UPDATE: CNA Financial Posts Better-Than-Expected Q2 Earnings

CNA Financial CNA reported upbeat earnings for the second quarter. The Chicago, Illinois-based company's quarterly net income surged to $267 million, or $0.98 per share, versus $194 million, or $0.72 per share, in the year-ago period. Its net operating income came in at $272 million, or $1.00 per share. Its revenue declined 3.8% y/y to $1.65 billion. However, analysts were expecting earnings of $0.82 per share on revenue of $1.85 billion. CNA's catastrophe losses came in at $5 million, or 0.6 points of the loss ratio, versus $6 million, or 0.7 points of the loss ratio, in the year-ago period. Property & Casualty Operations' net operating income fell to $236 million in the quarter, down from $258 million, in the year-ago quarter. CNA Specialty's net operating income rose $34 million, while CNA Commercial's net operating income declined $53 million in the second quarter versus the year-ago period. However, Hardy's net operating loss widened $3 million in the quarter. The company declared a quarterly dividend of $0.25 per share. "Our second quarter results reflect strong earnings and continued progress on our underlying loss ratio," said Thomas F. Motamed, Chairman and Chief Executive Officer of CNA Financial. CNA Financial shares gained 1.85% to close at $38.06 on Friday.