NU Online News Service, Feb. 9, 3:32 p.m. EST
Chicago-based insurer CNA Financial Corp. reported solid gains for the fourth quarter and year-end compared to the prior year's loss for the periods.
CNA said net income rose $582 million to $246 million, or 63 cents a share, for the fourth quarter of last year. Net written premiums for property and casualty operations decreased 6 percent, or $96 million, to $1.47 billion. The company's combined ratio in the quarter deteriorated 1.2 points to 90.3.
For the year, the carrier reported net income rose $718 million, from a loss of $299 million for the prior year to net income of $419 million. P&C net written premiums decreased $357 million to $6.13 billion. The combined ratio improved 1.1 points to 96.9.
"We are pleased to report solid net operating income for the quarter and year," Thomas F. Motamed, chairman and chief executive officer of CNA, said in a statement.
"In our property and casualty operations, the specialty segment continued to deliver very strong performance. In the commercial segment, our underwriting improvement strategies are starting to show in the form of fourth-quarter renewal rate increases, higher submission volume and hit ratios in our target classes of business."
He said the economy and soft market competition are putting pressure on the company's p&c business, but focusing on its specialty business, shifting business mix and expanding its geographic reach will help the company through the current environment until there is economic improvement.
