Close Close
Sign In
Newsletters
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
Podcast Center Video Center Webcasts Resource Center Events
About ThinkAdvisor Contact Us Advertise With Us Asset & Logo Licensing Sitemap Terms of Service Privacy Policy Copyright © 2024 ALM Global, LLC. All Rights Reserved.
ThinkAdvisor

Life Health > Life Insurance

CNA Life Unit Goes Out With A Profit

By Staff Writer

X
Your article was successfully shared with the contacts you provided.

NU Online News Service, Feb. 13, 2004, 6:16 p.m. EST – The life unit at CNA Financial Corp., Chicago, turned in a profit for the fourth quarter of 2003.[@@]

CNA has agreed to sell the life unit to a subsidiary of Swiss Reinsurance Company, Zurich, to raise money for its core property-casualty operations, but the unit earned $25 million for the quarter on $246 million in net earned premiums, up from a net loss of $28 million on $220 million in net earned premiums for the comparable quarter in 2002.

CNA’s group benefits operation, which was sold to Hartford Financial Services Group Inc., Hartford, lost $97 million on $330 million in net earned premiums, compared with a break-even performance for the fourth quarter of 2002.

The company as a whole is reporting $174 million in net income for the latest quarter on $3 billion in revenue, up from $50 million in net income on $2.7 billion in revenue.

NOT FOR REPRINT

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