CNA Pension Plan to Transfer $1.05b Obligations to Metropolitan

CNA Financial said its pension plan agreed to purchase a nonparticipating single premium group annuity contract that will transfer to Metropolitan Life Insurance ~$1.05b defined benefit pension obligations.

• Contract will cover ~7,600 participants and beneficiaries representing ~60% of the plan’s obligations
• Purchase of the group annuity contract won’t require any cash or asset contributions from CNA
• Expects to recognize one-time non-cash pretax pension settlement charge of ~$370m in 4Q
• Won’t impact the core income or cash flow for 4Q or full year

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Greg Chang ...