On Monday,
CNA Financial Corporation revealed its results for the second quarter of 2016: a net income of $209 million for the quarter, compared to $132 million for the same period last year.
CNA’s Property & Casualty Operations combined ratio for the second quarter was at 97.4%. The division’s net operating income was $229 million, compared to $237 million in the second quarter of 2015. According to the company release, “Improved underwriting results were more than offset by foreign currency exchange rate losses and lower investment income.”
The company’s catastrophe losses considerably swelled, at $58 million, after tax, for the second quarter of 2016. In the prior year quarter, CNA’s catastrophe losses were $39 million, after tax. The release noted that CNA’s increased catastrophe losses for the second quarter were principally due to severe weather-related events in the U.S. and the Fort McMurray wildfires in Canada.
CNA’s net investment income, after tax, was at $362 million, versus $356 million in the prior year quarter.
The company’s Specialty segment saw a $27 million increase in its net operating income for the second quarter of 2016. The Commercial segment similarly enjoyed a $14 million increase in net operating income.
On the other hand, CNA’s International segment experienced a $5 million loss in net operating income for the quarter.
"Overall I am pleased with the result this quarter. Although our International segment had a disappointing quarter, all of our North American businesses produced solid results, led by another great underwriting result in our Specialty segment," said CNA Financial Corporation chairman and CEO Thomas F. Motamed in a statement.
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