CNA clawed back into profit with second quarter figures showing net operating income from continuing operations of $140m (£92m), compared to a loss of $2.077bn (£1.35bn) in the same period last year.

Net written premiums in property and casualty business, including reinsurance business, increased to $1.788bn (£1.17bn) from $1.621bn (£1.06bn) in the second quarter of 2001.

The company's combined operating ratio, which measures claims and costs as a percentage of premiums, was 108.3% for the second quarter. This was an improvement from 110.2% last year.