CHICAGO (AP) — Insurer CNA Financial Corp.'s first-quarter earnings fell nearly nine percent as catastrophic losses outweighed improved investment income and lower expenses in the company's core property and casualty business.

The Chicago-based company reported net income of $223 million, or 83 cent per share, compared with $245 million, or 82 cents per share a year ago.

Analysts surveyed by FactSet expected 70 cents per share.

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