CNA Financial Corp. Monday reported third-quarter net income of $258 million, compared with a $42 million net loss in the prior-year period, as catastrophe losses declined.
Property/casualty net written premium totaled $2.18 billion, a 6% increase over last year’s third quarter, largely driven by renewal premium change, CNA Chairman and CEO Dino Robusto said during a conference call with analysts.
The insurer’s property/casualty combined ratio improved to 94.3%, from 95.8% in the year-earlier period.
“CNA had an excellent quarter, with strong levels of core and net income driven by increased levels of net investment income — which will continue to be a tailwind going into 2024 — continued improvement in our core P&C underlying underwriting income and prudent (catastrophe) management,” Mr. Robusto said.
The insurer’s net investment income rose 31% to $553 million, reflecting increases from limited partnerships, common stock, fixed securities and other investments.
Mr. Robusto said the positive developments come as the insurer continues to cover loss cost trends through rate increases and exposure increases, and that CNA is confident in its “ability to continue to leverage the favorable market conditions.”
