US-based commercial insurer CNA Financial Corp. has reported a net income of $190m, or $0.71 per common share, for the fourth quarter of 2011, compared to $302m, or $1.09 per common share, for the same period in 2010.
Net operating income decreased to $191m for the fourth quarter of 2011, compared to $326m for the same period a year ago.
The company’s property and casualty businesses posted a net income from continuing operations of $339m, compared to $315m for the same period in the prior year.
Property and casualty net written premiums increased to $1.5bn, compared to $1.46bn for the same period in the previous year.
The combined ratio for the property and casualty operations fell to 87.2% from 89.6% for the same period in 2010.
CNA Financial chairman and CEO Thomas Motamed said that the company’s Specialty business segment continued to produce superior underwriting results with calendar year combined ratios of 77.8% this quarter and 89.9% for full year 2011, and steady accident year margins.