CNA LIFTED BY INVESTMENT GAINS AND BEATS FORECAST

US commercial property/casualty group CNA Financial swung to first-quarter net earnings of $312m from a net loss of $61m, reflecting a $175m, 53% increase in earned investment income and a positive $273m swing in realised investment gains. Core earnings per share rose to 96¢ from 40¢ and beat analysts’ forecast of 95¢. The combined ratio added 0.8 points to 98.1% as underwriting income fell 22% to $36m, with a wider underwriting loss in the commercial segment offsetting gains in the specialty and international segments. Gross written property/casualty premiums for the quarter grew 4.4% to $3.25bn, with increases posted in all three segments.