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

Cna Financial Corp

CIK: 21175 Ticker: CNA
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FOR IMMEDIATE RELEASE

CONTACT:
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ANALYSTS:
Brandon Davis, 312-822-5885
 
James Anderson, 312-822-7757
CNA FINANCIAL ANNOUNCES THIRD QUARTER 2019 RESULTS
Q3 NET INCOME OF $107M, $0.39 PER SHARE, INCLUDES LTC GPV CHARGE OF $170M AND LTC CLAIM RESERVE RELEASE OF $44M
Q3 CORE INCOME OF $102M, $0.37 PER SHARE, INCLUDES LTC GPV CHARGE OF $170M AND LTC CLAIM RESERVE RELEASE OF $44M
Q3 P&C UNDERLYING COMBINED RATIO OF 94.6%
Q3 P&C UNDERLYING LOSS RATIO OF 61.7%, EXPENSE RATIO OF 32.5%
P&C NET WRITTEN PREMIUM GROWTH OF 8%
QUARTERLY DIVIDEND OF $0.35 PER SHARE
CHICAGO, October 28, 2019 ---
CNA Financial Corporation (NYSE: CNA) today announced third quarter 2019 net income of $107 million, or $0.39 per share, and core income of $102 million, or $0.37 per share. Net income for the nine months ended September 30, 2019 was $727 million, or $2.67 per share, and core income was $714 million, or $2.62 per share. Property & Casualty Operations combined ratio for the third quarter was 97.6% and the underlying combined ratio was 94.6%. Net investment income, after tax, was $399 million for the third quarter of 2019, including $13 million from limited partnership and common stock investments.
Property & Casualty segments, excluding third party captives, generated gross written premium growth of 9% and net written premium growth of 8% for the third quarter of 2019.
Core loss for the third quarter of 2019 for our Life & Group segment was $(122) million. Life & Group results include a $170 million after-tax charge related to unlocking active life reserves to recognize a premium deficiency as a result of the gross premium valuation (GPV) completed in the quarter and a $44 million after-tax reduction in claim reserves resulting from the annual claim experience study. Core loss for our Corporate & Other segment was $(17) million.
CNA Financial declared a quarterly dividend of $0.35 per share, payable December 2, 2019 to stockholders of record on November 11, 2019.
 
Results for the Three Months Ended September 30
 
Results for the Nine Months Ended September 30
($ millions, except per share data)
2019
 
2018
 
2019
 
2018
Net income
$
107

 
$
336

 
$
727

 
$
897

Core income (a)
102

 
317

 
714

 
868

 
 
 
 
 
 
 
 
Net income per diluted share
$
0.39

 
$
1.23

 
$
2.67

 
$
3.29

Core income per diluted share
0.37

 
1.17

 
2.62

 
3.19

 
September 30, 2019
 
December 31, 2018
Book value per share
$
44.66

 
$
41.32

Book value per share excluding AOCI
44.14

 
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, October 28, 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 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 And Future Policy Benefit Reserves
Claim And Claim Adjustment Expense And Future Policy Benefit Reserves (Commercial - Net Prior Year Claim And Allocated Claim Adjustment Expense Reserve Development) (Details)
Claim And Claim Adjustment Expense And Future Policy Benefit Reserves (Impact Of Loss Portfolio Transfer On The Consolidated Statement Of Operations) (Details)
Claim And Claim Adjustment Expense And Future Policy Benefit Reserves (International - Net Prior Year Claim And Allocated Claim Adjustment Expense Reserve Development) (Details)
Claim And Claim Adjustment Expense And Future Policy Benefit Reserves (Life &Amp; Group Policyholder Reserves) (Details)
Claim And Claim Adjustment Expense And Future Policy Benefit Reserves (Narrative) (Details)
Claim And Claim Adjustment Expense And Future Policy Benefit Reserves (Net Prior Year Development) (Details)
Claim And Claim Adjustment Expense And Future Policy Benefit Reserves (Reconciliation Of Claim And Claim Adjustment Expense Reserves) (Details)
Claim And Claim Adjustment Expense And Future Policy Benefit Reserves (Specialty - Net Prior Year Claim And Allocated Claim Adjustment Expense Reserve Development) (Details)
Claim And Claim Adjustment Expense And Future Policy Benefit 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 Discount 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

Ticker: CNA
CIK: 21175
Form Type: 10-Q Quarterly Report
Accession Number: 0000021175-19-000109
Submitted to the SEC: Mon Oct 28 2019 6:56:57 AM EST
Accepted by the SEC: Mon Oct 28 2019
Period: Monday, September 30, 2019
Industry: Fire Marine And Casualty Insurance

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