[ The transcript was presubmitted by CNA Financial Corporation.
No live call was conducted for the fourth quarter earnings call.
]
Before we discuss our results for the quarter, on behalf of all our employees, I want to take a moment to express our deepest sympathies to the victims of the tragic wildfires in California.
We have all seen the heartbreaking devastation caused by this disaster, and our thoughts are with everyone who has suffered such profound losses.
by been commitment ground assist and who been have steadfast we our colleagues have our in unwavering affected CNA on and the remain customers Our tragedy. this support to
underwriting year, Net full quarter, premium the the a for classes XX% We fourth most achieved growth net by to in for net and strong quarter were where record level point casualty produced improvement rate year. In investment which continues our XX%, X% exceed gain, of classes impacted up continued the XX%, the of the business highest commercial business the we the loss income written year. of to rates income at cost results, social increased of inflation very with in the trends. underlying and investment quarterly of highest
million our quarter. million, year income the stock. in performance up Core portfolio partnerships from and million common limited investment $XXX quarter, over $XX in $XXX the prior and strong fixed income strong was contributions was fourth income with Net
points, of increase million, combined increase principally an catastrophe prior year or five losses Catastrophe was higher loss XX.X%, year point our to The compared the is X.X related ratio X.X quarter benign losses the X.X slightly in Hurricane fairly of $XX point below period. P&C all-in million, catastrophe to in to of prior points. this Milton. The year quarter. catastrophe compared losses, primarily quarter X.X ratio The or were a average is of from the $XX fourth
with quarter, last was ratio combined XX.X% P&C The the in consistent year's quarter. fourth underlying
consistent combined since our XX.X%, of quarter. to contributing ratios XX.X%. of was the ratio quarters The XX.X% a was consecutive sixteen was The quarter underwriting XXXX, record ratio million. to loss of excellent XX%. the produced below third $XXX quarter with underlying lowest the expense high fourth significant up the ratio underlying underlying XX% The now of underlying gain have in factor combined in a We
performance quarter, with XX% the In production written gross in growth strong excluding and written growth premiums X% net premiums. in achieve we continued to captives
down still increases, last with from X% the quarter, although variation all-in, X% in rates was quarter, amount are consistent Property excluding increase half Commercial increases workers' class range In obtained first single-digit the last change excess single-digit strongest unchanged Workers' XX%, auto renewal quarter. but of Commercial, rate there a that were representing consistent quarter, in mid casualty digits flat double-digit exposure up were equal strong in consistent change rate and business. compensation down rate rates were and historical change. segment with and premium the trends X% offset XXXX. compensation. remained P&C were from XXXX was of of by and exceeding the and the XX% low the of single each with to last roughly in is line, rates by that year loss of rates resulting cost quarterly with increase, profitability high long-run up mid
compared change and positive two X% were declines turned trends. quarters. prior rate quarter X%, to were our lines, in at Rates last directors Rate healthcare business, points quarter. last and flat in public over at (D&O) was in this up closer in to officers was point still substantial much affinity more liability cost Rates management rate negative but our cyber, continues rate in Specialty, and X%. up In loss exceed quarter one to from strong
fundamentally negative In International rates turned our International segment, our the half remains strong. performance of latter for XXXX, the of slightly but business
in was driving with double-digit growth In Commercial the International growth quarter, result. and the X%, business new overall
continue quarterly up this XX% retention retain to represents profitable highest quarter, our last accounts. as our compared we to quarter, and of portfolio year point a was of Retention the
to the mid the point Turning since XX.X%. the ratio Commercial improvement expense Catastrophe over ratio underwriting consistent ratio. the segment Commercial, loss on on underwriting ratios the million. a XXs points record a to The low improvement all-in the The the years. ratio recorded market The gain the XX.X%, last year, combined million $XX of gain expense This in was $XXX underlying a was all-in leading significant our combined was losses underlying lowest was quarterly low of X.X record quarter. of underlying to X.X best ratio XX.X%, best in was a XX.X%, from to XXXX. record. the added with by during segments, operating soft The of is three results third record $XXX million combined
quarter excluding was Gross in the growth premiums written XX%. and captives grew premium XX% net written
