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CNA Expects Big Fourth-Quarter Operating Loss

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NU Online News Service, Jan. 25, 11:56 a.m. – CNA Financial Corp., Chicago, says it expects to report a $288 million operating loss for the fourth quarter of 2001 because of the collapse of Enron Corp., Houston, and previously announced restructuring efforts.

Net earnings, which include investment gains, will fall to a net loss of at least $20 million, down from net income of $193 million for the fourth quarter of 2001, CNA says.

The net loss for the year will be about $1.6 billion, and the operating loss will be about $2.4 billion, CNA estimates.

The fourth-quarter net earnings figures include $52 million in charges related to Enron and $125 million in restructuring charges, CNA says.