CHICAGO, Aug. 5, 2019 /PRNewswire/ -- CNA Financial
Corporation (NYSE: CNA) today announced second quarter 2019 net
income of $278 million, or
$1.02 per share, and core income of
$294 million, or $1.08 per share. Net income for the six
months ended June 30, 2019 was
$620 million, or $2.28 per share, and core income was $612 million, or $2.25 per share. Property & Casualty
Operations combined ratio for the second quarter was 95.7% and
the underlying combined ratio was 94.6%. Net investment
income, after tax, was $420 million
for the second quarter of 2019, including $34 million from limited partnership and common
stock investments.
The U.S. P&C segments, excluding third party captives,
generated gross written premium growth of 10% and net written
premium growth of 8% for the second quarter of 2019. Gross
written premium decreased (9)% and net written premium decreased
(8)% for the International segment for the second quarter of
2019.
Core income (loss) for the second quarter of 2019 for our Life
& Group and Corporate & Other segments was $7 million and $(11)
million, respectively.
CNA Financial declared a quarterly dividend of $0.35 per share, payable September 5, 2019
to stockholders of record on August 19, 2019.
|
Results for the
Three
Months Ended June 30
|
|
Results for the
Six
Months Ended June 30
|
($ millions, except
per share data)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
Net income
|
$
|
278
|
|
|
$
|
270
|
|
|
$
|
620
|
|
|
$
|
561
|
|
Core income
(a)
|
294
|
|
|
270
|
|
|
612
|
|
|
551
|
|
|
|
|
|
|
|
|
|
Net income per
diluted share
|
$
|
1.02
|
|
|
$
|
0.99
|
|
|
$
|
2.28
|
|
|
$
|
2.06
|
|
Core income per
diluted share
|
1.08
|
|
|
0.99
|
|
|
2.25
|
|
|
2.02
|
|
|
June 30,
2019
|
|
December 31,
2018
|
Book value per
share
|
$
|
44.52
|
|
|
$
|
41.32
|
|
Book value per share
excluding AOCI
|
44.08
|
|
|
44.55
|
|
|
|
(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.
|
"Our strong second quarter results reflect the underlying loss
ratio improving to 60.8%, greater new business and higher rate
increases broadly across the portfolio driving 6% growth in net
written premium," said Dino E.
Robusto, Chairman & Chief Executive Officer of CNA
Financial Corporation. "Core income of $294 million in the quarter contributed to a 2019
first half result of $612 million,
the highest in 12 years."
Property &
Casualty Operations
|
|
|
|
|
|
|
|
Results for the
Three
Months Ended June 30
|
|
Results for the
Six
Months Ended June 30
|
($
millions)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
Net written
premiums
|
$
|
1,874
|
|
|
|
$
|
1,769
|
|
|
|
$
|
3,680
|
|
|
|
$
|
3,582
|
|
|
NWP change (% year
over year)
|
6
|
|
%
|
|
|
|
|
3
|
|
%
|
|
|
|
Net investment
income
|
$
|
303
|
|
|
|
$
|
302
|
|
|
|
$
|
663
|
|
|
|
$
|
587
|
|
|
Core
income
|
298
|
|
|
|
319
|
|
|
|
612
|
|
|
|
646
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss ratio excluding
catastrophes and development
|
60.8
|
|
%
|
|
61.4
|
|
%
|
|
60.7
|
|
%
|
|
60.7
|
|
%
|
Effect of catastrophe
impacts
|
2.2
|
|
|
|
1.6
|
|
|
|
2.9
|
|
|
|
1.8
|
|
|
Effect of
development-related items
|
(1.1)
|
|
|
|
(3.1)
|
|
|
|
(0.9)
|
|
|
|
(2.6)
|
|
|
Loss ratio
|
61.9
|
|
%
|
|
59.9
|
|
%
|
|
62.7
|
|
%
|
|
59.9
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Expense
ratio
|
33.4
|
|
%
|
|
33.5
|
|
%
|
|
33.7
|
|
%
|
|
33.2
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Combined
ratio
|
95.7
|
|
%
|
|
93.8
|
|
%
|
|
96.8
|
|
%
|
|
93.5
|
|
%
|
Combined ratio
excluding catastrophes and development
|
94.6
|
|
%
|
|
95.3
|
|
%
|
|
94.8
|
|
%
|
|
94.3
|
|
%
|
- The combined ratio excluding catastrophes and development
improved 0.7 points for the second quarter of 2019 as compared with
the prior year quarter driven by a 0.6 point improvement in the
underlying loss ratio.
