CNA reports Q4 and 2010 profits
CNA Financial Corporation has reported its financial results for the fourth quarter including net operating income of $326m ($1.18 per common share).
Quarterly net income was recorded at $302m ($1.09 per common share), a rise of $129m compared to the corresponding period in 2009, with annual net income of $690m ($2.28 per common share).
The firm’s annual net operating income was $660m ($2.17 per common share).
However, CNA’s full-year result included a net loss of $365m due to its Loss Portfolio Transfer (LPT) transaction with National Indemnity Company.
Chairman and Chief Executive Officer Thomas F. Motamed has said that the firm is encouraged by its quarterly and annual results, singling out the Specialty segment for especial praise and stating that it continued to turn in a superior performance despite the competitive environment.
Motamed also expressed his delight at ending the year in a strong position regarding both the balance sheet and capital.
Category: Financials, Insurance News
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