New business retention quarter, and was grew quarters. XX% consistent with the last two the XX% in
shared rate. terms Exposure in accounts Conversely, X% layered compensation, changes workers' exposures on accounts continue benefit and change quarter. areas as this In in in on conditions. like acts and we to continue were of was and and that and to from see participation seek for accounts such national optimize liability down general we limits exposure reductions change casualty deductibles Commercial to property as the
due XX.X%, all-in with the and the year compared points was The ratio earned Specialty to XX.X%, underlying and in was ratio X.X combined lower premiums. for fourth last quarter. underlying ratio was expense The consistent net prior loss to XX.X% up quarter,
representing growth net growth affinity We're and profitable premium growth in captives and premium quarters. increased strong for X%, was written ten continued written Specialty was growth surety. X% in seeing excluding the quarter growth strongest in Gross this
straight level has strong been was this for the quarter Retention at XX% and ten quarters. for around
For with and of losses. all XX.X%, in underlying an compared underlying to X.X lower year. combined catastrophe ratio points with almost the The XX.X% XX.X%, loss of International, ratio of prior by XX.X% combined quarter been has ratio ratio points was the stable was expense was four which the all-in year,
reinsurance from premiums on favorable gross written year International premiums quarter grew grew and quarter. adjustments the benefited written some X% prior premiums XX%. the during in written Net net treaties
of business as new retained retention strong high quarter we high from XX% business. benefited and performing our this growth also We
$X.XX, For income million earnings losses Core per of The between achieved was year. prior $X,XXX income fixed to of greater of share to core $X.X and $XXX increase $XXX income, than year year, and compared reflective catastrophe a our evenly the record billion. we increase XXXX. gain P&C and year the in core partnerships up elevated was underwriting limited underlying million, in nearly over roughly million full $X.XX despite million high record income common stock, net investment split portfolio, $XX
combined prior discussed with the net ratio was was while underlying all-in we've X.X underlying continue ratio The loss recent or year of $XXX were points up was ratio XX.X%, X.X average. year. The to most a from the earned ratio compared business. P&C for improved combined The by we invest the five catastrophe prior million. quarters. since and XX.X% year XX.X% combined ratio for to expense is The consistent to our premiums in catastrophes points The benefiting XX.X%, the higher the point reasons in XXXX, lowest ratio
P&C the year. prior development was favorable of For impact period slightly overall, for the
had of and our liability we continued casualty was development management workers' lines, offset development business. professional well as the surety compensation as While in commercial it classes by lines, and favorable unfavorable the in
ratios All three and combined underlying XXXX. operating in strong segments again very all-in produced
to in for combined are of XX.X%. we underlying The from a In increase catastrophes a Specialty produced ratio combined The previously loss expense the an compared greater full all-in ratios each an the X.X was the due case, XX.X% increase a all-in have year. which improved ratio up up of and Specialty XX.X% than of impact points more XX.X%. year, commented ratio last ratio combined record on. two Commercial, and due underlying XXXX in XXXX. points by ratio, an point ratio combined to was slightly to best to For to combined the compared
year International segments and For ratio and underwriting combined points three was expense acquisition gain. underlying all-in adjustment. to compared up and to gain to year all-in related operating lower favorable combined a continue to was ratio XX.X% underwriting produce due mostly in the All prior attributable XX.X%, X.X catch-up reinsurance the the underlying a strong ratio prior
gross premiums captives grew P&C written premiums net written year, the excluding for production and to X%. Turning each
grew the year. strong with was point a a for renewal business X%, up from a down to Retention $X,XXX consistent very million. XXXX, for up XX%, X%, last exposures of X% were X%, down Xst. New with also came XXXX. record increasing by year Rates January high was to compared A treaties premium point change and on renewal third-party our of majority at
reinsurance All and coverage renewed terms. business. of remain our very commission were lines the ceding oversubscribed treaties renewals economics of were successful. favorable these The of on with and Most favorable
our to the relating Finally, exposure currently the $XX a range we estimated net in note estimate -- wildfires California on of million $XX exposure million. to
evaluate is to continue a situation. developing this exposure We as will our
