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Monday, February 10, 2014

Loews' unit CNA to sell life and group insurance business, (NYSE: CNA)

CNA Financial Corp said it would sell its life and group insurance business to focus on property and casualty insurance, on the same day that parent Loews Corp reported a bigger quarterly loss due to impairment charges.CNA's shares rose as much as 7.5 percent on the New York Stock Exchange, after the company also posted a quarterly profit compared with a loss a year earlier.CNA said it was selling the business, Continental Assurance Co, to a subsidiary of Wilton Re Holdings Ltd for about $615 million, and was expecting to book a charge of about $220 million in the first quarter."The life business returns have been pretty uneven and I would say relatively low," CNA Chief Financial Officer Craig Mense said on a conference call.

CNA Financial Corporation (CNAF) is an insurance holding company. Shares of CNA traded higher by 6.06% or $2.405/share to $42.08. In the past year, the shares have traded as low as $30.18 and as high as $42.93. On average, 96044 shares of CNA exchange hands on a given day and today's volume is recorded at 164903.