- Net income of $297 million versus
$295 million in the prior year
quarter; core income up 9% to $325
million versus $298 million in
the prior year quarter.
- P&C core income of $346
million versus $321 million,
reflects higher investment income and record high pretax underlying
underwriting income of $197 million,
partially offset by higher pretax catastrophe losses and
unfavorable prior period development.
- Net investment income up 17% to $525
million pretax, includes a $57
million increase from fixed income securities and other
investments to $497 million and a
$20 million increase from limited
partnerships and common stock to $28
million.
- P&C combined ratio of 93.9%, compared with 91.9% in the
prior year quarter, including 2.4 points of catastrophe loss impact
compared with 1.0 points in the prior year quarter. The
underlying combined ratio was 90.8% compared with 91.4%, in the
prior year quarter. The underlying loss ratio was 59.8% and
the expense ratio was 30.7%.
- P&C segments, excluding third party captives, generated
both gross written premium and net written premium growth of 11%,
or 12% excluding foreign currency fluctuations for the first
quarter of 2023. P&C renewal premium change of +7%, with
written rate of +5%, up a point from the prior quarter, and
exposure change of +2%.
- Book value per share of $32.00;
book value per share excluding AOCI of $44.21, a 2% increase from year-end 2022
adjusting for $1.62 of dividends per
share.
- Board of Directors declares regular quarterly cash dividend of
$0.42 per share.
CHICAGO, May 1, 2023
/PRNewswire/ -- CNA Financial Corporation (NYSE: CNA) today
announced first quarter 2023 net income of $297 million, or
$1.09 per share, versus
$295 million, or $1.08 per
share, in the prior year quarter. Net investment losses for
the quarter were $28 million compared to $3 million in
the prior year quarter. Core income for the quarter was up 9%
to $325 million, or $1.19 per
share, versus $298 million, or $1.09 per share, in the prior year
quarter.
Our Property & Casualty segments produced core income of
$346 million for the first quarter of 2023, an increase of
$25 million compared to the prior year quarter driven by
higher investment income and record high pretax underlying
underwriting income of $197 million, partially offset by
higher pretax catastrophe losses and unfavorable prior period
development. P&C segments, excluding third party
captives, generated both gross written premium and net written
premium growth of 11%, or 12% excluding foreign currency
fluctuations for the first quarter of 2023 driven by rate of +5%,
up a point from prior quarter, new business growth of +12% as
compared with the prior year quarter and continued strong retention
of 86%.
Our Life & Group and Corporate & Other segments produced
a core loss for the first quarter of 2023 of $3 million and
$18 million, respectively.
CNA Financial declared a quarterly dividend of $0.42 per share, payable June 1, 2023 to
stockholders of record on May 15, 2023.
|
Results for the Three Months Ended March
31
|
($ millions, except per
share data)
|
2023
|
|
2022 (a)
|
Net income
|
$
297
|
|
$
295
|
Core income
(b)
|
325
|
|
298
|
|
|
|
|
Net income per diluted
share
|
$
1.09
|
|
$
1.08
|
Core income per diluted
share
|
1.19
|
|
1.09
|
|
March 31, 2023
|
|
December 31, 2022
(a)
|
Book value per
share
|
$
|
32.00
|
|
$
|
31.55
|
Book value per share
excluding AOCI
|
|
44.21
|
|
|
44.83
|
(a)
|
As of January 1, 2023, the Company adopted LDTI using
the modified retrospective method applied as of the transition date
of January 1, 2021. Prior period amounts have been adjusted
to reflect application of the new guidance.
|
(b)
|
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.
|
"We had a great start to 2023 with strong production results
across the business and core income up 9% to $325 million. Net investment income of
$525 million increased $77 million over the first quarter of 2022 and
our P&C underlying underwriting gain was up 19% to a record
$197 million in the
quarter.
Against a backdrop of yet another significantly elevated
industry cat quarter, our pretax catastrophe losses were only
$52 million or 2.4 points in the
quarter, reflecting our disciplined underwriting of catastrophe
exposures.
Net and gross written premium ex captives each grew by 11% and
12% excluding currency fluctuations. Our overall P&C rate
increase rebounded to 5% in the quarter, up a point compared to the
fourth quarter, and Commercial rates were up two points to 7%
driven by strong Property pricing.
