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FOR IMMEDIATE RELEASE CNA • • • • • CNA FINANCIAL ANNOUNCES FIRST QUARTER 2021 NET INCOME OF $ 1.14 PER SHARE AND CORE INCOME OF $ 0.96 PER SHARE Net income was $ 312 million versus net loss of $ 61 million in the prior year quarter ; core income was $ 263 million versus $ 108 million in the prior year quarter . The P & C combined ratio was 98.1 % compared with 97.3 % in the prior year quarter , including 6.8 points of catastrophe loss impact compared with 4.3 points in the prior year quarter . Net catastrophe losses were $ 125 million pretax versus $ 75 million in the prior year quarter . Net catastrophe losses in the current quarter were primarily driven by Winter Storms Uri and Viola . The underlying combined ratio was 91.9 % compared with 93.7 % in the prior year quarter . The underlying loss ratio was 60.1 % compared with 60.2 % in the prior year quarter and the expense ratio was 31.5 % compared with 33.1 % in the prior year quarter . P & C segments , excluding third party captives , generated gross written premium growth of 8 % and net written premium growth of 4 % . • Rate of + 11 % consistent with full year 2020 . • • Net investment income of $ 504 million pretax includes $ 61 million of income from limited partnerships and common stock compared with $ 329 million of pretax net investment income which included $ 125 million of losses from limited partnerships and common stock in the prior year quarter . Book value per share of $ 44.50 ; book value per share excluding AOCI of $ 43.81 , a 2 % increase from year - end 2020 adjusting for $ 1.13 of dividends per share . • Board of Directors declares regular quarterly cash dividend of $ 0.38 per share . 1