CNA FINANCIAL ANNOUNCES THIRD QUARTER 2021 NET INCOME OF $0.94 PER SHARE AND CORE INCOME OF $0.87 PER SHARE

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• Net income was $256 million versus $213 million in the prior year quarter; core income was $237 million versus $193 million in the prior year quarter.
• The P&C combined ratio was 100.0% compared with 100.9% in the prior year quarter, including 9.2 points of catastrophe loss compared with 8.7 points in the prior year quarter.
• Net catastrophe losses were $178 million pretax versus $160 million in the prior year quarter.  Net catastrophe losses in the current quarter include $114 million for Hurricane Ida.
• The underlying combined ratio was 91.1%, a record low for the third consecutive quarter, compared with 92.6% in the prior year quarter.  The underlying loss ratio was 60.2% compared with 60.5% in the prior year quarter and the expense ratio was 30.7% compared with 31.8% in the prior year quarter.
• P&C segments, excluding third party captives, generated gross written premium growth of 10% driven by new business growth of 24%.  Net written premium growth was 5% in the quarter. 
• P&C written rate of +8% and earned rate of +11% for the quarter.
• Net investment income of $513 million pretax compared with $517 million in the prior year quarter.
• In Long Term Care, there was no unlocking event as a result of the Gross Premium Valuation and core income includes a favorable impact of $31 million resulting from the annual claim reserve review.
• Book value per share of $46.67; book value per share excluding AOCI of $45.39, an 8% increase from year-end 2020 adjusting for $1.89 of dividends per share.
• Board of Directors declares regular quarterly cash dividend of $0.38 per share.

CHICAGO, November 1, 2021 --- CNA Financial Corporation (NYSE: CNA) today announced third quarter 2021 net income of $256 million, or $0.94 per share, versus $213 million, or $0.79 per share, in the prior year quarter. Core income for the quarter was $237 million, or $0.87 per share, versus $193 million, or $0.71 per share, in the prior year quarter.

Our Property & Casualty segments produced core income of $217 million for the third quarter of 2021, a decrease of $19 million compared to the prior year quarter primarily due to higher net catastrophe losses and  lower net investment income partially offset by improved non-catastrophe current accident year underwriting results.  The underlying combined ratio of 91.1% for the third quarter 2021 is the third consecutive quarter with a record underlying combined ratio.  Property & Casualty segments, excluding third party captives, generated gross written premium growth of 10% and net written premium growth of 5%, led by new business growth of 24% and strong written rate increases of 8%.

Our Life & Group and Corporate & Other segments produced core income (loss) for the third quarter of 2021 of $41 million and $(21) million, respectively.  Life & Group results for the third quarter included no unlocking event for active life reserves and a $31 million after-tax benefit due to a reduction in claim reserves from the annual claim reviews.

CNA Financial declared a quarterly dividend of $0.38 per share, payable December 2, 2021 to stockholders of record on November 15, 2021.

About the Company

CNA is one of the largest U.S. commercial property and casualty insurance companies. Backed by more than 120 years of experience, CNA provides a broad range of standard and specialized insurance products and services for businesses and professionals in the U.S., Canada and Europe. For more information, please visit CNA at www.cna.com.

Conference Call and Webcast/Presentation Information

A conference call for investors and the professional investment community will be held at 8:00 a.m. (CT) today.  On the conference call will be Dino E. Robusto, Chairman and Chief Executive Officer of CNA Financial Corporation, Al Miralles, Executive Vice President and Chief Financial Officer of CNA Financial Corporation and other members of senior management.  Participants can access the call by dialing (800) 289-0571, or for international callers, +1 (720) 543-0206.  The call will also be broadcast live on the internet and may be accessed from the Investor Relations page of the CNA website (www.cna.com).  A presentation will be posted and available on the CNA website and will provide additional insight into the results.

The call is available to the media, but questions will be restricted to investors and the professional investment community. An online replay will be available on CNA's website following the call.  Financial supplement information related to the results is available on the investor relations pages of the CNA website or by contacting investor.relations@cna.com.