Read the full press release.
- Q3 NET INCOME OF $107M, $0.39 PER SHARE, INCLUDES LTC GPV CHARGE OF $170M AND LTC CLAIM RESERVE RELEASE OF $44M
- Q3 CORE INCOME OF $102M, $0.37 PER SHARE, INCLUDES LTC GPV CHARGE OF $170M AND LTC CLAIM RESERVE RELEASE OF $44M
- Q3 P&C UNDERLYING COMBINED RATIO OF 94.6%
- Q3 P&C UNDERLYING LOSS RATIO OF 61.7%, EXPENSE RATIO OF 32.5%
- P&C NET WRITTEN PREMIUM GROWTH OF 8%
- QUARTERLY DIVIDEND OF $0.35 PER SHARE
CHICAGO, October 28, 2019 -- CNA Financial Corporation (NYSE: CNA) today announced third quarter 2019 net income of $107 million, or $0.39 per share, and core income of $102 million, or $0.37 per share. Net income for the nine months ended September 30, 2019 was $727 million, or $2.67 per share, and core income was $714 million, or $2.62 per share. Property & Casualty Operations combined ratio for the third quarter was 97.6% and the underlying combined ratio was 94.6%. Net investment income, after tax, was $399 million for the third quarter of 2019, including $13 million from limited partnership and common stock investments.
Property & Casualty segments, excluding third party captives, generated gross written premium growth of 9% and net written premium growth of 8% for the third quarter of 2019.
Core loss for the third quarter of 2019 for our Life & Group segment was $(122) million. Life & Group results include a $170 million after-tax charge related to unlocking active life reserves to recognize a premium deficiency as a result of the gross premium valuation (GPV) completed in the quarter and a $44 million after-tax reduction in claim reserves resulting from the annual claim experience study. Core loss for our Corporate & Other segment was $(17) million.
CNA Financial declared a quarterly dividend of $0.35 per share, payable December 2, 2019 to stockholders of record on November 11, 2019.
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, James M. Anderson, 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 email@example.com.
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.