Given the strong start to 2023, the improved pricing in
Commercial lines and the tailwind from higher fixed income yields,
we are optimistic about our ability to leverage the continued
favorable market conditions throughout the remainder of 2023," said
Dino E. Robusto, Chairman &
Chief Executive Officer of CNA Financial Corporation.
Property & Casualty Operations
|
Results for the Three Months Ended
March 31
|
($ millions)
|
2023
|
|
2022
|
Gross written premiums
ex. 3rd party captives
|
$
2,724
|
|
|
$
2,454
|
|
GWP ex. 3rd
party captives change (% year over year)
|
11
|
%
|
|
|
|
Net written
premiums
|
$
2,247
|
|
|
$
2,023
|
|
NWP change (% year
over year)
|
11
|
%
|
|
|
|
Net earned
premiums
|
$
2,133
|
|
|
$
1,940
|
|
NEP change (% year
over year)
|
10
|
%
|
|
|
|
Underwriting
gain
|
$
130
|
|
|
$
156
|
|
Net investment
income
|
$
301
|
|
|
$
235
|
|
Core income
|
$
346
|
|
|
$
321
|
|
|
|
|
|
|
|
Loss ratio excluding
catastrophes and development
|
59.8
|
%
|
|
60.1
|
%
|
Effect of catastrophe
impacts
|
2.4
|
|
|
1.0
|
|
Effect of
development-related items
|
0.7
|
|
|
(0.5)
|
|
Loss ratio
|
62.9
|
%
|
|
60.6
|
%
|
|
|
|
|
|
|
Expense
ratio
|
30.7
|
%
|
|
31.0
|
%
|
|
|
|
|
|
|
Combined
ratio
|
93.9
|
%
|
|
91.9
|
%
|
Combined ratio
excluding catastrophes and development
|
90.8
|
%
|
|
91.4
|
%
|
- The underlying combined ratio improved 0.6 points as compared
with the prior year quarter. The expense ratio improved 0.3
points driven by net earned premium growth of 10%. The underlying
loss ratio improved 0.3 points as compared with the prior year
quarter.
- The combined ratio increased 2.0 points as compared with the
prior year quarter. Catastrophe losses were $52 million, or 2.4 points of the loss ratio in
the quarter compared with $19
million, or 1.0 point of the loss ratio, for the prior year
quarter. Unfavorable net prior period development increased
the loss ratio by 0.7 points in the current quarter as compared
with 0.5 points of favorable development improving the loss ratio
in the prior year quarter.
- P&C segments, excluding third party captives, generated
both gross written premium and net written premium growth of 11%,
or 12% excluding foreign currency fluctuations for the first
quarter of 2023.
Business Operating Highlights
Specialty
|
Results for the Three Months Ended
March 31
|
($ millions)
|
2023
|
|
2022
|
Gross written premiums
ex. 3rd party captives
|
$
886
|
|
|
$
885
|
|
GWP ex. 3rd
party captives change (% year over year)
|
—
|
%
|
|
|
|
Net written
premiums
|
$
788
|
|
|
$
771
|
|
NWP change (% year
over year)
|
2
|
%
|
|
|
|
Net earned
premiums
|
$
797
|
|
|
$
772
|
|
NEP change (% year
over year)
|
3
|
%
|
|
|
|
|
|
|
|
|
|
Underwriting
gain
|
$
80
|
|
|
$
88
|
|
|
|
|
|
|
|
Loss ratio excluding
catastrophes and development
|
58.4
|
%
|
|
58.9
|
%
|
Effect of catastrophe
impacts
|
—
|
|
|
—
|
|
Effect of
development-related items
|
—
|
|
|
(1.3)
|
|
Loss ratio
|
58.4
|
%
|
|
57.6
|
%
|
|
|
|
|
|
|
Expense
ratio
|
31.4
|
%
|
|
30.9
|
%
|
|
|
|
|
|
|
Combined
ratio
|
90.0
|
%
|
|
88.7
|
%
|
Combined ratio
excluding catastrophes and development
|
90.0
|
%
|
|
90.0
|
%
|
- The underlying combined ratio was consistent with the prior
year quarter. The underlying loss ratio improved 0.5 points
as compared with the prior year quarter. The expense ratio
increased 0.5 points primarily driven by employee related
costs.
