CNA Financial Q4 Earnings Surge

(RTTNews) - CNA Financial Corp. (CNA), an insurance company, Monday reported higher earnings and net investment income for the fourth quarter compared to the same period last year.

Further, the company declared a special dividend for this quarter.

Quarterly earnings surged 54 percent to $367 million or $1.35 per share from $239 million or $0.87 per share of last year.

Excluding items, earnings were $362 million or $1.33 per share compared with $265 million or $0.97 per share in the previous year.

On average, four analysts polled by Thomson Reuters expect earnings of $1.1 per share for the quarter. Analysts' estimates typically exclude special items.

Net investment income increased to $611 million from $503 million in the prior year, on favorable limited partnership returns and higher income from fixed-income securities as a result of the rising interest rate environment.

Additionally, the company declared a quarterly dividend of $0.44 per share higher by 5 percent, and a special dividend of $2 per share payable on March 7, to shareholders of record as on February 20.

In pre-market activity, CNA shares are trading at $44.10, up 1.80% on the New York Stock Exchange.