CNA Financial Corp. reported a 2005 fourth-quarter loss of $217 million, compared with earnings of $303 million in the comparable 2004 period.
The Chicago-based company also announced a restatement of financial earnings in the 2001-2004 period to correct accounting for businesses reported as discontinued operations. The restatement will reduce shareholders' equity as of Dec. 2004 by $204 million.
The fourth-quarter loss stems in part from a net loss of $223 million from commutations of significant finite reinsurance contracts and other adverse development of $139 million.
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