CNA Financial's fixed-income investment strategy with the highest allocations to diversified investment grade corporates, as well as highly rated municipal securities, should support investment results. CNA has been able to maintain the underlying combined ratio below 95 for 13 straight quarters. Despite the elevated industry catastrophe losses in 2023, the P&C all-in combined ratio was strong at 93.5, while the P&C underlying combined ratio was 90.9%, which improved 30 basis bps year over year. The company has a solid balance sheet, with capital remaining above the target levels required for all ratings.