CNA Financial Corporation CNA reported second-quarter 2021 core earnings of $1.25 per share, which beat the Zacks Consensus Estimate by 11.6%. Moreover, the bottom line increased more than three-fold year over year.The quarterly performance was driven by higher net investment income, lower catastrophe losses, improved loss ratio as well as lower expenses.CNA Financial Corporation Price, Consensus and EPS Surprise CNA Financial Corporation price-consensus-eps-surprise-chart | CNA Financial Corporation QuoteBehind Second-Quarter HeadlinesTotal operating revenues of CNA Financial were nearly $2.6 billion, up 10.2% year over year on the back of higher net investment income and premiums earned. The top line beat the Zacks Consensus Estimate by 3.9%.Net written premiums at Property & Casualty Operations decreased 1.1% year over year to $1.9 billion.Pretax net investment income increased 10.7% year over year to $591 million driven by limited partnership and common stock investments.Total claims, benefits and expenses decreased 0.6% to $2.6 billion, primarily due to lower insurance claims and policyholders' benefits and interest.Catastrophe losses of $54 million pretax, due to severe weather-related events, decreased 82% year over year.Combined ratio improved 1520 basis points year over year to 94%.Book value as of Jun 30, 2021 was $46.69 per share, down 0.3% from Dec 31, 2020.Core return on equity was 11.3%, up 790 basis points (bps).Segment ResultsSpecialty’s net written premiums rose nearly 5.9% year over year to $786 million. Combined ratio improved 1630 bps to 87.9% due to lower catastrophe losses and improved loss ratio.Commercial’s net written premiums decreased 12.4% year over year to $831 million. Combined ratio improved 1230 bps to 99.6% due to lower catastrophe losses and improved loss ratio.International’s net written premiums increased 22% year over year to $292 million. Combined ratio improved 2230 bps to 93% due to lower catastrophe losses and improved loss ratio.Life & Group’s total operating revenues were $390 million, up 17.5% year over year. Core income of $43 million increased three-fold year over year due to higher net investment income, which was driven by returns in the limited partnership portfolio and better than expected morbidity in the long-term care business. It was partially offset by unfavorable persistency.Corporate & Other’s core loss of $53 million was wider than the year-ago loss of $40 million. The higher losses were due to lower allocated net investment income.Dividend UpdateCNA Financial’s board of directors approved a quarterly dividend of 38 cents to be paid out on Sep 2, 2021 to stockholders of record as of Aug 16.Zacks RankCNA Financial currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Performance of Other P&C InsurersAmong other insurance industry players, which have reported second-quarter earnings so far, the bottom line of Everest Re Group, Ltd. RE, Arthur J. Gallagher & Co. AJG and Cincinnati Financial Corporation CINF beat the respective Zacks Consensus Estimate. Zacks' Top Picks to Cash in on Artificial Intelligence In 2021, this world-changing technology is projected to generate $327.5 billion in revenue. Now Shark Tank star and billionaire investor Mark Cuban says AI will create "the world's first trillionaires." Zacks' urgent special report reveals 3 AI picks investors need to know about today.See 3 Artificial Intelligence Stocks With Extreme Upside Potential>>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Cincinnati Financial Corporation (CINF): Free Stock Analysis Report Everest Re Group, Ltd. (RE): Free Stock Analysis Report CNA Financial Corporation (CNA): Free Stock Analysis Report Arthur J. Gallagher & Co. (AJG): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research