NU Online News Service, Nov. 2, 3:14 p.m. EST

CNA Financial Corporation reported third-quarter net income of $263 million, a $594 million improvement over a net loss of $331 million for the period last year.

The Chicago-based commercial insurer credited the improvement to lower catastrophe losses, higher net investment income, and a $61 million after-tax gain from a settlement resolving litigation related to the placement of personal accident reinsurance. But an unfavorable change in current accident-year underwriting results excluding catastrophes partially offset the favorable factors, according to the company.

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