NU Online News Service, Feb. 9, 3:32 p.m.EST

Chicago-based insurer CNA Financial Corp. reported solid gainsfor the fourth quarter and year-end compared to the prior year'sloss for the periods.

CNA said net income rose $582 million to $246 million, or 63cents a share, for the fourth quarter of last year. Net writtenpremiums for property and casualty operations decreased 6 percent,or $96 million, to $1.47 billion. The company's combined ratio inthe quarter deteriorated 1.2 points to 90.3.

For the year, the carrier reported net income rose $718 million,from a loss of $299 million for the prior year to net income of$419 million. P&C net written premiums decreased $357 millionto $6.13 billion. The combined ratio improved 1.1 points to96.9.

"We are pleased to report solid net operating income for thequarter and year," Thomas F. Motamed, chairman and chief executiveofficer of CNA, said in a statement.

"In our property and casualty operations, the specialty segmentcontinued to deliver very strong performance. In the commercialsegment, our underwriting improvement strategies are starting toshow in the form of fourth-quarter renewal rate increases, highersubmission volume and hit ratios in our target classes ofbusiness."

He said the economy and soft market competition are puttingpressure on the company's p&c business, but focusing on itsspecialty business, shifting business mix and expanding itsgeographic reach will help the company through the currentenvironment until there is economic improvement.