Although second-quarter net income fell 9 percent for CNA, with investment losses hurting the bottom line, property-casualty operating earnings surged 17 percent, the Chicago-based insurer reported this morning.

Second-quarter net income was $217 million, or 80 cents per share, compared with $239 million, or 86 per share, for the same quarter in 2006.

Net operating income, which excludes realized investment losses, rose 4.7 percent to $318 million in the second quarter.

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