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07.02.2022 06:00
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CNA FINANCIAL ANNOUNCES Q4 2021 NET INCOME OF $0.98 PER SHARE AND CORE INCOME OF $0.97 PER SHARE FULL YEAR 2021 NET INCOME OF $4.41 PER SHARE AND RECORD CORE INCOME OF $4.06 PER SHARE SPECIAL DIVIDEND OF $2.00 PER SHARE
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PR Newswire
CHICAGO, Feb. 7, 2022
CHICAGO, Feb. 7, 2022 /PRNewswire/ -- CNA Financial Corporation (NYSE: CNA) today announced fourth quarter 2021 net income of $266 million, or $0.98 per share, versus $387 million, or $1.42 per share, in the prior year quarter. Net investment gains for the quarter were $1 million, versus $52 million in the prior year quarter. Core income for the quarter was $265 million, or $0.97 per share, versus $335 million, or $1.23 per share, in the prior year quarter. Net income for the full year 2021 was $1,202 million, or $4.41 per share, versus $690 million, or $2.53 per share, in the prior year. Net investment gains for the full year were $96 million, versus net investment losses of $45 million in the prior year. Core income for the full year 2021 was $1,106 million, or $4.06 per share, versus $735 million, or $2.70 per share, in the prior year.
Our Property & Casualty segments produced core income of $353 million for the fourth quarter of 2021, a decrease of $5 million compared to the prior year quarter primarily due to higher net catastrophe losses offset by improved non-catastrophe current accident year underwriting results. Property & Casualty segments, excluding third party captives, generated gross written premium growth of 16% and net written premium growth of 11%, led by strong written rate increases of 8% and new business growth of 28%.
Our Life & Group segment produced core income of $6 million for the fourth quarter of 2021, a decrease of $20 million compared to the prior year quarter. Our Corporate & Other segment produced a core loss of $94 million for the fourth quarter of 2021, an increase of $45 million compared to the prior year quarter driven by adverse development in legacy mass tort exposures, lower net investment income and a higher non-economic charge related to asbestos & environmental pollution.
CNA Financial declared a quarterly dividend of $0.40 per share and a special dividend of $2.00 per share, payable March 10, 2022 to stockholders of record on February 22, 2022.
| | Results for the Three Months | | Results for the Year Ended | ||||
| ($ millions, except per share data) | 2021 | | 2020 | | 2021 | | 2020 |
| Net income | $ 266 | | $ 38 | | $ 1,202 | | $ 690 |
| Core income (a) | 265 | | 335 | | 1,106 | | 735 |
| | | | | | | | |
| Net income per diluted share | $ 0.98 | | $ 1.42 | | $ 4.41 | | $ 2.53 |
| Core income per diluted share | 0.97 | | 1.23 | | 4.06 | | 2.70 |
| | December 31, 2021 | | December 31, 2020 | ||
| Book value per share | $ | 47.20 | | $ | 46.82 |
| Book value per share excluding AOCI | | 46.02 | | | 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. |
"We had a very strong fourth quarter topping off an excellent year in our property and casualty business. Gross written premium growth ex captives was 16% in the quarter and 10% for the year. New business growth was 28% in the quarter and 19% for the full year. Rates were stable with the third quarter at 8%, and for the full year we achieved 9%. We achieved the lowest quarterly and annual combined ratio in five years at 92.9% and 96.2%, respectively. We produced record core income of $1,106 million for the year that also included a record low underlying combined ratio of 91.4%. Given our strong performance on growth, rate, and profitability, we are optimistic about our opportunities and remain well positioned to capitalize on the favorable market conditions we anticipate in 2022," said Dino E. Robusto, Chairman & Chief Executive Officer of CNA Financial Corporation.
Property & Casualty Operations
| | Results for the Three Months | | Results for the Year Ended | ||||||||
| ($ millions) | 2021 | | 2020 | | 2021 | | 2020 | ||||
| Gross written premiums ex. 3rd party captives | $ 2,513 | | | $ 2,169 | | | $ 9,303 | | | $ 8,422 | |
| GWP ex. 3rd party captives change (% year over year) | 16 | % | | | | | 10 | % | | | |
| Net written premiums | $ 2,166 | | | $ 1,952 | | | $ 7,921 | | | $ 7,566 | |
| NWP change (% year over year) | 11 | % | | | | | 5 | % | | | |
| Net investment income | $ 306 | | | $ 307 | | | $ 1,178 | | | $ 1,020 | |
| Core income | 353 | | | 358 | | | 1,184 | | | 840 | |
| | | | | | | | | | | | |
| Loss ratio excluding catastrophes and development | 60.1 | % | | 60.4 | % | | 60.0 | % | | 60.2 | % |
| Effect of catastrophe impacts | 2.0 | | | 0.8 | | | 5.1 | | | 7.7 | |
| Effect of development-related items Werbung Mehr Nachrichten zur CNA Financial Corp Aktie kostenlos abonnieren
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