Fourth quarter
- Net income was $266 million; core income of $265 million, includes a non-economic charge related to asbestos and environmental pollution of $48 million after-tax.
- P&C segments produced core income of $353 million, largely consistent with the prior year quarter. Higher catastrophe losses were offset by favorable non-catastrophe current accident year underwriting results.
- The P&C combined ratio was 92.9%, the lowest in five years, compared with 93.4% in the prior year quarter, including 2.0 points of catastrophe loss impact compared with 0.8 points in the prior year quarter.
- The underlying combined ratio was 91.2% compared with 92.6% in the prior year quarter. The underlying loss ratio was 60.1% compared with 60.4% in the prior year quarter and the expense ratio was 30.8% compared with 32.0% in the prior year quarter.
- Net catastrophe losses were $40 million pretax versus $14 million in the prior year quarter.
- P&C segments, excluding third party captives, generated gross written premium growth of 16% driven by rate and new business growth of 28%. Net written premium growth was 11% in the quarter.
- P&C written rate of +8% and earned rate of +10% for the quarter.
Full Year
- Net income was $1,202 million; core income was a record $1,106 million.
- The P&C combined ratio was 96.2%, the lowest in five years, compared with 100.1% in the prior year, including 5.1 points of catastrophe loss impact compared with 7.7% points in the prior year.
- The underlying combined ratio was a record low 91.4% compared with 93.1% in the prior year. The underlying loss ratio was 60.0% compared with 60.2% in the prior year and the expense ratio was 31.1% compared with 32.6% in the prior year.
- Net catastrophe losses were $397 million pretax versus $550 million in the prior year.
- P&C segments, excluding third party captives, generated gross written premium growth of 10% driven by rate and new business growth of 19%. Net written premium growth was 5% in the year.
- P&C written rate of +9% and earned rate of +11% for the year.
- Net investment income of $2,159 million pretax compared with $1,935 million in the prior year.
Shareholders' Equity
- Book value per share of $47.20; book value per share excluding AOCI of $46.02, a 10% increase from year-end 2020 adjusting for $2.27 of dividends per share.
- Increased quarterly dividend 5% to $0.40 per share; special dividend of $2.00 per share.
CHICAGO, February 7, 2022 --- CNA Financial Corporation (NYSE: CNA) today announced fourth quarter 2021 net income of $266 million, or $0.98 per share, versus $387 million, or $1.42 per share, in the prior year quarter. Net investment gains for the quarter were $1 million, versus $52 million in the prior year quarter. Core income for the quarter was $265 million, or $0.97 per share, versus $335 million, or $1.23 per share, in the prior year quarter. Net income for the full year 2021 was $1,202 million, or $4.41 per share, versus $690 million, or $2.53 per share, in the prior year. Net investment gains for the full year were $96 million, versus net investment losses of $45 million in the prior year. Core income for the full year 2021 was $1,106 million, or $4.06 per share, versus $735 million, or $2.70 per share, in the prior year.
Our Property & Casualty segments produced core income of $353 million for the fourth quarter of 2021, a decrease of $5 million compared to the prior year quarter primarily due to higher net catastrophe losses offset by improved non-catastrophe current accident year underwriting results. Property & Casualty segments, excluding third party captives, generated gross written premium growth of 16% and net written premium growth of 11%, led by strong written rate increases of 8% and new business growth of 28%.
Our Life & Group segment produced core income of $6 million for the fourth quarter of 2021, a decrease of $20 million compared to the prior year quarter. Our Corporate & Other segment produced a core loss of $94 million for the fourth quarter of 2021, an increase of $45 million compared to the prior year quarter driven by adverse development in legacy mass tort exposures, lower net investment income and a higher non-economic charge related to asbestos & environmental pollution.
CNA Financial declared a quarterly dividend of $0.40 per share and a special dividend of $2.00 per share, payable March 10, 2022 to stockholders of record on February 22, 2022.
Read the full press release here.