Second quarter
• Net income was $368 million versus $151 million in the prior year quarter; core income was a record $341 million versus $99 million in the prior year quarter.
• The P&C combined ratio was 94.0% compared with 109.2% in the prior year quarter, including 2.8 points of catastrophe loss impact compared with 17.5 points in the prior year quarter.
• Net catastrophe losses were $54 million pretax versus $301 million in the prior year quarter.
• The underlying combined ratio was 91.4% compared with 93.2% in the prior year quarter. The underlying loss ratio was 59.5% compared with 59.3% in the prior year quarter, which reflected a 0.9 point benefit from lower loss frequency as a result of COVID-19 shelter in place restrictions.
• The expense ratio was 31.6% compared with 33.6% in the prior year quarter, which included a 0.5 point adverse impact related to COVID-19.
•P&C segments generated net earned premium growth of 11%. Excluding the impact of COVID-19 in the prior year quarter, net earned premiums grew 8%.
• P&C segments, excluding third party captives, generated gross written premium growth of 8%. Net written premiums decreased 1%. Excluding the impact of a one-time catch-up related to a new property quota share reinsurance treaty, net written premiums grew 5%.
• P&C earned rate of +12% and continued double-digit written rate of +10% for the quarter.
• Net investment income of $591 million pretax includes $156 million of income from limited partnerships and common stock compared with $534 million of pretax net investment income which included $84 million of income from limited partnerships and common stock in the prior year quarter.
• Book value per share of $46.69; book value per share excluding AOCI of $44.81, a 6% increase from year-end 2020 adjusting for $1.51 of dividends per share.
• Board of Directors declares regular quarterly cash dividend of $0.38 per share.
CHICAGO, August 2, 2021 --- CNA Financial Corporation (NYSE: CNA) today announced second quarter 2021 net income of $368 million, or $1.35 per share, versus $151 million, or $0.55 per share, in the prior year quarter. Core income for the quarter was $341 million, or $1.25 per share, versus $99 million, or $0.36 per share, in the prior year quarter.
Our Property & Casualty segments produced core income of $351 million for the second quarter of 2021, an increase of $226 million compared to the prior year quarter primarily due to lower net catastrophe losses and improved non-catastrophe current accident year underwriting results.
Our Life & Group and Corporate & Other segments produced core income (loss) for the second quarter of 2021 of $43 million and $(53) million, respectively. Corporate & Other includes a $40 million pretax charge for legacy mass tort exposures in the current quarter.
CNA Financial declared a quarterly dividend of $0.38 per share, payable September 2, 2021 to stockholders of record on August 16, 2021.
Read the full press release here.