•Q3 NET INCOME OF $107M, $0.39 PER SHARE, INCLUDES LTC GPV CHARGE OF $170M AND LTC CLAIM RESERVE RELEASE OF $44M
•Q3 CORE INCOME OF $102M, $0.37 PER SHARE, INCLUDES LTC GPV CHARGE OF $170M AND LTC CLAIM RESERVE RELEASE OF $44M
•Q3 P&C UNDERLYING COMBINED RATIO OF 94.6%
•Q3 P&C UNDERLYING LOSS RATIO OF 61.7%, EXPENSE RATIO OF 32.5%
•P&C NET WRITTEN PREMIUM GROWTH OF 8%
•QUARTERLY DIVIDEND OF $0.35 PER SHARE
CNA Financial Corporation has announced third quarter 2019 net income of $107 million, or $0.39 per share, and core income of $102 million, or $0.37 per share. Net income for the nine months ended September 30, 2019 was $727 million, or $2.67 per share, and core income was $714 million, or $2.62 per share. Property & Casualty Operations combined ratio for the third quarter was 97.6% and the underlying combined ratio was 94.6%. Net investment income, after tax, was $399 million for the third quarter of 2019, including $13 million from limited partnership and common stock investments.
Property & Casualty segments, excluding third party captives, generated gross written premium growth of 9% and net written premium growth of 8% for the third quarter of 2019.
Core loss for the third quarter of 2019 for our Life & Group segment was $(122) million. Life & Group results include a $170 million after-tax charge related to unlocking active life reserves to recognize a premium deficiency as a result of the gross premium valuation (GPV) completed in the quarter and a $44 million after-tax reduction in claim reserves resulting from the annual claim experience study. Core loss for our Corporate & Other segment was $(17) million.
CNA Financial declared a quarterly dividend of $0.35 per share, payable December 2, 2019 to stockholders of record on November 11, 2019.
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