CNA INCOME RISES ON INVESTMENT GAINS, REDUCE CAT LOSSES

Chicago-based p/c insurer CNA Financial has closed Q1 with net income of $250m, an increase of 13.6% that reflected a $28m rise in investment income, a $16m increase in realized investment gains and a decline in catastrophe losses, which accounted for 3.3 points of the combined ratio against the year-earlier 6.6 points. Overall, the combined ratio fell to 102% from 102.1%, as an improvement in its commercial segment offset deterioration in its specialty segment. Operating income in its core p/c segment rose 5% to $271m on net written premiums of $1.61bn, up 2.6%.