CNA Financial Corp. continued dismal third-quarter financial loss trends, reporting net income decreased 290 percent in the third quarter, and that it had secured a cash infusion of $1.25 billion from Lowes Corp.
The Chicago-based insurer reported third-quarter net income dropped $505 million from the comparative quarter to a loss of $331 million, translating into a loss per share of $1.23. The company reported revenues decreased 33 percent, or $825 million, to $1.66 billion in the period. The combined ratio in the quarter grew 3.6 points to 114.1.
For the first nine months, net income dropped 95 percent, or $650 million, to $37 million, or 14 cents a share. Revenues for the period compared to last year dropped 16 percent, or $1.2 billion, to $6.3 billion. The nine-month combined ratio increased 3.6 points to 110.3.
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