Commercial property and casualty insurer CNA Financial (CNA) reported better than expected fourth quarter earnings and declared a $2.00/share special dividend this morning.
South quarter core (net operating) income rose 28% to $1.05/share, above estimates. Net premium written grew 5% to $1.6 billion, below estimates. CNA has beat earnings estimates seven quarters in a row.
"CNA generated $919 million of core income, the highest level in almost a decade and 12% higher than 2016, despite one of the largest catastrophe loss years in the industry's history," said Dino E. Robusto, Chairman and Chief Executive Officer of CNA Financial Corporation. "The strength of our fourth quarter and full year results combined with our heightened underwriting focus and execution provide excellent momentum going into 2018."
CNA declared its quarterly dividend of $0.30/share (unchanged from the third quarter but up from $0.25 in the second quarter) and announced a special dividend of $2.00/share. The company has paid a $2.00/share special dividend four years in a row.
Book value per share excluding accumulated other comprehensive income was up 1.2% quarter-over-quarter to $45.02.
The stock gapped up above the 200-day moving average and found resistance near the 50-day moving average just under the $53 level this morning.