The fourth-quarter net realized investment gains were $104 million, in contrast to a loss of $20 million reported during the year-ago period.

The insurer also reported far better results for full-year 2004. The company said its 2004 net profit came in at $441 million, a big swing from 2003 when it reported a loss of $1.43 billion.

In 2003, the company posted poor full-year results because unfavorable net prior-year development of $1.85 billion after-tax, as well as an increase in bad-debt reserves for insurance and reinsurance receivables of $396 million after taxes.

CNA said its p-c operations net written premiums for the fourth quarter were $1.68 billion, down slightly from the year-ago quarter figure of $1.72 billion. For full-year 2004, p-c operations net written premiums came in at $6.97 billion, up from $ 6.6 billion during 2003.

CNA Financial, majority owned by Loews Corp., is the country's seventh largest commercial insurance writer and the 14th largest p-c company. CNA's insurance products include standard commercial lines, specialty lines, surety, marine and other p-c coverages. CNA's services include risk management, information services, underwriting, risk control and claims administration.