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Feb 7, 2022

CNA Announces Fourth Quarter 2021 Results

CNA FINANCIAL ANNOUNCES Q4 2021 NET INCOME OF $0.98 PER SHARE AND CORE INCOME OF $0.97 PER SHARE FULL YEAR 2021 NET INCOME OF $4.41 PER SHARE AND RECORD CORE INCOME OF $4.06 PER SHARE SPECIAL DIVIDEND OF $2.00 PER SHARE

 

Read the press release.

 

Fourth Quarter

  • Net income was $266 million; core income of $265 million, includes a non-economic charge related to asbestos and environmental pollution of $48 million after-tax.
  • P&C segments produced core income of $353 million, largely consistent with the prior year quarter. Higher catastrophe losses were offset by favorable non-catastrophe current accident year underwriting results.
  • The P&C combined ratio was 92.9%, the lowest in five years, compared with 93.4% in the prior year quarter, including 2.0 points of catastrophe loss impact compared with 0.8 points in the prior year quarter.
  • The underlying combined ratio was 91.2% compared with 92.6% in the prior year quarter. The underlying loss ratio was 60.1% compared with 60.4% in the prior year quarter and the expense ratio was 30.8% compared with 32.0% in the prior year quarter.
  • Net catastrophe losses were $40 million pretax versus $14 million in the prior year quarter.
  • P&C segments, excluding third party captives, generated gross written premium growth of 16% driven by rate and new business growth of 28%. Net written premium growth was 11% in the quarter.
  • P&C written rate of +8% and earned rate of +10% for the quarter.

 

Full Year

  • Net income was $1,202 million; core income was a record $1,106 million.
  • The P&C combined ratio was 96.2%, the lowest in five years, compared with 100.1% in the prior year, including 5.1 points of catastrophe loss impact compared with 7.7% points in the prior year.
  • The underlying combined ratio was a record low 91.4% compared with 93.1% in the prior year. The underlying loss ratio was 60.0% compared with 60.2% in the prior year and the expense ratio was 31.1% compared with 32.6% in the prior year.
  • Net catastrophe losses were $397 million pretax versus $550 million in the prior year.
  • P&C segments, excluding third party captives, generated gross written premium growth of 10% driven by rate and new business growth of 19%. Net written premium growth was 5% in the year.
  • P&C written rate of +9% and earned rate of +11% for the year.
  • Net investment income of $2,159 million pretax compared with $1,935 million in the prior year.
  • Shareholders' Equity
  • Book value per share of $47.20; book value per share excluding AOCI of $46.02, a 10% increase from year-end 2020 adjusting for $2.27 of dividends per share.
  • Increased quarterly dividend 5% to $0.40 per share; special dividend of $2.00 per share.

 

Shareholders' Equity

  • Book value per share of $47.20; book value per share excluding AOCI of $46.02, a 10% increase from year-end 2020 adjusting for $2.27 of dividends per share.
  • Increased quarterly dividend 5% to $0.40 per share; special dividend of $2.00 per share.

 

CHICAGO, February 7, 2022 --- CNA Financial Corporation (NYSE: CNA) today announced fourth quarter 2021 net income of $266 million, or $0.98 per share, versus $387 million, or $1.42 per share, in the prior year quarter. Net investment gains for the quarter were $1 million, versus $52 million in the prior year quarter. Core income for the quarter was $265 million, or $0.97 per share, versus $335 million, or $1.23 per share, in the prior year quarter. Net income for the full year 2021 was $1,202 million, or $4.41 per share, versus $690 million, or $2.53 per share, in the prior year. Net investment gains for the full year were $96 million, versus net investment losses of $45 million in the prior year. Core income for the full year 2021 was $1,106 million, or $4.06 per share, versus $735 million, or $2.70 per share, in the prior year.

 

Our Property & Casualty segments produced core income of $353 million for the fourth quarter of 2021, a decrease of $5 million compared to the prior year quarter primarily due to higher net catastrophe losses offset by improved non-catastrophe current accident year underwriting results. Property & Casualty segments, excluding third party captives, generated gross written premium growth of 16% and net written premium growth of 11%, led by strong written rate increases of 8% and new business growth of 28%.

 

Our Life & Group segment produced core income of $6 million for the fourth quarter of 2021, a decrease of $20 million compared to the prior year quarter. Our Corporate & Other segment produced a core loss of $94 million for the fourth quarter of 2021, an increase of $45 million compared to the prior year quarter driven by adverse development in legacy mass tort exposures, lower net investment income and a higher noneconomic charge related to asbestos & environmental pollution.

 

CNA Financial declared a quarterly dividend of $0.40 per share and a special dividend of $2.00 per share, payable March 10, 2022 to stockholders of record on February 22, 2022.

 

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 investor.relations@cna.com.


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