CNA Financial Beats Earnings Estimates (CNA)

CNA Financial Corporation CNA on Monday morning released financial results that showed a smaller loss than Wall Street expected. CNA Financial Corporation reported a 3rd quarter net operating loss of $158 million, or 66 cents per share. A poll of analysts conducted by Thomson Reuters showed an average Wall Street estimate of an expected loss of 68 cents per share, on revenue of $1.82 billion. Chairman and chief executive officer Thomas F. Motamed said, "We are pleased to report another quarter of steady performance and continued focus on our profit-improvement strategies. Operating income before the impact of the Loss Portfolio Transfer was $186 million. Our Property & Casualty Operations combined ratio was 97.9%. Rates on our renewal business were slightly negative, however, retention remained strong and we wrote more new business than we lost.” CNA Financial Corporation (CNA) ended the previous trading session at $27.72 per share. Analysts covering the company's stock have a consensus price target of $32 per share. Read more from Benzinga's Company news.