CNA Financial Corporation announced third quarter 2024 net income of $283 million, or $1.04 per share, an increase from $258 million, or $0.95 per share, in the prior year quarter. Core income for the quarter also rose to $293 million, or $1.08 per share, compared to $289 million, or $1.06 per share, in the third quarter of 2023. The company's core income after nine months reached a record high of $974 million, reflecting sustained operational strength.
The Property & Casualty segments generated core income of $346 million, a slight decrease of $5 million from the prior year quarter, primarily due to higher catastrophe losses partially offset by increased investment income. Gross written premiums excluding third-party captives grew by 9%, and net written premiums increased by 8%, driven by 15% new business growth and 85% retention. The P&C all-in combined ratio was 97.2%, including $143 million, or 5.8 points, of catastrophe losses, while the underlying combined ratio remained strong at 91.6%.
Net investment income saw a 13% increase, reaching $372 million for the quarter, contributing significantly to overall profitability. The Life & Group segment's core loss improved to $9 million from $29 million in the prior year quarter, while the Corporate & Other segment reported a core loss of $44 million, which included a $17 million after-tax charge related to legacy mass tort abuse claims. CNA Financial declared a quarterly dividend of $0.44 per share, payable on December 5, 2024, and reported book value per share excluding AOCI of $46.50, up 7% from year-end 2023 after adjusting for dividends.
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