CHICAGO, 31 July 2023 - CNA Financial Announces Second Quarter 2023 Net Income of $1.04 per share and Core Income Of $1.13 per share
- Net income up 49% to $283 million versus $190 million in the prior year quarter; core income up 34% to $308 million versus $230 million in the prior year quarter.
- P&C core income of $374 million versus $317 million in the prior year quarter, reflects higher investment income and record high pretax underlying underwriting income, partially offset by higher catastrophe losses and lower favorable net prior year development.
- Corporate & Other core loss of $46 million versus $78 million in the prior year quarter.
- Net investment income up 33% to $575 million pretax, includes an $83 million increase from limited partnerships and common stock to $68 million and a $60 million increase from fixed income securities and other investments to $507 million.
- P&C combined ratio of 93.8%, compared with 91.0% in the prior year quarter, including 3.1 points of catastrophe loss impact compared with 1.8 points in the prior year quarter. The underlying combined ratio was 91.1% compared with 90.8%, in the prior year quarter. The underlying loss ratio was 59.9% and the expense ratio was 30.9%.
- P&C segments, excluding third party captives, generated gross written premium growth of 12% and net written premium growth of 9%. Excluding currency fluctuations, gross written premiums grew 12% and net written premiums grew 10%. P&C renewal premium change of +7%, with written rate of +5% and exposure change of +2%.
- Book value per share of $32.22; book value per share excluding AOCI of $44.86, a 5% increase from year-end 2022 adjusting for $2.04 of dividends per share.
- Board of Directors declares regular quarterly cash dividend of $0.42 per share.
CHICAGO, July 31, 2023 --- CNA Financial Corporation (NYSE: CNA) today announced second quarter 2023 net income of $283 million, or $1.04 per share, versus $190 million, or $0.69 per share, in the prior year quarter. Net investment losses for the quarter were $25 million compared to $40 million in the prior year quarter. Core income for the quarter was up 34% to $308 million, or $1.13 per share, versus $230 million, or $0.84 per share, in the prior year quarter.
Our Property & Casualty segments produced core income of $374 million for the second quarter of 2023, an increase of $57 million compared to the prior year quarter driven by higher investment income and record high pretax underlying underwriting income, partially offset by higher catastrophe losses and lower favorable net prior year development. P&C segments, excluding third party captives, generated gross written premium growth of 12% and net written premium growth of 9% for the second quarter of 2023 driven by renewal premium change of +7%, including rate of +5%, exposure change of +2% and new business growth of 11%.Excluding currency fluctuations, gross written premiums grew 12% and net written premiums grew 10%.
Our Life & Group segment produced a core loss of $20 million for the second quarter of 2023 versus $9 million in the prior year quarter primarily due to long term care policy buyouts.
Our Corporate & Other segment produced a core loss of $46 million for the second quarter of 2023 versus $78 million in the prior year quarter driven by lower net prior year loss reserve development and higher net investment income.
CNA Financial declared a quarterly dividend of $0.42 per share, payable August 31, 2023 to stockholders of record on August 14, 2023.
About the Company
CNA is one of the largest U.S. commercial property and casualty insurance companies. Backed by more than 125 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 dialing (844) 481-2830 (USA Toll Free) or +1 (412) 317-1850 (International). 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 that 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 protected].
Read the full press release here.