Third quarter
- Net income was $256 million versus $213 million in the prior year quarter; core income was $237 million versus $193 million in the prior year quarter.
- The P&C combined ratio was 100.0% compared with 100.9% in the prior year quarter, including 9.2 points of catastrophe loss compared with 8.7 points in the prior year quarter.
- Net catastrophe losses were $178 million pretax versus $160 million in the prior year quarter. Net catastrophe losses in the current quarter include $114 million for Hurricane Ida.
- The underlying combined ratio was 91.1%, a record low for the third consecutive quarter, compared with 92.6% in the prior year quarter. The underlying loss ratio was 60.2% compared with 60.5% in the prior year quarter and the expense ratio was 30.7% compared with 31.8% in the prior year quarter.
- P&C segments, excluding third party captives, generated gross written premium growth of 10% driven by new business growth of 24%. Net written premium growth was 5% in the quarter.
- P&C written rate of +8% and earned rate of +11% for the quarter.
- Net investment income of $513 million pretax compared with $517 million in the prior year quarter.
- In Long Term Care, there was no unlocking event as a result of the Gross Premium Valuation and core income includes a favorable impact of $31 million resulting from the annual claim reserve review.
- Book value per share of $46.67; book value per share excluding AOCI of $45.39, an 8% increase from year-end 2020 adjusting for $1.89 of dividends per share.
- Board of Directors declares regular quarterly cash dividend of $0.38 per share.
CHICAGO, November 1, 2021 --- CNA Financial Corporation (NYSE: CNA) today announced third quarter 2021 net income of $256 million, or $0.94 per share, versus $213 million, or $0.79 per share, in the prior year quarter. Core income for the quarter was $237 million, or $0.87 per share, versus $193 million, or $0.71 per share, in the prior year quarter.
Our Property & Casualty segments produced core income of $217 million for the third quarter of 2021, a decrease of $19 million compared to the prior year quarter primarily due to higher net catastrophe losses and lower net investment income partially offset by improved non-catastrophe current accident year underwriting results. The underlying combined ratio of 91.1% for the third quarter 2021 is the third consecutive quarter with a record underlying combined ratio. Property & Casualty segments, excluding third party captives, generated gross written premium growth of 10% and net written premium growth of 5%, led by new business growth of 24% and strong written rate increases of 8%.
Our Life & Group and Corporate & Other segments produced core income (loss) for the third quarter of 2021 of $41 million and $(21) million, respectively. Life & Group results for the third quarter included no unlocking event for active life reserves and a $31 million after-tax benefit due to a reduction in claim reserves from the annual claim reviews.
CNA Financial declared a quarterly dividend of $0.38 per share, payable December 2, 2021 to stockholders of record on November 15, 2021.
Read the full press release here.