Earnings Document

CHICAGO, February 6, 2023 --- CNA Financial Corporation (NYSE: CNA) today announced fourth quarter 2022 net income of $248 million, or $0.91 per share, versus $266 million, or $0.98 per share, in the prior year quarter. Net investment losses for the quarter were $26 million compared to net investment gains of $1 million in the prior year quarter. Core income for the quarter was $274 million, or $1.01 per share, versus $265 million, or $0.97 per share, in the prior year quarter.

Net income for the full year 2022 was $894 million, or $3.28 per share, versus $1,202 million, or $4.41 per share, in the prior year. Net investment losses for the full year were $154 million compared to net investment gains of $96 million in the prior year. Core income for the full year 2022 was $1,048 million, or $3.84 per share, versus $1,106 million, or $4.06 per share, in the prior year.

Our Property & Casualty segments produced core income of $342 million for the fourth quarter of 2022, a decrease of $11 million compared to the prior year quarter driven by lower investment income from limited partnerships and common stock, as well as lower underwriting income, including a $36 million increase in pretax catastrophe losses to $76 million. Property & Casualty segments, excluding third party captives, generated gross written premium growth of 8%, or 9% excluding currency fluctuations, and net written premium growth of 5%, or 7% excluding currency fluctuations, driven by retention of 86% and renewal premium change of +7%.

Our Property & Casualty segments produced core income of $1,240 million for the full year 2022, an increase of $56 million compared to the prior year driven by record high underwriting income of $559 million as well as higher investment income from fixed income securities, partially offset by lower investment income from limited partnerships and common stock. Property & Casualty segments, excluding third party captives, generated gross written premium growth of 10% or 11% excluding foreign currency fluctuations, and net written premium growth of 9% or 10% excluding foreign currency fluctuations, driven by retention of 86%, new business growth of 13% and renewal premium change of +8%.

Our Life & Group segment produced a core loss of $(16) million for the fourth quarter of 2022 versus core income of $6 million in the prior year quarter driven by lower investment income from limited partnerships. Our Corporate & Other segment produced a core loss of $(52) million for the fourth quarter of 2022, an improvement of $42 million compared to the prior year quarter driven by a lower non-economic charge related to asbestos & environmental pollution and adverse development in legacy mass tort exposures in the prior year quarter.

CNA Financial declared a quarterly dividend of $0.42 per share and a special dividend of $1.20 per share, payable March 9, 2023 to stockholders of record on February 21, 2023.

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.

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"We had another excellent quarter with solid top-line growth and strong underwriting profitability which capped off an excellent year of underwriting performance. Gross written premium growth ex captives was 8% for the quarter and 10% for the year, marking two straight years of double-digit growth. Overall P&C renewal premium change was 7% in the quarter and 9% in Commercial which is up 2 points from the third quarter. The combined ratio was 93.7% for the quarter and a record low 93.2% for the year. We produced core income of $274 million for the quarter and $1,048 million for the year. Core income was greater than $1 billion for the second straight year and represents our highest two-year total on record. Given our strong results in 2022, we are optimistic about our opportunities to capitalize on the continued favorable market conditions, and achieve a meaningful benefit from the tailwind of higher yields on our fixed maturity portfolio,"

said Dino E. Robusto, Chairman & Chief Executive Officer of CNA Financial Corporation.

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Property & Casualty Operations

• The fourth quarter underlying combined ratio was consistent with the prior year quarter. The expense ratio increased 0.3 points largely offset by 0.2 points of improvement in the underlying loss ratio, as compared with the prior year quarter.
• The fourth quarter combined ratio increased 0.8 points as compared with the prior year quarter. Catastrophe losses were $76 million, or 3.6 points of the loss ratio in the quarter compared with $40 million, or 2.0 points of the loss ratio, for the prior year quarter. Catastrophe losses for the fourth quarter of 2022 were primarily driven by Winter Storm Elliott. Favorable net prior period development improved the loss ratio by 1.1 points in the current quarter compared with 0.3 points of improvement in the prior year quarter.
• In the fourth quarter, P&C segments, excluding third party captives, generated gross written premium growth of 8%, or 9% excluding foreign currency fluctuations, and net written premium growth of 5%, or 7% excluding foreign currency fluctuations.
• For the full year, the underlying combined ratio improved 0.2 points as compared with the prior year, reflecting the lowest underlying combined ratio on record. The expense ratio improved 0.2 points and the underlying loss ratio was largely consistent with the prior year.
• For the full year, the combined ratio improved 3.0 points as compared with the prior year, reflecting the lowest combined ratio on record. Catastrophe losses were $247 million, or 3.0 points of the loss ratio for the full year compared with $397 million, or 5.1 points of the loss ratio, for the prior year. Catastrophe losses for the full year were primarily driven by Winter Storm Elliott and Hurricane Ian. Favorable net prior period development improved the loss ratio by 1.0 points in the current year compared with 0.3 points of improvement in the prior year.
• For the full year, P&C segments, excluding third party captives, generated gross written premium growth of 10% or 11% excluding foreign currency fluctuations, and net written premium growth of 9% or 10% excluding foreign currency fluctuations.

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Business Operating Highlights

Specialty

• The fourth quarter underlying combined ratio improved 0.7 points as compared with the prior year quarter. The underlying loss ratio improved 0.7 points, reflecting the lowest underlying loss ratio on record, and the expense ratio was largely consistent with the prior year quarter.
• The fourth quarter combined ratio improved 1.1 points as compared with the prior year quarter. Favorable net prior period development improved the loss ratio by 0.6 points in the current and prior year quarters.
• In the fourth quarter, gross written premiums, excluding third party captives, declined (2)% and net written premiums declined (1)%.
• For the full year, the underlying combined ratio was largely consistent with the prior year. The expense ratio increased 0.5 points driven by higher underwriting expenses. The underlying loss ratio improved 0.5 points as compared with the prior year, reflecting the lowest underlying loss ratio on record.
• For the full year, the combined ratio was largely consistent with the prior year. Favorable net prior period development improved the loss ratio by 1.3 points in the current year compared with 1.4 points of improvement in the prior year.
• For the full year, gross written premiums, excluding third party captives, grew 4% and net written premiums grew 3%.

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