CNA Financial Corp., disappointed by bids the company considered too low, pulled the majority of its life insurance operations off the auction block. CNA will keep its individual life, long-term care and retirement services business. It is still looking for a buyer for its viatical business.
The insurance giant had put the life units up for sale in March after its executives decided to concentrate on its property/casualty business. The life business had a book value of approximately $2.5 billion.
“Having completed a comprehensive evaluation, we maintained our basic business discipline and decided not to sell these businesses for less than they are worth to CNA,” said Bernard Hengesbaugh, CNA’s chairman and chief executive.
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