Earnings Document

CHICAGO, August 1, 2022 --- CNA Financial Corporation (NYSE: CNA) today announced second quarter 2022 net income of $205 million, or $0.75 per share, versus $368 million, or $1.35 per share, in the prior year quarter. Core income for the quarter was $245 million, or $0.90 per share, versus $341 million, or $1.25 per share, in the prior year quarter. Net investment losses for the quarter were $40 million, which were primarily driven by mark to market losses on non-redeemable preferred stock, compared to net investment gains of $27 million in the prior year quarter.

Our Property & Casualty segments produced core income of $317 million for the second quarter of 2022, a decrease of $34 million compared to the prior year quarter driven by lower investment income from LPs and common stock, partially offset by much improved underwriting results which increased $72 million and higher income from fixed income securities. Property & Casualty segments, excluding third party captives, generated gross written premium growth of 17% and net written premium growth of 20% (13% adjusting for the impact of a one-time ceded premium catch-up related to the addition of a property quota share reinsurance treaty in the prior period), driven by strong retention of 85% and new business growth of 27%.

Our Life & Group and Corporate & Other segments produced core income (loss) for the second quarter of 2022 of $6 million and $(78) million, respectively. Corporate & Other includes a $51 million after-tax charge related to unfavorable prior period development largely associated with legacy mass tort abuse claims, including the recent Diocese of Rochester proposed settlement.

CNA Financial declared a quarterly dividend of $0.40 per share, payable September 1, 2022 to stockholders of record on August 15, 2022.

1. 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.

"Core income of $245 million was down 28% this quarter due to a $171 million decline from LPs and common stock. Income from fixed income investments was up $16 million this quarter to $451 million and P&C underwriting gain was up 64%, reflecting higher underlying underwriting income, lower cats, and favorable prior period development. The underlying combined ratio of 90.8% is our lowest on record. And I am very pleased with our top-line P&C gross written premium growth ex captives of 17% in the quarter. This was driven by our strongest retention in nearly five years and very strong new business growth. Written rate change moderated only slightly this quarter to 6%, and Commercial rates have remained relatively stable at about 5%, moderating only one point from the third quarter of 2021, while earned rate of 8% remains above loss cost trends. We had fantastic P&C performance across the board in the second quarter, and we remain optimistic about the market conditions and our growth opportunities for the remainder of the year," said Dino E. Robusto, Chairman & Chief Executive Officer of CNA Financial Corporation.

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Property & Casualty Operations

• The underlying combined ratio improved 0.6 points as compared with the prior year quarter. The expense ratio improved 1.1 points compared to the prior year quarter driven by lower acquisition costs and net earned premium growth of 7%. The underlying loss ratio increased 0.5 points driven by a shift in mix of business in Commercial associated with the property quota share treaty purchased during June of 2021.
• The combined ratio improved 3.0 points as compared with the prior year quarter. Catastrophe losses were $37 million, or 1.8 points of the loss ratio in the quarter compared with $54 million, or 2.8 points of the loss ratio, for the prior year quarter. Favorable net prior period development improved the loss ratio by 1.6 points in the current quarter compared with 0.2 points of improvement in the prior year quarter.
• P&C segments, excluding third party captives, generated gross written premium growth of 17% and net written premium growth of 20%. Excluding the impact of a one-timecatch-up related to the addition of a property quota share reinsurance treaty in the prior period, net written premiums grew 13%.

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Business Operating Highlights

Specialty

• The underlying combined ratio was consistent with the prior year quarter. The underlying loss ratio improved 0.4 points as compared with the prior year quarter. The expense ratio increased 0.4 points as compared with the prior year quarter driven by higher underwriting expenses.
• The combined ratio increased 0.2 points as compared with the prior year quarter. Favorable net prior period development improved the loss ratio by 1.2 points in the quarter compared with 1.3 points of improvement in the prior year quarter.
• Gross written premiums, excluding third party captives, grew 8% and net written premiums grew 6% for the second quarter of 2022.

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Commercial

• The underlying combined ratio improved 1.0 point as compared with the prior year quarter, reflecting the lowest underlying combined ratio on record. The expense ratio improved 2.3 points driven by lower acquisition costs and net earned premium growth of 11%. The underlying loss ratio increased 1.4 points primarily driven by a shift in mix of business associated with the property quota share treaty purchased during June of 2021. Our property coverages, which have a lower underlying loss ratio than most other commercial coverages, now represent a smaller proportion of net earned premiums.
• The combined ratio improved 6.4 points as compared with the prior year quarter. Catastrophe losses were $29 million, or 3.0 points of the loss ratio in the second quarter of 2022 compared with $51 million, or 5.8 points of the loss ratio, for the prior year quarter. Favorable net prior year development improved the loss ratio by 1.8 points in the quarter compared with 0.8 points of unfavorable development increasing the loss ratio in the prior year quarter.
• Gross written premiums, excluding third party captives, grew 25%. Excluding the impact of a one- time catch-up related to the addition of a property quota share reinsurance treaty in the prior period, net written premiums grew 20% for the second quarter of 2022.

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