UPDATE: CNA Financial Posts Lower Q4 Profit

reported a drop in its fourth-quarter earnings. The Chicago, Illinois-based company posted quarterly earnings of $198 million, or $0.73 per share, down from $221 million, or $0.82 per share, in the year-ago period. Its net operating income came in at $205 million, or $0.76 per share, from $$206 million, or $0.76 per share. Its revenue came in at $2.39 billion. However, analysts were expecting earnings of $0.80 per share on revenue of $2.29 billion. Property & Casualty Operations' net operating income slipped to $314 million in the quarter from $340 million The company declared a special dividend of $2.00 per share. It also declared a quarterly dividend of $0.25 per share. "Our fourth quarter combined ratio of 91.8% was the result of strong underwriting performance across all three newly-defined P&C segments, Commercial, Specialty and International," said Thomas F. Motamed, Chairman and Chief Executive Officer of CNA Financial Corporation. "Our continued underwriting progress as well as the sustained financial strength and stability of CNA has given our Board the confidence to declare a special dividend of $2.00 per share." CNA Financial shares slipped 0.64% to close at $40.50 on Friday.