PR Newswire
CHICAGO, May 3, 2021
CHICAGO, May 3, 2021 /PRNewswire/ -- CNA Financial Corporation (NYSE: CNA) today announced first quarter 2021 net income of $312 million, or $1.14 per share, versus net loss of $61 million, or $(0.23) per share, in the prior year quarter. Core income for the quarter was $263 million, or $0.96 per share, versus $108 million, or $0.40 per share, in the prior year quarter.
Our Property & Casualty segments produced core income of $263 million for the first quarter of 2021, an increase of $142 million 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. These results were partially offset by higher net catastrophe losses.
Our Life & Group and Corporate & Other segments produced core income (loss) for the first quarter of 2021 of $36 million and $(36) million, respectively.
CNA Financial declared a quarterly dividend of $0.38 per share, payable June 3, 2021 to stockholders of record on May 17, 2021.
| Results for the Three Months | ||||||
($ millions, except per share data) | 2021 | | 2020 | ||||
Net income (loss) | $ | 312 | | | $ | (61) | |
Core income (a) | 263 | | | 108 | | ||
| | | | ||||
Net income (loss) per diluted share | $ | 1.14 | | | $ | (0.23) | |
Core income per diluted share | 0.96 | | | 0.40 | |
| March 31, 2021 | | December 31, 2020 | ||||
Book value per share | $ | 44.50 | | | $ | 46.82 | |
Book value per share excluding AOCI | | 43.81 | | | | 43.86 | |
| |
(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. |
"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. 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, Chairman & Chief Executive Officer of CNA Financial Corporation.
Property & Casualty Operations
| Results for the Three Months | ||||||||
($ millions) | 2021 | | 2020 | ||||||
Gross written premiums ex. 3rd party captives | $ | 2,270 | | | | $ | 2,107 | | |
GWP ex. 3rd party captives change (% year over year) | 8 | | % | | | | |||
Net written premiums | $ | 1,937 | | | | $ | 1,863 | | |
NWP change (% year over year) | 4 | | % | | | | |||
Net investment income | $ | 279 | | | | $ | 113 | | |
Core income | 263 | | | | 121 | | | ||
| | | | | | ||||
Loss ratio excluding catastrophes and development | 60.1 | | % | | 60.2 | | % | ||
Effect of catastrophe impacts | 6.8 | | | | 4.3 | | | ||
Effect of development-related items | (0.6) | | | | (0.7) | | | ||
Loss ratio | 66.3 | | % | | 63.8 | | % | ||
| | | | | | ||||
Expense ratio | 31.5 | | % | | 33.1 | | % | ||
| | | | | | ||||
Combined ratio | 98.1 | | % | | 97.3 | | % | ||
Combined ratio excluding catastrophes and development | 91.9 | | % | | 93.7 | | % Werbung Mehr Nachrichten zur CNA Financial Corp Aktie kostenlos abonnieren
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