Better underwriting results lift CNA’s Q2 profits
Improved underwriting results in property & casualty (P&C) have helped US-based commercial insurer CNA Financial to grow its profits in the second quarter of 2017.
Net income rose to $272 million in the second quarter of 2017 after $209 million in the same period a year ago.
Net operating income in the P&C operations was $261million for the second quarter of 2017 as compared with $229 million in the prior year quarter. This increase was driven by improved current accident year underwriting results which more than offset lower net investment income, the company said. Catastrophe losses were $24 million, after tax, as compared with $58 million, after tax, in the prior year quarter. The P&C combined ratio improved to 93.5 percent from 97.4 percent over the period.
"I am pleased with our second quarter results and overall operational progress,” said Dino Robusto, chairman and CEO of CNA Financial Corporation.
“Improvement in both our underlying loss ratio and expense ratio created one of our best underwriting quarters in the past decade."
Net written premiums in P&C rose to $1.70 billion in the second quarter from $1.63 billion in the same period of 2016.
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