NEW YORK (Reuters) — CNA Financial Corp., one of the largest commercial insurance companies in the United States, said yesterday that earnings rose 29 percent in the first quarter, helped by increased investment income.

CNA, which is mostly owned by New York conglomerate Loews Corp. said earnings increased to $296 million, or $1.09 a share, from $229 million, or 82 cents a share, in the year earlier quarter.

Chicago-based CNA said net income from continuing operations, which analysts use to measure performance because it excludes investments, were $294 million or $1.08 a share.

Analysts on average had expected the insurers to earn $1.02 a share on that basis, according to Reuters estimates.

In the year ago quarter, CNA earned $235 million or 84 cents a share from continuing operations.

Net written premiums fell 1.5 percent to $1.731 billion.

The company's property and casualty combined ratio, was 95.1 percent, down from 96.9 percent. A lower combined ratio means an insurer's underwriting is more profitable.

Net investment income was up $38 million from the year-ago period, helped by an increase in the overall invested asset base, higher yields and lower interest expenses on funds withheld and other deposits.