CNA FINANCIAL ANNOUNCES FIRST QUARTER 2022 NET INCOME OF $1.15 PER SHARE AND CORE INCOME OF $1.16 PER SHARE
First quarter
- 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.
Read the full press release here.