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CNA Financial Group notched a net income of $248 million during 2022’s final quarter.

This was a slight dip from the $266 million recorded during the same period in 2021. Overall, CNA recorded a yearlong net income of $894 million in 2022 — which was also down from the $1.2 billion reported the prior year.

Net investment losses for Q4 2022 were $26 million compared to net investment gains of $1 million in the final quarter of 2021.

P&C Core Income Down, Premium Growth Up

CNA’s property and casualty segments produced core income of $342 million for the fourth quarter of 2022, a decrease of $11 million compared to the prior-year quarter. This was driven by lower investment income from limited partnerships and common stock, as well as lower underwriting income, including a $36 million increase in pretax catastrophe losses to $76 million.

At the same time, P&C segments — excluding third-party captives — generated gross written premium growth of 8 percent and net written premium growth of 5 percent, driven by retention of 86 percent and renewal premium change of an additional 7 percent.

CNA’s P&C segments produced core income of $1.24 billion for the full-year 2022 — an increase of $56 million compared to the prior year. This was driven by record-high underwriting income of $559 million, as well as higher investment income from fixed-income securities, partially offset by lower investment income from limited partnerships and common stock.

“We had another excellent quarter with solid top-line growth and strong underwriting profitability which capped off an excellent year of underwriting performance,” said Dino E. Robusto, chairman and chief executive officer of CNA Financial Corporation. “Gross written premium growth ex captives was 8 percent for the quarter and 10 percent for the year, marking two straight years of double-digit growth.”

Core Income Again Passes $1 Billion

CNA produced core income of $274 million for the fourth quarter and approximately $1.05 billion for all of 2022. Core income was greater than $1 billion for the second straight year — representing CNA’s highest two-year total on record.

“Given our strong results in 2022, we are optimistic about our opportunities to capitalize on the continued favorable market conditions and achieve a meaningful benefit from the tailwind of higher yields on our fixed maturity portfolio,” Robusto said.