----

|                             |
|-----------------------------|
|                             |  |  |
| MEDIA:                      |   | ANALYSTS: |
| Brandon Davis, 312-822-5885 |   | James Anderson, 312-822-7757 |

|         |                                                          |
|---------|----------------------------------------------------------|
| • | NET INCOME OF $342M, $1.25 PER SHARE; ROE 12.1%  |

|         |                                                           |
|---------|-----------------------------------------------------------|
| • | CORE INCOME OF $318M, $1.17 PER SHARE; ROE 10.7%  |

|         |                                                                         |
|---------|-------------------------------------------------------------------------|
| • | P&C COMBINED RATIO OF 97.8% VS 96.7% FULL YEAR 2018 |

|         |                                                                                    |
|---------|------------------------------------------------------------------------------------|
| • | P&C UNDERLYING COMBINED RATIO OF 94.9% VS 95.4% FULL YEAR 2018 |

|         |                                                                        |
|---------|------------------------------------------------------------------------|
| • | P&C UNDERLYING LOSS RATIO OF 60.7% VS 61.8% FULL YEAR 2018 |

|         |                                           |
|---------|-------------------------------------------|
| • | QUARTERLY DIVIDEND OF $0.35 PER SHARE |

|                                     |
|-------------------------------------|
|                                     |  |  |  |  |  |  |  |
|                                | Results for the Three Months Ended March 31 |
| ($ millions, except per share data) | 2019 |   | 2018 |
| Net income                          | $ | 342 |  |   | $ | 291 |  |
| Core income (a)                | 318 |  |   | 281 |  |
|                                |   |   |   |
| Net income per diluted share        | $ | 1.25 |  |   | $ | 1.07 |  |
| Core income per diluted share       | 1.17 |  |   | 1.03 |  |

|                                     |
|-------------------------------------|
|                                     |  |  |  |  |  |  |  |
|                                | March 31, 2019 |   | December 31, 2018 |
| Book value per share                | $ | 42.19 |  |   | $ | 41.32 |  |
| Book value per share excluding AOCI | 43.38 |  |   | 44.55 |  |

|     |                                                                                                                                                                                                                                                                   |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (a) | Management utilizes the core income (loss) financial measure to monitor the Company's operations.  Please refer herein to the Reconciliation of GAAP Measures to Non-GAAP Measures section of this press release for further discussion of this non-GAAP measure. |

----

|                                                       |
|-------------------------------------------------------|
|                                                       |  |  |  |  |  |  |  |  |  |
|                                                  | Results for the Three Months Ended March 31 |
| ($ millions)                                          | 2019 |   | 2018 |
| Net written premiums                                  | $ | 1,806 |  |   |   | $ | 1,813 |  |   |
| NWP change (% year over year)                         | — |  | % |   |   |   |
| Net investment income                                 | $ | 360 |  |   |   | $ | 285 |  |   |
| Core income                                           | 314 |  |   |   | 327 |  |   |
|                                                  |   |   |   |   |   |
| Loss ratio excluding catastrophes and development     | 60.7 |  | % |   | 60.0 |  | % |
| Effect of catastrophe impacts                         | 3.4 |  |   |   | 2.1 |  |   |
| Effect of development-related items                   | (0.5 | ) |   |   | (2.2 | ) |   |
| Loss ratio                                            | 63.6 |  | % |   | 59.9 |  | % |
|                                                  |   |   |   |   |   |
| Expense ratio                                         | 33.8 |  | % |   | 32.8 |  | % |
|                                                  |   |   |   |   |   |
| Combined ratio                                        | 97.8 |  | % |   | 93.1 |  | % |
| Combined ratio excluding catastrophes and development | 94.9 |  | % |   | 93.2 |  | % |

|         |                                                                                                                                                                                                                                                                                                                          |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | The combined ratio excluding catastrophes and development increased 1.7 points compared with the prior year quarter driven by a 1.0 point increase in the expense ratio driven by an unusually low acquisition ratio in the first quarter of 2018 and a 0.7 point increase in the underlying loss ratio. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | The combined ratio increased 4.7 points compared with the prior year quarter.  Net catastrophe losses were $58 million, or 3.4 points of the loss ratio in the quarter compared with $34 million, or 2.1 points of the loss ratio, for the prior year quarter.  Favorable net prior period development improved the loss ratio by 0.5 points in the quarter compared with a 2.2 point improvement in the prior year quarter. |

|         |                                                                                                                                                                                                                                |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Net written premiums were consistent with the prior year quarter with U.S. P&C segments net written premiums up 2% offset by the impact of the previously disclosed underwriting actions in the International segment. |

----

|                                                       |
|-------------------------------------------------------|
|                                                       |  |  |  |  |  |  |  |  |  |
|                                                  | Results for the Three Months Ended March 31 |
| ($ millions)                                          | 2019 |   | 2018 |
| Net written premiums                                  | $ | 698 |  |   |   | $ | 686 |  |   |
| NWP change (% year over year)                         | 2 |  | % |   |   |   |
| Core income                                           | $ | 169 |  |   |   | $ | 171 |  |   |
|                                                  |   |   |   |   |   |
| Loss ratio excluding catastrophes and development     | 60.5 |  | % |   | 60.3 |  | % |
| Effect of catastrophe impacts                         | 1.8 |  |   |   | 0.5 |  |   |
| Effect of development-related items                   | (3.0 | ) |   |   | (4.5 | ) |   |
| Loss ratio                                            | 59.3 |  | % |   | 56.3 |  | % |
|                                                  |   |   |   |   |   |
| Expense ratio                                         | 32.8 |  | % |   | 31.0 |  | % |
|                                                  |   |   |   |   |   |
| Combined ratio                                        | 92.3 |  | % |   | 87.5 |  | % |
| Combined ratio excluding catastrophes and development | 93.5 |  | % |   | 91.5 |  | % |