- The combined ratio increased 1.3 points as compared with the
prior year quarter. There was no net prior period development in
the current quarter compared with 1.3 points of favorable
development improving the loss ratio in the prior year
quarter.
- Gross written premiums, excluding third party captives, were
largely consistent with prior year quarter and net written premiums
grew 2% for the first quarter of 2023.
Commercial
|
Results for the Three Months Ended
March 31
|
($ millions)
|
2023
|
|
2022
|
Gross written premiums
ex. 3rd party captives
|
$
1,440
|
|
|
$
1,206
|
|
GWP ex. 3rd
party captives change (% year over year)
|
19
|
%
|
|
|
|
Net written
premiums
|
$
1,188
|
|
|
$
1,001
|
|
NWP change (% year
over year)
|
19
|
%
|
|
|
|
Net earned
premiums
|
$
1,046
|
|
|
$
904
|
|
NEP change (% year
over year)
|
16
|
%
|
|
|
|
|
|
|
|
|
|
Underwriting
gain
|
$
41
|
|
|
$
48
|
|
|
|
|
|
|
|
Loss ratio excluding
catastrophes and development
|
61.5
|
%
|
|
61.5
|
%
|
Effect of catastrophe
impacts
|
4.2
|
|
|
1.8
|
|
Effect of
development-related items
|
—
|
|
|
—
|
|
Loss ratio
|
65.7
|
%
|
|
63.3
|
%
|
|
|
|
|
|
|
Expense
ratio
|
29.8
|
%
|
|
30.7
|
%
|
|
|
|
|
|
|
Combined
ratio
|
96.0
|
%
|
|
94.5
|
%
|
Combined ratio
excluding catastrophes and development
|
91.8
|
%
|
|
92.7
|
%
|
- The underlying combined ratio improved 0.9 points as compared
with the prior year quarter due to an improvement in the expense
ratio driven by net earned premium growth of 16%.
- The combined ratio increased 1.5 points as compared with the
prior year quarter. Catastrophe losses were $44 million, or 4.2 points of the loss ratio in
the quarter compared with $16
million, or 1.8 points of the loss ratio, for the prior year
quarter.
- Gross written premiums, excluding third party captives and net
written premiums both grew 19% for the first quarter of 2023.
International
|
Results for the Three Months Ended
March 31
|
($ millions)
|
2023
|
|
2022
|
Gross written
premiums
|
$
398
|
|
|
$
363
|
|
GWP change (% year
over year)
|
10
|
%
|
|
|
|
Net written
premiums
|
$
271
|
|
|
$
251
|
|
NWP change (% year
over year)
|
8
|
%
|
|
|
|
Net earned
premiums
|
$
290
|
|
|
$
264
|
|
NEP change (% year
over year)
|
10
|
%
|
|
|
|
|
|
|
|
|
|
Underwriting
gain
|
$
9
|
|
|
$
20
|
|
|
|
|
|
|
|
Loss ratio excluding
catastrophes and development
|
57.5
|
%
|
|
58.6
|
%
|
Effect of catastrophe
impacts
|
2.8
|
|
|
1.2
|
|
Effect of
development-related items
|
5.1
|
|
|
—
|
|
Loss ratio
|
65.4
|
%
|
|
59.8
|
%
|
|
|
|
|
|
|
Expense
ratio
|
31.8
|
%
|
|
32.6
|
%
|
|
|
|
|
|
|
Combined
ratio
|
97.2
|
%
|
|
92.4
|
%
|
Combined ratio
excluding catastrophes and development
|
89.3
|
%
|
|
91.2
|
%
|
- The underlying combined ratio improved 1.9 points as compared
with the prior year quarter. The underlying loss ratio
improved 1.1 points as compared with the prior year quarter.
The expense ratio improved 0.8 points driven by net earned premium
growth of 10%.
- The combined ratio increased 4.8 points as compared with the
prior year quarter. Catastrophe losses were $8 million, or 2.8 points of the loss ratio in
the quarter compared with $3 million,
or 1.2 points of the loss ratio, for the prior year quarter.
Unfavorable net prior period development increased the loss ratio
by 5.1 points in the current quarter compared with no net prior
period development in the prior year quarter.
- Excluding currency fluctuations, gross written premiums grew
17% and net written premiums grew 16% for the first quarter of
2023.
