US insurance group CNA Financial has reported first quarter profits of $78m (£53m), compared to profits of $295m (£202m) for the same period last year.
However, it did highlight that the performance of its property and casualty business showed improvement from quarter to quarter.
The company put much of the blame for the disappointing performance on falling investment returns.
Chairman and chief executive Bernard Hengesbaugh said: "The gross accident year combined ratio improved eight points to 104% in the first quarter of 2002, driven in large part by rate increases in the mid 20% range.
"Similar trends were also evident in reinsurance. On business written by our continuing US operation, CNA Re showed an underlying accident year combined ratio of 99%, down substantially from a year ago."
