CNA Financial Corporation announced a fourth quarter 2015 net operating loss of $52 million, or $0.19 per share.
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Net loss was $70 million, or $0.26 per share. Full year 2015 results were net operating income of $515 million, or $1.90 per share, and net income of $479 million, or $1.77 per share.
Property & Casualty Operations combined ratio for the fourth quarter and full year was 98.9% and 95.4%, respectively.
CNA Financial declared a special dividend of $2 per share and a quarterly dividend of $0.25 per share, payable March 9, 2016 to stockholders of record on February 22, 2016.
roperty & Casualty Operations' net operating income was $202 million for the fourth quarter of 2015 as compared with $314 million in the prior year quarter. The decrease was driven by less favorable underwriting results and lower net investment income.
Catastrophe losses for the fourth quarter were $27 million, after tax, as compared with $7 million, after tax, in the prior year quarter. Catastrophe losses in the fourth quarter of 2015 were primarily due to International weather-related events.
Net operating results for our non-core segments decreased $145 million from the prior year quarter, driven by results in our Life & Group Non-Core segment.
Life & Group Non-Core results included a $198 million after-tax charge related to recognition of a premium deficiency and a small deficiency in claim reserves in our long term care business.
Net investment income, after tax, decreased to $314 million for the fourth quarter of 2015 as compared with $365 million in the prior year quarter. This decrease was primarily driven by limited partnerships, which returned 0.9% in the current quarter as compared with 2.2% in the prior year quarter.
Income from fixed maturity securities, after tax, decreased by $26 million driven by a $25 million change in estimate effected by a change in accounting principle adopted to better reflect the yield on fixed maturity securities that have call provisions.
Full Year 2015 consolidated results
Net operating income for the full year 2015 decreased $334 million to $515 million from $849 million in the prior year largely driven by the results of our Life & Group Non-Core and Corporate Non-Core segments.
Net operating results for our non-core segments decreased $290 million as compared with the prior year, driven by the long term care reserve unlocking chargee and the unfavorable effect of the application of retroactive reinsurance accounting to adverse reserve development ceded under the 2010 Asbestos and Environmental Pollution Loss Portfolio Transfer.
Property & Casualty Operations' net operating income was $966 million in 2015 as compared with $1,010 million in the prior year. This decrease was primarily due to lower net investment income, partially offset by improved underwriting results.
Catastrophe losses for the full year were $95 million, after tax, as compared with $102 million, after tax, in the prior year.
Net investment income, after tax, was $1,329 million for the current year as compared with $1,473 million in the prior year. This decrease was primarily driven by limited partnerships, which returned 3.0% in 2015 as compared with 9.7% in the prior year.
Income from fixed maturity securities, after tax, decreased $34 million driven by the accounting change discussed above and lower reinvestment rates. ■