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Investment losses drag CNA results

Investment losses drag CNA results

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.

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