CHICAGO, Aug. 2, 2021 /PRNewswire/ -- 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 $0.38 per share, payable September 2, 2021
to stockholders of record on August 16, 2021.
|
Results for the
Three Months
Ended June 30
|
|
Results for the
Six Months
Ended June 30
|
($ millions, except
per share data)
|
2021
|
|
2020
|
|
2021
|
|
2020
|
Net income
|
$
|
368
|
|
|
$
|
151
|
|
|
$
|
680
|
|
|
$
|
90
|
|
Core income
(a)
|
341
|
|
|
99
|
|
|
604
|
|
|
207
|
|
|
|
|
|
|
|
|
|
Net income per
diluted share
|
$
|
1.35
|
|
|
$
|
0.55
|
|
|
$
|
2.49
|
|
|
$
|
0.33
|
|
Core income per
diluted share
|
1.25
|
|
|
0.36
|
|
|
2.21
|
|
|
0.76
|
|
|
June 30,
2021
|
|
December 31,
2020
|
Book value per
share
|
$
|
46.69
|
|
|
$
|
46.82
|
|
Book value per share
excluding AOCI
|
|
44.81
|
|
|
|
43.86
|
|
(a)
|
Management
utilizes the core income (loss) financial measure to monitor the
Company's operations. Please refer herein to the Reconciliation of
GAAP Measures to Non-GAAP Measures section of this press release
for further discussion of this non-GAAP measure.
|
"CNA produced record core income in the quarter resulting from
improvement in the underlying combined ratio, very strong
investment results and a lower level of catastrophe losses.
We recorded a rate increase of +10%, the fifth consecutive quarter
of double-digit rate increase. Earned rate is now just shy of
+12% and well above our long run loss cost trend. In the
first part of the quarter transactional limitations resulting from
the cyber incident had an impact on production. But we were
able to quickly regain momentum and finish the quarter with a very
strong June. This enabled us to grow our gross written
premium by 8% and new business by 10% for the quarter. We are
well positioned to continue capitalizing on the favorable market
conditions we anticipate in the latter half of 2021," said
Dino E. Robusto, Chairman &
Chief Executive Officer of CNA Financial Corporation.
Property & Casualty Operations
|
Results for the
Three Months
Ended June 30
|
|
Results for the
Six Months
Ended June 30
|
($
millions)
|
2021
|
|
2020
|
|
2021
|
|
2020
|
Gross written
premiums ex. 3rd party captives
|
$
|
2,296
|
|
|
|
$
|
2,132
|
|
|
|
$
|
4,566
|
|
|
|
$
|
4,239
|
|
|
GWP ex. 3rd
party captives change (% year over year)
|
8
|
|
%
|
|
|
|
|
8
|
|
%
|
|
|
|
Net written
premiums
|
$
|
1,909
|
|
|
|
$
|
1,930
|
|
|
|
$
|
3,846
|
|
|
|
$
|
3,793
|
|
|
NWP change (% year
over year)
|
(1)
|
|
%
|
|
|
|
|
1
|
|
%
|
|
|
|
Net investment
income
|
$
|
322
|
|
|
|
$
|
308
|
|
|
|
$
|
601
|
|
|
|
$
|
421
|
|
|
Core
income
|
351
|
|
|
|
125
|
|
|
|
614
|
|
|
|
246
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss ratio excluding
catastrophes and development
|
59.5
|
|
%
|
|
59.3
|
|
%
|
|
59.8
|
|
%
|
|
59.8
|
|
%
|
Effect of catastrophe
impacts
|
2.8
|
|
|
|
17.5
|
|
|
|
4.7
|
|
|
|
10.9
|
|
|
Effect of
development-related items
|
(0.2)
|
|
|
|
(1.5)
|
|
|
|
(0.3)
|
|
|
|
(1.1)
|
|
|
Loss ratio
|
62.1
|
|
%
|
|
75.3
|
|
%
|
|
64.2
|
|
%
|
|
69.6
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Expense
ratio
|
31.6
|
|
%
|
|
33.6
|
|
%
|
|
31.5
|
|
%
|
|
33.2
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Combined
ratio
|
94.0
|
|
%
|
|
109.2
|
|
%
|
|
96.0
|
|
%
|
|
103.2
|
|
%
|
Combined ratio
excluding catastrophes and development
|
91.4
|
|
%
|
|
93.2
|
|
%
|
|
91.6
|
|
%
|
|
93.4
|
|
%
|
- The combined ratio excluding catastrophes and development
improved 1.8 points as compared with the prior year quarter.
The expense ratio improved 2.0 points compared to the prior year
quarter driven by net earned premium growth. The underlying
loss ratio increased 0.2 points. The prior year quarter
included a 0.5 point adverse impact on the expense ratio and a 0.9
point benefit in the underlying loss ratio related to
COVID-19.
- The combined ratio improved 15.2 points as compared with the
prior year quarter. Net catastrophe losses were $54 million, or 2.8 points of the loss ratio in
the quarter compared with $301
million, or 17.5 points of the loss ratio, for the prior
year quarter. Catastrophe losses in the second quarter of
2021 were driven by severe weather related events.
Catastrophe losses in the second quarter of 2020 include
$182 million related to COVID-19, $61 million related to
civil unrest and $58 million related primarily to severe
weather related events. Favorable net prior period
development improved the loss ratio by 0.2 points in the current
quarter compared with 1.5 points of improvement in the prior year
quarter.
- During the second quarter, we added a quota share treaty to our
property reinsurance program, which covers policies written during
the treaty term and in-force as of June
1, 2021. As a result of the coverage of in-force
policies, net written premiums were reduced by $122 million during the quarter for the one-time
catch-up under the treaty of unearned premium on policies
previously written as of the June 1,
2021 treaty inception. This ceded premium will earn in
future quarters consistent with the underlying gross policies.
- P&C segments, excluding third party captives, generated
gross written premium growth of 8%. Excluding the impact of
the June 1, 2021 written premium
catch-up related to the property quota share treaty, net
written premiums grew 5%.
Business Operating Highlights
Specialty
|
Results for the
Three
Months Ended June 30
|
|
Results for the
Six Months
Ended June 30
|
($
millions)
|
2021
|
|
2020
|
|
2021
|
|
2020
|
Gross written
premiums ex. 3rd party captives
|
$
|
897
|
|
|
|
$
|
811
|
|
|
|
$
|
1,713
|
|
|
|
$
|
1,552
|
|
|
GWP ex. 3rd
party captives change (% year over year)
|
11
|
|
%
|
|
|
|
|
10
|
|
%
|
|
|
|
Net written
premiums
|
$
|
786
|
|
|
|
$
|
742
|
|
|
|
$
|
1,528
|
|
|
|
$
|
1,436
|
|
|
NWP change (% year
over year)
|
6
|
|
%
|
|
|
|
|
6
|
|
%
|
|
|
|
Core
income
|
$
|
188
|
|
|
|
$
|
90
|
|
|
|
$
|
358
|
|
|
|
$
|
186
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss ratio excluding
catastrophes and development
|
59.0
|
|
%
|
|
59.9
|
|
%
|
|
59.2
|
|
%
|
|
59.7
|
|
%
|
Effect of catastrophe
impacts
|
—
|
|
|
|
15.0
|
|
|
|
0.3
|
|
|
|
8.2
|
|
|
Effect of
development-related items
|
(1.3)
|
|
|
|
(2.9)
|
|
|
|
(1.6)
|
|
|
|
(2.3)
|
|
|
Loss ratio
|
57.7
|
|
%
|
|
72.0
|
|
%
|
|
57.9
|
|
%
|
|
65.6
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Expense
ratio
|
30.0
|
|
%
|
|
32.0
|
|
%
|
|
30.2
|
|
%
|
|
32.1
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Combined
ratio
|
87.9
|
|
%
|
|
104.2
|
|
%
|
|
88.3
|
|
%
|
|
97.9
|
|
%
|
Combined ratio
excluding catastrophes and development
|
89.2
|
|
%
|
|
92.1
|
|
%
|
|
89.6
|
|
%
|
|
92.0
|
|
%
|
- The combined ratio excluding catastrophes and development
improved 2.9 points as compared with the prior year quarter.
The expense ratio improved 2.0 points driven by a favorable
acquisition ratio and net earned premium growth of 8%. The
underlying loss ratio improved 0.9 points.
