Read the full press release.
- NET LOSS OF $61M, $(0.23) PER SHARE, INCLUDES NET INVESTMENT LOSSES OF $169M
- CORE INCOME OF $108M, $0.40 PER SHARE
- NET INVESTMENT INCOME OF $279M VS $465M IN Q1 2019
- P&C COMBINED RATIO OF 97.5% VS 97.8% IN Q1 2019
- COVID-19 RELATED CHARGES OF $15M PRETAX INCLUDED IN UNDERWRITING GAIN
- P&C UNDERLYING COMBINED RATIO OF 93.9% VS 94.9% IN Q1 2019
- QUARTERLY DIVIDEND OF $0.37 PER SHARE
CHICAGO, May 4, 2020 --- CNA Financial Corporation (NYSE: CNA) today announced a first quarter 2020 net loss of $61 million, or $(0.23) per share, and core income of $108 million, or $0.40 per share. Results for the quarter reflected financial market volatility amid the events of COVID-19. This included Net investment losses of $169 million and a decrease in Net investment income to $279 million, reflecting stable earnings from fixed income and other investments of $378 million offset by a $99 million loss from limited partnership and common stock investments during the period. Property & Casualty Operations combined ratio for the first quarter was 97.5% and the underlying combined ratio was 93.9%. The combined ratio includes charges of $15 million pretax associated with COVID-19.
The U.S. P&C segments, excluding third party captives, generated gross written premium growth of 8% and net written premium growth of 6%. Excluding third party captives, gross written premiums grew 6% and net written premiums grew 3% for P&C overall.
Our Life & Group and Corporate & Other segments produced core income (loss) for the first quarter of 2020 of $4 million and $(18) million, respectively.
CNA Financial declared a quarterly dividend of $0.37 per share, payable June 4, 2020 to stockholders of record on May 18, 2020.
Conference Call and Webcast/Presentation Information
A conference call for investors and the professional investment community will be held at 9:00 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.
About CNA
CNA is one of the largest U.S. commercial property and casualty insurance companies. CNA provides a broad range of standard and specialized property and casualty insurance products and services for businesses and professionals in the U.S., Canada and Europe, backed by more than 120 years of experience and approximately $45 billion of assets. For more information, please visit CNA at www.cna.com.
