CNA Q3 Core Income $203 Million as Long-Term Care Reserve Charge Hits Life & Group
Chicago — Commercial insurer CNA Financial reported third-quarter results on Nov. 2: net income was $196 million, or $0.72 per share, down from $403 million, or $1.48 per share, a year earlier. Core income was $203 million, or $0.75 per share, versus $409 million, or $1.50 per share, a year earlier.
The core property and casualty segment earned $397 million, down from $456 million, as underwriting softened and catastrophe losses rose; the combined ratio was 97.0%, including 2.8 points of catastrophe losses totaling $78 million pre-tax.
The Life & Group segment posted a core loss of $171 million, versus a $22 million loss a year earlier, driven by the annual long-term care reserve assumption update, which had a $137 million after-tax unfavorable impact and a $173 million pre-tax reserve increase.
Net investment income was $635 million and operating cash flow was $654 million. Book value per share ended the quarter at $37.80, or $46.11 excluding accumulated other comprehensive income. CNA declared a quarterly dividend of $0.48 per share, payable Dec. 3 to shareholders of record on Nov. 16.
Source: CNA Financial Corporation
Published by GSM · USA (original Chinese edition)
Photo: 图：芝加哥 CNA 中心大楼。(vincent desjardins) from Paris, France，CC BY 2.0，经 Wikimedia Commons。 / Photo: The CNA Center in Chicago. Photo by (vincent desjardins) from Paris, France, CC BY 2.0, via Wikimedia Commons.
