CNA Financial Corporation reported third-quarter net income of $311 million, compared with $6 million in the same year-ago span, as strong industry results followed a period of low insured losses from catastrophes.
Property-casualty net written premiums rose to $1.8 billion from $1.7 billion, while the combined ratio fell to 94.5 from 119.9 in the 2005 third-quarter period.
Company Chief Executive Officer Stephen Lilienthal said, “Every major driver of our results–underwriting production, investment income, operating cash flow and expense management–is contributing to consistently improving financial performance.”
Most of the substantial increase in net income was driven by the $268 million decrease in catastrophe losses incurred last year.
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