- The combined ratio improved by 16.3 points as compared with the
prior year quarter. Net catastrophe losses were $1 million, which had minimal impact on the loss
ratio in the second quarter of 2021 compared with $105 million, or 15.0 points of the loss ratio,
for the prior year quarter. Favorable net prior period
development improved the loss ratio by 1.3 points in the quarter
compared with 2.9 points of improvement in the prior year
quarter.
- Gross written premiums, excluding third party captives, grew
11% and net written premiums grew 6% for the second quarter of
2021.
Commercial
|
Results for the
Three
Months Ended June 30
|
|
Results for the
Six Months
Ended June 30
|
($
millions)
|
2021
|
|
2020
|
|
2021
|
|
2020
|
Gross written
premiums ex. 3rd party captives
|
$
|
1,060
|
|
|
|
$
|
1,044
|
|
|
|
$
|
2,171
|
|
|
|
$
|
2,103
|
|
|
GWP ex. 3rd
party captives change (% year over year)
|
2
|
|
%
|
|
|
|
|
3
|
|
%
|
|
|
|
Net written
premiums
|
$
|
831
|
|
|
|
$
|
949
|
|
|
|
$
|
1,791
|
|
|
|
$
|
1,899
|
|
|
NWP change (% year
over year)
|
(12)
|
|
%
|
|
|
|
|
(6)
|
|
%
|
|
|
|
Core
income
|
$
|
137
|
|
|
|
$
|
49
|
|
|
|
$
|
206
|
|
|
|
$
|
72
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss ratio excluding
catastrophes and development
|
60.1
|
|
%
|
|
58.7
|
|
%
|
|
60.4
|
|
%
|
|
59.7
|
|
%
|
Effect of catastrophe
impacts
|
5.8
|
|
|
|
19.0
|
|
|
|
9.6
|
|
|
|
12.8
|
|
|
Effect of
development-related items
|
0.8
|
|
|
|
(0.3)
|
|
|
|
0.7
|
|
|
|
(0.1)
|
|
|
Loss ratio
|
66.7
|
|
%
|
|
77.4
|
|
%
|
|
70.7
|
|
%
|
|
72.4
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Expense
ratio
|
32.3
|
|
%
|
|
33.9
|
|
%
|
|
31.8
|
|
%
|
|
33.6
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Combined
ratio
|
99.6
|
|
%
|
|
111.9
|
|
%
|
|
103.1
|
|
%
|
|
106.6
|
|
%
|
Combined ratio
excluding catastrophes and development
|
93.0
|
|
%
|
|
93.2
|
|
%
|
|
92.8
|
|
%
|
|
93.9
|
|
%
|
- The combined ratio excluding catastrophes and development
improved 0.2 points as compared with the prior year quarter.
The expense ratio improved 1.6 points driven by net earned premium
growth of 11%. Net earned premium was partially impacted by a
reduction in estimated audit premiums related to COVID-19 in the
second quarter of 2020. The underlying loss ratio increased
1.4 points driven by lower loss frequency as a result of COVID-19
shelter in place restrictions in the second quarter of 2020.
- The combined ratio improved 12.3 points as compared with the
prior year quarter. Net catastrophe losses were $51 million, or 5.8 points of the loss ratio in
the second quarter of 2021 compared with $151 million, or 19.0 points of the loss ratio,
for the prior year quarter.
- Gross written premiums, excluding third party captives, grew
2%. Excluding the impact of the June
1, 2021 written premium catch-up related to the property
quota share treaty, net written premiums decreased 1%.
