May. 5 at 10:36 AM
$CNA CNA Financial reports Q1 core EPS
$1.03 vs.
$1.30 last year
Reports Q1 book value per share
$44.58. "We achieved
$281 million of core income, our eighth consecutive quarter of pretax underlying underwriting gain of
$200 million or greater, and an overall underwriting profit in a substantially elevated industry catastrophe quarter. Each of our operating segments produced solid growth and strong underlying profitability this quarter. The P&C all-in combined ratio was 98.4% in the quarter and included 3.8 points of catastrophe loss driven by the California wildfires.
The underlying combined ratio was 92.1%. Gross written premiums excluding captives grew 7% in the quarter and net written premiums grew 9%. New business grew by 7% to
$565 million in the quarter. Rate increase was up a point in the quarter to 4% and renewal premium change was up two points to 6%. We continue to achieve significant rate increase in the social inflation impacted classes of business with excess casualty rates up three points this quarter to 14%.
Specialty rate increase was up two points to 3% in the quarter. Retention was 86% for P&C and remained strong in all operating segments. We are pleased with our overall performance in the first quarter amidst another quarter of significantly elevated industry catastrophes. Our core underlying results remain strong. We are well positioned to capitalize on the many opportunities to grow profitably for the remainder of 2025" said Douglas Worman, president and CEO of CNA Financial.
