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Catastrophes impact CNA’s third quarter results

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CNA Financial Corp. on Monday reported net income of $144 million in the third quarter of 2017, down 58% from $343 million in the same period a year ago. 

Net written premiums totaled $1.6 billion, down about 1.2% from $1.62 billion a year ago. During a conference call with analysts, CNA chairman and CEO Dino Robusto discussed the impact that catastrophes had during the third quarter, which included hurricanes Irma, Harvey, and Maria.

“Our industry’s response to the myriad of catastrophe events in the past three months is what defines the values of the property and casualty insurance business,” Mr. Robusto said.

“Notwithstanding the catastrophes in the quarter we are pleased with our results and the progress we are making. Our net after tax catastrophe losses were $191 million, a result that was within expectations in light of the multiple catastrophes for the quarter.”

Net after tax losses totaled $11 million in the year ago period, CNA said.

Similar to the second quarter performance, Mr. Robusto told analysts, "our P&C underlying combined ratio was on par with the best quarters that we have posted in the past 10 years."

Property and casualty operations' net operating income was $167 million for the third quarter of 2017, down from $329 million a year ago, CNA said. Property and casualty operations' combined ratio for the third quarter was 103.7%, including 16.5 points due to catastrophes, and deteriorating from the year ago figure of 90.4%. 

Net income for the first nine months of the year totaled $676 million, up 9.4% from $618 million a year ago.