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CNA profit halves in third quarter

Dino Robusto

CNA Financial Corp.’s third-quarter profit fell by 50% from the year-earlier period to $128 million on the back of investment losses, the insurer reported Monday.

CNA posted an $85 million net investment loss, compared with a $19 million gain in last year’s third quarter.

The investment loss includes “losses from fixed-income securities as a result of portfolio repositioning, and a $35 million non-economic loss related to the expected novation of a coinsurance agreement in our life and group segment and associated funds withheld embedded derivative,” CNA said in its earnings statement.

Gross written premium in its core property/casualty operations increased 3.9% to $3.37 billion. CNA’s combined ratio improved to 95.8% from 100% in the same period last year.

On a conference call with analysts discussing the results, CEO Dino Robusto said CNA is seeing stronger exposure-related premium from inflation-sensitive lines such as workers compensation, property and general liability. “We feel good about renewal dynamics,” he said.