Close Close
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards

Life Health > Life Insurance

CNA Reports Higher Net, Downplays Individual LTC

Your article was successfully shared with the contacts you provided.

NU Online News Service, May 9, 2003, 3:25 p.m. EDT – CNA Financial Corp., Chicago, reports that it will be curtailing sales of individual long-term care insurance because “unfavorable long-term morbidity” contributed to an operating loss at its life insurance unit.

The life insurance unit lost $23 million on $256 million in net earned premiums. During the first quarter of 2002, the unit lost $4 million on $240 million in net earned premiums.

The company as a whole is reporting $83 million in net income for the first quarter on $2.8 billion in revenue, compared with $20 million in net income on $3.4 billion in revenue for the first quarter of 2002.

Net results for the latest quarter include $78 million in losses realized on investments sold, written down or written off during the quarter, CNA says.

Revenue was down partly because CNA changed the way it accounts for revenue from life settlement contracts, the company says.


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.