Chicago-based insurer CNA Financial Corporation has reported an improved net income of $312 million, a vast improvement to a net loss of $61 million in the prior year quarter.
However the insurer reported a P&C combined ratio of 98.1% compared with 97.3% in the prior year quarter, this included 6.8 points of catastrophe loss impact compared to 4.3 points for Q1 2020.
Net catastrophe losses were $125 million pre-tax versus $75 million in the prior year quarter, these losses were primarily driven by Winter Storms Uri and Viola.
Dino Robusto, Chairman & Chief Executive Officer of CNA Financial Corporation commented: “I am very pleased with our results as we achieved the best underlying combined ratio in over 12 years, offsetting substantially elevated catastrophes in the first quarter, as well as continued double-digit rate increases and strong new business growth.
“We remain bullish about our growth opportunities for the remainder of the year as we expect favourable market conditions to persist.”
