CNA Financial Corporation reports drop in Q3 profits

CNA Financial Corporation announced a 2007 Q3 profit of US$174 million, a decrease from 2006 Q3s US$311 million.
The company also reported a combined ratio of 91.6% for property and casualty operations, a statement says.
Net written premiums decreased US$165 million over 2006 Q3, the release says.
Standard lines retention decreased four points to 76% over last year, and rates on average decreased 2% during 2007 Q3.
In specialty lines, net written premiums increased US$8 million over the same period last year, the company reported.
Premiums written in this sector were unfavourably impacted by decreased production, the statement adds. This unfavourable impact was more than offset by decreased ceded premiums due to the non-renewal of a reinsurance program in May of this year.
Specialty lines retention decreased three points to 83% over 2006 Q3 and rates on average decreased 5% during this same period.
CNAs very disciplined approach to the market continues to serve us well, Stephen W. Lilienthal, chairman and CEO, CNA Financial Corporation, said in a statement. While our third quarter earnings were reduced by a previously disclosed settlement, CNA is well positioned in an increasingly competitive market.