CNA Financial Corp. reported 2006 fourth-quarter net income of $329 million, reversing a loss of $217 million for the comparable 2005 period.

The company said the fourth-quarter combined ratio improved nearly four points to 95.

Chief Executive Officer Stephen Lilienthal noted that a fourth-quarter reinsurance commutation was the last in a series of such acts that effectively eliminated an interest cost drag on earnings that exceeded $300 million as recently as three years ago.

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