CNA Financial Corp. reported a 29 percent increase in first-quarter net income helped by investment income.
The Chicago-based commercial insurer reported income of $296 million, or $1.09 per share, compared with $229 million, or $.82 a share for the same period last year.
Net written premiums fell 1.5 percent to $1.7 billion, while the combined ratio improved to 95.1 from 96.9 a year earlier.
Net investment income increased $38 million to $608 million from $570 million in the same year-ago period. The company said the improvement was driven by an increase in the overall invested asset base, improved period over period yields, and a reduction of interest expense on funds withheld and other deposits.
Chairman Stephen Lillienthal announced the company's first common stock dividend in more than 30 years.
“CNA is stronger now than it has been for many years,” he said.
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