CNA Financial Corp. says second-quarter net income increased nearly 17 percent to $194 million compared to $166 million during the same period a year ago.
P&C net operating income in the second quarter jumped to $258 million from $163 million a year ago as net written premiums grew 7 percent to about $1.72 billion compared to last year. Increased rates in CNA Specialty and CNA Commercial, as well as the acquisition of Hardy favorably impacted NPW.
Rates increased an average of 7 percent during the second quarter in CNA Specialty. In CNA Commercial, second-quarter average rate increases were 9 percent. Second quarter operating income increased nearly 40 percent to $148 million in CNA Specialty and about 96 percent to $112 million in CNA Commercial.
Results were aided by a $30 million settlement benefit related to workers' compensation residual market litigation, better net investment income and improved accident-year underwriting results, says the Chicago-based insurer.
The insurer's total combined ratio during the second quarter was 101.5 compared to 101.7 a year ago during the same time. The underlying combined ratio was 97.6 compared to 101.2 during 2012's second quarter.
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