PR Newswire
CHICAGO, Feb. 12, 2018
CHICAGO, Feb. 12, 2018 /PRNewswire/ -- CNA Financial Corporation (NYSE: CNA) today announced fourth quarter 2017 net income of $223 million, or $0.82 per share, and full year 2017 net income of $899 million, or $3.30 per share. Net income in the quarter included a charge of $83 million relating to the remeasurement of net deferred tax assets as a result of the passage of the Tax Cuts and Jobs Act.
Fourth quarter 2017 core income (formerly referred to as net operating income) was $286 million, or $1.05 per share, and full year 2017 core income was $919 million, or $3.38 per share. Net investment income, after tax, was $366 million for the fourth quarter of 2017 and $1,462 million for the full year. Property & Casualty Operations combined ratio for the fourth quarter and full year was 94.0% and 97.1%, respectively.
CNA Financial declared a quarterly dividend of $0.30 per share and a special dividend of $2.00 per share, payable March 14, 2018 to stockholders of record on February 26, 2018.
| Results for the Three Months | | Results for the Year | ||||||||||||
($ millions, except per share data) | 2017 | | 2016 | | 2017 | | 2016 | ||||||||
Net income | $ | 223 | | $ | 241 | | $ | 899 | | $ | 859 | ||||
Core income | 286 | | 221 | | 919 | | 824 | ||||||||
| | | | | | | | ||||||||
Net income per diluted share | $ | 0.82 | | $ | 0.89 | | $ | 3.30 | | $ | 3.17 | ||||
Core income per diluted share | 1.05 | | 0.82 | | 3.38 | | 3.04 | ||||||||
| | | | | | | | | | | | ||||
| December 31, 2017 | | December 31, 2016 | ||||||||||||
| $ | 45.15 | | | $ | 44.25 | | ||||||||
| | | | | | | | | | | | ||||
| | 45.02 | | | | 44.89 | |
| |
(a) | What we previously referred to as "Net operating income (loss)" in our public disclosures, we now refer to as "Core income (loss)." Additionally, the related financial measures of "Net operating income (loss) per diluted share" and "Net operating income (loss) return on equity" have also been changed accordingly. The fourth quarter 2017 increase in income tax expense from the remeasurement of our net deferred tax asset as a result of the enacted U.S. Federal income tax rate change has been excluded from Core income. There were no other changes to the calculation of Core income and related measures. With this terminology change, we also removed "Non-Core" from the titles of our Life & Group and Corporate & Other segments to avoid confusion. |
"CNA generated $919 million of core income, the highest level in almost a decade and 12% higher than 2016, despite one of the largest catastrophe loss years in the industry's history," said Dino E. Robusto, Chairman and Chief Executive Officer of CNA Financial Corporation. "The strength of our fourth quarter and full year results combined with our heightened underwriting focus and execution provide excellent momentum going into 2018."
Property & Casualty Operations
| Results for the Three | | Results for the Year Ended | ||||||||||||||||
($ millions) | 2017 | | 2016 | | 2017 | | 2016 | ||||||||||||
Net written premiums | $ | 1,601 | | | | $ | 1,525 | | | | $ | 6,534 | | | | $ | 6,442 | | |
NWP change (% year over year) | 5 | | % | | (4) | | % | | 1 | | % | | — | | % | ||||
Net investment income | $ | 305 | | | | $ | 322 | | | | $ | 1,232 | | | | $ | 1,205 | | |
Core income | 263 | | | | 217 | | | | 959 | | | | 982 | | | ||||
| | | | | | | | | | | | ||||||||
Loss ratio excluding catastrophes and development | 60.7 | | % | | 63.4 | | % | | 61.0 | | % | | 62.8 | | % Werbung Mehr Nachrichten zur CNA Financial Corp Aktie kostenlos abonnieren
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