Earnings Document

CHICAGO, October 31, 2022 --- CNA Financial Corporation (NYSE: CNA) today announced third quarter 2022 net income of $128 million, or $0.47 per share, versus $256 million, or $0.94 per share, in the prior year quarter. Net investment losses for the quarter were $85 million, which include losses from fixed income securities as a result of portfolio repositioning, and a $35 million non-economic loss related to the expected novation of a coinsurance agreement in our Life & Group segment and associated funds withheld embedded derivative. Net investment gains were $19 million in the prior year quarter.

Core income for the quarter was $213 million, or $0.78 per share, versus $237 million, or $0.87 per share, in the prior year quarter. Our Property & Casualty segments produced core income of $260 million for the third quarter of 2022, an increase of $43 million compared to the prior year quarter driven by an $85 million pretax increase in underwriting income and a $25 million pretax increase in investment income from fixed income securities, partially offset by a $67 million pretax decline in investment income from LPs and common stock. Property & Casualty segments, excluding third party captives, generated gross written premium growth of 9%, or 10% excluding currency fluctuations, and net written premium growth of 8%, or 9% excluding currency fluctuations, driven by retention of 85%, renewal premium change of +8% and new business growth of 12%.

Our Life & Group segment produced a core loss of $(22) million for the third quarter of 2022, a decrease of $63 million, versus core income of $41 million in the prior year quarter driven by lower investment income from LPs. Results for the third quarter of 2022 included a favorable impact of $30 million pretax from the annual claim reserve reviews versus a favorable impact of $40 million pretax from the annual long term care claim reserve review in the prior year quarter. There was no long term care unlocking event for active life reserves in the quarter and margin increased by $53 million to $125 million, as a result of the gross premium valuation.

Our Corporate & Other segment produced a core loss of $(25) million for the third quarter of 2022, largely consistent with the the prior year quarter.

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

"We are very pleased with our results in the quarter against a backdrop of continued pressure on equity markets and elevated industry catastrophe losses. Core income of $213 million was down $24 million due to a decline in LPs and common stock, offset to a large extent by an increase in our underwriting gain and increased investment income from our fixed income portfolio.

The increased underwriting gain of $85 million was driven by a 4.2 point improvement in the all-in combined ratio to 95.8%. Our extensive re-underwriting over the last several years helped to mitigate our catastrophe losses this quarter which were $114 million pretax, down $64 million from last year. Hurricane Ian accounted for $87 million of the total. P&C gross written premium ex captives grew by 9% this quarter and 10% excluding currency fluctuations. Renewal premium change of 8% remained consistent with last quarter. Written rate increase and the portion of exposure that acts like rate remains above loss cost trends.

We had strong top-line and bottom-line performance in our P&C segments and we remain optimistic about our growth opportunities with continued strong pricing and terms and conditions," said Dino E. Robusto, Chairman & Chief Executive Officer of CNA Financial Corporation.

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Property & Casualty Operations

• The underlying combined ratio was consistent with the prior year quarter. The underlying loss ratio improved 0.3 points and the expense ratio increased 0.1 points as compared to the prior year quarter.
• The combined ratio improved 4.2 points as compared with the prior year quarter. Catastrophe losses were $114 million, or 5.5 points of the loss ratio in the quarter compared with $178 million, or 9.2 points of the loss ratio, for the prior year quarter. Catastrophe losses in the third quarter of 2022 include $87 million for Hurricane Ian. Favorable net prior period development improved the loss ratio by 0.8 points in the current quarter compared with 0.3 points of improvement in the prior year quarter.
• P&C segments, excluding third party captives, generated gross written premium growth of 9%, or 10% excluding currency fluctuations, and net written premium growth of 8%, or 9% excluding currency fluctuations.

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Business Operating Highlights

Specialty

• The underlying combined ratio increased 0.8 points as compared with the prior year quarter. The expense ratio increased 1.1 points as compared with the prior year quarter driven by higher underwriting expenses. The underlying loss ratio improved 0.7 points as compared with the prior year quarter.
• The combined ratio increased 0.5 points as compared with the prior year quarter. Favorable net prior period development improved the loss ratio by 1.9 points in the quarter compared with 1.8 points of improvement in the prior year quarter.
• Gross written premiums, excluding third party captives, grew 2% and net written premiums grew 2% for the third quarter of 2022.

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Commercial

• The underlying combined ratio improved 0.6 points as compared with the prior year quarter, reflecting the lowest underlying combined ratio on record. The expense ratio improved 0.5 points driven by net earned premium growth of 15%. The underlying loss ratio was consistent with the prior year quarter.
• The combined ratio improved 9.7 points as compared with the prior year quarter. Catastrophe losses were $103 million, or 10.0 points of the loss ratio in the third quarter of 2022 compared with $166 million, or 18.6 points of the loss ratio, for the prior year quarter. There was no impact on the loss ratio from net prior year development for the current quarter compared with 0.5 points of unfavorable development increasing the loss ratio in the prior year quarter.
• Gross written premiums, excluding third party captives, grew 18% and net written premiums grew 16% for the third quarter of 2022.

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