CNA Financial Q3 net income falls, catastrophe losses rise
CNA•CNA Financial reported Q3 net income of $196 million and adjusted EPS of $0.75, below the $1.21 consensus estimate from two analysts. Net and core income fell sharply year over year as higher catastrophe losses weighed on property and casualty results.
1. Quarterly results
CNA Financial’s Q3 adjusted EPS was $0.75, missing the $1.21 consensus estimate from two analysts. Net income was $196 million, while net income and core income fell sharply year over year.
2. Insurance results
The company said higher catastrophe losses weighed on property and casualty core income. Its underlying loss ratio rose 2.2 points year over year, with increases across each segment; long-term care reserve assumption updates had an unfavorable after-tax impact on Life & Group core loss.
