CNA Financial Corp. (CNA) reported that its first-quarter net income was $250 million, or $0.93 per share, unchanged from last year.
Net operating income for the quarter was $231 million, or $0.86 per share, up from $226 million or $0.84 per share last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.71 per share for the quarter. Analysts' estimates typically exclude special items.
Property & Casualty Operations' net operating income was $257 million for the first quarter of 2013 as compared with $271 million in the prior year quarter. Improved non-catastrophe current accident year underwriting results were more than offset by lower net investment income, higher catastrophe losses and decreased favorable net prior year development. Net written premiums grew 10% year over year, primarily due to increased rates across both CNA Specialty and CNA Commercial.
The company also declared a quarterly dividend of $0.20 per share, payable May 29, 2013 to stockholders of record on May 13, 2013.
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