----

|                             |
|-----------------------------|
|                             |  |  |
| MEDIA:                      |   | ANALYSTS: |
| Brandon Davis, 312-822-5167 |   | James Anderson, 312-822-7757 |
| Sarah Pang, 312-822-6394    |   | Robert Tardella, 312-822-4387 |
|                        |   |   |

|         |                                             |
|---------|---------------------------------------------|
| • | NET INCOME OF $343 MILLION; $1.26 PER SHARE |

|         |                                                       |
|---------|-------------------------------------------------------|
| • | NET OPERATING INCOME OF $311 MILLION; $1.15 PER SHARE |

|         |                                 |
|---------|---------------------------------|
| • | P&C COMBINED RATIO OF 90.4% |

|         |                                                                          |
|---------|--------------------------------------------------------------------------|
| • | QUARTERLY DIVIDEND OF $0.25 PER SHARE; $2.75 PER SHARE PAID YEAR TO DATE |

|                                        |
|----------------------------------------|
|                                        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                   | Results for the Three Months Ended September 30 |   | Results for the Nine Months Ended September 30 |
| ($ millions, except per share data)    | 2016 |   | 2015 |   | 2016 |   | 2015 |
| Net operating income (a)               | $ | 311 |  |   | $ | 210 |  |   | $ | 603 |  |   | $ | 567 |  |
| Net realized investment gains (losses) | 32 |  |   | (32 | ) |   | 15 |  |   | (18 | ) |
| Net income                             | $ | 343 |  |   | $ | 178 |  |   | $ | 618 |  |   | $ | 549 |  |
|                                   |   |   |   |   |   |   |   |
| Net operating income per diluted share | $ | 1.15 |  |   | $ | 0.77 |  |   | $ | 2.22 |  |   | $ | 2.09 |  |
| Net income per diluted share           | 1.26 |  |   | 0.66 |  |   | 2.28 |  |   | 2.03 |  |

|                                     |
|-------------------------------------|
|                                     |  |  |  |  |  |  |  |
|                                | September 30, 2016 |   | December 31, 2015 |
| Book value per share                | $ | 45.08 |  |   | $ | 43.49 |  |
| Book value per share excluding AOCI | 44.21 |  |   | 44.66 |  |

|     |                                                                                                                                                                                                                                                                                                                         |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (a) | Management utilizes the net operating income financial measure to monitor the Company's operations.  Please refer herein and to Note O in the Consolidated Financial Statements within CNA's annual Report on Form 10-K for the year ended December 31, 2015 for further discussion of this non-GAAP financial measure. |

----

|                                                       |
|-------------------------------------------------------|
|                                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                  | Results for the Three Months Ended September 30 |   | Results for the Nine Months Ended September 30 |
| ($ millions)                                          | 2016 |   | 2015 |   | 2016 |   | 2015 |
| Net written premiums                                  | $ | 1,624 |  |   |   | $ | 1,529 |  |   |   | $ | 4,917 |  |   |   | $ | 4,836 |  |   |
| NWP change (% year over year)                         | 6 |  | % |   | (2 | ) | % |   | 2 |  | % |   | (3 | ) | % |
| Net investment income                                 | $ | 328 |  |   |   | $ | 171 |  |   |   | $ | 883 |  |   |   | $ | 860 |  |   |
| Net operating income                                  | 329 |  |   |   | 263 |  |   |   | 765 |  |   |   | 764 |  |   |
| Net income                                            | 349 |  |   |   | 228 |  |   |   | 779 |  |   |   | 738 |  |   |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |
| Loss ratio excluding catastrophes and development     | 61.8 |  | % |   | 61.9 |  | % |   | 62.6 |  | % |   | 62.0 |  | % |
| Effect of catastrophe impacts                         | 1.0 |  |   |   | 0.9 |  |   |   | 2.8 |  |   |   | 2.1 |  |   |
| Effect of development-related items                   | (8.1 | ) |   |   | (10.7 | ) |   |   | (6.0 | ) |   |   | (3.7 | ) |   |
| Loss ratio                                            | 54.7 |  | % |   | 52.1 |  | % |   | 59.4 |  | % |   | 60.4 |  | % |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |
| Combined ratio                                        | 90.4 |  | % |   | 85.7 |  | % |   | 94.6 |  | % |   | 94.3 |  | % |
| Combined ratio excluding catastrophes and development | 97.5 |  | % |   | 95.5 |  | % |   | 97.8 |  | % |   | 95.9 |  | % |

