CNA Financial (CNA) Tops Q1 EPS by 1c

CNA Financial (NYSE: CNA) reported Q1 EPS of $0.64, $0.01 better than the analyst estimate of $0.63.

Property & Casualty Operations' net operating income was $207 million for the first quarter of 2016 as compared with $264 million in the prior year quarter. The decrease was driven by lower net investment income partially offset by improved underwriting results. Catastrophe losses were $24 million, after tax, as compared with $19 million, after tax, in the prior year quarter. Catastrophe losses in the first quarter of 2016 were primarily due to U.S. weather-related events.

Net operating results for our non-core segments decreased $77 million from the prior year quarter driven by an $83 million after-tax charge related to the application of retroactive reinsurance accounting to adverse reserve development ceded under the 2010 Asbestos and Environmental Pollution (A&EP) Loss Portfolio Transfer.

Net investment income, after tax, was $315 million as compared with $394 million in the prior year quarter. The decrease was driven by limited partnership investments, which returned (0.6)% as compared with 3.9% in the prior year period.

For earnings history and earnings-related data on CNA Financial (CNA) click here.

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