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Dec 31, 2019
CNA Q4 2019 Earnings Report
CNA Financial announced fourth quarter 2019 results, reporting net income of $273 million and core income of $265 million.
Key Takeaways
CNA Financial Corporation reported a strong fourth quarter in 2019, marked by a P&C combined ratio of 95.6% and an underlying combined ratio of 94.9%. The company's net income for the quarter was $273 million, or $1.00 per share, while core income reached $265 million, or $0.97 per share.
Net income for Q4 2019 was $273 million, or $1.00 per share.
Core income for Q4 2019 was $265 million, or $0.97 per share.
The P&C combined ratio for Q4 2019 was 95.6%, with an underlying combined ratio of 94.9%.
Net written premiums grew by 5% for both the fourth quarter and the full year.
Revenue by Geographic Location
Forward Guidance
CNA is well-positioned going into 2020.
Positive Outlook
- Fourth quarter premium rates increased to 7%.
- Gross premiums increased to 8%.
- Strong underwriting quarter.
- Underlying combined ratio improved for the third consecutive year to 94.9%.
- U.S. P&C segments net written premiums grew 6%.
Challenges Ahead
- Life & Group segment produced core losses of $(4) million.
- Corporate & Other segments produced core losses of $(68) million.
- The latter driven by a $48 million after-tax non-economic charge related to asbestos and environmental pollution.
- Expense ratio increased 0.5 point driven by year-end true-ups in acquisition expenses.
- Hardy's strategic exit from certain business classes announced in the fourth quarter of 2018.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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