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.

 •  3/21/2025 Letter Continued (Full PDF)
 •  3/17/2023 CNA Stockholder Letter
 •  3/22/2024 CNA Stockholder Letter
 •  More "Insurance Brokers" Category Stockholder Letters
 •  CNA Benford's Law Stock Score = 91

CNA Shareholder/Stockholder Letter Transcript:

Annual Report
CNA Financial Corporation
2024

2024 Financial Highlights
Net Written Premium
10.6 B

Earnings per Share
3.52

Shareholders    Equity
Net Income
1.0 B

Dividends Paid
1.0 B

Book Value per Share
Excluding Accumulated Other Comprehensive Income
10.5 B

8

Increase
From Year-End 2023, Adjusted for $3.76
Dividends Paid in 2024

2024 Shareholder Letter
Dear Fellow Shareholders,
2024 was another record year of performance for CNA. We delivered strong results in every P&C business segment, driven by
our effective strategy execution and strong teamwork across the enterprise.
CNA continues to successfully navigate complex and challenging market forces with resilience and agility. We partner effectively
with our agents and brokers to deliver the best solutions and services for our clients with a sharp focus on what is truly required
to drive profitability across our businesses.
I am extremely proud of our employees    dedication to consistently deliver exceptional results and create shared success for the
benefit of our customers, brokers, agents, fellow employees, and shareholders.
Consistently Stronger Performance
CNA demonstrated strong business performance and continued profitable growth in 2024.
We produced a P&C combined ratio of 94.9% despite higher catastrophe losses, and our P&C underlying combined ratio was
91.5% for the year and 91.4% for the quarter, marking 16 consecutive quarters under 92%. These outstanding results reflect
underwriting profit contributions from every P&C operating segment     Commercial, Specialty, and International     which led to
a record underlying underwriting gain of $840 million.
From a production standpoint, we achieved 8% growth in both gross written premium (excluding captives) and net written
premium. Our gross written premium has increased at a compound annual growth rate of 9% since 2017. New business
has grown at a compound annual growth rate of 11% since 2017, and in 2024 we generated a record high of $2,262 million.
We are achieving significant growth while maintaining disciplined underwriting with a deliberate focus on industry and
product specialization.
The P&C expense ratio improved to 30.2%, the lowest since 2008, reflecting our rigorous expense management, higher net
earned premium, and ongoing investments in advancing our technology, talent, and analytics.
Our continuing improvements in top-line and bottom-line performance produced core income of $1,316 million, which is
the best on record. This clearly demonstrates our progress and disciplined approach in growing revenue and expanding
our underwriting margin while creating shareholder value.

Expanding Specialized Expertise
Specialization is central to our success and, in conjunction with our strategic priorities     sustaining a deep underwriting culture;
attracting, developing and retaining top talent; optimizing our agency and broker relationships; and building financial strength    
has fueled our ability to generate tremendous underwriting performance again in 2024.
We provide multi-line, tailored solutions across various industry segments, including manufacturing, technology, life sciences,
real estate and private equity, to address the unique needs of middle market clients. In construction, we support commercial,
industrial, institutional and civil contractors with primary and umbrella solutions. Fortune 500 clients engage with CNA for
complex, end-to-end property and casualty solutions for large risk managed businesses. Public and private companies, as
well as non-profit and financial institutions, also rely on our professional and management liability products. Aging services
organizations, allied facilities and physicians count on CNA   s solutions to meet their complex risk needs. In addition, we have
a strong and expanded excess and surplus lines operation with dedicated resources to support the wholesale marketplace.
We remain committed to our focus on specialization which allows us to provide customized solutions in lines of business and
industries where we have proven underwriting expertise and specialized services.
Excellent Financial Strength
We continue to maintain a robust balance sheet underpinned by strong credit fundamentals: a conservative capital structure
with a prudent reserving philosophy, a high-quality, well-diversified investment portfolio, and excellent liquidity driven by strong
and growing operating cash flow. In 2024, our net investment income and operating cash flow were both best-on-record results,
growing by 10% and 13% year-over-year, respectively.
In recognition of the significant progress in our business performance, our financial strength and credit ratings were affirmed
by all four rating agencies, with two revising CNA   s company outlook from stable to positive in 2024.
As a testament to our financial strength and earnings stability, in 2024 we returned $1 billion of capital to our shareholders in
the form of dividends. As we begin 2025, we are pleased to have declared a $2 per share special dividend, while increasing
our regular quarterly dividend by 5% to $0.46 per share.
Our continuing improvements in top-line and
bottom-line performance produced core income of
$1,316 million, which is the best on record.
This clearly demonstrates our progress and disciplined
approach in growing revenue and expanding our
underwriting margin while creating shareholder value.

A Culture of Success
In 2024, we enhanced our underwriting and product capabilities, broadened our distribution focus in wholesale, and
continued our significant investments in cloud technology, advanced analytics, and security to further improve our
operational efficiency and effectiveness. We also began exploring opportunities to responsibly harness the power of
Generative AI to enhance the value we deliver to our employees, brokers, and clients. We continuously strive to achieve
high levels of performance across all areas of CNA.
Talent remains our most valuable asset and a critical component to our success. We consistently prioritize employee
development, engagement, and retention. In addition, our top quartile performance and environment of trusted collaboration
and inclusion has positioned CNA as a favored destination. Our culture has enabled us to add top talent at all levels, bringing
differentiation and depth across the entire organization.
We are also committed to building resilient communities through disaster preparedness, environmental protection, and student
education and mentoring to inspire the next generation of insurance industry leaders. CNA supports these activities through
various programs, partnerships, sponsorships, volunteering, and donations. In 2024, we supported more than 1,100 nonprofit
organizations around the globe through our employees    volunteer engagement with corporate and personal philanthropy,
in addition to raising over $1 million through employee donations and CNA   s Matching Gift Program.
Thank You
I want to extend my gratitude to our employees for their unwavering commitment to delivering exceptional results in 2024.
The relentless drive to achieve higher levels of performance benefits our customers, brokers, agents, fellow employees, and
shareholders. I am also very grateful for the vital relationships we have with our agents and brokers, who help us deliver value
to our mutual customers.
I also want to express, on behalf of the entire organization, our thanks to Dino Robusto as he transitioned to the role of Executive
Chairman of CNA   s Board of Directors on January 1, 2025. During his eight-year tenure as Chief Executive Officer, he led the
company to record levels of profitability and top quartile underwriting performance with incredible vision and tireless focus.
Dino   s visionary leadership has transformed CNA in many ways, leaving an indelible mark on our company   s growth, culture
and success which has put us on a strong path forward.
Douglas M. Worman
President and Chief Executive Officer
CNA Financial Corporation
February 11, 2025



 3/21/2025 Letter Continued (Full PDF)