CNA Financial has reported a net income of $283m, or $0.96 per share, for the second quarter of 2010, compared to $105m, or $0.27 per share, for the same quarter in 2009.
The company’s net operating income for the quarter were $269m, which is a decrease of 11.8% compared to $305m for the same period last year.
The decrease in operating income was due to low net investment income, driven by decreased limited partnership results, and decreased current accident year underwriting results, partially offset by increased favorable net prior year development, said the company.
For the quarter ended June 30, 2010, the company posted catastrophe losses of $31m after-tax, compared to $28m for the same quarter in 2009.
Thomas Motamed, chairman and CEO of CNA Financial, said: “Continued growth in our book value per common share up 13% to $40.43 from year end 2009, reflects the ongoing improvement of market values in our investment portfolio and consistent earnings.
“Our Specialty segment, which represents 45% of P&C operations’ net written premiums, continues to deliver very strong underwriting results with a 79% combined ratio in the second quarter. In our commercial segment, our efforts to re-profile the business to improve its profitability in the face of continued market and economic pressures are ongoing.”