BlackRock, Inc., the world’s largest asset manager, has reported a highly successful third quarter for 2024, marked by strong financial growth. The firm’s total assets under management (AUM) surged to a record $11.5 trillion, driven by $221 billion in net inflows during the quarter. This represents a significant year-over-year increase of $2.4 trillion in AUM, showcasing BlackRock's continued leadership in the asset management industry.
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CNA Financial Announces Strong Second Quarter 2024 Results: Increases in Net and Core Income
July 29, 2024, Chicago, IL — CNA Financial Corporation (NYSE: CNA) has reported robust financial results for the second quarter of 2024, showcasing significant growth in both net and core income. The company announced a net income of $317 million, or $1.17 per share, a 12% increase from $283 million, or $1.04 per share, in the prior year quarter. Core income also rose 6% to $326 million, or $1.19 per share, compared to $308 million, or $1.13 per share, in the same period last year.
Key Financial Highlights:
- Net Income: $317 million, up 12% from the prior year quarter.
- Core Income: $326 million, a 6% increase year-over-year.
- Earnings Per Share (EPS): Net income of $1.17 per share and core income of $1.19 per share.
- Net Investment Income: Increased by 7% to $618 million, driven by higher returns from fixed income securities and other investments.
- Book Value Per Share: $36.46, with book value per share excluding AOCI at $45.86, marking a 5% increase from year-end 2023.
Segment Performance:
- Property & Casualty (P&C): Core income of $380 million, reflecting higher investment income partially offset by increased catastrophe losses. The P&C combined ratio was 94.8%, with an underlying combined ratio of 91.6%.
- Life & Group Segment: Reduced core loss of $1 million compared to a core loss of $20 million in the prior year quarter.
- Corporate & Other Segment: Core loss of $53 million, increased from $46 million in the prior year quarter.
P&C Insurance Growth:
- Gross Written Premiums: Grew 7% to $3.203 billion, with net written premiums increasing 6% to $2.674 billion.
- Retention and Renewal: Maintained strong retention at 85% with a renewal premium change of +5% and a written rate of +4%.
Investment Income:
- Fixed Income Securities: Increased by $33 million to $540 million.
- Limited Partnerships and Common Stock: Increased by $10 million to $78 million.
Dividend Declaration:
CNA Financial declared a quarterly cash dividend of $0.44 per share, payable on August 29, 2024, to stockholders of record as of August 12, 2024.
CEO Commentary:
Dino E. Robusto, Chairman & CEO of CNA Financial Corporation, commented, "We produced outstanding results in the quarter with an $18 million increase in core income to $326 million, leading to record core income in the first half of 2024. Despite the elevated industry catastrophe losses, the all-in combined ratio for overall P&C was 94.8%. Our strong execution and a favorable fixed income investment environment make us optimistic about the latter half of the year."
Business Segment Highlights:
- Specialty: Gross written premiums grew 2%, with net written premiums increasing 4%. The combined ratio was 92.7%.
- Commercial: Gross written premiums grew 12%, with net written premiums increasing 10%. The combined ratio was 97.0%.
- International: Gross written premiums slightly declined by 1%, while net written premiums remained stable. The combined ratio improved to 91.9%.
Source: CNA
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