CNA Financial Corp (CNA), the eighth largest commercial insurer in the US, saw its net income for the first quarter 2018 climb by 12 percent from $260mn in the first quarter of 2017 to $291mn, fuelled by improving loss and expense ratios and a growing top line.`
CNA’s P&C combined ratio for first quarter of 2018 narrowed from 97.2 percent to 93.1 percent.
“CNA had a strong start to 2018, generating core income of $281mn driven by the highest level of pre-tax underlying underwriting income in over 10 years,” CEO Dino Robusto said.
“This underwriting result was driven by an excellent underlying loss ratio of 60 percent, lower expense ratio and strong growth,” Robusto added.
Net written premiums were up 11 percent from $1632mn to $1813mn helping lower the expense ratio from 34.9 percent in Q1 2017 to 32.8 percent.
The 59.9 percent loss ratio was an improvement from the 62 percent last year.
Investment income, however, fell from $343mn to $285mn.