CNA Financial Corporation reported full-year 2024 core income of $1,316 million, or $4.83 per share, marking a record high for the company, up from $1,284 million, or $4.71 per share, in the prior year. Net income for the full year was $959 million, or $3.52 per share, which included a $293 million after-tax loss from pension settlement transactions. For the fourth quarter of 2024, core income was $342 million, or $1.25 per share, while net income was $21 million, or $0.07 per share, impacted by the pension settlement loss.
The Property & Casualty segments delivered a record underlying underwriting gain for both the fourth quarter and the full year, contributing $1,549 million in core income for 2024, an increase of $44 million from 2023. The P&C underlying combined ratio was 91.5% for the full year, marking 16 consecutive quarters below 92%. Gross written premiums excluding third-party captives grew 8% for the full year, with new business reaching a record high of nearly $2.3 billion.
Net investment income for the full year 2024 increased by 10% to $2,497 million, driven by favorable limited partnership and common stock returns, as well as higher income from fixed income securities. In recognition of its strong performance, CNA Financial increased its regular quarterly dividend by 5% to $0.46 per share and declared a special dividend of $2.00 per share, both payable on March 13, 2025. The company's book value per share excluding AOCI increased 8% from year-end 2023, adjusting for $3.76 of dividends per share paid.
The Life & Group segment reported a core loss of $23 million for the full year 2024, an improvement from a $48 million loss in the prior year. The Corporate & Other segment's core loss increased to $210 million for the full year, primarily due to higher corporate expenses, an unfavorable non-economic impact related to the A&EP LPT, and a $62 million after-tax charge for legacy mass tort claims. Management highlighted that AM Best and Moody's recently revised their outlooks on CNA's financial strength and debt ratings from stable to positive, reflecting consistent strategic execution.
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