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Member, Beacon International Group, Ltd.
CHICAGO--Losses related to the sale of CNA Financial Corp.'s individual life insurance business led to a $125 million first-quarter net loss for the insurer.
Chicago-based CNA reported $83 million in net income for the comparable period a year ago.
CNA posted an aftertax impairment loss of $406 million in connection with the sale of its life insurance business for about $690 million to Armonk, N.Y.-based Swiss Re Life & Health America Inc. The sale to the Swiss Reinsurance Co. unit, which was announced in February, is expected to close Friday.
Net premiums written for CNA's property/casualty operations increased 5.5% in the first quarter to $1.85 billion. The business posted a 96.8% combined ratio, compared with a 104% combined ratio for the year-earlier period.
CNA also announced the resignation of its chief financial officer, Robert V. Deutsch. Mr. Deutsch, who will step down as soon as the search for his replacement has been completed, said in a statement that his family life has suffered under the demands of the job. He joined CNA in 1999.