NU Online News Service, Feb. 14, 11:54 a.m. – CNA Financial Corp., Chicago, is reporting a $22 million net loss for the fourth quarter of 2001 on $3.7 billion in revenue, compared with $193 million in net income on $3.9 billion in revenue for the fourth quarter of 2000.
Net results for the latest quarter include $189 million in restructuring costs and $52 million in losses related to Enron Corp., Houston, but they also include $325 million in recognized investment gains.
The net operating loss, which excludes the unusual gains and charges, was $290 million, down from net operating income of $114 million for the fourth quarter of 2000.
CNA sells life insurance, long-term care insurance and other life and health products as well as property-casualty insurance and reinsurance.
The group life and health unit is reporting $17 million in net operating income on $879 million in premium revenue, compared with $11 million in net operating income on $967 million in premium revenue.