CNA Financial Corp's stock surged 5.30% in pre-market trading on Monday after the company reported second-quarter financial results that surpassed analyst expectations.
The commercial insurer posted adjusted earnings per share of $1.19, beating the consensus estimate of $1.08. Net income rose to $321 million, or $1.18 per share, compared to $299 million, or $1.10 per share, in the same quarter last year. Total revenue reached $3.83 billion, also exceeding forecasts.
The positive results were driven by higher net investment income, which increased to $701 million, and a 4% growth in Property & Casualty net written premiums. Despite a slight decline in core income due to lower underwriting results and a legacy mass tort charge, the overall earnings beat fueled investor optimism and pushed shares sharply higher in early trading.
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