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.