Canada large property claims drive CNA international unit loss
Large property losses in Canada have impacted CNA Financial Corporation’s international business, the business unit providing insurance solutions tailored to the needs of international businesses.
The combined ratio in the international business unit deteriorated to 104.7 percent in the second quarter of 2018 from 100.1 percent in the same period of 2017. The underwriting loss was $11 million after an underwriting profit of $1 million over the period.
Overall, the US-based commercial insurer reported net income of $270 million in the second quarter after $272 million in the same period a year ago. The combined ratio in property/casualty deteriorated slightly to 93.8 percent from 93.5 percent over the period. At the same time, net written premium in P&C grew slightly to $1.77 billion from $1.70 billion.
In the first six months of 2018 the group’s net income grew to $561 million from $532 million in the same period of 2017.
“These results give me confidence in the ongoing progress CNA is making in our journey of generating sustained top quartile underwriting performance," said CEO Dino Robusto.
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