CNA reports higher profit, premiums

CNA Financial Corp. Monday posted second-quarter net income of $317 million, up 10.7% from $283 million in the year-earlier period.

The property/casualty segment produced $380 million in core income, an increase of $6 million from last year’s second quarter.

Gross written premiums and net written premiums in the property/casualty sector grew 7% and 6%, respectively, driven by an 85% retention rate, the insurer said.

The second-quarter underlying combined ratio for property/casualty was 91.6%, compared with 91.1% in the year-earlier period.

CNA said its corporate and other segment sector saw a core loss of $53 million in the quarter.