PRESS RELEASES

CNA FINANCIAL ANNOUNCES Q4 2023 NET INCOME OF $1.35 PER SHARE AND RECORD CORE INCOME OF $1.33 PER SHARE FULL YEAR 2023 NET INCOME OF $4.43 PER SHARE AND RECORD CORE INCOME OF $4.71 PER SHARE REGULAR QUARTERLY DIVIDEND INCREASED 5% TO $0.44 PER SHARE SPECIAL DIVIDEND OF $2.00 PER SHARE

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Fourth Quarter

• Net income up 54% to $367 million versus $239 million in the prior year quarter; core income up 37% to a record $362 million versus $265 million in the prior year quarter.
• P&C core income of $434 million versus $342 million, reflects higher investment income and higher underwriting income.
• Life & Group core income of $4 million versus core loss of $25 million in the prior year quarter reflects higher investment income.
• Corporate & Other core loss of $76 million versus core loss of $52 million in the prior year quarter reflects a $19 million after-tax charge related to office consolidation.
• Net investment income up 21% to $611 million pretax, includes a $58 million increase from limited partnerships and common stock to $78 million and a $50 million increase from fixed income securities and other investments to $533 million.
• P&C combined ratio of 92.1%, compared with 93.7% in the prior year quarter, including 1.0 point of catastrophe loss impact compared with 3.6 points in the prior year quarter and 0.3 points of favorable prior period development impact compared with 1.1 points in the prior year quarter. P&C underlying combined ratio was 91.4%, compared with 91.2% in the prior year quarter. P&C underlying loss ratio was 59.9% and the expense ratio was 31.2%.
• P&C segments, excluding third party captives, generated gross written premium and net written premium growth of 10% in the quarter. P&C renewal premium change of +5%, with written rate of +4% and exposure change of +1%.

Full Year

• Net income up 77% to a record $1,205 million versus $682 million in the prior year; core income up 54% to a record $1,284 million versus $836 million in the prior year.
• P&C core income of $1,505 million versus $1,240 million, reflects higher investment income and record high underwriting income.
• Life & Group core loss of $48 million versus core loss of $221 million in the prior year reflects higher investment income and an unfavorable after-tax impact of $143 million in the prior year as a result of the annual reserve reviews.
• Net investment income up 25% to $2,264 million pretax, includes a $233 million increase from limited partnerships and common stock to $202 million and a $226 million increase from fixed income securities and other investments to $2,062 million.
• P&C combined ratio of 93.5%, compared with 93.2% in the prior year, including 2.6 points of catastrophe loss impact compared with 3.0 points in the prior year and no impact from prior period development compared with 1.0 point of favorability in the prior year. P&C underlying combined ratio was a record low 90.9% compared with 91.2% in the prior year. P&C underlying loss ratio was 59.9% and the expense ratio was 30.7%.
• P&C segments, excluding third party captives, generated gross written premium growth of 10% and net written premium growth of 9% in the year. P&C renewal premium change of +7%, with written rate of +5% and exposure change of 2%.

Stockholders' Equity

• Book value per share of $36.52; book value per share excluding AOCI of $46.39, a 10% increase from year- end 2022 adjusting for $2.88 of dividends per share.
• Increased quarterly dividend 5% to $0.44 per share; special dividend of $2.00 per share.

CHICAGO, Feb. 5, 2024 /PRNewswire/ -- CNA Financial Corporation (NYSE: CNA) today announced fourth quarter 2023 net income of $367 million, or $1.35 per share, versus $239 million, or $0.87 per share, in the prior year quarter.  Net investment gains for the quarter were $5 million compared to net investment losses of $26 million in the prior year quarter. Core income for the quarter was $362 million, or $1.33 per share, versus $265 million, or $0.97 per share, in the prior year quarter.

Our Property & Casualty segments produced core income of $434 million for the fourth quarter of 2023, an increase of $92 million compared to the prior year quarter driven by higher investment income and higher underwriting income. P&C segments, excluding third party captives, generated gross written premium and net written premium growth of 10%, driven by new business growth of 16%, retention of 85% and renewal premium change of +5%.

Our Life & Group segment produced core income of $4 million for the fourth quarter of 2023 versus core loss of $25 million in the prior year quarter driven by higher net investment income.

Our Corporate & Other segment produced a core loss of $76 million for the fourth quarter of 2023, an increase of $24 million compared to the prior year quarter, which reflects a $19 million after-tax charge related to office consolidation.

Net income for the full year 2023 was $1,205 million, or $4.43 per share, versus $682 million, or $2.51 per share, in the prior year. Net investment losses for the full year were $79 million compared to $154 million in the prior year. Core income for the full year 2023 was $1,284 million, or $4.71 per share, versus $836 million, or $3.07 per share, in the prior year. Core income increased 31% to $1,286 million versus $979 million in the prior year quarter, excluding the results of the third quarter Life & Group annual reserve reviews.

Our Property & Casualty segments produced core income of $1,505 million for the full year 2023, an increase of $265 million compared to the prior year driven by higher investment income and record high underwriting income. P&C segments, excluding third party captives, generated gross written premium growth of 10% and net written premium growth of 9%, driven by written rate of +5% and new business growth of 11%.

Our Life & Group segment produced a core loss of $48 million for the full year 2023 versus $221 million in the prior year, which reflects higher investment income and an unfavorable after-tax impact of $143 million in the prior year as a result of the annual reserve reviews.

Our Corporate & Other segment produced a core loss of $173 million for the full year 2023 versus $183 million in the prior year.

CNA Financial declared a quarterly dividend of $0.44 per share and a special dividend of $2.00 per share, payable March 7, 2024 to stockholders of record on February 20, 2024.

About the Company

CNA is one of the largest U.S. commercial property and casualty insurance companies.  Backed by more than 125 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 (844) 481-2830 (USA Toll Free) or +1 (412) 317-1850 (International).  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 that 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.