CNA Financial has reported a net operating income of $917m for the fiscal year 2013, an increase of $330m, compared to $587m during the corresponding period last fiscal.
Net operating income for the fourth quarter 2013 was $213m.
Fourth quarter and full year results were adversely affected by a $123m after-tax charge related to retroactive reinsurance accounting for the 2010 Asbestos and Environmental Pollution Loss Portfolio Transfer.
Property & Casualty Operations’ net operating income was $340m for the fourth quarter of 2013 as compared with $60m in the prior year quarter, primarily due to improved current accident year underwriting results, including lower catastrophe losses, and higher net investment income.
Net income of the company for the full year 2013 was $937m, against $628m in 2012.
CNA Financial chairman and chief executive officer Thomas Motamed said that CNA’s fourth quarter provided a strong finish to a good year.
"The results reflect the continued progress made throughout the year on margin improvement, core P&C business performance and the shift towards focus customer segments," Motamed added.