Net income up 14% to $338 million versus $297 million in the prior year quarter; core income up 9% to $355 million, reflecting the best first quarter core income on record, versus $325 million in the prior year quarter. P&C core income of $372 million versus $346 million, reflects higher investment income and favorable net prior year development, partially offset by higher catastrophe losses. Net investment income up 16% to $609 million pretax, includes a $44 million increase from fixed income securities and other investments to $541 million and a $40 million increase from limited partnerships and common stock to $68 million. P&C combined ratio of 94.6%, compared with 93.9% in the prior year quarter, including 3.8 points of catastrophe loss impact compared with 2.4 points in the prior year quarter. P&C underlying combined ratio was 91.0% compared with 90.8% in the prior year quarter. P&C underlying loss ratio was 60.5% and the expense ratio was 30.1%. P&C segments, excluding third party captives, generated gross written premium growth of 8% and net written premium growth of 6% for the first quarter of 2024. P&C renewal premium change of +6%, with written rate of +4% and exposure change of +2%. Book value per share of $35.62; book value per share excluding AOCI of $45.10, a 2% increase from year-end 2023 adjusting for $2.44 of dividends per share. Board of Directors declares regular quarterly cash dividend of $0.44 per share. CHICAGO, May 6, 2024 /PRNewswire/ -- CNA Financial Corporation (NYSE:CNA) today announced first quarter 2024 net income of $338 million, or $1.24 per share, versus $297 million, or $1.09 per share, in the prior year quarter. Net investment losses for the quarter were $17 million compared to $28 million in the prior year quarter. Core income for the quarter was $355 million, or $1.30 per share, versus $325 million, or $1.19 per share, in the prior year quarter. Our Property & Casualty segments produced core income of $372 million for the first quarter of 2024, an increase of $26 million compared to the prior year quarter driven by higher investment income and favorable net prior period development, partially offset by higher catastrophe losses. P&C segments, excluding third party captives, generated gross written premium growth of 8% and net written premium growth of 6%, driven by retention of 85%, renewal premium change of +6% and new business growth of 5%. Our Life & Group segment produced core income of $5 million for the first quarter of 2024 versus core loss of $3 million in the prior year quarter, driven by higher net investment income. Our Corporate & Other segment produced a core loss of $22 million for the first quarter of 2024, versus $18 million in the prior year quarter, which reflects a $5 million after-tax charge related to office consolidation in the current quarter. CNA Financial declared a quarterly dividend of $0.44 per share payable June 6, 2024 to stockholders of record on May 20, 2024. Results for the Three Months Ended March 31 ($ millions, except per share data) 2024 2023 Net income $                            338 $                            297 Core income (a) 355 325 Net income per diluted share $                          1.24 $                          1.09 Core income per diluted share 1.30 1.19   March 31, 2024 December 31, 2023 Book value per share $ 35.62 $ 36.52 Book value per share excluding AOCI 45.10 46.39 (a) Management utilizes the core income (loss) financial measure to monitor the Company's operations. Please refer herein to the Reconciliation of GAAP Measures to Non-GAAP Measures section of this press release for further discussion of this non-GAAP measure. "We are off to an excellent start with a record first quarter core income of $355 million, which benefited from 16% growth in net investment income and continued strong top and bottom line P&C performance. The all-in combined ratio was 94.6% and included 3.8 points of catastrophe loss, which is in line with our five-year first quarter average, and the P&C underlying combined ratio of 91.0% represents the thirteenth consecutive quarter below 92%. Gross written premiums ex. captives grew by 8% in the quarter with strong growth in Commercial of 17% as the property market remains very favorable given the correction over the last couple of years, and casualty rate increases continue to accelerate. Growth in Specialty and International were each impacted by the protracted competitive pressures in management liability lines and so we continue to tread lightly in those lines. Renewal premium change was up a point to 6% while retention remained strong at 85%. In the U.S., our renewal premium change excluding workers' compensation was 8%, which is covering our loss cost trends of 6.5%. We are very pleased with our disciplined execution in the first quarter and we believe the remainder of 2024 will continue to afford us robust opportunities to grow profitably and continue to build our investment returns," said Dino E. Robusto, Chairman & Chief Executive Officer of CNA Financial Corporation. Property & Casualty Operations Results for the Three Months EndedMarch 31 ($ millions) 2024 2023 Gross written premiums ex. 3rd party captives $              2,936 $ 2,724 GWP ex. 3rd party captives change (% year over year) 8 % Net written premiums $              2,390 $ 2,247 NWP change (% year over year) 6 % Net earned premiums $              2,331 $ 2,133 NEP change (% year over year) 9 % Underwriting gain $                 126 $ 130 Net investment income $                 357 $ 301 Core income $                 372 $ 346 Underlying loss ratio 60.5 % 59.8 % Effect of catastrophe impacts 3.8 2.4 Effect of development-related items (0.2) 0.7 Loss ratio 64.1 % 62.9 %   Expense ratio   30.1   %   30.7   % Combined ratio 94.6 % 93.9 % Underlying combined ratio 91.0 % 90.8 %   The underlying combined ratio increased 0.2 points as compared with the prior year quarter. The underlying loss ratio increased 0.7 points as compared with the prior year quarter. The expense ratio improved 0.6 points driven by net earned premium growth of 9%. The combined ratio increased 0.7 points as compared with the prior year quarter. Catastrophe losses were $88 million, or 3.8 points of the loss ratio in the quarter compared with $52 million, or 2.4 points of the loss ratio, for the prior year quarter. Favorable net prior period development improved the loss ratio by 0.2 points in the current year quarter compared with 0.7 points of unfavorable net prior period development increasing the loss ratio in the prior year quarter. P&C segments, excluding third party captives, generated gross written premium growth of 8% and net written premium growth of 6%. Business Operating Highlights Specialty Results for the Three Months Ended March 31 ($ millions) 2024 2023 Gross written premiums ex. 3rd party captives $                 880 $                 886 GWP ex. 3rd