CNA Financial net income down 45 percent.(CNA Financial Corp.)

National Underwriter Property & Casualty-Risk & Benefits Management, May, 1997 by Lonkevich, Dan

CNA Financial Corp. posted a 45 percent drop in net income in the first quarter of 1997, citing intensifying competition and deteriorating loss ratios in the commercial lines market. Net income in the latest quarter was $178 million, or $2.85 a share, compared with $329 million, or $5.30 a share, a year earlier.

The Chicago-based company said exclusive of securities transactions, net income for the latest quarter fell 6.2 percent to $136 million, or $2.18 a share, from $145 million, or $2.32 a share, a year earlier. Net realized investment gains were off 77 percent to $42 million from $184 million. Consolidated revenue exclusive of securities transactions in the latest quarter rose 2.5 percent to $4.1 billion from $4 billion a year earlier. Peter...

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