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Cna Financial Corp (CNA) SEC Filing 10-Q Quarterly report for the period ending Sunday, June 30, 2019

Cna Financial Corp

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CIK: 21175 Ticker: CNA
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FOR IMMEDIATE RELEASE
CONTACT:
MEDIA:
 
ANALYSTS:
Brandon Davis, 312-822-5885
 
James Anderson, 312-822-7757
CNA FINANCIAL ANNOUNCES SECOND QUARTER 2019 RESULTS
•
Q2 NET INCOME OF $278M, $1.02 PER SHARE; ROE 9.5%
•
Q2 CORE INCOME OF $294M, $1.08 PER SHARE; ROE 9.9%
•
Q2 P&C UNDERLYING COMBINED RATIO OF 94.6% VS 95.3%
•
Q2 P&C UNDERLYING LOSS RATIO OF 60.8% VS 61.4%
•
U.S. P&C SEGMENTS NET WRITTEN PREMIUM GROWTH OF 8%
•
QUARTERLY DIVIDEND OF $0.35 PER SHARE
CHICAGO, August 5, 2019 ---
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.

1
The following information was filed by Cna Financial Corp (CNA) on Monday, August 5, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Cna Financial Corp's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover Page Cover Page
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets - (Parenthetical)
Condensed Consolidated Statements Of Cash Flows (Unaudited)
Condensed Consolidated Statements Of Comprehensive Income (Loss) (Unaudited)
Condensed Consolidated Statements Of Operations (Unaudited)
Condensed Consolidated Statements Of Stockholders' Equity (Unaudited)
Condensed Consolidated Statements Of Stockholders' Equity (Unaudited) - (Parenthetical)
Accumulated Other Comprehensive Income (Loss) By Component
Accumulated Other Comprehensive Income (Loss) By Component (Tables)
Accumulated Other Comprehensive Income (Loss) By Component Schedule Of Accumulated Other Comprehensive Income (Loss) By Component (Details)
Benefit Plans
Benefit Plans (Components Of Net Periodic Cost (Benefit)) (Details)
Benefit Plans (Narrative) (Details)
Benefit Plans (Tables)
Business Segments
Business Segments (Balance Sheet Information) (Details)
Business Segments (Income Statement Information) (Details)
Business Segments (Narrative) (Details)
Business Segments (Revenues By Line Of Business) (Details)
Business Segments (Tables)
Claim And Claim Adjustment Expense Reserves
Claim And Claim Adjustment Expense Reserves (Commercial - Net Prior Year Claim And Allocated Claim Adjustment Expense Reserve Development) (Details)
Claim And Claim Adjustment Expense Reserves (Impact Of Loss Portfolio Transfer On The Consolidated Statement Of Operations) (Details)
Claim And Claim Adjustment Expense Reserves (International - Net Prior Year Claim And Allocated Claim Adjustment Expense Reserve Development) (Details)
Claim And Claim Adjustment Expense Reserves (Narrative) (Details)
Claim And Claim Adjustment Expense Reserves (Net Prior Year Development) (Details)
Claim And Claim Adjustment Expense Reserves (Reconciliation Of Claim And Claim Adjustment Expense Reserves) (Details)
Claim And Claim Adjustment Expense Reserves (Specialty - Net Prior Year Claim And Allocated Claim Adjustment Expense Reserve Development) (Details)
Claim And Claim Adjustment Expense Reserves (Tables)
Earnings (Loss) Per Share
Earnings (Loss) Per Share (Details)
Fair Value
Fair Value (Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details)
Fair Value (Carrying Amount And Estimated Fair Value Of Financial Instrument Assets And Liabilities Which Are Not Measured At Fair Value) (Details)
Fair Value (Narrative) (Details)
Fair Value (Quantitative Information About Significant Unobservable Inputs In The Fair Value Measurement Of Level 3 Assets) (Details)
Fair Value (Table Of Reconciliation For Assets And Liabilities Measured At Fair Value On A Recurring Basis Using Significant Unobservable Inputs) (Details)
Fair Value (Tables)
General
General (Adoption Of Updated Guidance) (Details)
General (Narrative) (Details)
General (Policies)
General General (Tables)
Investments
Investments (Activity Related To The Pretax Fixed Maturity Credit Loss Component Reflected Within Retained Earnings For Securities Still Held For Which A Portion Of An Otti Loss Was Recognized In Oci) (Details)
Investments (Components Of Other-Than-Temporary Impairment Losses Recognized In Earnings) (Details)
Investments (Contractual Maturity) (Details)
Investments (Narrative) (Details)
Investments (Net Investment Income) (Details)
Investments (Net Realized Investment Gains (Losses)) (Details)
Investments (Securities In A Gross Unrealized Loss Position) (Details)
Investments (Summary Of Fixed Maturity And Equity Securities) (Details)
Investments (Tables)
Leases
Leases (Assets And Liabilities) (Details)
Leases (Lease Terms And Discont Rates) (Details)
Leases (Maturities Of Operating Lease Liabilities) (Details)
Leases (Minimum Lease Payments) (Details)
Leases (Narrative) (Details)
Leases (Tables)
Legal Proceedings, Contingencies And Guarantees
Legal Proceedings, Contingencies And Guarantees (Narrative) (Details)
Non-Insurance Revenues From Contracts With Customers
Non-Insurance Revenues From Contracts With Customers (Narrative) (Details)
Non-Insurance Revenues From Contracts With Customers (Performance Obligation) (Details)

Material Contracts, Statements, Certifications & more

Cna Financial Corp provided additional information to their SEC Filing as exhibits

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 32.1: Section 1350 Certification
Exhibit 32.2: Section 1350 Certification
Ticker: CNA
CIK: 21175
Form Type: 10-Q Quarterly Report
Accession Number: 0000021175-19-000093
Submitted to the SEC: Mon Aug 05 2019 6:44:12 AM EST
Accepted by the SEC: Mon Aug 05 2019
Period: Sunday, June 30, 2019
Industry: Fire Marine And Casualty Insurance

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