- The combined ratio increased 1.9 points for the second quarter
of 2019 as compared with the prior year quarter. Net catastrophe
losses were $38 million, or 2.2
points of the loss ratio in the quarter compared with $26 million, or 1.6 points of the loss ratio, for
the prior year quarter. Favorable net prior period development
improved the loss ratio by 1.1 points in the quarter compared with
a 3.1 point improvement in the prior year quarter.
- Net written premiums grew 6% as compared with the prior year
quarter. U.S. P&C segments net written premiums grew 8%
partially offset by the impact of the previously disclosed
underwriting actions in the International segment.
Business Operating
Highlights
|
|
Specialty
|
|
|
|
|
|
|
Results for the
Three
Months Ended June 30
|
|
Results for the
Six
Months Ended June 30
|
($
millions)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
Net written
premiums
|
$
|
713
|
|
|
|
$
|
688
|
|
|
|
$
|
1,411
|
|
|
|
$
|
1,374
|
|
|
NWP change (% year
over year)
|
4
|
|
%
|
|
|
|
|
3
|
|
%
|
|
|
|
Core
income
|
$
|
161
|
|
|
|
$
|
183
|
|
|
|
$
|
330
|
|
|
|
$
|
354
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss ratio excluding
catastrophes and development
|
59.9
|
|
%
|
|
60.5
|
|
%
|
|
60.2
|
|
%
|
|
60.4
|
|
%
|
Effect of catastrophe
impacts
|
0.1
|
|
|
|
0.5
|
|
|
|
1.0
|
|
|
|
0.5
|
|
|
Effect of
development-related items
|
(2.6)
|
|
|
|
(6.4)
|
|
|
|
(2.9)
|
|
|
|
(5.5)
|
|
|
Loss ratio
|
57.4
|
|
%
|
|
54.6
|
|
%
|
|
58.3
|
|
%
|
|
55.4
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Expense
ratio
|
33.1
|
|
%
|
|
32.0
|
|
%
|
|
33.0
|
|
%
|
|
31.6
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Combined
ratio
|
90.7
|
|
%
|
|
86.8
|
|
%
|
|
91.5
|
|
%
|
|
87.2
|
|
%
|
Combined ratio
excluding catastrophes and development
|
93.2
|
|
%
|
|
92.7
|
|
%
|
|
93.4
|
|
%
|
|
92.2
|
|
%
|
- The combined ratio excluding catastrophes and development
increased 0.5 points for the second quarter of 2019 as compared
with the prior year quarter driven by a 1.1 point increase in the
expense ratio. This was partially offset by a 0.6 point improvement
in the underlying loss ratio.
- The combined ratio increased 3.9 points for the second quarter
of 2019 as compared with the prior year quarter. Net catastrophe
losses were $1 million, or 0.1 points
of the loss ratio compared with $3
million, or 0.5 points of the loss ratio, for the prior year
quarter. Favorable net prior period development improved the loss
ratio by 2.6 points in the quarter compared with a 6.4 point
improvement in the prior year quarter.
- Net written premiums for Specialty grew 4% for the second
quarter of 2019 as compared with the prior year quarter driven by
higher new business, strong retention and favorable rate.
Commercial
|
|
|
|
|
|
|
|
Results for the
Three
Months Ended June 30
|
|
Results for the
Six
Months Ended June 30
|
($
millions)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
Net written
premiums
|
$
|
912
|
|
|
|
$
|
810
|
|
|
|
$
|
1,761
|
|
|
|
$
|
1,642
|
|
|
NWP change (% year
over year)
|
13
|
|
%
|
|
|
|
|
7
|
|
%
|
|
|
|
Core
income
|
$
|
120
|
|
|
|
$
|
143
|
|
|
|
$
|
259
|
|
|
|
$
|
276
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss ratio excluding
catastrophes and development
|
61.7
|
|
%
|
|
60.8
|
|
%
|
|
61.9
|
|
%
|
|
60.3
|
|
%
|
Effect of catastrophe
impacts
|
4.9
|
|
|
|
2.5
|
|
|
|
5.1
|
|
|
|
3.2
|
|
|
Effect of
development-related items
|
(0.1)
|
|
|
|
(0.9)
|
|
|
|
(0.3)
|
|
|
|
(0.8)
|
|
|
Loss ratio
|
66.5
|
|
%
|
|
62.4
|
|
%
|
|
66.7
|
|
%
|
|
62.7
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Expense
ratio
|
32.6
|
|
%
|
|
33.5
|
|
%
|
|
33.2
|
|
%
|
|
33.4
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Combined
ratio
|
99.7
|
|
%
|
|
96.6
|
|
%
|
|
100.5
|
|
%
|
|
96.8
|
|
%
|
Combined ratio
excluding catastrophes and development
|
94.9
|
|
%
|
|
95.0
|
|
%
|
|
95.7
|
|
%
|
|
94.4
|
|
%
|
- The combined ratio excluding catastrophes and development for
the second quarter of 2019 was largely consistent with the prior
year quarter.
