INSURANCE

Zenith National Completes Unit Sale: The Woodland Hills company said it completed the sale of its life insurance and annuity businesses to SunAmerica Inc. for $120 million in cash. The purchase gives SunAmerica, a Los Angeles financial services company with $27 billion in assets, a so-called 403(b) retirement savings plan business for teachers and other employees of nonprofit organizations. The sale of the CalFarm Life Insurance Co. unit allows Zenith National Insurance Corp. to focus on its workers’ compensation business as well as managed-care and disability coverage. It retained CalFarm’s health insurance business. Last month, Zenith said the sale reduced its third-quarter earnings by about $19 million, or $1.06 a share. As a result, the company reported a loss for the quarter of $11.8 million.