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- Net income was $312 million versus net loss of $61 million in the prior year quarter; core income was $263 million versus $108 million in the prior year quarter.
- The P&C combined ratio was 98.1% compared with 97.3% in the prior year quarter, including 6.8 points of catastrophe loss impact compared with 4.3 points in the prior year quarter.
- Net catastrophe losses were $125 million pretax versus $75 million in the prior year quarter. Net catastrophe losses in the current quarter were primarily driven by Winter Storms Uri and Viola.
- The underlying combined ratio was 91.9% compared with 93.7% in the prior year quarter. The underlying loss ratio was 60.1% compared with 60.2% in the prior year quarter and the expense ratio was 31.5% compared with 33.1% in the prior year quarter.
- P&C segments, excluding third party captives, generated gross written premium growth of 8% and net written premium growth of 4%.
- Rate of +11% consistent with full year 2020.
- Net investment income of $504 million pretax includes $61 million of income from limited partnerships and common stock compared with $329 million of pretax net investment income which included $125 million of losses from limited partnerships and common stock in the prior year quarter.
- Book value per share of $44.50; book value per share excluding AOCI of $43.81, a 2% increase from year-end 2020 adjusting for $1.13 of dividends per share.
- Board of Directors declares regular quarterly cash dividend of $0.38 per share.
CHICAGO, May 3, 2021 --- CNA Financial Corporation (NYSE: CNA) today announced first quarter 2021 net income of $312 million, or $1.14 per share, versus net loss of $61 million, or $(0.23) per share, in the prior year quarter. Core income for the quarter was $263 million, or $0.96 per share, versus $108 million, or $0.40 per share, in the prior year quarter.
Our Property & Casualty segments produced core income of $263 million for the first quarter of 2021, an increase of $142 million compared to the prior year quarter primarily due to higher net investment income driven by limited partnership and common stock returns and improved non-catastrophe current accident year underwriting results. These results were partially offset by higher net catastrophe losses.
Our Life & Group and Corporate & Other segments produced core income (loss) for the first quarter of 2021 of $36 million and $(36) million, respectively.
CNA Financial declared a quarterly dividend of $0.38 per share, payable June 3, 2021 to stockholders of record on May 17, 2021.
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, Al Miralles, Executive Vice President and Chief Financial Officer of CNA Financial Corporation and other members of senior management. Participants can access the call by dialing (800) 289-0571, or for international callers, +1 (720) 543-0206. 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 firstname.lastname@example.org.