CNA Financial Corporation (NYSE: CNA) said on Monday that its net income in the fiscal fourth quarter climbed to £281.67 million compared to a much lower £198.70 million in the same quarter last year. Core income, the company added, came in at £243.82 million versus the year-ago figure of £192.87 million.
CNA Financial is currently more than 10% up year to date in the stock market. It is now trading at a per-share price of £31 per share versus a low of £19 per share in May 2020.
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CNA Financial said that its core income from P&C unit in the fourth quarter stood at £268.57 million. The P&C combined ratio, as per the financial company, slid to 93.5% in the recent quarter from 95.6% last year.
CNA Financial underlying combined ratio prints at 92.7%
The underlying combined ratio, on the other hand, printed at 92.7% for the fourth quarter versus 94.9% in the comparable quarter of the previous financial year. At 60.5%, its underlying loss ratio was lower than 60.9% in the fourth quarter of fiscal 2019.
The Chicago-headquartered company said that its expense ratio in Q4 registered at 32% – a decline from 33.7% in the same quarter last year. CNA Financial reported £403.94 million of pre-tax net investment income in the recent quarter.
Excluding 3rd party captives, the U.S. company’s P&C segments noted a 12% annualised growth in the fourth-quarter net written premiums. CNA Financial said that its full-year core income slid to £534.95 million versus a much higher £712.54 million in fiscal 2019.
Chief Executive Dino Robusto’s comments on Monday
CEO Dino Robusto commented on the earnings report on Monday and said:
“CNA produced record core income in the fourth quarter as we continued to leverage the hardening market conditions achieving 12% in rate increases and 12% in net written premium as well as improving both our underlying and total combined ratios by over two points. We are well-positioned to extend our strong execution in the favourable market conditions that we expect to continue in 2021.”
In related news, American conglomerate, Loews Corporation, also reported its quarterly financial results on Monday.
CNA Financial performed fairly downbeat in the stock market last year with an annual decline of close to 15%. At the time of writing, it is valued at £8.44 billion and has a price to earnings ratio of 20.19.
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