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CNA Financial Corp. announced third quarter net income of $221 million on Monday, a 194.7% improvement over the $75 million the company earned in the same quarter last year.
Net written premiums for the quarter were essentially flat at $1.59 billion and the Chicago-based insurer saw its combined ratio deteriorate slightly to 99.7% in the third quarter, compared with 99.1% in the same period of 2011.
On a year-to-date basis, CNA recorded net income of $637 million for the first nine months of 2012, compared with net income of $419 million for the first nine months of 2011. Net written premiums for year thus far were $4.81 billion, compared to $4.72 billion for the first nine months of 2011. The commercial insurer’s combined ratio improved slightly to 101.1%, compared with 102.3% in the first nine months of 2011.
CNA Chairman and CEO Thomas F. Motamed said the company’s results were buoyed by specialty lines segment and Hardy Underwriting Bermuda Ltd., which the company acquired in April. Hardy, which underwrites in the Lloyd's market, posted a combined ratio was 85.8% for the third quarter, Mr. Motamed noted.
“We are pleased to report our third quarter results which include a much improved level of earnings and a continuation of favorable rate and retention trends in our core P&C business,” Mr. Motamed said in a statement. “Our third quarter results reflect the favorable impact of the addition of the newly acquired Hardy group.”
Aon P.L.C.'s revenues for the nine months ending Sept. 30 grew 1.2% over those of the same period in 2011 to $8.40 billion, London-based Aon reported Friday.