----

|                                                       |
|-------------------------------------------------------|
|                                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                  | Results for the Three Months Ended September 30 |   | Results for the Nine Months Ended September 30 |
| ($ millions)                                          | 2016 |   | 2015 |   | 2016 |   | 2015 |
| Net written premiums                                  | $ | 733 |  |   |   | $ | 707 |  |   |   | $ | 2,108 |  |   |   | $ | 2,077 |  |   |
| NWP change (% year over year)                         | 4 |  | % |   | (4) |  | % |   | 1 |  | % |   | (3 | ) | % |
| Net operating income                                  | $ | 195 |  |   |   | $ | 179 |  |   |   | $ | 486 |  |   |   | $ | 451 |  |   |
| Net income                                            | 201 |  |   |   | 165 |  |   |   | 487 |  |   |   | 440 |  |   |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |
| Loss ratio excluding catastrophes and development     | 62.5 |  | % |   | 61.6 |  | % |   | 62.5 |  | % |   | 61.9 |  | % |
| Effect of catastrophe impacts                         | 0.2 |  |   |   | 0.5 |  |   |   | 0.7 |  |   |   | 0.7 |  |   |
| Effect of development-related items                   | (15.9 | ) |   |   | (18.6 | ) |   |   | (10.6 | ) |   |   | (7.1 | ) |   |
| Loss ratio                                            | 46.8 |  | % |   | 43.5 |  | % |   | 52.6 |  | % |   | 55.5 |  | % |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |
| Combined ratio                                        | 79.9 |  | % |   | 74.4 |  | % |   | 84.9 |  | % |   | 86.6 |  | % |
| Combined ratio excluding catastrophes and development | 95.6 |  | % |   | 92.5 |  | % |   | 94.8 |  | % |   | 93.0 |  | % |

|         |                                                                                                                                                                                                                                                                                          |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Net operating income increased $16 million for the third quarter of 2016 as compared with the prior year quarter, primarily due to an increase in net investment income partially offset by lower favorable net prior year reserve development and higher underwriting expenses. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | The combined ratio increased 5.5 points as compared with the prior year quarter.  The loss ratio increased 3.3 points due to lower favorable net prior year reserve development and a higher non-catastrophe current accident year loss ratio.  Catastrophe losses were $1 million, or 0.2 points of the loss ratio, as compared to $3 million, or 0.5 points of the loss ratio for the prior year quarter.  The expense ratio increased 1.7 points as compared with the prior year quarter.  About half of this increase was due to non-recurring underwriting expenses related to the transition to a new service provider for our information technology (IT) infrastructure and employee termination costs resulting from an organization review.  The remainder was driven by higher IT spending primarily related to new underwriting platforms. |

|         |                                                                                                                                                                                                                                                                                           |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Net written premiums increased $26 million as compared with the prior year quarter, driven by growth in warranty and surety and continued steady retention.  Average rate was flat for the policies that renewed in the third quarter of 2016 while achieving a retention of 87%. |

