CNA reports improved biannual profits
by Richard Kilner
Story link: CNA reports improved biannual profits
CNA Financial Corporation has reported that in the second quarter of 2012 it made net income of $166m, or $0.62 per share.
This is a significant year-on-year increase from $124m, but is sharply down from the $250m ($0.93 per share) the firm made in Q1 2012.
The firm also made a quarterly net operating income of $152m, or $0.56 per share, a substantial improvement on the $114m it made during the corresponding period last year but down, quarter-on-quarter, from $226m.
Biannual net income was $416m in the first half of 2012, compared to just $344m in the first half of 2011.
Biannual net operating income showed a similar improvement, rising from $327m to $378m.
Chairman and Chief Executive Officer Thomas F. Motamed welcomed the rate increases the firm had achieved across its P&C portfolio and the acquisition of Hardy Underwriting Bermuda Limited in July.