Reserve releases push up CNA underwriting profits

CNA Financial today (2 November) reported that its third quarter
P&C net operating income increased to $263mn from $241mn the
previous year, after the company knocked nearly 10 percentage
points off its combined ratio by releasing prior-year reserves.
The US-listed carrier reported a Q3 combined ratio of 85.7
percent, compared to 96.1 percent a year earlier - the lowest in
more than a decade. Excluding the impact of catastrophes and
reserve development, the company's combined ratio stood at