Life & Group
|
Results for the Three Months Ended
March 31
|
($ millions)
|
2023
|
|
2022 (a)
|
Net earned
premiums
|
$
115
|
|
|
$
120
|
|
Net investment
income
|
214
|
|
|
212
|
|
Core (loss)
income
|
(3)
|
|
|
5
|
|
(a)
|
As of January 1,
2023, the Company adopted LDTI using the modified retrospective
method applied as of the transition date of January 1, 2021.
Prior period amounts have been adjusted to reflect application of
the new guidance.
|
Core results decreased $8 million for the first quarter of
2023 as compared with the prior year quarter primarily due to long
term care policy buyouts.
Corporate & Other
|
Results for the Three Months Ended
March 31
|
($ millions)
|
2023
|
|
2022
|
Net investment
income
|
$
10
|
|
|
$
1
|
|
Insurance claims and
policyholders' benefits
|
(7)
|
|
|
(8)
|
|
Interest
expense
|
28
|
|
|
28
|
|
Core loss
|
(18)
|
|
|
(28)
|
|
Core loss decreased $10 million for the first quarter of
2023 as compared with the prior year quarter driven by higher net
investment income.
Net Investment Income
|
Results for the Three Months Ended
March 31
|
|
2023
|
|
2022
|
Net investment
income
|
$
525
|
|
|
$
448
|
|
|
|
|
|
|
|
Net investment income increased $77 million for the first
quarter of 2023 as compared with the prior year quarter. The
increase was driven by a $57 million increase in income from
fixed income securities and other investments and a
$20 million increase in income from limited partnership and
common stock investments.
Stockholders' Equity
Stockholders' equity of $8.7 billion improved 1% from year-end 2022
primarily due to net income and the effect of lower interest rates
on the fair value of our fixed income securities partially offset
by dividends paid to stockholders and the LDTI impact of a lower
discount rate on policyholder benefit reserves.
Book value per share ex AOCI of $44.21 increased 2% from year-end 2022 adjusting
for $1.62 of dividends per share.
As of March 31, 2023, statutory capital and surplus for the
Combined Continental Casualty Companies was $10.5 billion.
Accounting Standards Update
In August 2018, the FASB issued
ASU 2018-12, Financial Services-Insurance (Topic 944): Targeted
Improvements to the Accounting for Long-Duration
Contracts. The updated accounting guidance requires
changes to the measurement and disclosure of long-duration
contracts. For the Company, this includes the run-off long
term care business in the Life & Group segment. The
Company adopted the new guidance effective January 1, 2023, using the modified retrospective
method applied as of the transition date of January 1, 2021. All prior period amounts
have been adjusted to reflect application of the new
guidance. While the requirements of the new guidance
represent a material change from legacy accounting, the new
guidance does not impact capital and surplus under statutory
accounting practices, cash flows or the underlying economics of the
business. Additional information regarding the Company's
adoption of ASU 2018-12 and the impact to historical financial
results is contained in the Company's Q1 2023 Financial Supplement,
furnished on Form 8-K, on May 1, 2023
with the Securities and Exchange Commission.
About the Company
CNA is one of the largest U.S. commercial property and casualty
insurance companies. Backed by more than 125 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.
Contact
Media:
|
|
Analysts:
|
Jennifer Vaupel,
847-224-2464
|
|
Ralitza Todorova,
312-822-3834
|
|
|
|
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, Scott R. Lindquist, Executive Vice President and
Chief Financial Officer of CNA Financial Corporation and other
members of senior management. Participants can access the
call by dialing (844) 481-2830 (USA Toll
Free) or +1 (412) 317-1850 (International). 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 that 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.
Definition of Reported Segments
- Specialty provides management and professional liability
and other coverages through property and casualty products and
services using a network of brokers, independent agencies and
managing general underwriters.
- Commercial works with a network of brokers and
independent agents to market a broad range of property and casualty
insurance products to all types of insureds targeting small
business, construction, middle markets and other commercial
customers.
- International underwrites property and casualty
coverages on a global basis through a branch operation in
Canada, a European business
consisting of insurance companies based in the U.K and Luxembourg and Hardy, our Lloyd's
Syndicate.
