CNA Financial Corp. on Monday reported second-quarter net income of $205 million, down 44.3% compared with the same period last year, as investment results worsened, but net written premium rose as rates continued to increase.
Net investment income of $432 million before tax included a $16 million increase from fixed-income securities but a $171 million decline from limited partnership and common stock investments, the insurer said in its earnings statement.
CNA’s combined ratio improved to 91% from 94% in the same period last year.
Net written premium increased 20.3% to $2.3 billion.
In its commercial division, CNA reported net written premium of $1.32 billion, up 36.5%, and a combined ratio of 93.2%, compared with 99.6% in the same period last year.
“Commercial rates have remained relatively stable at 5%, moderating only one point from the third quarter of 2021,” said Dino E. Robusto, chairman and CEO, in the statement.
