CNA Financial Q1 net income $260 millionStaff Writer | May 2, 2017
CNA Financial Corporation announced first quarter 2017 net income of $260 million, or $0.96 per share, and net operating income of $235 million, or $0.87 per share.
CNA Financial $0.96 per share
CNA Financial declared a quarterly dividend of $0.25 per share, payable May 31, 2017 to stockholders of record on May 15, 2017.
Property & Casualty Operations' net operating income was $268 million for the first quarter of 2017 as compared with $207 million in the prior year quarter.
This increase was primarily due to higher net investment income and lower underwriting expenses partially offset by unfavorable premium development. Catastrophe losses were $24 million, after tax, for the quarters ended March 31, 2017 and 2016.
Net operating loss for our non-core segments improved $83 million for the first quarter of 2017 as compared with the prior year quarter.
The improvement was primarily in the Corporate & Other Non-Core segment driven by lower adverse prior year reserve development recorded in 2017 under the Asbestos and Environmental Pollution (A&EP) 2010 Loss Portfolio Transfer as compared to 2016.
The Life & Group Non-Core segment added $6 million of improvement, generating $4 million of net operating income.
Net investment income, after tax, increased to $389 million as compared with $315 million in the prior year quarter.
The increase was driven by limited partnership investments, which returned 3.8% in 2017 as compared with (0.6)% in the prior year period.
Income from fixed maturity securities, after tax, for the first quarter of 2017 increased $7 million as compared with the same period in 2016, primarily due to an increase in the invested asset base. ■