CNA(US:CNA)2024-07-29 11:30Financial Performance - Net earned premiums for Q2 2024 were $2,498 million, an increase of 6.4% from $2,347 million in Q2 2023[3] - Total revenues for the first half of 2024 reached $6,963 million, up 7.9% from $6,456 million in the same period of 2023[3] - Net income for Q2 2024 was $317 million, representing a 12.0% increase from $283 million in Q2 2023[3] - Diluted earnings per share for Q2 2024 were $1.17, up from $1.04 in Q2 2023[10] - Core income for Q2 2024 was $380 million, reflecting a 2% increase from $374 million in Q2 2023[12] - Core income for the first half of 2024 was $4 million, compared to a loss of $23 million in the same period of 2023, indicating a significant improvement[16] - Core income for Q2 2024 was $44 million, reflecting a 16% increase from $38 million in Q2 2023[39] Investment Performance - Net investment income increased by 7.5% to $618 million in Q2 2024, compared to $575 million in Q2 2023[3] - The company experienced a net investment loss of $10 million in Q2 2024, an improvement from a loss of $32 million in Q2 2023[3] - Net investment income rose to $239 million in Q2 2024, compared to $229 million in Q2 2023, reflecting an increase of 4.38%[16] - Net investment income for the six months ended June 30, 2024, was $470 million, up from $443 million in the same period of 2023[24] - Net investment income rose by 8% to $154 million for the three months ended June 30, 2024, from $142 million in the prior year[37] - Net investment income for Corporate & Other increased to $18 million in Q2 2024 from $14 million in Q2 2023[41] Premiums and Underwriting - Gross written premiums for Q2 2024 reached $4,072 million, a 4% increase from $3,909 million in Q2 2023[12] - New business generated $595 million in Q2 2024, a 7% increase from $555 million in Q2 2023[12] - Gross written premiums in the commercial segment for Q2 2024 were $1,927 million, a 12% increase from $1,719 million in Q2 2023[14] - New business in the commercial segment reached $405 million in Q2 2024, an 18% increase from $343 million in Q2 2023[14] - Gross written premiums for the three months ended June 30, 2024, were $1,728 million, a decrease of 2% from $1,769 million in the same period of 2023[37] - New business premiums decreased by 22% to $72 million in Q2 2024, down from $92 million in Q2 2023[39] Claims and Expenses - Claims and policyholders' benefits for Q2 2024 totaled $1,882 million, up from $1,779 million in Q2 2023[3] - Total claims, benefits, and expenses for Q2 2024 were $1,221 million, a 12% increase from $1,088 million in Q2 2023[14] - The loss and LAE ratio for Q2 2024 was 68.0%, an increase of 1.8 percentage points from 66.2% in Q2 2023[14] - The net incurred claim and claim adjustment expenses totaled $3,078 million for the six months ended June 30, 2024[52] - The gross claim and claim adjustment expense reserves at the end of the period were $23,974 million[51] - The net claim and claim adjustment expense payments for the six months ended June 30, 2024, were $(2,567) million[52] Financial Ratios - The company reported a return on equity of 13.0% for Q2 2024, consistent with the previous year[10] - The combined ratio for Q2 2024 was 94.8%, an increase of 1.0 percentage points from 93.8% in Q2 2023[12] - The combined ratio improved to 91.9% in Q2 2024, compared to 92.2% in Q2 2023, indicating better underwriting performance[39] - The combined ratio for the company's segments is calculated using the loss ratio, expense ratio, and dividend ratio, providing insights into operational efficiency[53] Assets and Liabilities - Total assets increased to $65,194 million as of June 30, 2024, from $64,711 million on December 31, 2023[34] - Total liabilities rose to $55,320 million as of June 30, 2024, compared to $54,818 million at the end of 2023[34] - Book value per common share decreased slightly to $36.46 as of June 30, 2024, from $36.52 on December 31, 2023[34]