing a 22% increase over the same period last year. Key highlights include improvements in CNA Financial 's net income, Boardwalk Pipelines' results, and parent company investment returns. Book value per share increased to $83.68 as of March 31, 2024. The company also repurchased 0.9 million shares of its common stock for $67 million since December 31, 2023.
CNA Financial announced first quarter 2024 net income of $338 million, or $1.24 per share, a 14% increase from the prior year. Core income was $355 million, or $1.30 per share, reflecting the best first quarter core income on record. The P&C core income was $372 million, up 9% from the prior year, driven by higher investment income and favorable net prior year development. Net investment income increased 16% to $609 million pretax. The P&C combined ratio was 94.6%. Book value per share was $35.62, a 2% increase from year-end 2023. The Board of Directors declared a quarterly cash dividend of $0.44 per share.
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