- The combined ratio increased 3.1 points for the second quarter
of 2019 as compared with the prior year quarter. Net catastrophe
losses were $37 million, or 4.9
points of the loss ratio compared with $19
million, or 2.5 points of the loss ratio, for the prior year
quarter. Favorable net prior period development improved the loss
ratio by 0.1 points in the quarter compared with a 0.9 point
improvement in the prior year quarter.
- Net written premiums for Commercial grew 13% for the second
quarter of 2019 as compared with the prior year quarter driven by
higher new business and favorable rate.
International
|
|
|
|
|
|
|
|
Results for the
Three
Months Ended June 30
|
|
Results for the
Six
Months Ended June 30
|
($
millions)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
Net written
premiums
|
$
|
249
|
|
|
|
$
|
271
|
|
|
|
$
|
508
|
|
|
|
$
|
566
|
|
|
NWP change (% year
over year)
|
(8)
|
|
%
|
|
|
|
|
(10)
|
|
%
|
|
|
|
Core income
(loss)
|
$
|
17
|
|
|
|
$
|
(7)
|
|
|
|
$
|
23
|
|
|
|
$
|
16
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss ratio excluding
catastrophes and development
|
60.1
|
|
%
|
|
65.9
|
|
%
|
|
58.5
|
|
%
|
|
62.9
|
|
%
|
Effect of catastrophe
impacts
|
0.2
|
|
|
|
1.6
|
|
|
|
1.3
|
|
|
|
1.3
|
|
|
Effect of
development-related items
|
(0.1)
|
|
|
|
(0.7)
|
|
|
|
2.7
|
|
|
|
(0.5)
|
|
|
Loss ratio
|
60.2
|
|
%
|
|
66.8
|
|
%
|
|
62.5
|
|
%
|
|
63.7
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Expense
ratio
|
37.3
|
|
%
|
|
37.9
|
|
%
|
|
37.2
|
|
%
|
|
37.1
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Combined
ratio
|
97.5
|
|
%
|
|
104.7
|
|
%
|
|
99.7
|
|
%
|
|
100.8
|
|
%
|
Combined ratio
excluding catastrophes and development
|
97.4
|
|
%
|
|
103.8
|
|
%
|
|
95.7
|
|
%
|
|
100.0
|
|
%
|
- The combined ratio excluding catastrophes and development
improved 6.4 points for the second quarter of 2019 as compared with
the prior year quarter driven by a 5.8 point improvement in the
underlying loss ratio.
- The combined ratio improved 7.2 points for the second quarter
of 2019 as compared with the prior year quarter. Net catastrophe
losses were less than $1 million, or
0.2 points of the loss ratio compared with $4 million, or 1.6 points for the prior year
quarter. Favorable net prior period development improved the loss
ratio by 0.1 points in the quarter compared with a 0.7 point
improvement in the prior year quarter.
- Excluding currency fluctuations, net written premiums for
International decreased 4% for the second quarter of 2019 as
compared with the prior year quarter driven by the strategic exit
from certain Hardy business classes in the fourth quarter of
2018.
Life &
Group
|
|
|
|
|
|
|
Results for the
Three
Months Ended June 30
|
|
Results for the
Six
Months Ended June 30
|
($
millions)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
Net investment
income
|
$
|
205
|
|
|
|
$
|
198
|
|
|
|
$
|
409
|
|
|
|
$
|
398
|
|
|
Total operating
revenues
|
335
|
|
|
|
329
|
|
|
|
670
|
|
|
|
664
|
|
|
Core income
(loss)
|
7
|
|
|
|
(10)
|
|
|
|
17
|
|
|
|
4
|
|
|
Core results improved $17 million
for the second quarter of 2019 as compared with the prior year
quarter. Persistency continues to benefit from a higher than
expected number of policyholders choosing to lapse coverage or
reduce benefits in lieu of premium rate increases and morbidity
continues to trend in line with expectations.
Corporate &
Other
|
|
|
|
|
|
|
Results for the
Three
Months Ended June 30
|
|
Results for the
Six
Months Ended June 30
|
($
millions)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
Net investment
income
|
$
|
7
|
|
|
|
$
|
6
|
|
|
|
$
|
14
|
|
|
|
$
|
11
|
|
|
Interest
expense
|
34
|
|
|
|
34
|
|
|
|
68
|
|
|
|
68
|
|
|
Core loss
|
(11)
|
|
|
|
(39)
|
|
|
|
(17)
|
|
|
|
(99)
|
|
|
Core loss of $(11) million
improved $28 million for the second
quarter of 2019 as compared with the prior year quarter. The
prior period included $23 million of
non-recurring costs associated with the transition to a new IT
infrastructure service provider.
