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CNA earnings surge on improved investment results

Net earnings quadruple to $260m in first quarter

US commercial property/casualty group CNA Financial reported first-quarter net earnings of $260m.

This was almost four times higher than the year-earlier $64m, reflecting improved investment results.

Adjusted earnings per share of 87¢ beat analysts’ forecast of 79¢.

The Chicago-based group swung to realised gains of $25m from losses of $25m while its investment income rose 23% to $389m.

Net operating income in its core property/casualty business rose 29% on net written premiums of $1.63bn, down 2.2%. The combined ratio rose 1.1 points to 97.2%.

The specialty, commercial and international segments contributed to the rise in income primarily owing to higher investment income and lower underwriting expenses.

The rise in the combined ratio was driven by the specialty (90.2% versus 89.4%) and commercial (104.9% versus 101.9%) segments.

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