----

|                                                       |
|-------------------------------------------------------|
|                                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                  | Results for the Three Months Ended September 30 |   | Results for the Nine Months Ended September 30 |
| ($ millions)                                          | 2016 |   | 2015 |   | 2016 |   | 2015 |
| Net written premiums                                  | $ | 684 |  |   |   | $ | 642 |  |   |   | $ | 2,172 |  |   |   | $ | 2,118 |  |   |
| NWP change (% year over year)                         | 7 |  | % |   | 1 |  | % |   | 3 |  | % |   | (1 | ) | % |
| Net operating income                                  | $ | 114 |  |   |   | $ | 75 |  |   |   | $ | 280 |  |   |   | $ | 273 |  |   |
| Net income                                            | 123 |  |   |   | 54 |  |   |   | 282 |  |   |   | 257 |  |   |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |
| Loss ratio excluding catastrophes and development     | 61.1 |  | % |   | 60.4 |  | % |   | 61.4 |  | % |   | 62.3 |  | % |
| Effect of catastrophe impacts                         | 1.6 |  |   |   | 1.4 |  |   |   | 4.6 |  |   |   | 4.0 |  |   |
| Effect of development-related items                   | (0.5 | ) |   |   | (1.2 | ) |   |   | (1.4 | ) |   |   | 0.2 |  |   |
| Loss ratio                                            | 62.2 |  | % |   | 60.6 |  | % |   | 64.6 |  | % |   | 66.5 |  | % |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |
| Combined ratio                                        | 99.8 |  | % |   | 95.8 |  | % |   | 101.7 |  | % |   | 102.1 |  | % |
| Combined ratio excluding catastrophes and development | 98.7 |  | % |   | 95.6 |  | % |   | 98.5 |  | % |   | 97.9 |  | % |

|         |                                                                                                                                                                                                                                                                         |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Net operating income increased $39 million for the third quarter of 2016 as compared with the prior year quarter, due to an increase in net investment income partially offset by higher underwriting expenses and higher net loss and loss adjustment expense. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | The combined ratio increased 4.0 points as compared with the prior year quarter.  The loss ratio increased 1.6 points due to an increase in the current accident year loss ratio and lower favorable net prior year development.  Catastrophe losses were $12 million, or 1.6 points of the loss ratio, as compared to $10 million, or 1.4 points of the loss ratio for the prior year quarter.  The expense ratio increased 1.9 points as compared with the prior year quarter, primarily due to non-recurring underwriting expenses related to the transition to a new service provider for our IT infrastructure and employee termination costs resulting from an organization review.  The expense ratio also increased due to higher IT spending primarily related to a new underwriting platform. |

|         |                                                                                                                                                                                                                                                                                  |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Net written premiums increased $42 million as compared with the prior year quarter, driven by higher retention and new business in middle markets.  Average rate was flat for the policies that renewed in the third quarter of 2016 while achieving a retention of 83%. |

----

|                                                       |
|-------------------------------------------------------|
|                                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                  | Results for the Three Months Ended September 30 |   | Results for the Nine Months Ended September 30 |
| ($ millions)                                          | 2016 |   | 2015 |   | 2016 |   | 2015 |
| Net written premiums                                  | $ | 207 |  |   |   | $ | 180 |  |   |   | $ | 637 |  |   |   | $ | 641 |  |   |
| NWP change (% year over year)                         | 15 |  | % |   | (5 | ) | % |   | (1 | ) | % |   | (8 | ) | % |
| Net operating income (loss)                           | $ | 20 |  |   |   | $ | 9 |  |   |   | $ | (1 | ) |   |   | $ | 40 |  |   |
| Net income                                            | 25 |  |   |   | 9 |  |   |   | 10 |  |   |   | 41 |  |   |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |
| Loss ratio excluding catastrophes and development     | 61.9 |  | % |   | 68.0 |  | % |   | 66.5 |  | % |   | 61.1 |  | % |
| Effect of catastrophe impacts                         | 1.5 |  |   |   | 0.3 |  |   |   | 4.7 |  |   |   | 0.8 |  |   |
| Effect of development-related items                   | (8.0 | ) |   |   | (15.9 | ) |   |   | (6.0 | ) |   |   | (6.0 | ) |   |
| Loss ratio                                            | 55.4 |  | % |   | 52.4 |  | % |   | 65.2 |  | % |   | 55.9 |  | % |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |
| Combined ratio                                        | 93.2 |  | % |   | 90.4 |  | % |   | 103.4 |  | % |   | 93.5 |  | % |
| Combined ratio excluding catastrophes and development | 99.7 |  | % |   | 106.0 |  | % |   | 104.7 |  | % |   | 98.7 |  | % |

