On this page of StockholderLetter.com we present the latest annual shareholder letter from CNA FINANCIAL CORP — ticker symbol CNA. Reading current and past CNA letters to shareholders can bring important insights into the investment thesis.

 •  3/22/2024 Letter Continued (Full PDF)
 •  3/17/2023 CNA Stockholder Letter
 •  More "Insurance Brokers" Category Stockholder Letters
 •  CNA Benford's Law Stock Score = 74

CNA Shareholder/Stockholder Letter Transcript:

2023
Annual
A
nnual R
Report
eport
C
NA F
inancial C
orporation
CNA
Financial
Corporation

2023 Financial Highlights
Net Written Premium

9.9B
Net Income

1.2B
Earnings per Share

4.43
Dividends Paid

787M
Book Value per Share
Shareholders    Equity

9.9B
Excluding Accumulated Other Comprehensive Income

10
Increase
From Year-End 2022, Adjusted for $2.88
Dividends Paid in 2023

2023 Shareholder Letter
Dear Fellow Shareholders,
In 2023, the insurance industry was faced with a complex and shifting landscape driven by the continuing pressures from
social and economic inflation, elevated catastrophe losses, and expanded global conflict.
Successfully navigating these conditions required CNA to exhibit a keen insight of the unique market forces in play,
maintain a sharp focus on what is truly required to drive profitability, and relentlessly execute to achieve results.
Our 2023 results demonstrate successful execution across our three operating segments of Commercial, Specialty
and International. Underlying our execution is our underwriting and claims acumen, as well as our firm commitment to
collaborating with our agent and broker partners to offer the best solutions and services for our clients.
I am proud of how our employees continue to deliver exceptional results, with a strong drive to reach higher levels of
performance for the benefit of our customers, brokers and agents, fellow employees, and shareholders.
Strong Continued Progress
2023 was characterized by excellent performance and continued shareholder value creation.
We produced a P&C combined ratio of 93.5% and our P&C underlying combined ratio was 90.9%     the third year in a row
it has been under 92%. All business segments     Commercial, Specialty and International     produced an underwriting
profit. From a production standpoint, we achieved 10% gross written premium growth (excluding Captives) which is
the third consecutive year of double-digit growth, and our net written premium growth was 9%. We wrote $2.080B in
new business, which was a record achievement. In the last seven years, we have successfully grown new business at a
compound annual growth rate of 11%, maintaining disciplined underwriting and focusing on industries and companies
where we have a unique set of customer solutions and deep expertise.
In short, CNA continues to expand on our proven ability to deliver both top-line and bottom-line performance with
results that clearly demonstrate the progress of our disciplined approach to capitalizing on our expertise, expanding our
underwriting margins, growing our revenue and creating value for our shareholders.

Specialized Expertise
The ability of CNA to confidently maintain strong underwriting performance is underpinned by continually advancing our
core strategic priorities: sustaining a deep underwriting culture; attracting, developing and retaining top talent; optimizing
agency and broker relationships; further institutionalizing deep specialization; and building on our financial strength.
Specialization is central to our success. We actively pursue specific lines of business and industry segments where we have
the proven capability to offer the right solution and generate the needed financial returns.
We provide multi-line, tailored Middle Market solutions across industry segments such as Advanced Manufacturing,
Technology, Life Sciences, Real Estate and Private Equity. Our Construction business supports commercial, industrial,
institutional and civil contractors with both primary and umbrella solutions. Fortune 500 clients seek us out for end-toend complex property and casualty solutions for large risk managed businesses. Publicly traded companies, private
companies, non-profits and financial institutions rely on our Professional Liability and Cyber products. Aging services
organizations, allied facilities and physicians count on our solutions to meet their complex risk needs.
Building on Success
In 2023, we progressed our strategy of business unit specialization, enhancement of our underwriting and product
capabilities, and improvements in our operations. This was supported by further investments in technology, advanced
analytics and security, which have improved the efficiency and effectiveness of our business. As always, we will continue to
evolve CNA to best anticipate and meet the market opportunities as they present themselves.
Talent acquisition and ongoing development remains squarely in focus for CNA. Building on our strong momentum, we
continue to attract top talent to join CNA. We continue to add talent at all levels that brings differentiation and depth to
our underwriting, field and distribution, claims, and each of our functional areas.
In 2023, our Diversity, Equity and Inclusion efforts emphasized our Company of Allies journey and saw record
engagement in our Employee Resource Groups. We furthered our commitment to groups such as Thurgood Marshall
College Fund and launched a Risk Control Associate Program to hire U.S. military veterans and help them transition
to a career in insurance. For the eighth consecutive year, CNA is proud to have been named an Equality 100 Winner
on the Human Rights Campaign Foundation   s 2023 Corporate Equality Index. We are also proud to have been named
a Best Place to Work for Disability Inclusion within the Disability Equality Index. We will continue to foster an inclusive
culture of fairness and respect.
For the eighth consecutive year, CNA is proud to have
been named an Equality 100 Winner on the Human Rights
Campaign Foundation   s 2023 Corporate Equality Index.

Excellent Financial Strength
Robust capital adequacy and strong credit fundamentals reflect the strength and quality of CNA   s balance sheet,
reinforced by our financial strength and credit ratings from all four major rating agencies. We maintain a conservative
capital structure, a prudent reserving philosophy, a high-quality, well-diversified investment portfolio, and excellent
liquidity driven by strong and growing operating cash flows.
In 2023, we continued to grow our underwriting profits to a record level, while achieving excellent investment results.
Strong underwriting and fixed income investment cash flows enable us to continue growing our invested asset base and,
when coupled with the higher interest rate environment, will be a meaningful benefit for us into 2024.
Thank You
Our employees deserve, and have, the appreciation of senior management for their commitment, attention and
performance that is leading to the ongoing success of CNA. I also value the essential partnerships that we have with our
agents and brokers who help us serve our mutual customers.
I remain highly optimistic about the opportunities for CNA and look forward to the future that awaits us.
Dino E. Robusto
Chairman and Chief Executive Officer
CNA Financial Corporation, February 20, 2024



 3/22/2024 Letter Continued (Full PDF)