Aetna Life & Casualty Co. 's third-quarter net income fell 22% to $182.6 million, or $1.63 a share, reflecting the damages from Hurricane Hugo and lower results for some of the company's major divisions. 

Catastrophe losses reduced Aetna's net income by $50 million, including $36 million from Hugo.
Last year catastrophe losses totaled $5 million, when net was $235.5 million, or $2.07 a share.
The year-earlier results have been restated to reflect an accounting change. 

The insurer has started processing claims from the Northern California earthquake nearly two weeks ago.
But because these claims are more difficult to evaluate and have been coming in more slowly, the company has no estimate of the impact of the earthquake on fourth-quarter results. 

In New York Stock Exchange composite trading Friday, Aetna closed at $60, down 50 cents. 

In the latest quarter, Aetna had a $23 million loss on its auto/homeowners line, compared with earnings of $33 million last year.
Profit for its commercial insurance division fell 30% to $59 million, reflecting higher catastrophe losses and the price war in the property/casualty market for nearly three years. 

However, Aetna's employee benefits division, which includes its group health insurance operations, posted a 34% profit gain to $106 million. 

Third-quarter results included net realized capital gains of $48 million, which included $27 million from the sale of Federated Investors in August and a $15 million tax credit. 

In the nine months, net rose 4.3% to $525.8 million or $4.67 a share, from $504.2 million, or $4.41 a share, last year.