CNA Financial Inc. reported a 24 percent rise in net income for the first quarter of this year, compared with the same 2005 period.
The Chicago-based carrier reported net income of $229 million, compared with $185 million for the same year-ago period.
The company said net investment income gains and lower expenses, as well as a decrease in unfavorable net prior-year development, helped fuel the increases.
But they were offset somewhat by catastrophe losses of $8 million, compared with $1 million for the same 2005 period.
The company reported a combined ratio of 96.9, compared with 99 in the prior-year period.
Company chairman Stephen Lilienthal said the disciplined underwriting and retention of quality renewals were key to growth in the quarter.
Net written premiums decreased slightly in the quarter to $1.758 billion, compared with $1.765 in the prior-year period.
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