PRESS RELEASES

CNA FINANCIAL ANNOUNCES Q4 2022 NET INCOME OF $0.91 PER SHARE AND CORE INCOME OF $1.01 PER SHARE FULL YEAR 2022 NET INCOME OF $3.28 PER SHARE AND CORE INCOME OF $3.84 PER SHARE REGULAR QUARTERLY DIVIDEND INCREASED 5% TO $0.42 PER SHARE SPECIAL DIVIDEND OF $1.20 PER SHARE

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• Net income of $248 million versus $266 million in the prior year quarter; core income of $274 million versus $265 million in the prior year quarter
• P&C core income of $342 million versus $353 million, reflects lower investment income from limited partnerships and common stock, as well as lower underwriting income from a $36 million increase in pretax catastrophe losses to $76 million.
• Life & Group core loss of $(16) million versus core income of $6 million in the prior year quarter reflects lower investment income from limited partnerships.
• Corporate & Other core loss of $(52) million versus $(94) million in the prior year quarter, includes a non-economic charge related to asbestos and environmental pollution of $28 million after-tax versus $48 million in the prior year quarter.
• P&C combined ratio of 93.7%, compared with 92.9% in the prior year quarter, including 3.6 points of catastrophe loss impact compared with 2.0 points in the prior year quarter. The underlying combined ratio was 91.2%, consistent with the prior year quarter. The underlying loss ratio was 59.9% compared with 60.1% in the prior year quarter.
• P&C segments, excluding third party captives, generated gross written premium growth of 8%, or 9% excluding foreign currency fluctuations. Net written premium growth of 5% in the quarter, or 7% excluding foreign currency fluctuations. P&C renewal premium change of +7%, with written rate of +4% and exposure change of +3%.

Full Year

• Net income of $894 million versus $1,202 million in the prior year; core income of $1,048 million versus $1,106 million in the prior year
• P&C core income of $1,240 million versus $1,184 million, reflects record high underwriting income of $559 million as well as higher investment income from fixed income securities, partially offset by lower investment income from limited partnerships and common stock.
• Life & Group core loss of $(9) million versus core income of $126 million in the prior year reflects lower investment income from limited partnerships.
• P&C record low combined ratio of 93.2%, compared with 96.2% in the prior year, including 3.0 points of catastrophe loss impact compared with 5.1 points in the prior year. The underlying combined ratio was a record low 91.2% compared with 91.4% in the prior year. The underlying loss ratio was 60.0%, consistent with the prior year.
• P&C segments, excluding third party captives, generated gross written premium growth of 10%, or 11% excluding foreign currency fluctuations. Net written premium growth of 9% in the year, or 10% excluding foreign currency fluctuations. P&C renewal premium change of +8%, with written rate of +5% and exposure change of 3%.
• Shareholders' Equity
• Book value per share of $32.58; book value per share excluding AOCI of $45.71, a 7% increase from year-end 2021 adjusting for $3.60 of dividends per share.
• Increased quarterly dividend 5% to $0.42 per share; special dividend of $1.20 per share.

CHICAGO, Feb. 6, 2023 -- CNA Financial Corporation (NYSE: CNA) today announced fourth quarter 2022 net income of $248 million, or $0.91 per share, versus $266 million, or $0.98 per share, in the prior year quarter.  Net investment losses for the quarter were $26 million compared to net investment gains of $1 million in the prior year quarter.  Core income for the quarter was $274 million, or $1.01 per share, versus $265 million, or $0.97 per share, in the prior year quarter.

Net income for the full year 2022 was $894 million, or $3.28 per share, versus $1,202 million, or $4.41 per share, in the prior year.  Net investment losses for the full year were $154 million compared to net investment gains of $96 million in the prior year.  Core income for the full year 2022 was $1,048 million, or $3.84 per share, versus $1,106 million, or $4.06 per share, in the prior year.

Our Property & Casualty segments produced core income of $342 million for the fourth quarter of 2022, a decrease of $11 million compared to the prior year quarter driven by lower investment income from limited partnerships and common stock, as well as lower underwriting income, including a $36 million increase in pretax catastrophe losses to $76 million.  Property & Casualty segments, excluding third party captives, generated gross written premium growth of 8%, or 9% excluding currency fluctuations, and net written premium growth of 5%, or 7% excluding currency fluctuations, driven by retention of 86% and renewal premium change of +7%.

Our Property & Casualty segments produced core income of $1,240 million for the full year 2022, an increase of $56 million compared to the prior year driven by record high underwriting income of $559 million as well as higher investment income from fixed income securities, partially offset by lower investment income from limited partnerships and common stock.  Property & Casualty segments, excluding third party captives, generated gross written premium growth of 10% or 11% excluding foreign currency fluctuations, and net written premium growth of 9% or 10% excluding foreign currency fluctuations, driven by retention of 86%, new business growth of 13% and renewal premium change of +8%.

Our Life & Group segment produced a core loss of $(16) million for the fourth quarter of 2022 versus core income of $6 million in the prior year quarter driven by lower investment income from limited partnerships.  Our Corporate & Other segment produced a core loss of $(52) million for the fourth quarter of 2022, an improvement of $42 million compared to the prior year quarter driven by a lower non-economic charge related to asbestos & environmental pollution and adverse development in legacy mass tort exposures in the prior year quarter.

CNA Financial declared a quarterly dividend of $0.42 per share and a special dividend of $1.20 per share, payable March 9, 2023 to stockholders of record on February 21, 2023.

About the Company

CNA is one of the largest U.S. commercial property and casualty insurance companies.  Backed by more than 120 years of experience, CNA provides a broad range of standard and specialized insurance products and services for businesses and professionals in the U.S., Canada and Europe.  For more information, please visit CNA at www.cna.com.

Conference Call and Webcast/Presentation Information

A conference call for investors and the professional investment community will be held at 8:00 a.m. (CT) today.  On the conference call will be Dino E. Robusto, Chairman and Chief Executive Officer of CNA Financial Corporation, Scott R. Lindquist, Executive Vice President and Chief Financial Officer of CNA Financial Corporation and other members of senior management.  Participants can access the call by dialing (866) 580-3963 (USA Toll Free) or +1 (786) 697-3501 (USA Local).  The call will also be broadcast live on the internet and may be accessed from the Investor Relations page of the CNA website (www.cna.com).  A presentation will be posted and available on the CNA website and will provide additional insight into the results.

The call is available to the media, but questions will be restricted to investors and the professional investment community.  An online replay will be available on CNA's website following the call.  Financial supplement information related to the results is available on the investor relations pages of the CNA website or by contacting investor.relations@cna.com.