International
|
Results for the
Three
Months Ended June 30
|
|
Results for the
Six Months
Ended June 30
|
($
millions)
|
2021
|
|
2020
|
|
2021
|
|
2020
|
Gross written
premiums
|
$
|
339
|
|
|
|
$
|
277
|
|
|
|
$
|
682
|
|
|
|
$
|
584
|
|
|
GWP change (% year
over year)
|
22
|
|
%
|
|
|
|
|
17
|
|
%
|
|
|
|
Net written
premiums
|
$
|
292
|
|
|
|
$
|
239
|
|
|
|
$
|
527
|
|
|
|
$
|
458
|
|
|
NWP change (% year
over year)
|
22
|
|
%
|
|
|
|
|
15
|
|
%
|
|
|
|
Core
income
|
$
|
26
|
|
|
|
$
|
(14)
|
|
|
|
$
|
50
|
|
|
|
$
|
(12)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss ratio excluding
catastrophes and development
|
59.0
|
|
%
|
|
59.9
|
|
%
|
|
59.3
|
|
%
|
|
60.1
|
|
%
|
Effect of catastrophe
impacts
|
0.8
|
|
|
|
19.9
|
|
|
|
1.4
|
|
|
|
11.9
|
|
|
Effect of
development-related items
|
(0.3)
|
|
|
|
(1.2)
|
|
|
|
(0.2)
|
|
|
|
(0.7)
|
|
|
Loss ratio
|
59.5
|
|
%
|
|
78.6
|
|
%
|
|
60.5
|
|
%
|
|
71.3
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Expense
ratio
|
33.5
|
|
%
|
|
36.7
|
|
%
|
|
33.9
|
|
%
|
|
36.1
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Combined
ratio
|
93.0
|
|
%
|
|
115.3
|
|
%
|
|
94.4
|
|
%
|
|
107.4
|
|
%
|
Combined ratio
excluding catastrophes and development
|
92.5
|
|
%
|
|
96.6
|
|
%
|
|
93.2
|
|
%
|
|
96.2
|
|
%
|
- The combined ratio excluding catastrophes and development
improved 4.1 points as compared with the prior year quarter.
The expense ratio improved 3.2 points driven by net earned premium
growth of 19% and lower acquisition costs. The underlying
loss ratio improved 0.9 points.
- The combined ratio improved 22.3 points as compared with the
prior year quarter. Net catastrophe losses were $2 million, or 0.8 points of the loss ratio in
the second quarter of 2021, compared with $45 million, or 19.9 points of the loss ratio,
for the prior year quarter. Favorable net prior year
development improved the loss ratio by 0.3 points in the quarter
compared with a 1.2 point improvement in the prior year
quarter.
- Excluding currency fluctuations, gross written premiums and net
written premiums for International increased 13% for the second
quarter of 2021 as compared with the prior year quarter.
Life & Group
|
Results for the
Three
Months Ended June 30
|
|
Results for the
Six Months
Ended June 30
|
($
millions)
|
2021
|
|
2020
|
|
2021
|
|
2020
|
Net earned
premiums
|
$
|
126
|
|
|
|
$
|
126
|
|
|
|
$
|
246
|
|
|
|
$
|
253
|
|
|
Net investment
income
|
265
|
|
|
|
206
|
|
|
|
484
|
|
|
|
414
|
|
|
Core
income
|
43
|
|
|
|
14
|
|
|
|
79
|
|
|
|
18
|
|
|
Core income improved $29 million
for the second quarter of 2021 as compared with the prior year
quarter primarily due to higher net investment income driven by
returns in the limited partnership portfolio and better than
expected morbidity in the long term care business, partially offset
by unfavorable persistency.
Corporate & Other
|
Results for the
Three
Months Ended June 30
|
|
Results for the
Six Months
Ended June 30
|
($
millions)
|
2021
|
|
2020
|
|
2021
|
|
2020
|
Net investment
income
|
$
|
4
|
|
|
|
$
|
20
|
|
|
|
$
|
10
|
|
|
|
$
|
28
|
|
|
Interest
expense
|
28
|
|
|
|
31
|
|
|
|
56
|
|
|
|
62
|
|
|
Core loss
|
(53)
|
|
|
|
(40)
|
|
|
|
(89)
|
|
|
|
(57)
|
|
|
Core loss increased $13 million
for the second quarter of 2021 as compared with the prior year
quarter primarily driven by lower allocated net investment
income. The current quarter includes unfavorable development
related to legacy mass tort exposures of $40 million compared
with $50 million in the second quarter of 2020.
Net Investment Income
|
Results for the
Three
Months Ended June 30
|
|
Results for the
Six Months
Ended June 30
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
Net investment
income
|
$
|
591
|
|
|
|
$
|
534
|
|
|
|
$
|
1,095
|
|
|
|
$
|
863
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Net investment income increased $57
million as compared with the prior year quarter. The
increase was driven by limited partnership and common stock
investments, which returned 8.3%, or $156
million for the second quarter of 2021 compared with 5.0%,
or $84 million in the prior year
quarter.
About the Company
CNA is one of the largest U.S. commercial property and casualty
insurance companies. Backed by more than 120 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.