|         |                                                                                                                                                                                                                                                                                                                      |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Net operating income increased $11 million for the third quarter of 2016 as compared with the prior year quarter, primarily due to improved net accident year non-catastrophe underwriting results and lower foreign exchange losses partially offset by lower favorable net prior year reserve development. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | The combined ratio increased 2.8 points as compared with the prior year quarter.  The loss ratio increased 3.0 points due to lower favorable net prior year reserve development partially offset by an improved non-catastrophe current accident year loss ratio.  Catastrophe losses were $3 million, or 1.5 points of the loss ratio, as compared to $1 million, or 0.3 points of the loss ratio for the prior year quarter.  The expense ratio improved 0.2 points as compared with the prior year quarter. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Net written premiums increased $27 million as compared with the prior year quarter.  Excluding the effect of foreign currency exchange rates and the timing of reinsurance spend, net written premiums for the third quarter of 2016 increased 15%.  The majority of the growth came from middle market products in the UK and Continental Europe and from product lines which are now being delivered across all the international platforms, such as healthcare and technology.  Average rate decreased 1% for the policies that renewed in the third quarter of 2016 while achieving a retention of 70%. |

----

|                             |
|-----------------------------|
|                             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                        | Results for the Three Months Ended September 30 |   | Results for the Nine Months Ended September 30 |
| ($ millions)                | 2016 |   | 2015 |   | 2016 |   | 2015 |
| Total operating revenues    | $ | 322 |  |   |   | $ | 318 |  |   |   | $ | 967 |  |   |   | $ | 960 |  |   |
| Net investment income       | 192 |  |   |   | 182 |  |   |   | 567 |  |   |   | 540 |  |   |
| Net operating income (loss) | 6 |  |   |   | (30 | ) |   |   | — |  |   |   | (71 | ) |   |
| Net income (loss)           | 17 |  |   |   | (28 | ) |   |   | 3 |  |   |   | (65 | ) |   |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Due to the recognition of the premium deficiency and resetting of actuarial assumptions in the fourth quarter of 2015, the operating results for our long term care business in 2016 now reflect the variance between actual experience and the expected results contemplated in our best estimate reserves.  In 2015, results of our long term care business reflected variances between actual experience and actuarial assumptions that were locked-in at policy issuance.  As a result of the reserve assumption unlocking, the 2016 and 2015 results are not comparable. |

|         |                                                                                                                                                                                                                                            |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | The net operating income of $6 million for the third quarter of 2016 was generally in line with expectations, as the impact of favorable morbidity was partially offset by unfavorable persistency in our long term care business. |

|                       |
|-----------------------|
|                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                  | Results for the Three Months Ended September 30 |   | Results for the Nine Months Ended September 30 |
| ($ millions)          | 2016 |   | 2015 |   | 2016 |   | 2015 |
| Net investment income | $ | 4 |  |   |   | $ | 1 |  |   |   | $ | 11 |  |   |   | $ | 12 |  |   |
| Interest expense      | 39 |  |   |   | 39 |  |   |   | 119 |  |   |   | 117 |  |   |
| Net operating loss    | (24 | ) |   |   | (23 | ) |   |   | (162 | ) |   |   | (126 | ) |   |
| Net loss              | (23 | ) |   |   | (22 | ) |   |   | (164 | ) |   |   | (124 | ) |   |

|         |                                                                                                |
|---------|------------------------------------------------------------------------------------------------|
| • | Net operating loss for the third quarter of 2016 was comparable to the prior year quarter. |

----

----