CNA 3Q net income triples
CHICAGO (AP) — CNA Financial Corp.'s third-quarter net income roughly tripled on higher investment income, lower catastrophe losses and the boost from a recent acquisition.
The insurance company reported Monday that it earned $221 million, or 82 cents per share, for the period that ended Sept. 30. That is compared with $75 million, or 28 cents, in the same quarter last year. It reported net operating income of 80 cents per share.
CNA reported $5 million in investment gains for the period, versus a $16 million loss last year. Its catastrophic losses fell to $18 million after taxes versus $32 million last year. It also benefited from its acquisition of Hardy, a specialized underwriter that it acquired in July. Hardy reported a net income of $2 million for the period and no catastrophe losses.
The commercial insurance writer, based in Chicago, provides property and casualty insurance.
It also announced it will pay a quarterly dividend of 15 cents per share payable Nov. 29 to stockholders of record on Nov. 13.
CNA's shares didn't trade Monday as the markets were closed due to arrival of Hurricane Sandy along the East Coast.
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