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Profits and premiums fell slightly during the third quarter for CNA Financial Corp. as the insurer said its underwriting results were offset by a decrease in net investment income.
CNA reported $1.53 billion in net written premiums for the quarter ended Sept. 30, down 2% from the same quarter in 2014, according to a statement released by CNA on Monday. Net income for the insurer was $228 million during the recent quarter, down 7.7% from last year’s third quarter.
CNA reported limited partnership investment losses of $93 million for the quarter, compared with 2014’s limited partnership investment profit of $29 million.
Despite declines in some of its financial results, CNA also saw increased profitability in recent months. The insurer reported a combined ratio of 85.7% for the third quarter of this year, improved from 96.1% during the same period a year ago.
CNA Chairman and CEO Thomas F. Motamed said in a statement that the company’s combined ratio showed that each of its segments “achieved a solid underwriting result in the quarter.” The company’s statement noted, however, that its underwriting results were “partially offset by lower limited partnership investment results,” which showed a loss of $93 million for the quarter.
For the first nine months of 2015, CNA reported net income of $549 million, up 11.4% from the same period last year. Net written premiums reached $4.84 billion, down 2.9% from a year ago.
CNA Financial Corp. has tapped former Chubb Corp. executive Kevin Leidwinger as president and chief operating officer of its commercial segment, effective June 22.