US-based commercial insurer CNA Financial has reported a net income of $166m, or $0.62 diluted earnings per share, for the second quarter of 2012, compared to $124m, or $0.46 diluted earnings per share, for the same period in 2011.

For the second quarter of 2012, catastrophe losses were $44m after-tax, compared to $65m after-tax for the same period last year.

Net operating income increased to $152m for the quarter, compared to $114m for the same period a year ago.

CNA Specialty net income declined $8m from last year, while net operating income decreased $9m primarily due to lower favorable net prior year development and decreased net investment income.

Net income and net operating income of CNA Commercial segment rose $21m each for the quarter compared with the year-ago period due to lower catastrophe losses, improved non-catastrophe current accident year underwriting results and increased favorable net prior year development.

Earlier this month, CNA completed acquisition of Hardy Underwriting Bermuda for about $230m.

CNA Financial chairman and CEO Thomas Motamed said, "We achieved meaningful first half rate increases across our P&C portfolio, which helped drive nearly three points of improvement in our P&C combined ratio excluding catastrophes and prior year development."