CNA Financial Reports Net Loss of $61M for the First Quarter of 2020
Results for the quarter reflected financial market volatility amid the events of COVID-19.
Posted by Tony Russell
May 4, 2020
CNA Financial Corporation (NYSE: CNA) today announced a first quarter 2020 net loss of $61 million, or $(0.23) per share, and core income of $108 million, or $0.40 per share. Results for the quarter reflected financial market volatility amid the events of COVID-19. This included Net investment losses of $169 million and a decrease in Net investment income to $279 million, reflecting stable earnings from fixed income and other investments of $378 million offset by a $99 million loss from limited partnership and common stock investments during the period. Property & Casualty Operations combined ratio for the first quarter was 97.5% and the underlying combined ratio was 93.9%. The combined ratio includes charges of $15 million pretax associated with COVID-19.
The U.S. P&C segments, excluding third party captives, generated gross written premium growth of 8% and net written premium growth of 6%. Excluding third party captives, gross written premiums grew 6% and net written premiums grew 3% for P&C overall.
Net investment income, after tax, decreased $186 million as compared with the prior year quarter.
Our Life & Group and Corporate & Other segments produced core income (loss) for the first quarter of 2020 of $4 million and $(18) million, respectively.
CNA Financial declared a quarterly dividend of $0.37 per share, payable June 4, 2020 to stockholders of record on May 18, 2020.
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