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CNA FINANCIAL ANNOUNCES FIRST QUARTER 2022 NET INCOME OF $1.15 PER SHARE AND CORE INCOME OF $1.16 PER SHARE

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PR Newswire

CHICAGO, May 2, 2022

Net income was $313 million versus $312 million in the prior year quarter, core income was up 20% to $316 million versus $263 million in the prior year quarter.
The P&C combined ratio was 91.9%, the lowest in over five years, compared with 98.1% in the prior year quarter, including 1.0 point of catastrophe loss impact compared with 6.8 points in the prior year quarter.
The underlying combined ratio was 91.4% compared with 91.9% in the prior year quarter. The underlying loss ratio was 60.1% and the expense ratio was 31.0%.
P&C segments, excluding third party captives, generated gross written premium growth of 8%. Net written premium growth was 4% in the quarter.
P&C written rate of +7% and earned rate of +9% for the quarter.
Net investment income of $448 million pretax includes $8 million of income from limited partnerships and common stock compared with $504 million of pretax net investment income which included $61 million of income from limited partnerships and common stock in the prior year quarter.
Book value per share excluding AOCI of $44.67, a 2% increase from year-end 2021 adjusting for $2.40 of dividends per share; book value per share of $39.87 was also impacted by a decrease in AOCI reflecting the effect of higher interest rates on fixed income net unrealized gains and losses.
Board of Directors declares regular quarterly cash dividend of $0.40 per share.

CHICAGO, May 2, 2022 /PRNewswire/ -- CNA Financial Corporation (NYSE: CNA) today announced first quarter 2022 net income of $313 million, or $1.15 per share, versus $312 million, or $1.14 per share, in the prior year quarter. Core income for the quarter was $316 million, or $1.16 per share, versus $263 million, or $0.96 per share, in the prior year quarter. Net investment losses for the quarter were $3 million, versus net investment gains of $49 million in the prior year quarter.

Our Property & Casualty segments produced core income of $321 million for the first quarter of 2022, an increase of $58 million, or 22%, compared to the prior year quarter due to lower catastrophe losses and improved non-catastrophe current accident year underwriting results partially offset by lower net investment income driven by limited partnership and common stock returns. Property & Casualty segments, excluding third party captives, generated gross written premium growth of 8% and net written premium growth of 4%, driven by written rate of +7% for the quarter and new business growth of 14%.

Our Life & Group and Corporate & Other segments produced core income (loss) for the first quarter of 2022 of $23 million and $(28) million, respectively.

CNA Financial declared a quarterly dividend of $0.40 per share, payable June 2, 2022 to stockholders of record on May 16, 2022.

Results for the Three months ended March 31

($ millions, except per share data)

2022

ARIVA.DE Börsen-Geflüster

Kurse

CNA Financial Corp

41,80 €

+0,48%

2021

Net income

$ 313

$ 312

Core income ^(a)

316

263

Net income per diluted share

$ 1.15

$ 1.14

Core income per diluted share

1.16

0.96

	March 31, 2022		December 31, 2021
Book value per share	$	39.87	$	47.20
Book value per share excluding AOCI		44.67		46.02

(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.

"We are off to a good start in 2022 with a 20% increase in core income resulting from improved underlying P&C underwriting income and lower catastrophe losses. Our combined ratio of 91.9% was the lowest quarterly combined ratio in over five years. Gross written premium growth ex captives was 8% in the quarter. Earned rate increase of 9% remains comfortably above loss cost trends and a positive gap should persist through year-end as written rate increases, which were 7% in the quarter, are moderating at a measured pace and remain robust where needed most. With significant rate achievement over the last several years and improved terms and conditions, we remain optimistic about the market conditions and our growth opportunities for the remainder of 2022," said Dino E. Robusto, Chairman & Chief Executive Officer of CNA Financial Corporation.

Property & Casualty Operations

	Results for the Three Months Ended March 31
($ millions)	2022		2021
Gross written premiums ex. 3^rd party captives	$ 2,454		$ 2,270
GWP ex. 3^rd party captives change (% year over year)	8	%
Net written premiums	$ 2,023		$ 1,937
NWP change (% year over year)	4	%
Net investment income	$ 235		$ 279
Core income	321		263

Loss ratio excluding catastrophes and development	60.1	%	60.1	%
Effect of catastrophe impacts	1.0		6.8
Effect of development-related items	(0.5)		(0.6)
Loss ratio	60.6	%	66.3	%

Expense ratio	31.0	%	31.5	%

Combined ratio	91.9	%	98.1	%
Combined ratio excluding catastrophes and development	91.4	%	91.9	%

The underlying combined ratio improved 0.5 points as compared with the prior year quarter due to an improvement in the expense ratio primarily driven by net earned premium growth of 5% and lower acquisition costs.
The combined ratio improved 6.2 points as compared with the prior year quarter. Catastrophe losses were $19 million, or 1.0 point of the loss ratio in the quarter compared with $125 million, or 6.8 points of the loss ratio, for the prior year quarter. Favorable net prior period development improved the loss ratio by 0.5 points in the current quarter compared with 0.6 points of improvement in the prior year quarter.
P&C segments, excluding third party captives, generated gross written premium growth of 8% and net written premium growth of 4%.

Business Operating Highlights

Specialty

Results for the Three Months Ended March 31

($ millions)

2022

2021

Gross written premiums ex. 3^rd party captives

$ 885

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