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01.11.2021 06:00
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CNA Financial Announces Third Quarter 2021 Net Income of $0.94 Per Share and Core Income of $0.87 Per Share
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PR Newswire
CHICAGO, Nov. 1, 2021
CHICAGO, Nov. 1, 2021 /PRNewswire/ -- CNA Financial Corporation (NYSE: CNA) today announced third quarter 2021 net income of $256 million, or $0.94 per share, versus $213 million, or $0.79 per share, in the prior year quarter. Core income for the quarter was $237 million, or $0.87 per share, versus $193 million, or $0.71 per share, in the prior year quarter.
Our Property & Casualty segments produced core income of $217 million for the third quarter of 2021, a decrease of $19 million compared to the prior year quarter primarily due to higher net catastrophe losses and lower net investment income partially offset by improved non-catastrophe current accident year underwriting results. The underlying combined ratio of 91.1% for the third quarter 2021 is the third consecutive quarter with a record underlying combined ratio. Property & Casualty segments, excluding third party captives, generated gross written premium growth of 10% and net written premium growth of 5%, led by new business growth of 24% and strong written rate increases of 8%.
Our Life & Group and Corporate & Other segments produced core income (loss) for the third quarter of 2021 of $41 million and $(21) million, respectively. Life & Group results for the third quarter included no unlocking event for active life reserves and a $31 million after-tax benefit due to a reduction in claim reserves from the annual claim reviews.
CNA Financial declared a quarterly dividend of $0.38 per share, payable December 2, 2021 to stockholders of record on November 15, 2021.
| | Results for the Three Months | | Results for the Nine Months | ||||||||||||
| ($ millions, except per share data) | 2021 | | 2020 | | 2021 | | 2020 | ||||||||
| Net income | $ | 256 | | | $ | 213 | | | $ | 936 | | | $ | 303 | |
| Core income (a) | 237 | | | 193 | | | 841 | | | 400 | | ||||
| | | | | | | | | ||||||||
| Net income per diluted share | $ | 0.94 | | | $ | 0.79 | | | $ | 3.43 | | | $ | 1.11 | |
| Core income per diluted share | 0.87 | | | 0.71 | | | 3.08 | | | 1.47 | | ||||
| | September 30, 2021 | | December 31, 2020 | ||||
| Book value per share | $ | 46.67 | | | $ | 46.82 | |
| Book value per share excluding AOCI | | 45.39 | | | | 43.86 | |
| | |
| (a) | Management utilizes the core income (loss) financial measure to monitor the Company's operations. |
"Our third quarter results were very strong, with core income increasing by 23% despite the elevated catastrophe losses. Our results were highlighted by the third consecutive quarter of record underlying combined ratio of 91.1%, double-digit gross written premium growth across all of our P&C business segments and excellent new business growth of 24%. Additionally, earned rate increase in the quarter was 11%, substantially above long-run loss cost trends, and we continue to achieve strong written rate increases which were 8% in the quarter. We also recorded solid investment income and favorable life and group results. We are well positioned to increasingly capitalize on the favorable market conditions we anticipate into 2022," said Dino E. Robusto, Chairman & Chief Executive Officer of CNA Financial Corporation.
Property & Casualty Operations
| | Results for the Three Months | | Results for the Nine Months | ||||||||||||||||
| ($ millions) | 2021 | | 2020 | | 2021 | | 2020 | ||||||||||||
| Gross written premiums ex. 3rd party captives | $ | 2,224 | | | | $ | 2,014 | | | | $ | 6,790 | | | | $ | 6,253 | | |
| GWP ex. 3rd party captives change (% year over year) | 10 | | % | | | | | 9 | | % | | | | ||||||
| Net written premiums | $ | 1,909 | | | | $ | 1,821 | | | | $ | 5,755 | | | | $ | 5,614 | | |
| NWP change (% year over year) | 5 | | % | | | | | 3 | | % | | | | ||||||
| Net investment income | $ | 271 | | | | $ | 292 | | | | $ | 872 | | | | $ | 713 Werbung Mehr Nachrichten zur CNA Financial Corp Aktie kostenlos abonnieren
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