Catastrophe losses drove CNA Financial Corp.’s property/casualty and commercial division combined ratios higher in the first quarter, though the insurer saw its net income rise slightly as investment income rebounded and rate increases took hold.
CNA’s net income came in at $342 million in Q1, or $1.25 per diluted share, versus $291 million and $1.07 per diluted share in the 2018 first quarter.
“Our U.S. P/C segments generated good premium growth, premium rate increases improved on many major lines, investment income rebounded favorably, and long-term care once again generated positive core income,” CNA Chairman and CEO Dino Robusto said in prepared remarks.
CNA said its gross written premium growth excluding third-party captives grew 5 percent during the quarter, with net premium growth inching 2 percent higher. Gross written premium dipped 5 percent and net written premium plunged 12 percent for the insurer’s international segment, however.
Here are result highlights: