AP News

CNA Financial 3Q profit beats analysts' estimates


NEWS: CNA Financial Corp.'s net income rose 23 percent in the third quarter as results improved at its property and casualty operations.

DETAILS: The insurer said Monday that net operating income for its property and casualty operations increased mostly due to improved non-catastrophe underwriting results for the current accident year and higher favorable net prior-year development.

Within its property and casualty operations, net operating income climbed for CNA Specialty, CNA Commercial and Hardy.

For the life and group non-core segment, net operating loss widened because of unfavorable morbidity rates in the long-term care business. This was somewhat offset by higher rates. CNA also declared a quarterly dividend of 20 cents per share. The dividend will be paid on Nov. 26 to shareholders of record on Nov. 12.

NUMBERS: The Chicago company, which is subsidiary of diversified holding company Loews Corp., earned $272 million, or $1.01 per share, for the three months ended Sept. 30. That's up from $221 million, or 82 cents per share, a year earlier.

Analysts surveyed by FactSet expected earnings of 76 cents per share.

STOCK: The shares closed at $39.69 on Friday. Year to date, they are up 42 percent.


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