CHICAGO (AP) – Commercial insurer CNA Financial Corp. said Monday its fourth-quarter profit dropped 37 percent, pulled down by losses at its life and group businesses.
CNA posted earnings of $190 million, or 70 cents per share, compared with $302 million, or $1.09 per share, in the same quarter last year.
Excluding investment losses, the company’s net operating income was 71 cents per share down from $1.18 per share in the year-ago period.
Analysts, on average, expected a profit of 69 cents per share, according to a FactSet poll.
Losses from continuing operations at the company’s life and group unit totaled $157 million on lower results at its payout annuity, long-term care and pension deposit businesses. A year ago that unit had a profit of $10 million.