CNA Financial Corp. reported net income of the fourth quarter 2024 of $ 21 million, at least $ 367 million for the same quarter of the previous year.

The Chicago headquarters said that the results include $ 290 million after the tax loss of a pension settlement transaction announced. In October, CNA said it was going to transfer more than $ 1 billion in defined pension obligations to the metropolitan life insurance through a group annuity contract.

The net income for full year 2024 in CNA fell 20.4% compared to 2023 to $ 959 million.

Property/victims operations of CNA obtained a subscription gain of $ 178 million and $ 496 million for the fourth quarter and the total year 2024. The results are compared with profits of $ 186 million and $ 585 million for the fourth quarter and the year 2023.

The losses of catastrophe for the last quarter of 2024 and the year were completely high than the previous year $ 45 million and $ 358 million, respectively.

The combined Q4 ratio for operations P/C was 93.1, more than 1 point of the previous year. The CEO Douglas M. Worman said that the combined underlying relationship for the fourth quarter was 91.4, marking 16 consecutive quarters below 92.

“The rate remains an focus area in the lines most affected by social inflation,” Worman added in a statement. “In these lines, there is a need for continuous pricing discipline and our tariff achievement continues to exceed our estimate of the tendency of long -term loss costs.”

The net written premiums of the fourth quarter increased 10% to approximately $ 2.8 billion.

When observing the commercial segments of the insurer, the subscription gain of the fourth quarter in specialty fell more than 32% to 54 million, but the subscription gain in commercials increased more than 23% to $ 106 million.

Topics Loss of gain