CNA Financial Corp. posted a 2018 fourth-quarter loss of $ 84 million compared to a profit of $ 223 million in the same period of 2017, as higher earnings and lower investment earnings on results, the insurer said in an earnings statement Monday.
"( H) igher non-catastrophe current accident year losses driven by increased property losses as well as increased professional liability losses in our London operation ”also had an effect, the insurer said in the statement.
no income of $ 813 million compared to net income of $ 899 million in 2017, the statement said.
Revenue for the quarter increased 3.1% to $ 1.86 billion, according to the company's financial supplement. Yearly revenue increased 4.6% over 201
Net investment income for the quarter fell to 33.9% to $ 334 million vs. the year-ago period, the statement said; for the year, it fell 10.7% to $ 1.82 trillion.
In the property's / casualty operations, net written premiums for the quarter increased 3.6% to $ 1.66 trillion, the statement said. % from the year-ago quarter to $ 127 million.
For the full year 2018, not written premiums rose 4.4% to $ 6.822 billion compared to 2017, while net investment income dropped 19.2% to $ 996 million, the statement said. ] CNA's fourth-quarter property / casualty combined ratio jumped to 105.4% from 94% in the year-ago period because of catastrophe losses, but dropped to 96.7% for the year from 97.1% in 2017, the statement said.
Specialty operations saw quarterly net written premiums grow 2.6% to $ 682 million, the insurer's financial supplements showed, while premiums for the year grew 0.5% to $ 2.74 billion.
The unit's combined ratio rose to 91.2% from 88.6% in the fourth quarter but improved to 88.2 % from 88.7% for the year, according to the supplement.
"While combining limited partnership investment returns and catastrophe losses in the fourth quarter, we made significant progress in 2018," chairman Dino E. Robusto and CEO of CNA, said in the statement.