Property & casualty insurance giant CNA Financial has today announced a fourth quarter (Q4) net loss of US$84 million (about AU$119 million), a US$307 million (about AU$434 million) decrease from the prior year period, when the insurer posted net income of US$223 million (about AU$315.2 million).
The insurer attributes this variance to higher net catastrophe losses of US$91 billion, as well as lower investment returns on its limited partnership and common equity portfolios of US$143 million. CNA also experienced higher non-catastrophe losses driven by increased property losses and increased professional liability losses in its London operation.
You've reached your limit - Register for free now for unlimited access
To read the full story, and get unlimited access to Insurance Business website content, just register for free now. GET STARTED HERE
Already a website member? Log in below.