CNA’s Robusto heartened by 2018 progress despite Q4 losses

Commercial insurer CNA made “significant progress in 2018” despite a fourth quarter hit by catastrophe losses, said chairman and CEO of CNAFinancial Corporation Dino Robusto as the company announced its full year results.

Net written premiums in the business’ property and casualty operations were up to $6.8 billion in 2018 from $6.5 billion in 2017, while net income fell to $813m from $899m a year before.

Full year combined ratio for P&C improved to 96.7 percent from 97.1 percent a year earlier. While investment income fell to $996m from $1.2 billion in 2017.

In Q4 P&C results showed net written premiums were up 4 percent to $1.65 billion in 2018 from $1.60 billion in the same period a year earlier. The company made a net loss of $84m in Q4 2018 compared to a net income of $223m in the corresponding quarter the year before.

Combined ratios worsened to 105.4 percent from 94 percent for the same three months in 2017.

"While the combination of limited partnership investment returns and catastrophe losses drove a loss in the fourth quarter, we made significant progress in 2018,” said Dino Robusto, chairman and chief executive officer of CNAFinancial Corporation. “Both our all-in combined ratio and underlying combined ratio improved for the year, we achieved meaningful premium growth, and we are continuing to get needed rate increases.”

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