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Mar 31, 2022
CNA Q1 2022 Earnings Report
CNA Financial reported a strong first quarter in 2022, marked by a 20% increase in core income and a combined ratio of 91.9%, the lowest in over five years.
Key Takeaways
CNA Financial Corporation announced first quarter 2022 net income of $313 million, or $1.15 per share, versus $312 million, or $1.14 per share, in the prior year quarter. Core income for the quarter was $316 million, or $1.16 per share, versus $263 million, or $0.96 per share, in the prior year quarter. The P&C combined ratio was 91.9%, the lowest in over five years.
Net income was $313 million, slightly up from $312 million in the prior year quarter.
Core income increased by 20% to $316 million compared to $263 million in the prior year quarter.
The P&C combined ratio was 91.9%, the lowest in over five years, compared to 98.1% in the prior year quarter.
Gross written premium growth, excluding third party captives, was 8%.
CNA
CNA
CNA Revenue by Geographic Location
Revenue by Geographic Location
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CapyFin.com Forward Guidance
CNA Financial remains optimistic about market conditions and growth opportunities for the remainder of 2022.
Positive Outlook
- Improved underlying P&C underwriting income.
- Lower catastrophe losses.
- Combined ratio of 91.9% was the lowest quarterly combined ratio in over five years.
- Gross written premium growth ex captives was 8% in the quarter.
- Earned rate increase of 9% remains comfortably above loss cost trends.
Challenges Ahead
- Net investment income decreased $56 million compared with the prior year quarter.
- Life & Group core income decreased $13 million.
- Stockholders’ equity decreased 16% from year-end 2021.
- Net unrealized investment gains decreased $1.6 billion after-tax.
- Book value per share of $39.87 decreased 16% from year-end 2021.