CNA net income rises despite challenging marketReprints
CNA Financial Corp. reported first-quarter net income of $233 million, sharply higher than the $13 million gain a year earlier in a quarter hit by a $207 million charge due to discontinued operations, the insurer reported Monday.
Total net premiums written were $3.12 billion off 4.9% from the year-ago period.
Net written premiums in the company’s property/casualty segment decreased 5.5% to $1.67 billion as net investment income increased 6.6% to $373 million for the first quarter.
The company’s property/casualty combined ratio improved 2.7 points to 98.9% for the quarter.
The results “reflect continued underwriting margin improvement in property/casualty” as “market conditions get more challenging,” CNA Chairman and CEO Thomas F. Motamed said Monday during an earnings call.
“Property and casualty underwriting results continue to improve,” Craid Mense, executive vice president and chief financial officer, said during the call.
The company’s specialty segment saw net written premiums slip by 2.1% to $698 million while net investment income grew 7.6% to $155 million.
The combined ratio in the specialty segment worsened by 0.5 points to 94.6% for the quarter.
Still, Mr. Motamed said, “Specialty continues to produce good results in an increasingly competitive environment.”