CNA FINANCIAL ANNOUNCES FIRST QUARTER 2022 NET INCOME OF $1.15 PER SHARE AND CORE INCOME OF $1.16 PER SHARE

Read the press release.

• Net income was $313 million versus $312 million in the prior year quarter, core income was up 20% to  $316 million versus $263 million in the prior year quarter.  
• The P&C combined ratio was 91.9%, the lowest in over five years, compared with 98.1% in the prior year quarter, including 1.0 point of catastrophe loss impact compared with 6.8 points in the prior year quarter.
• The underlying combined ratio was 91.4% compared with 91.9% in the prior year quarter.  The underlying loss ratio was 60.1% and the expense ratio was 31.0%.
• P&C segments, excluding third party captives, generated gross written premium growth of 8%.  Net written premium growth was 4% in the quarter. 
• P&C written rate of +7% and earned rate of +9% for the quarter.
• Net investment income of $448 million pretax includes $8 million of income from limited partnerships and common stock compared with $504 million of pretax net investment income which included $61 million of income from limited partnerships and common stock in the prior year quarter.
• Book value per share excluding AOCI of $44.67, a 2% increase from year-end 2021 adjusting for $2.40 of dividends per share; book value per share of $39.87 was also impacted by a decrease in AOCI reflecting the effect of higher interest rates on fixed income net unrealized gains and losses.
• Board of Directors declares regular quarterly cash dividend of $0.40 per share.

CHICAGO, May 2, 2022 --- CNA Financial Corporation (NYSE: CNA) today announced first quarter 2022 net income of $313 million, or $1.15 per share, versus $312 million, or $1.14 per share, in the prior year quarter.  Core income for the quarter was $316 million, or $1.16 per share, versus $263 million, or $0.96 per share, in the prior year quarter.  Net investment losses for the quarter were $3 million, versus net investment gains of $49 million in the prior year quarter.

Our Property & Casualty segments produced core income of $321 million for the first quarter of 2022, an increase of $58 million, or 22%, compared to the prior year quarter due to lower catastrophe losses and improved non-catastrophe current accident year underwriting results partially offset by lower net investment income driven by limited partnership and common stock returns.  Property & Casualty segments, excluding third party captives, generated gross written premium growth of 8% and net written premium growth of 4%, driven by written rate of +7% for the quarter and new business growth of 14%.

Our Life & Group and Corporate & Other segments produced core income (loss) for the first quarter of 2022 of $23 million and $(28) million, respectively.

CNA Financial declared a quarterly dividend of $0.40 per share, payable June 2, 2022 to stockholders of record on May 16, 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, 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 dialling (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.