CNA Lowers Earnings $32 Million After SEC Complaints

Chicago-based CNA Financial Corp. has revised its net 2002 profit $32 million lower in response to complaints from the SEC about the timing and accounting of investment losses, according to a statement released by the commercial lines insurer.

CNA lowered its fourth-quarter net income to $50 million, or 21 cents per share, from $82 million, or 36 cents per share. For the year, net profit was revised down to $155 million, or 68 cents per share, from $187 million, or 83 cents per share.

CNA shares were down 28 cents per share, or 3.31 percent, in morning trading.