CNA FINANCIAL ANNOUNCES THIRD QUARTER 2023 NET INCOME OF $0.95 PER SHARE AND CORE INCOME OF $1.06 PER SHARE

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• Net income of $258 million versus net loss of $42 million in the prior year quarter; core income of $289 million versus $43 million in the prior year quarter.
• Core income up 56% to $291 million versus $186 million in the prior year quarter, excluding the results of the Life & Group annual reserve reviews.
• P&C core income up 35% to $351 million versus $260 million in the prior year quarter, reflects higher net investment income, record high pretax underlying underwriting income and lower catastrophe losses.
• Life & Group core loss of $29 million versus $192 million in the prior year quarter, reflects an unfavorable after-tax impact of $2 million in 2023 and $143 million in 2022 as a result of the annual reserve reviews. Results for the prior year quarter have been adjusted to reflect the application of the LDTI accounting standard.
• Net investment income up 31% to $553 million pretax, includes a $72 million increase from limited partnerships and common stock to $28 million and a $59 million increase from fixed income securities and other investments to $525 million.
• P&C combined ratio of 94.3%, compared with 95.8% in the prior year quarter, including 4.1 points of catastrophe loss impact compared with 5.5 points in the prior year quarter. P&C underlying combined ratio was 90.4% compared with 91.1%, in the prior year quarter. P&C underlying loss ratio was 60.0% and the expense ratio was 30.1%.
• P&C segments, excluding third party captives, generated gross written premium growth of 7% and net written premium growth of 6%. P&C renewal premium change of +6%, with written rate of +5% and exposure change of +1%.
• Book value per share of $31.61; book value per share excluding AOCI of $45.43, a 7% increase from year-end 2022 adjusting for $2.46 of dividends per share.
• Board of Directors declares regular quarterly cash dividend of $0.42 per share.

CHICAGO, Oct. 30, 2023 -- CNA Financial Corporation (NYSE: CNA) today announced third quarter 2023 net income of $258 million, or $0.95 per share, versus net loss of $42 million, or $(0.15) per share, in the prior year quarter. Net investment losses for the quarter were $31 million compared to $85 million in the prior year quarter. Core income for the quarter was $289 million, or $1.06 per share, versus $43 million, or $0.16 per share, in the prior year quarter.

Our Property & Casualty segments produced core income of $351 million for the third quarter of 2023, an increase of $91 million compared to the prior year quarter driven by higher net investment income, record high pretax underlying underwriting income and lower catastrophe losses. P&C segments, excluding third party captives, generated gross written premium growth of 7% and net written premium growth of 6% for the third quarter of 2023 driven by renewal premium change of +6%, including rate of +5% and exposure change of +1%.

Our Life & Group segment produced a core loss of $29 million for the third quarter of 2023 versus $192 million in the prior year quarter, which reflects an unfavorable after-tax impact of $2 million in 2023 and $143 million in 2022 as a result of the annual reserve reviews.

Our Corporate & Other segment produced a core loss of $33 million for the third quarter of 2023 versus $25 million in the prior year quarter.

CNA Financial declared a quarterly dividend of $0.42 per share, payable November 30, 2023 to stockholders of record on November 13, 2023. 

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.