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CNA Financial Corp. on Monday reported fourth-quarter 2016 net income of $241 million, bouncing back from a $70 million loss in the same period a year ago.
The 2015 results included a $198 million after-tax charge related to increasing long-term care active life and claim reserves.
Total net written premiums fell 4% to $1.53 billion. Commercial net written premiums also fell 4% to $669 million in the fourth quarter. In a statement, CNA said the fall was “due to a decrease in new business as well as premium adjustments in our small business unit.”
The commercial combined ratio for the quarter was 118%, deteriorating from 99.6% and reflecting a $90 million increase in reserves related to the Defense Base Act workers compensation program that CNA began to run-off in 2012.
Catastrophe losses for the fourth quarter, primarily from U.S. weather-related events, were $18 million compared with $27 million in the prior year quarter.
Full year 2016 net income totaled $859 million, compared with $479 million in 2015. Net written premiums totaled $6.44 billion, compared with $6.42 billion. Commercial net written premiums totaled $2.84 billion, compared with $2.28 billion.
Dino E. Robusto, the former head of Chubb Corp.'s commercial and specialty lines business, will become chairman and CEO of CNA Financial Corp. effective December 2016.