- Life & Group includes the individual and group
run-off long term care businesses as well as structured settlement
obligations not funded by annuities related to certain property and
casualty claimants.
- Corporate & Other primarily includes certain
corporate expenses, including interest on corporate debt, and the
results of certain property and casualty business in run-off,
including CNA Re, asbestos and environmental pollution (A&EP),
a legacy portfolio of excess workers' compensation (EWC) policies
and certain legacy mass tort reserves.
Financial Measures
Management utilizes the following metrics in their evaluation of
the Property & Casualty Operations.
These ratios are calculated using financial results prepared in
accordance with accounting principles generally accepted in
the United States of America
(GAAP).
- Loss ratio is the percentage of net incurred claim and
claim adjustment expenses to net earned premiums.
- Underlying loss ratio represents the loss ratio
excluding catastrophe losses and development-related items.
- Expense ratio is the percentage of insurance
underwriting and acquisition expenses, including the amortization
of deferred acquisition costs, to net earned premiums.
- Dividend ratio is the ratio of policyholders' dividends
incurred to net earned premiums.
- Combined ratio is the sum of the loss, expense and
dividend ratios.
- Underlying combined ratio is the sum of the underlying
loss, expense and dividend ratios.
Renewal premium change represents the estimated change in
average premium on policies that renew, including rate and exposure
changes.
Rate represents the average change in price on policies
that renew excluding exposure change. For certain products
within Small Business, where quantifiable, rate includes the
influence of new business as well.
Exposure represents the measure of risk used in the
pricing of the insurance product. The change in exposure
represents the change in premium dollars on policies that renew as
a result of the change in risk of the policy.
Retention represents the percentage of premium dollars
renewed, excluding rate and exposure changes, in comparison to the
expiring premium dollars from policies available to renew.
New business represents premiums from policies written
with new customers and additional policies written with existing
customers.
Gross written premiums ex. 3rd party captives
represents gross written premiums excluding business which is ceded
to third party captives, including business related to large
warranty programs.
Development-related items represents net prior year loss
reserve and premium development, and includes the effects of
interest accretion and change in allowance for uncollectible
reinsurance and deductible amounts.
Underwriting gain (loss) represents net earned premiums
less total insurance expenses, which includes insurance claims and
policyholders' benefits, amortization of deferred acquisition costs
and other insurance related expenses, pre-tax.
Underlying underwriting gain (loss) represents
underwriting results excluding catastrophe losses and
development-related items.
Statutory capital and surplus represents the excess of an
insurance company's admitted assets over its liabilities, including
loss reserves, as determined in accordance with statutory
accounting practices. Statutory capital and surplus as of the
current period is preliminary.
The Company's investment portfolio is monitored by management
through analysis of various factors including unrealized gains and
losses on securities, portfolio duration and exposure to market and
credit risk.
Reconciliation of GAAP Measures to Non-GAAP Measures
This press release also contains financial measures that are not
in accordance with GAAP. Management utilizes these financial
measures to monitor the Company's insurance operations and
investment portfolio. The Company believes the presentation
of these measures provides investors with a better understanding of
the significant factors that comprise the Company's operating
performance. Reconciliations of these measures to the most
comparable GAAP measures follow below.
Reconciliation of Net Income (Loss) to Core Income
(Loss)
Core income (loss) is calculated by excluding from net
income (loss) the after-tax effects of net investment gains or
losses. The calculation of core income (loss) excludes net
investment gains or losses because net investment gains or losses
are generally driven by economic factors that are not necessarily
reflective of our primary operations. Management monitors
core income (loss) for each business segment to assess segment
performance. Presentation of consolidated core income (loss)
is deemed to be a non-GAAP financial measure.
|
Results for the Three Months
Ended March 31
|
($ millions)
|
2023
|
|
2022 (a)
|
Net income
|
$
297
|
|
$
295
|
Less: Net investment
(losses) gains
|
(28)
|
|
(3)
|
Core income
|
$
325
|
|
$
298
|
(a)
|
As of January 1,
2023, the Company adopted LDTI using the modified retrospective
method applied as of the transition date of January 1, 2021.
