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CNA Financial reports loss in Q3

CNA Financial has reported a net loss of $140m, or $0.59 per common share, for the third quarter of the 2010, compared to net income of $263m or $0.86 for the same quarter of the 2009.

The third quarter 2010 results included an after-tax net loss of $365m related to the agreement to cede Asbestos and Environmental Pollution liabilities to National Indemnity Company (Loss Portfolio Transfer or LPT).

Net operating results for the three months ended 30 September 2010 decreased $489m as compared with the same period in 2009.

For the three months ended 30 September 2010, catastrophe losses were $8m after-tax, as compared to catastrophe losses of $15m after-tax for the same period in 2009.

Property & Casualty Operations produced third quarter combined ratios of 97.9% and 101.0% in 2010 and 2009.

Pretax net investment income for the three months ended 30 September 2010 decreased $79m as compared with the same period in 2009. The decrease was driven primarily by less favorable income from the company’s limited partnership investments.