CNA Financial Corp. reported a 2005 fourth-quarter loss of $217million, compared with earnings of $303 million in the comparable2004 period.
The Chicago-based company also announced a restatement offinancial earnings in the 2001-2004 period to correct accountingfor businesses reported as discontinued operations. The restatementwill reduce shareholders' equity as of Dec. 2004 by $204million.
The fourth-quarter loss stems in part from a net loss of $223million from commutations of significant finite reinsurancecontracts and other adverse development of $139 million.
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