CNA Q3 Results Highlighted by ‘Steady Underwriting’

CNA Financial Corp. reported third quarter 2016 net income of $343 million and net operating income of $311 million.

The combined ratio for Property & Casualty Operations for the third quarter was 90.4. Property & Casualty Operations’ net operating income was $329 million for the third quarter as compared with $263 million in the prior year quarter, driven by higher net investment income. Catastrophe losses were $11 million, after tax, as compared with $10 million, after tax, in the prior year quarter. Catastrophe losses in the third quarter of 2016 resulted primarily from U.S. weather-related events.

Thomas F. Motamed, chairman and chief executive officer, called it a “strong” quarter highlighted by “steady underwriting performance” and continued favorable reserve development.

“Our disciplined actions have sustained an underlying loss ratio in line with where we ended 2015, despite challenging market conditions,” said Motamed, who is retiring and will be replaced by former Chubb executive Dino E. Robusto on Nov. 21.

Specialty Lines Results:
Commercial Lines Results:

Source: CNA