NU Online News Service, Aug. 8, 4:46 p.m. – CNA Financial Corp., Chicago, is reporting $35 million in net income for the second quarter on $3.3 billion in revenue, compared with $361 million in net income on $2.7 billion in revenue for the second quarter of 2001.
Net results for the latest quarter include $190 million in investment losses, with $84 million of the losses coming from writedowns of securities issued by WorldCom Inc., Clinton, Miss., and the rest coming from problems with investments in other troubled cable television and communications companies, CNA says.
Operating income, which excludes the investment losses and other gains and charges, increased to $140 million, from $46 million, CNA says.
CNA sells life insurance and group insurance as well as property-casualty insurance and reinsurance.
The life operations are reporting $37 million in operating income on $235 million in revenue, up from $36 million in operating income on $229 million in revenue.
The group operations are reporting $19 million in operating income on $819 million revenue, up from $15 million in operating income on $809 million in revenue.