CNA’S INCOME RISES 3% ON IMPROVED RATES

US commercial property/casualty and life group CNA Financial’s second-quarter net earnings rose 3% to $278m as an increase in new business and higher rates across its portfolio helped raise net written premiums by 6% to $1.87bn. Core earnings climbed 8.9% to $294m, the highest level in 12 years and beating analysts’ forecast. The property/casualty segment posted underwriting income of $72m, down 31%, as the combined ratio added 1.9 points to 95.7%. Catastrophe losses rose 46% to $38m. For the first half, the Chicago-based group’s net income increased 11% to $620m, as a 9% increase in investment income and a 16% rise in warranty revenues offset a 50% decline in property/casualty underwriting income. The combined ratio added 3.3 points to 96.8%, while net written premiums grew 3% to $3.68bn.