Contact
Media:
|
|
Analysts:
|
Cara McCall,
312-822-1309
|
|
Amy C. Adams,
312-822-5533
|
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, Al Miralles, Executive Vice President and Chief
Financial Officer of CNA Financial Corporation and other members of
senior management. Participants can access the call by
dialing (800) 289-0571, or for international callers, +1 (720)
543-0206. 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 and 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 investor.relations@cna.com.
Definition of Reported Segments
- Specialty provides management and professional
liability and other coverages through property and casualty
products and services using a network of brokers, independent
agencies and managing general underwriters.
- Commercial works with a network of brokers and
independent agents to market a broad range of property and casualty
insurance products and services to small, middle-market and large
businesses.
- International underwrites property and casualty
coverages on a global basis through two insurance companies based
in the U.K. and Luxembourg, a
branch operation in Canada as well
as through our Lloyd's Syndicate.
- Life & Group primarily includes the results of the
individual and group long term care businesses that are in run
off.
- Corporate & Other primarily includes certain
corporate expenses, including interest on corporate debt, and the
results of certain property and casualty business in run-off,
including CNA Re, asbestos and environmental pollution (A&EP),
excess workers' compensation and legacy mass tort.
Financial Measures
Management utilizes the following metrics in their evaluation of
the Property & Casualty Operations. These ratios are
calculated using financial results prepared in accordance with
accounting principles generally accepted in the United States of America (GAAP).
- Loss ratio is the percentage of net incurred claim
and claim adjustment expenses to net earned premiums.
- Underlying loss ratio represents the loss ratio
excluding catastrophes and development.
- Expense ratio is the percentage of insurance
underwriting and acquisition expenses, including the amortization
of deferred acquisition costs, to net earned premiums.
- Dividend ratio is the ratio of policyholders'
dividends incurred to net earned premiums.
- Combined ratio is the sum of the loss, expense and
dividend ratios.
- Underlying combined ratio is the sum of the
underlying loss, expense and dividend ratios.
- Renewal premium change represents the estimated
change in average premium on policies that renew, including rate
and exposure changes.
- Rate represents the average change in price on
policies that renew excluding exposure change. For certain
products within Small Business, where quantifiable, rate includes
the influence of new business as well.
- Retention represents the percentage of premium
dollars renewed in comparison to the expiring premium dollars from
policies available to renew.
- New business represents premiums from policies
written with new customers and additional policies written with
existing customers.
Gross written premiums ex. 3rd party
captives represents gross written premiums excluding
business which is ceded to third party captives, including business
related to large warranty programs.
The Company's investment portfolio is monitored by management
through analysis of various factors including unrealized gains and
losses on securities, portfolio duration and exposure to market and
credit risk.
Reconciliation of GAAP Measures to Non-GAAP Measures
This press release also contains financial measures that are not
in accordance with GAAP. Management utilizes these financial
measures to monitor the Company's insurance operations and
investment portfolio. The Company believes the presentation
of these measures provides investors with a better understanding of
the significant factors that comprise the Company's operating
performance. Reconciliations of these measures to the most
comparable GAAP measures follow below.
Reconciliation of Net Income (Loss) to Core Income
(Loss)
Core income (loss) is calculated by excluding from
net income (loss) the after-tax effects of net investment gains or
losses and any cumulative effects of changes in accounting
guidance. The calculation of core income (loss) excludes net
investment gains or losses because net investment gains or losses
are generally driven by economic factors that are not necessarily
reflective of our primary operations. Management monitors
core income (loss) for each business segment to assess segment
performance. Presentation of consolidated core income (loss)
is deemed to be a non-GAAP financial measure.
|
Results for the
Three Months
Ended June 30
|
|
Results for the
Six Months
Ended June 30
|
($
millions)
|
2021
|
|
2020
|
|
2021
|
|
2020
|
Net income
|
$
|
368
|
|
|
$
|
151
|
|
|
$
|
680
|
|
|
$
|
90
|
|
Less: Net investment
gains (losses)
|
27
|
|
|
52
|
|
|
76
|
|
|
(117)
|
|
Core
income
|
$
|
341
|
|
|
$
|
99
|
|
|
$
|
604
|
|
|
$
|
207
|
|
Reconciliation of Net Income (Loss) per Diluted Share to
Core Income (Loss) per Diluted Share
Core income (loss) per diluted share provides management
and investors with a valuable measure of the Company's operating
performance for the same reasons applicable to its underlying
measure, core income (loss). Core income (loss) per diluted
share is core income (loss) on a per diluted share basis.
