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CNA Financial Corp. on Monday reported 2022 fourth-quarter net income of $248 million, down 6.8% compared with the same quarter in 2021, as investment income fell and higher catastrophe losses hit the insurer’s underwriting results.
CNA reported property/casualty net written premium of $2.28 billion, up 5% from the prior year quarter.
The company’s combined ratio worsened to 93.7% from 92.9% in the prior year quarter.
Catastrophe losses totaled $76 million in the fourth quarter, primarily from Hurricane Ian and Winter Storm Elliot, said Dino Robusto, chairman and CEO of CNA, on a conference call with analysts.
The combined ratio was “consistent with last year,” and followed seven consecutive quarters of overall good combined ratios, Mr. Robusto said.
Property/casualty investment income for the quarter fell 5.2% to $290 million. Investment income for its life insurance business fell 15.7% to $204 million.
Mr. Robusto said CNA in the fourth quarter “continued to achieve a strong production performance,” and saw exposure increases in inflation-sensitive lines, such as workers compensation and general liability.
Workers comp rate decreases were “low single-digit and relatively stable for the last seven quarters,” Mr. Robusto said.
“We have steadily and methodically improved our results over the last six years,” he said.
Scott Lindquist, CNA’s chief financial officer said favorable development in workers comp was offset by less favorable conditions in general liability and commercial auto.
For the full year, CNA reported net income of $894 million, down 25.6%. Net written premium rose 9% to $8.66 billion and the combined ratio improved to 93.2% compared with 96.2% in 2021.