CNA profit rises in first quarter

CNA Financial Corp. reported net income of $291 million for the first quarter of 2018, an 11.9% increase from the same quarter a year ago.

Net premiums written increased 11.1%, to $1.81 billion, the Chicago-based insurer said Monday in its earnings report. CNA reported a combined ratio of 93.1% vs. 97.2% for the comparable 2017 period.

Chairman and CEO Dino E. Robusto said in a statement: “CNA had a strong start to 2018, generating core income of $291 million driven by the highest level of pretax underlying underwriting income in over 10 years. This underlying result was driven by an excellent underlying loss ratio of 60%, lower expense ratio and strong growth,” said Mr. Robusto.

“In addition, our runoff long-term care business again generated positive core income reflecting our disciplined approach towards managing this operation,” Mr. Robusto said.