Chicago insurer CNA Financial posts higher 2Q net income

Associated Press
Updated 7/30/2013 7:37 AM

CNA Financial said Monday that its net income jumped 17 percent in the second quarter, as the insurer benefited from higher premiums and the impact of an underwriter acquired last summer.

The company reported net income of $194 million, or 72 cents per share, for the three months ended June 30. That compares with net income of $166 million, or 62 cents per share, a year earlier.


Analysts surveyed by FactSet expected earnings of 64 cents per share.

Net written premiums grew 7 percent to $1.72 billion from $1.61 billion in the prior-year period.

The company's premiums got a boost from Hardy, a specialized Lloyd's of London underwriter that CNA acquired in July 2012. Net written premiums for the unit totaled $138 million.

CNA Specialty's net written premiums grew 5 percent to $756 million, while CNA Commercial posted a 7 percent drop to $826 million.

The company also declared a quarterly dividend of 20 cents per share to be paid on Aug. 28 to shareholders of record on Aug. 12.

CNA shares increased 48 cents, or 1.4 percent, to $34.95 in midday trading. The stock has gained about 25 percent this year.

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