NU Online News Service, May 9, 12:15 p.m. – CNA Financial Corp., Chicago, is reporting $78 million in net income for the first quarter on $3.4 billion in revenue, down from $295 million in net income on $3.6 billion in revenue for the first quarter of 2001.
Net operating income from continuing operations, which excludes investment losses and other gains and charges, decreased to $111 million, from $119 million.
Net results for the latest quarter were down because of lower investment yields, lower limited partnership income and lower reinsurance recoveries, CNA says. On the other hand, catastrophe losses were also lower.
CNA sells group insurance and life insurance as well as property-casualty insurance.