{"id":485463,"date":"2021-05-03T06:04:17","date_gmt":"2021-05-03T10:04:17","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/cna-financial-announces-first-quarter-2021-net-income-of-1-14-per-share-and-core-income-of-0-96-per-share\/"},"modified":"2021-05-03T06:04:17","modified_gmt":"2021-05-03T10:04:17","slug":"cna-financial-announces-first-quarter-2021-net-income-of-1-14-per-share-and-core-income-of-0-96-per-share","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/cna-financial-announces-first-quarter-2021-net-income-of-1-14-per-share-and-core-income-of-0-96-per-share\/","title":{"rendered":"CNA Financial Announces First Quarter 2021 Net Income Of $1.14 Per Share And Core Income Of $0.96 Per Share"},"content":{"rendered":"
\n

– Net income was $312 million versus net loss of $61 million in the prior year quarter; core income was $263 million versus $108 million in the prior year quarter.<\/h2>\n

– The P&C combined ratio was 98.1% compared with 97.3% in the prior year quarter, including 6.8 points of catastrophe loss impact compared with 4.3 points in the prior year quarter.<\/h2>\n

– Net catastrophe losses were $125 million pretax versus $75 million in the prior year quarter. Net catastrophe losses in the current quarter were primarily driven by Winter Storms Uri and Viola.<\/h2>\n

– The underlying combined ratio was 91.9% compared with 93.7% in the prior year quarter. The underlying loss ratio was 60.1% compared with 60.2% in the prior year quarter and the expense ratio was 31.5% compared with 33.1% in the prior year quarter.<\/h2>\n

– P&C segments, excluding third party captives, generated gross written premium growth of 8% and net written premium growth of 4%.<\/h2>\n

– Rate of +11% consistent with full year 2020.<\/h2>\n

– Net investment income of $504 million pretax includes $61 million of income from limited partnerships and common stock compared with $329 million of pretax net investment income which included $125 million of losses from limited partnerships and common stock in the prior year quarter.<\/h2>\n

– Book value per share of $44.50; book value per share excluding AOCI of $43.81, a 2% increase from year-end 2020 adjusting for $1.13 of dividends per share.<\/h2>\n

– Board of Directors declares regular quarterly cash dividend of $0.38 per share.<\/h2>\n

PR Newswire<\/p>\n<\/p><\/div>\n

\n

\n CHICAGO<\/span>, May 3, 2021<\/span> \/PRNewswire\/ —\u00a0CNA Financial Corporation (NYSE: CNA) today announced first quarter 2021 net income of $312 million<\/span>, or $1.14<\/span> per share, versus net loss of $61 million<\/span>, or $(0.23)<\/span> per share, in the prior year quarter.\u00a0 Core income for the quarter was $263 million<\/span>, or $0.96<\/span> per share, versus $108 million<\/span>, or $0.40<\/span> per share, in the prior year quarter.\u00a0 <\/p>\n

Our Property & Casualty segments produced core income of $263 million<\/span> for the first quarter of 2021, an increase of $142 million<\/span> compared to the prior year quarter primarily due to higher net investment income driven by limited partnership and common stock returns and improved non-catastrophe current accident year underwriting results.\u00a0 These results were partially offset by higher net catastrophe losses.<\/p>\n

Our Life & Group and Corporate & Other segments produced core income (loss) for the first quarter of 2021 of $36 million<\/span> and $(36) million<\/span>, respectively. <\/p>\n

CNA Financial declared a quarterly dividend of $0.38<\/span> per share, payable June\u00a03, 2021 to stockholders of record on May\u00a017, 2021.<\/p>\n

\n\n\n\n\n\n\n\n\n
\n \n <\/td>\n\n

\n
\n Results for the Three Months
Ended March 31<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n ($ millions, except per share data)<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 2021<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 2020<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Net income (loss)<\/span>\n <\/p>\n<\/td>\n

\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 312<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n (61)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Core income (a)<\/sup><\/span>\n <\/p>\n<\/td>\n

\n

\n 263<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 108<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Net income (loss) per diluted share<\/span>\n <\/p>\n<\/td>\n

\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 1.14<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n (0.23)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Core income per diluted share<\/span>\n <\/p>\n<\/td>\n

\n

\n 0.96<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 0.40<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n<\/table><\/div>\n

\u00a0<\/p>\n

\n\n\n\n\n
\n \n <\/td>\n\n

\n
\n March 31, 2021<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n December 31, 2020<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Book value per share<\/span>\n <\/p>\n<\/td>\n

\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 44.50<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 46.82<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Book value per share excluding AOCI<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 43.81<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 43.86<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n<\/table><\/div>\n
\n\n\n\n
\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n (a)\u00a0\u00a0<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 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.<\/i>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

“I am very pleased with our results as we achieved the best underlying combined ratio in over 12 years, offsetting substantially elevated catastrophes in the first quarter, as well as continued double-digit rate increases and strong new business growth.\u00a0 We remain bullish about our growth opportunities for the remainder of the year as we expect favorable market conditions to persist,” said Dino E. Robusto<\/span>, Chairman & Chief Executive Officer of CNA Financial Corporation.<\/p>\n

\n Property & Casualty Operations<\/b>\n <\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n \n <\/td>\n\n

\n
\n Results for the Three Months
Ended March\u00a031<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n ($ millions)<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 2021<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 2020<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Gross written premiums ex. 3rd<\/sup> party captives<\/span>\n <\/p>\n<\/td>\n

\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,270<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,107<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n GWP ex. 3rd<\/sup> party captives change (% year over year)<\/span>\n <\/p>\n<\/td>\n

\n

\n 8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n %<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Net written premiums<\/span>\n <\/p>\n<\/td>\n

\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,937<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,863<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n NWP change (% year over year)<\/span>\n <\/p>\n<\/td>\n

\n

\n 4<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n %<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Net investment income<\/span>\n <\/p>\n<\/td>\n

\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 279<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 113<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Core income<\/span>\n <\/p>\n<\/td>\n

\n

\n 263<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 121<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Loss ratio excluding catastrophes and development<\/span>\n <\/p>\n<\/td>\n

\n

\n 60.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n %<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 60.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n %<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Effect of catastrophe impacts<\/span>\n <\/p>\n<\/td>\n

\n

\n 6.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 4.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Effect of development-related items<\/span>\n <\/p>\n<\/td>\n

\n

\n (0.6)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n (0.7)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Loss ratio<\/span>\n <\/p>\n<\/td>\n

\n

\n 66.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n %<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 63.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n %<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Expense ratio<\/span>\n <\/p>\n<\/td>\n

\n

\n 31.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n %<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 33.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n %<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Combined ratio<\/span>\n <\/p>\n<\/td>\n

\n

\n 98.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n %<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 97.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n %<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Combined ratio excluding catastrophes and development<\/span>\n <\/p>\n<\/td>\n

\n

\n 91.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n %<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 93.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n %<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\u00a0<\/p>\n