CNA Financial reversed a third quarter loss of $42 million in 2022 with net income of $258 million this year on higher investment income, positive underwriting income and lower catastrophe losses.
The Chicago-based insurer said the combined ratio in its third quarter property/casualty operations improved 1.5 points to 94.3. Catastrophe losses during Q3 were $94 million compared to $114 million the prior year quarter.
Net written premiums in P/C improved 6% compared to Q3 2022 to about $2.2 billion. CNA record a Q3 underwriting gain of $131 million compared to $84 a year ago during the same quarter.
Net written premiums in the specialty segment decreased 2% to $825 million but went up 11% in the commercial segment to about $1.1 billion. The commercial segment recorded an underwriting gain of $13 million compared to a loss of $23 million in Q3 2022.
The combined ratio during Q3 in commercial was 98.9 compared to 101.9 a year ago. Catastrophe losses were $87 million in Q3 compared to $103 million a year ago during the same period.
Topics Profit Loss
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