CNA Financial Corp. reported net income of $291 million for the first quarter of 2018, an 11.9% increase from the same quarter a year ago.
Net premiums written increased 11.1%, to $1.81 billion, the Chicago-based insurer said Monday in its earnings report. CNA reported a combined ratio of 93.1% vs. 97.2% for the comparable 2017 period.
Chairman and CEO Dino E. Robusto said in a statement: “CNA had a strong start to 2018, generating core income of $291 million driven by the highest level of pretax underlying underwriting income in over 10 years. This underlying result was driven by an excellent underlying loss ratio of 60%, lower expense ratio and strong growth,” said Mr. Robusto.
“In addition, our runoff long-term care business again generated positive core income reflecting our disciplined approach towards managing this operation,” Mr. Robusto said.
CNA Financial Corp. has made three appointments within its commercial Insurance organization, the insurer said Thursday.