CNA Financial Corp. On Monday, second-quarter net income reported $ 368.0 million, more than twice the $ 151 million last year, as disaster losses plummeted.
The insurance company achieved its strong results despite a "sophisticated cybersecurity" incident in late March that affected transaction capacity, "said Dino E. Robusto, chairman and CEO of CNA, during a salary interview Monday with analysts.
Net written premiums in CNA's real estate / claims business decreased by 1% to $ 1.909 billion, including a decrease of $ 122 million related to one-time insurance $ 301 million in the second quarter of 2020, which included $ 182 million related to COVID- $ 1
Net investment increased by 10.7% to $ 591 million, dry depending on income from limited partnerships and ordinary shares.
New business grew by 10% to $ 393 million and the CNA achieved a 10% interest rate increase for the second quarter, from 11% in the first quarter, Robusto said. It was the fifth quarter in a row with double-digit interest rate hikes.
Professional responsibility increased by 23%, umbrella increased by 16%, financial and management responsibility increased by 17%, auto increased by 13% and property increased by 11%, Mr Robusto said.
The "limited transaction opportunities" caused by the cyber incident, which began on March 21, "slowed production at the beginning of the quarter," Robusto said. The impact was mainly in the commercial middle market, as subscribers are based on branches to focus on local agent and broker relationships, he said. Catalog