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Member, Beacon International Group, Ltd.
CHICAGO—CNA Financial Corp. reported net income of $690 million for 2010, a 64.7% increase from 2009, the company said Monday.
Net written premiums for the insurer’s property/casualty operations, which includes its specialty and commercial businesses, decreased 3.8% to $5.9 billion for the year. The company reported a 94.8% combined ratio for 2010 vs. a 97.4% ratio for 2009.
For the fourth quarter of 2010, CNA reported a 22.8% increase in net income to $302 million. Net premiums written decreased 0.6%, to $1.46 billion. The insurer posted an 89.6% combined ratio for the quarter vs. a 92.1% combined for the prior-year period.
Commenting on results, Chairman and CEO Thomas F. Motamed said in a statement, “Our specialty segment continues to deliver superior results in an extremely competitive environment. We continue to be optimistic about the long-term prospects of our commercial segment, which has delivered five consecutive quarters of rate increases, as well as an improving production trend, risk selection and price differentiation.”
For the third quarter, CNA had reported a $140 million loss, which was driven by a July deal in which it paid $2 billion to have Berkshire Hathaway Inc.’s National Indemnity Co. take on asbestos and pollution risks held by CNA.