CNA Third-Quarter Income Up Slightly

CNA Financial Corporation today reported net operating income for the third quarter of 2000 of $90 million, or $0.49 per share, compared with net operating income of $82 million, or $0.43 per share, for the same quarter in 1999. Third-quarter 1999 net operating income included $10 million, or $0.06 per share, of after-tax restructuring-related charges.

After-tax catastrophe losses in the third quarter of 2000 were $16 million compared to $59 million for the same quarter in 1999. Offsetting the favorable catastrophe experience was an increase in the current accident year loss ratio, primarily in CNA Re.

Net operating income for the first nine months of 2000 was $262 million, or $1.42 per share, compared with $155 million, or $0.78 per share, for the first nine months of 1999. Net operating income for the first nine months of 1999 included $46 million, or $0.25 per share, of after-tax restructuring-related charges.

Net income for the third quarter of 2000 was $550 million, or $3.00 per share, which includes $460 million, or $2.51 per share, of after-tax realized investment gains. Third-quarter 1999 net income was $29 million, or $0.15 per share, which included $53 million, or $0.28 per share, of after-tax realized investment losses.