CNA reports 10% increase in Q3 profit

CNA Financial Corp. Monday posted third-quarter net income of $283 million, up 10% from $258 million in the year-earlier period.

The insurer’s property/casualty segment logged $346 million in net income, down $5 million from last year’s third quarter. Higher catastrophe losses, including $55 million from Hurricane Helene, offset greater investment income.

The segment generated gross written premium growth of 9% and net written premium growth of 8%. New business grew 15%, and retention was 85% for the quarter.

CNA reported an underlying loss ratio of 61.1% and an underlying combined ratio of 91.6% in the property/casualty segment, compared with 60% and 90.4%, respectively, in the year-earlier period.

Gross written premiums for the specialty segment increased 3%, and net written premiums grew 4%.

Gross written premiums for the commercial segment increased 15%, and net written premiums grew 14%.