NET INCOME OF $1.35 PER SHARE AND CORE INCOME OF $1.25 PER SHARE
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- Net income was $368 million versus $151 million in the prior year quarter; core income was a record $341 million versus $99 million in the prior year quarter.
- The P&C combined ratio was 94.0% compared with 109.2% in the prior year quarter, including 2.8 points of catastrophe loss impact compared with 17.5 points in the prior year quarter.
- Net catastrophe losses were $54 million pretax versus $301 million in the prior year quarter.
- The underlying combined ratio was 91.4% compared with 93.2% in the prior year quarter. The underlying loss ratio was 59.5% compared with 59.3% in the prior year quarter, which reflected a 0.9 point benefit from lower loss frequency as a result of COVID-19 shelter in place restrictions.
- The expense ratio was 31.6% compared with 33.6% in the prior year quarter, which included a 0.5 point adverse impact related to COVID-19.
- P&C segments generated net earned premium growth of 11%. Excluding the impact of COVID-19 in the prior year quarter, net earned premiums grew 8%.
- P&C segments, excluding third party captives, generated gross written premium growth of 8%. Net written premiums decreased 1%. Excluding the impact of a one-time catch-up related to a new property quota share reinsurance treaty, net written premiums grew 5%.
- P&C earned rate of +12% and continued double-digit written rate of +10% for the quarter.
- Net investment income of $591 million pretax includes $156 million of income from limited partnerships and common stock compared with $534 million of pretax net investment income which included $84 million of income from limited partnerships and common stock in the prior year quarter.
- Book value per share of $46.69; book value per share excluding AOCI of $44.81, a 6% increase from year-end 2020 adjusting for $1.51 of dividends per share.
- Board of Directors declares regular quarterly cash dividend of $0.38 per share.
CHICAGO, August 2, 2021 --- CNA Financial Corporation (NYSE: CNA) today announced second quarter 2021 net income of $368 million, or $1.35 per share, versus $151 million, or $0.55 per share, in the prior year quarter. Core income for the quarter was $341 million, or $1.25 per share, versus $99 million, or $0.36 per share, in the prior year quarter.
Our Property & Casualty segments produced core income of $351 million for the second quarter of 2021, an increase of $226 million compared to the prior year quarter primarily due to lower net catastrophe losses and improved non-catastrophe current accident year underwriting results.
Our Life & Group and Corporate & Other segments produced core income (loss) for the second quarter of 2021 of $43 million and $(53) million, respectively. Corporate & Other includes a $40 million pretax charge for legacy mass tort exposures in the current quarter.
CNA Financial declared a quarterly dividend of $0.38 per share, payable September 2, 2021 to stockholders of record on August 16, 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.