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Cna Financial Corp (CNA) SEC Filing 10-Q Quarterly report for the period ending Tuesday, June 30, 2020

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
 
Al Miralles, 312-822-5605
CNA FINANCIAL ANNOUNCES SECOND QUARTER 2020 RESULTS
•
Q2 NET INCOME OF $151M, $0.55 PER SHARE
•
Q2 CORE INCOME OF $99M, $0.36 PER SHARE
•
Q2 P&C COMBINED RATIO OF 112.3%, UNDERLYING COMBINED RATIO OF 93.4%
•
Q2 NET CATASTROPHE LOSSES OF $301M, OR 17.5 POINTS OF LOSS RATIO
•
CATASTROPHE LOSSES INCLUDE $182M DUE TO COVID-19, $61M FROM CIVIL UNREST AND $58M FROM SEVERE WEATHER RELATED EVENTS
•
QUARTERLY DIVIDEND OF $0.37 PER SHARE
CHICAGO, August 3, 2020 ---
CNA Financial Corporation (NYSE: CNA) today announced second quarter 2020 net income of $151 million, or $0.55 per share, and core income of $99 million, or $0.36 per share. Property & Casualty Operations combined ratio for the second quarter was 112.3%. Underwriting results for the second quarter of 2020 include previously announced net catastrophe losses of $301 million pretax, including $182 million related to COVID-19, $61 million related to civil unrest and $58 million related primarily to severe weather related events. The underlying combined ratio of 93.4% reflects a 0.4 point net benefit related to COVID-19 from lower loss frequency as a result of shelter in place restrictions and an adverse impact from a reduction in estimated audit premiums. These items decreased the loss ratio by 0.9 points and increased the expense ratio by 0.5 points. Net investment income was $534 million pretax for the second quarter of 2020, including $84 million from limited partnership and common stock investments, reflecting the equity market rebound during the quarter.
The U.S. P&C segments, excluding third party captives, generated gross written premium growth of 8% and net written premium growth of 4%. Excluding third party captives, gross written premiums grew 7% and net written premiums grew 3% for P&C overall.
Our Life & Group and Corporate & Other segments produced core income (loss) for the second quarter of 2020 of $14 million and $(11) million, respectively.
CNA Financial declared a quarterly dividend of $0.37 per share, payable September 3, 2020 to stockholders of record on August 17, 2020.
 
Results for the Three Months Ended June 30
 
Results for the Six Months Ended June 30
($ millions, except per share data)
2020
 
2019
 
2020
 
2019
Net income
$
151

 
$
278

 
$
90

 
$
620

Core income (a)
99

 
294

 
207

 
612

 
 
 
 
 
 
 
 
Net income per diluted share
$
0.55

 
$
1.02

 
$
0.33

 
$
2.28

Core income per diluted share
0.36

 
1.08

 
0.76

 
2.25

 
June 30, 2020
 
December 31, 2019
Book value per share
$
42.91

 
$
45.00

Book value per share excluding AOCI
 
42.34

 
 
44.81

(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 3, 2020 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 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 (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 (Narrative) (Details)
Expected Credit Losses - Uncollectible Reinsurance And Insurance Receivables
Expected Credit Losses - Uncollectible Reinsurance And Insurance Receivables (Summary Of Outstanding Amount Of Voluntary Reinsurance Receivables) (Details)
Expected Credit Losses - Uncollectible Reinsurance And Insurance Receivables (Tables)
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 (Narrative) (Details)
General (Policies)
Investments
Investments (Allowance On Available-For-Sale Securities With Credit Impairments And Assets Purchased With Credit Deterioration) (Details)
Investments (Components Of Other-Than-Temporary Impairment Losses Recognized In Earnings) (Details)
Investments (Contractual Maturity) (Details)
Investments (Credit Quality Indicator) (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)
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: 0000021175-20-000096
Submitted to the SEC: Mon Aug 03 2020 9:48:57 AM EST
Accepted by the SEC: Mon Aug 03 2020
Period: Tuesday, June 30, 2020
Industry: Fire Marine And Casualty Insurance

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