First quarter
• Net income was $312 million versus net loss of $61 million in the prior year quarter; core income was $263 million versus $108 million in the prior year quarter.
• The P&C combined ratio was 98.1% compared with 97.3% in the prior year quarter, including 6.8 points of catastrophe loss impact compared with 4.3 points in the prior year quarter.
• Net catastrophe losses were $125 million pretax versus $75 million in the prior year quarter. Net catastrophe losses in the current quarter were primarily driven by Winter Storms Uri and Viola.
• The underlying combined ratio was 91.9% compared with 93.7% in the prior year quarter. The underlying loss ratio was 60.1% compared with 60.2% in the prior year quarter and the expense ratio was 31.5% compared with 33.1% in the prior year quarter.
• P&C segments, excluding third party captives, generated gross written premium growth of 8% and net written premium growth of 4%.
• Rate of +11% consistent with full year 2020.
• Net investment income of $504 million pretax includes $61 million of income from limited partnerships and common stock compared with $329 million of pretax net investment income which included $125 million of losses from limited partnerships and common stock in the prior year quarter.
• Book value per share of $44.50; book value per share excluding AOCI of $43.81, a 2% increase from year-end 2020 adjusting for $1.13 of dividends per share.
• Board of Directors declares regular quarterly cash dividend of $0.38 per share.
CHICAGO, May 3, 2021: CNA Financial Corporation (NYSE: CNA) today announced first quarter 2021 net income of $312 million, or $1.14 per share, versus net loss of $61 million, or $(0.23) per share, in the prior year quarter. Core income for the quarter was $263 million, or $0.96 per share, versus $108 million, or $0.40 per share, in the prior year quarter.
Our Property & Casualty segments produced core income of $263 million for the first quarter of 2021, an increase of $142 million compared to the prior year quarter primarily due to higher net investment income driven by limited partnership and common stock returns and improved non-catastrophe current accident year underwriting results. These results were partially offset by higher net catastrophe losses.
Our Life & Group and Corporate & Other segments produced core income (loss) for the first quarter of 2021 of $36 million and $(36) million, respectively.
CNA Financial declared a quarterly dividend of $0.38 per share, payable June 3, 2021 to stockholders of record on May 17, 2021.
Read the full press release here.