Two Chicago-based insurance holding companies, Combined International Corp. and CNA Financial Corp., reported significantly improved earnings for the third quarter.
Showing stronger earnings from its property-casualty operations, CNA reported net earnings of $98.03 million, or $1.50 a share, up 33 percent from the $73.7 million, or $1.20 a share, reported a year ago.
The company had operating earnings of $74.9 million, up 57 percent from the $47.7 million reported a year ago. Realized investment gains for the quarter ended Sept. 30 were $23.09 million, down 11.1 percent from last year`s $25.9 million.
For the first nine months of 1986, CNA reported net income of $340.8 million, or $5.30 a share, up 42.8 percent from the $238.5 million, or $4.05 a share, in the first nine months of last year.
Combined reported third-quarter net earnings of $55.7 million, or $1.67 a share, up 56.4 percent from $35.6 million, or $1.07 a share, reported a year ago. Operating earnings for the quarter ended Sept. 27 were $48.1 million, up 14.5 percent from the $41.9 reported for the third quarter of 1985.
Revenue for the third quarter was $493.5 million, up 46.4 percent from the $336.9 million reported a year ago. In the latest quarter, Combined reported realized investment gains of $7.6 million, compared with investment losses of $6.3 million a year ago.
The company noted that results for the most recent quarter and nine months include results of Life of Virginia, which Combined acquired in April. In the first nine months of the year, Combined had net earnings of $201.5 million, or $6.03 a share, on revenue of $1.29 billion, up 44.9 percent from earnings of $139.07 million, on revenue of $999.5 million, a year ago.
