NU Online News Service, Aug. 7, 2003, 5:38 p.m. EDT – CNA Financial Corp., Chicago, took a beating from rating agencies today because of an announcement that the company will have to beef up property-casualty insurance reserves.
But the company produced higher profits in the second quarter, despite a drop in revenue.
The company is reporting $70 million in net income for the quarter on $3.1 billion in revenue, compared with $31 million in net income on $3.3 billion in revenue for the second quarter of 2002.