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02.08.2021 06:00
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CNA Financial Announces Second Quarter 2021 Net Income Of $1.35 Per Share And Core Income Of $1.25 Per Share
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PR Newswire
CHICAGO, Aug. 2, 2021
CHICAGO, Aug. 2, 2021 /PRNewswire/ -- CNA Financial Corporation (NYSE: CNA) today announced second quarter 2021 net income of $368 million, or $1.35 per share, versus $151 million, or $0.55 per share, in the prior year quarter. Core income for the quarter was $341 million, or $1.25 per share, versus $99 million, or $0.36 per share, in the prior year quarter.
Our Property & Casualty segments produced core income of $351 million for the second quarter of 2021, an increase of $226 million compared to the prior year quarter primarily due to lower net catastrophe losses and improved non-catastrophe current accident year underwriting results.
Our Life & Group and Corporate & Other segments produced core income (loss) for the second quarter of 2021 of $43 million and $(53) million, respectively. Corporate & Other includes a $40 million pretax charge for legacy mass tort exposures in the current quarter.
CNA Financial declared a quarterly dividend of $0.38 per share, payable September 2, 2021 to stockholders of record on August 16, 2021.
| | Results for the Three Months | | Results for the Six Months | ||||||||||||
| ($ millions, except per share data) | 2021 | | 2020 | | 2021 | | 2020 | ||||||||
| Net income | $ | 368 | | | $ | 151 | | | $ | 680 | | | $ | 90 | |
| Core income (a) | 341 | | | 99 | | | 604 | | | 207 | | ||||
| | | | | | | | | ||||||||
| Net income per diluted share | $ | 1.35 | | | $ | 0.55 | | | $ | 2.49 | | | $ | 0.33 | |
| Core income per diluted share | 1.25 | | | 0.36 | | | 2.21 | | | 0.76 | | ||||
| | June 30, 2021 | | December 31, 2020 | ||||
| Book value per share | $ | 46.69 | | | $ | 46.82 | |
| Book value per share excluding AOCI | | 44.81 | | | | 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. |
"CNA produced record core income in the quarter resulting from improvement in the underlying combined ratio, very strong investment results and a lower level of catastrophe losses. We recorded a rate increase of +10%, the fifth consecutive quarter of double-digit rate increase. Earned rate is now just shy of +12% and well above our long run loss cost trend. In the first part of the quarter transactional limitations resulting from the cyber incident had an impact on production. But we were able to quickly regain momentum and finish the quarter with a very strong June. This enabled us to grow our gross written premium by 8% and new business by 10% for the quarter. We are well positioned to continue capitalizing on the favorable market conditions we anticipate in the latter half of 2021," said Dino E. Robusto, Chairman & Chief Executive Officer of CNA Financial Corporation.
Property & Casualty Operations
| | Results for the Three Months | | Results for the Six Months | ||||||||||||||||
| ($ millions) | 2021 | | 2020 | | 2021 | | 2020 | ||||||||||||
| Gross written premiums ex. 3rd party captives | $ | 2,296 | | | | $ | 2,132 | | | | $ | 4,566 | | | | $ | 4,239 | | |
| GWP ex. 3rd party captives change (% year over year) | 8 | | % | | | | | 8 | | % | | | | ||||||
| Net written premiums | $ | 1,909 | | | | $ | 1,930 | | | | $ | 3,846 | | | | $ | 3,793 | | |
| NWP change (% year over year) | (1) | | % | | | | | 1 | | % | | | | ||||||
| Net investment income | $ | 322 | | | | $ | 308 | | | | $ | 601 | | | | $ | 421 Werbung Mehr Nachrichten zur CNA Financial Corp Aktie kostenlos abonnieren
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