Last March the nation’s second-largest insurer had announced its intention to evaluate the sale of its individual life and life reinsurance operations to focus on institutional businesses.
CNA also plans to keep its individual life and long-term care businesses. The insurer will continue to explore a separate sale of its viatical settlements operation, which makes payments to the terminally ill, and its life reinsurance businesses.
Bernard L. Hengesbaugh, Chairman and Chief Executive Officer of CNA, the insurance unit of CNA Financial Corporation, said, “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. We believe that it is in the best interests of CNA shareholders to retain these businesses.”