Loews Corporation (NYSE:L) Q4 2023 Earnings Conference Call February 5, 2024 9:00 AM ET

Company Participants

Ralitza Todorova - Investor Relations

Dino Robusto - Chairman and Chief Executive Officer

Scott Lindquist - Chief Financial Officer

Conference Call Participants

Josh Shanker - Bank of America

Meyer Shields - KBW

Operator

Ladies and gentlemen, good day, and welcome to the CNA Fourth Quarter 2023 Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions] As a reminder, today's conference is being recorded.

I would now like to turn the call over to Ralitza Todorova, Vice President of Investor Relations & Rating Agencies, for opening remarks and introduction of today's speakers. Please go ahead.

Ralitza Todorova

Thank you, Rocco. Good morning and welcome to CNA's discussion of our fourth quarter and full year 2023 financial results. Our fourth quarter earnings press release, presentation and financial supplement were released this morning and are available on the Investor Relations section of our website, www.cna.com.

Speaking today will be Dino Robusto, Chairman and Chief Executive Officer; and Scott Lindquist, Chief Financial Officer. Following their prepared remarks, we will open the line for questions.

Today's call may include forward-looking statements and references to non-GAAP financial measures. Any forward-looking statements involve risks and uncertainties that may cause actual results to differ materially from the statements made during the call. Information concerning those risks is contained in the earnings press release and in CNA's most recent SEC filings. In addition, the forward-looking statements speak only as of today, Monday, February 5, 2024, CNA expressly disclaims any obligation to update or revise any forward-looking statements made during this call.

Regarding non-GAAP measures, reconciliations to the most comparable GAAP measures and other information have been provided in our earnings press release, financial supplement and other filings with the SEC.

This call is being recorded and webcast. A replay of the call may be accessed on our website. If you are reading a transcript of this call, please note that the transcript may not be reviewed for accuracy, thus it may contain transcription errors that could materially alter the intent or meaning of the statements.

With that, I will turn the call over to our Chairman and CEO, Dino Robusto.

Dino Robusto

Thank you, Ralitza, and good morning all. In the fourth quarter, we produced very strong results, capping off another great year of excellent underwriting performance and robust investment income. Gross written premium ex-captive growth was double digit for the quarter and for the full year, representing our third consecutive year of double-digit growth. We achieved a 39% increase in underwriting gain for the quarter, which included modest catastrophe losses and we achieved record underlying and all-in underwriting gains for the full year.