Prior period amounts have been adjusted to reflect application of
the new guidance.
|
Reconciliation of Net Income (Loss) per Diluted Share to
Core Income (Loss) per Diluted Share
Core income (loss) per diluted share provides management
and investors with a valuable measure of the Company's operating
performance for the same reasons applicable to its underlying
measure, core income (loss). Core income (loss) per diluted
share is core income (loss) on a per diluted share basis.
|
Results for the Three Months
Ended March 31
|
|
2023
|
|
2022 (a)
|
Net income per diluted
share
|
$
1.09
|
|
$
1.08
|
Less: Net investment
(losses) gains
|
(0.10)
|
|
(0.01)
|
Core income per diluted
share
|
$
1.19
|
|
$
1.09
|
(a)
|
As of January 1,
2023, the Company adopted LDTI using the modified retrospective
method applied as of the transition date of January 1, 2021.
Prior period amounts have been adjusted to reflect application of
the new guidance.
|
Reconciliation of Book Value per Share to Book Value per
Share Excluding AOCI
Book value per share excluding AOCI allows management and
investors to analyze the amount of the Company's net worth
primarily attributable to the Company's business operations.
The Company believes this measurement is useful as it reduces
the effect of items that can fluctuate significantly from period to
period, primarily based on changes in interest rates.
|
March 31,
2023
|
|
December 31,
2022 (a)
|
Book value per
share
|
$
32.00
|
|
$
31.55
|
Less: Per share impact
of AOCI
|
(12.21)
|
|
(13.28)
|
Book value per share
excluding AOCI
|
$
44.21
|
|
$
44.83
|
(a)
|
As of January 1, 2023, the Company adopted LDTI using
the modified retrospective method applied as of the transition date
of January 1, 2021. Prior period amounts have been adjusted
to reflect application of the new guidance.
|
Calculation of Return on Equity and Core Return on
Equity
Core return on equity provides management and investors
with a measure of how effectively the Company is investing the
portion of the Company's net worth that is primarily attributable
to its business operations.
|
Results for the Three Months
Ended March 31
|
|
($ millions)
|
2023
|
|
2022 (a)
|
|
Annualized net
income
|
$
1,189
|
|
$
1,179
|
|
Average stockholders'
equity including AOCI (b)
|
8,607
|
|
10,401
|
|
Return on
equity
|
13.8
|
%
|
11.3
|
%
|
|
|
|
|
|
Annualized core
income
|
$
1,299
|
|
$
1,191
|
|
Average stockholders'
equity excluding AOCI (b)
|
12,060
|
|
12,271
|
|
Core return on
equity
|
10.8
|
%
|
9.7
|
%
|
(a)
|
As of January 1,
2023, the Company adopted LDTI using the modified retrospective
method applied as of the transition date of January 1, 2021.
Prior period amounts have been adjusted to reflect application of
the new guidance.
|
(b)
|
Average
stockholders' equity is calculated using a simple average of the
beginning and ending balances for the period.
|
For additional information, please refer to CNA's most recent
10-K on file with the Securities and Exchange Commission, as well
as the financial supplement, available at www.cna.com.
Forward-Looking Statements
This press release includes statements that relate to
anticipated future events (forward-looking statements) rather than
actual present conditions or historical events. These
statements are made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995 and generally
include words such as "believes," "expects," "intends,"
"anticipates," "estimates" and similar expressions.
Forward-looking statements, by their nature, are subject to a
variety of inherent risks and uncertainties that could cause actual
results to differ materially from the results projected. Many
of these risks and uncertainties cannot be controlled by CNA.
For a detailed description of these risks and uncertainties, please
refer to CNA's filings with the Securities and Exchange Commission,
available at www.cna.com.
Any forward-looking statements made in this press release are
made by CNA as of the date of this press release. Further,
CNA does not have any obligation to update or revise any
forward-looking statement contained in this press release, even if
CNA's expectations or any related events, conditions or
circumstances change.
Any descriptions of coverage under CNA policies or programs in
this press release are provided for convenience only and are not to
be relied upon with respect to questions of coverage, exclusions or
limitations. With regard to all such matters, the terms and
provisions of relevant insurance policies are primary and
controlling. In addition, please note that all coverages may
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"CNA" is a registered trademark of CNA Financial
Corporation. Certain CNA Financial Corporation subsidiaries
use the "CNA" trademark in connection with insurance underwriting
and claims activities. Copyright © 2023 CNA. All rights
reserved.
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SOURCE CNA