|
Results for the
Three Months
Ended June 30
|
|
Results for the
Six Months
Ended June 30
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
Net income per
diluted share
|
$
|
1.35
|
|
|
$
|
0.55
|
|
|
$
|
2.49
|
|
|
$
|
0.33
|
|
Less: Net investment
gains (losses)
|
0.10
|
|
|
0.19
|
|
|
0.28
|
|
|
(0.43)
|
|
Core income per
diluted share
|
$
|
1.25
|
|
|
$
|
0.36
|
|
|
$
|
2.21
|
|
|
$
|
0.76
|
|
Reconciliation of Book Value per Share to Book Value per
Share Excluding AOCI
Book value per share excluding AOCI allows management and
investors to analyze the amount of the Company's net worth
primarily attributable to the Company's business operations.
The Company believes this measurement is useful as it reduces the
effect of items that can fluctuate significantly from period to
period, primarily based on changes in interest rates.
|
June 30,
2021
|
|
December 31,
2020
|
Book value per
share
|
$
|
46.69
|
|
|
$
|
46.82
|
|
Less: Per share
impact of AOCI
|
1.88
|
|
|
2.96
|
|
Book value per share
excluding AOCI
|
$
|
44.81
|
|
|
$
|
43.86
|
|
Calculation of Return on Equity and Core Return on
Equity
Core return on equity provides management and
investors with a measure of how effectively the Company is
investing the portion of the Company's net worth that is primarily
attributable to its business operations.
|
Results for the
Three Months
Ended June 30
|
|
Results for the
Six Months
Ended June 30
|
|
($
millions)
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
Annualized net
income
|
$
|
1,473
|
|
|
$
|
603
|
|
|
$
|
1,360
|
|
|
$
|
179
|
|
|
Average stockholders'
equity including AOCI (a)
|
12,379
|
|
|
11,003
|
|
|
12,688
|
|
|
11,930
|
|
|
Return on
equity
|
11.9
|
|
%
|
5.5
|
|
%
|
10.7
|
|
%
|
1.5
|
|
%
|
|
|
|
|
|
|
|
|
|
Annualized core
income
|
$
|
1,364
|
|
|
$
|
394
|
|
|
$
|
1,209
|
|
|
$
|
413
|
|
|
Average stockholders'
equity excluding AOCI (a)
|
12,030
|
|
|
11,461
|
|
|
12,031
|
|
|
11,827
|
|
|
Core return on
equity
|
11.3
|
|
%
|
3.4
|
|
%
|
10.0
|
|
%
|
3.5
|
|
%
|
(a)
|
Average
stockholders' equity is calculated using a simple average of the
beginning and ending balances for the period.
|
For additional information, please refer to CNA's most recent
10-K on file with the Securities and Exchange Commission, as well
as the financial supplement, available at www.cna.com.
Forward-Looking Statements
This press release includes statements that relate to
anticipated future events (forward-looking statements) rather than
actual present conditions or historical events. These statements
are made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995 and generally include
words such as "believes," "expects," "intends," "anticipates,"
"estimates" and similar expressions. Forward-looking statements, by
their nature, are subject to a variety of inherent risks and
uncertainties that could cause actual results to differ materially
from the results projected. Many of these risks and uncertainties
cannot be controlled by CNA. For a detailed description of these
risks and uncertainties please refer to CNA's filings with the
Securities and Exchange Commission, available at www.cna.com.
Any forward-looking statements made in this press release are
made by CNA as of the date of this press release. Further, CNA does
not have any obligation to update or revise any forward-looking
statement contained in this press release, even if CNA's
expectations or any related events, conditions or circumstances
change.
Any descriptions of coverage under CNA policies or programs in
this press release are provided for convenience only and are not to
be relied upon with respect to questions of coverage, exclusions or
limitations. With regard to all such matters, the terms and
provisions of relevant insurance policies are primary and
controlling. In addition, please note that all coverages may not be
available in all states.
"CNA" is a registered trademark of CNA Financial Corporation.
Certain CNA Financial Corporation subsidiaries use the "CNA"
trademark in connection with insurance underwriting and claims
activities. Copyright © 2021 CNA. All rights reserved.
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SOURCE CNA