Executive Summary
On the 28th of October, CNA Financial (CNA) reported its quarterly results for the third quarter of the year. Following two excellent quarters, CNA was adversely impacted by a $170M after-tax charge related to the active life reserve unlocking. In addition, the year-over-year combined ratio worsened by 3.4 points to 97.6% because of run-off losses partially offset by lower catastrophe losses.
Consequently, the insurer reported a $107 million net income for the third quarter, or a 68% decline. The year-to-date net income dropped by $170 million to $727 million, resulting