UPDATE 1-CNA posts third-quarter profit vs loss

* Q3 EPS 86 cents vs year-earlier loss $1.23

* Oper EPS $1.11 vs year-earlier 31 cents

NEW YORK Nov 2 (Reuters) - CNA Financial Corp (CNA.N), whose majority owner is Loews Corp (L.N), said third-quarter results swung to a profit on lower catastrophe losses and a pick-up in its investment portfolio's performance.

Chicago-based CNA reported net income of $263 million, or 86 cents per share available to stockholders, compared with a loss of $331 million, or $1.23 per share, a year earlier.

Operating income rose to $331 million, or $1.11 per share, available to stockholders, from $83 million, or 31 cents per share, a year earlier.

CNA shares closed at $21.77 on Friday on the New York Stock Exchange. (Reporting by Elinor Comlay; editing by John Wallace)