CNA Financial Corp. reports 2006 profit of US$329 million.

CNA Financial Corporation (NYSE:CNA) announced a 2006 Q4 profit of US$329 million and a net income of US$1.1 billion throughout 2006.
The Q4 income marks an increase of US$546 million as compared with the same period in 2005.
Net income for the entire year increased US$844 million over 2005.
“This income was primarily due to improved net operating income and net realized investment results, partially offset by unfavourable results from discontinued operations,” says a company release.
CNA also reported property and casualty operations combined ratios for Q4 and full-year 2006 of 99.0% and 96.4%.
“This was a very good year for CNA,” Stephen W. Lilienthal, chairman and chief executive officer of CNA Financial Corporation, said in a statement.
“A fourth quarter reinsurance commutation was the last in a series of commutations that effectively eliminated an interest cost drag on earnings that exceeded US$300 million just three years ago.”
Net written premiums of standard lines including standard p&c coverages sold to small and middle market commercial businesses increased US$9 million for 2006’s Q4 compared with the same period in 2005.
Net written premiums of specialty lines including an array of professional, financial and specialty p&c products and services increased US$23 million throughout the Q4 of 2006 over 2005’s Q4.