Net Investment
Income
|
|
|
|
|
|
|
Results for the
Three
Months Ended June 30
|
|
Results for the
Six
Months Ended June 30
|
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
Pretax net investment
income
|
$
|
515
|
|
|
|
$
|
506
|
|
|
|
$
|
1,086
|
|
|
|
$
|
996
|
|
|
Net investment
income, after tax
|
420
|
|
|
|
416
|
|
|
|
885
|
|
|
|
821
|
|
|
Net investment income, after tax, increased $4 million for the second quarter of 2019 as
compared with the prior year quarter driven by fixed income
securities.
About the Company
CNA is one of the largest U.S. commercial property and casualty
insurance companies. CNA provides a broad range of standard
and specialized property and casualty insurance products and
services for businesses and professionals in the U.S., Canada and Europe, backed by more than 120 years of
experience and approximately $45
billion of assets. 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 9:00 a.m.
(CT) today. On the conference call will be
Dino E. Robusto, Chairman and Chief
Executive Officer of CNA Financial Corporation, James M. Anderson, 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 its U.K.-based insurance
company, a branch operation in Canada as well as through its presence at
Lloyd's of London (Hardy).
- 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 and asbestos and environmental pollution.
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.
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 to Core Income
Core income (loss) is calculated by excluding from
net income (loss) the after-tax effects of i) net investment gains
or losses, ii) income or loss from discontinued operations, iii)
any cumulative effects of changes in accounting guidance and iv)
deferred tax asset and liability remeasurement as a result of an
enacted U.S. Federal tax rate change. 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 consistent with key drivers of
underwriting performance, and are therefore not considered an
indication of trends in insurance 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)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
Net income
|
$
|
278
|
|
|
$
|
270
|
|
|
$
|
620
|
|
|
$
|
561
|
|
|
Less: Net investment
(losses) gains
|
(16)
|
|
|
—
|
|
|
8
|
|
|
10
|
|
|
Core
income
|
$
|
294
|
|
|
$
|
270
|
|
|
$
|
612
|
|
|
$
|
551
|
|
|
Reconciliation of Net Income per Diluted Share to Core
Income 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
|
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
Net income per
diluted share
|
$
|
1.02
|
|
|
$
|
0.99
|
|
|
$
|
2.28
|
|
|
$
|
2.06
|
|
|
Less: Net investment
(losses) gains
|
(0.06)
|
|
|
—
|
|
|
0.03
|
|
|
0.04
|
|
|
Core income per
diluted share
|
$
|
1.08
|
|
|
$
|
0.99
|
|
|
$
|
2.25
|
|
|
$
|
2.02
|
|
|
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,
2019
|
|
December 31,
2018
|
Book value per
share
|
$
|
44.52
|
|
|
$
|
41.32
|
|
Less: Per share
impact of AOCI
|
0.44
|
|
|
(3.23)
|
|
Book value per share
excluding AOCI
|
$
|
44.08
|
|
|
$
|
44.55
|
|
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)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
Annualized net
income
|
$
|
1,114
|
|
|
$
|
1,078
|
|
|
$
|
1,240
|
|
|
$
|
1,122
|
|
|
Average stockholders'
equity including AOCI (a)
|
11,771
|
|
|
11,420
|
|
|
11,652
|
|
|
11,830
|
|
|
Return on
equity
|
9.5
|
|
%
|
9.4
|
|
%
|
10.6
|
|
%
|
9.5
|
|
%
|
|
|
|
|
|
|
|
|
|
Annualized core
income
|
$
|
1,178
|
|
|
$
|
1,080
|
|
|
$
|
1,225
|
|
|
$
|
1,101
|
|
|
Average stockholders'
equity excluding AOCI (a)
|
11,873
|
|
|
11,922
|
|
|
12,031
|
|
|
12,115
|
|
|
Core return on
equity
|
9.9
|
|
%
|
9.1
|
|
%
|
10.2
|
|
%
|
9.1
|
|
%
|
|
|
(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 © 2019 CNA. All rights
reserved.
CONTACT:
|
|
|
|
|
|
MEDIA:
|
|
ANALYSTS:
|
Brandon Davis,
312-822-5885
|
|
James Anderson,
312-822-7757
|
View original content to download
multimedia:http://www.prnewswire.com/news-releases/cna-financial-announces-second-quarter-2019-results-300896050.html
SOURCE CNA Financial Corporation