Page 1

FOR IMMEDIATE RELEASE CNA CNA FINANCIAL ANNOUNCES SECOND QUARTER 2021 NET INCOME OF $ 1.35 PER SHARE AND CORE INCOME OF $ 1.25 PER SHARE Net income was $ 368 million versus $ 151 million in the prior year quarter ; core income was a record $ 341 million versus $ 99 million in the prior year quarter . The P & C combined ratio was 94.0 % compared with 109.2 % in the prior year quarter , including 2.8 points of catastrophe loss impact compared with 17.5 points in the prior year quarter . Net catastrophe losses were $ 54 million pretax versus $ 301 million in the prior year quarter . The underlying combined ratio was 91.4 % compared with 93.2 % in the prior year quarter . The underlying loss ratio was 59.5 % compared with 59.3 % in the prior year quarter , which reflected a 0.9 point benefit from lower loss frequency as a result of COVID - 19 shelter in place restrictions . The expense ratio was 31.6 % compared with 33.6 % in the prior year quarter , which included a 0.5 point adverse impact related to COVID - 19 . P & C segments generated net earned premium growth of 11 % . Excluding the impact of COVID - 19 in the prior year quarter , net earned premiums grew 8 % . P & C segments , excluding third party captives , generated gross written premium growth of 8 % . Net written premiums decreased 1 % . Excluding the impact of a one - time catch - up related to a new property quota share reinsurance treaty , net written premiums grew 5 % . P & C earned rate of + 12 % and continued double - digit written rate of + 10 % for the quarter . Net investment income of $ 591 million pretax includes $ 156 million of income from limited partnerships and common stock compared with $ 534 million of pretax net investment income which included $ 84 million of income from limited partnerships and common stock in the prior year quarter . Book value per share of $ 46.69 ; book value per share excluding AOCI of $ 44.81 , a 6 % increase from year - end 2020 adjusting for $ 1.51 of dividends per share . Board of Directors declares regular quarterly cash dividend of $ 0.38 per share . 1