Profit dropped to $174 million, or 64 cents per share, from $311 million, or $1.15, a year earlier.
Net operating income fell 25 percent to $212 million, or 78 cents per share. Excluding investment gains and losses, profit from continuing operations fell 43 percent to $174 million, or 64 cents per share, from $305 million, or $1.13.
Results at Chicago-based CNA reflected a $108 million after-tax charge for a settlement with John Hancock Life Insurance Co. regarding four reinsurance contracts issued by a former CNA unit. Hancock is a unit of Canadian life insurer Manulife Financial Corp.
CNA used 91.6 percent of premium income for claims and expenses in the third quarter, down from 94.5 percent a year earlier.