|         |                                                                                                                                                                                                                                                                                         |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | The combined ratio excluding catastrophes and development increased 2.0 points compared with the prior year quarter driven by a 1.8 point increase in the expense ratio driven by an unusually low acquisition ratio in the first quarter of 2018 and lower earned premium. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | The combined ratio increased 4.8 points compared with the prior year quarter.  Net catastrophe losses were $12 million, or 1.8 points of the loss ratio, compared with $3 million, or 0.5 points of the loss ratio, for the prior year quarter.  Favorable net prior period development improved the loss ratio by 3.0 points in the quarter compared with a 4.5 point improvement in the prior year quarter. |

|         |                                                                                                                                                                      |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Net written premiums for Specialty grew 2% compared with the prior year quarter driven by strong retention, higher new business and positive renewal premium change. |

----

|                                                       |
|-------------------------------------------------------|
|                                                       |  |  |  |  |  |  |  |  |  |
|                                                  | Results for the Three Months Ended March 31 |
| ($ millions)                                          | 2019 |   | 2018 |
| Net written premiums                                  | $ | 849 |  |   |   | $ | 832 |  |   |
| NWP change (% year over year)                         | 2 |  | % |   |   |   |
| Core income                                           | $ | 139 |  |   |   | $ | 133 |  |   |
|                                                  |   |   |   |   |   |
| Loss ratio excluding catastrophes and development     | 62.1 |  | % |   | 59.8 |  | % |
| Effect of catastrophe impacts                         | 5.2 |  |   |   | 3.9 |  |   |
| Effect of development-related items                   | (0.4 | ) |   |   | (0.7 | ) |   |
| Loss ratio                                            | 66.9 |  | % |   | 63.0 |  | % |
|                                                  |   |   |   |   |   |
| Expense ratio                                         | 33.8 |  | % |   | 33.5 |  | % |
|                                                  |   |   |   |   |   |
| Combined ratio                                        | 101.3 |  | % |   | 97.1 |  | % |
| Combined ratio excluding catastrophes and development | 96.5 |  | % |   | 93.9 |  | % |

|         |                                                                                                                                                                                                                                                                         |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | The combined ratio excluding catastrophes and development increased 2.6 points compared with the prior year quarter reflecting a re-evaluation of the underlying loss ratio in 2018 subsequent to the first quarter, as well as higher claim handling expenses. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | The combined ratio increased 4.2 points compared with the prior year quarter.  Net catastrophe losses were $40 million, or 5.2 points of the loss ratio compared with $29 million, or 3.9 points of the loss ratio, for the prior year quarter.  Favorable net prior period development improved the loss ratio by 0.4 points in the quarter compared with a 0.7 point improvement in the prior year quarter. |

|         |                                                                                                                                                                                     |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Net written premiums for Commercial grew 2% compared with the prior year quarter driven by positive renewal premium change partially offset by a higher level of ceded reinsurance. |

----

|                                                       |
|-------------------------------------------------------|
|                                                       |  |  |  |  |  |  |  |  |  |
|                                                  | Results for the Three Months Ended March 31 |
| ($ millions)                                          | 2019 |   | 2018 |
| Net written premiums                                  | $ | 259 |  |   |   | $ | 295 |  |   |
| NWP change (% year over year)                         | (12 | ) | % |   |   |   |
| Core income                                           | $ | 6 |  |   |   | $ | 23 |  |   |
|                                                  |   |   |   |   |   |
| Loss ratio excluding catastrophes and development     | 57.0 |  | % |   | 59.9 |  | % |
| Effect of catastrophe impacts                         | 2.3 |  |   |   | 0.7 |  |   |
| Effect of development-related items                   | 5.5 |  |   |   | (0.2 | ) |   |
| Loss ratio                                            | 64.8 |  | % |   | 60.4 |  | % |
|                                                  |   |   |   |   |   |
| Expense ratio                                         | 37.1 |  | % |   | 36.2 |  | % |
|                                                  |   |   |   |   |   |
| Combined ratio                                        | 101.9 |  | % |   | 96.6 |  | % |
| Combined ratio excluding catastrophes and development | 94.1 |  | % |   | 96.1 |  | % |

|         |                                                                                                                                                                                                                                                                                                            |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | The combined ratio excluding catastrophes and development improved 2.0 points compared with the prior year quarter driven by a 2.9 point improvement in the underlying loss ratio.  This was partially offset by a 0.9 point increase in the expense ratio driven by higher acquisition costs. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | The combined ratio increased 5.3 points compared with the prior year quarter.  Net catastrophe losses were $6 million, or 2.3 points of the loss ratio compared with $2 million, or 0.7 points for the prior year quarter.  Unfavorable net prior period development, resulting from fourth quarter 2018 catastrophe events, increased the loss ratio by 5.5 points in the quarter compared with a 0.2 point improvement in the prior year quarter. |

|         |                                                                                                                                                                                                                                                                     |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Excluding currency fluctuations, net written premiums for International decreased 8% driven by underwriting actions taken in the fourth quarter of 2018 to address profitability within our London-based operation and a higher level of ceded reinsurance. |

----

|                          |
|--------------------------|
|                          |  |  |  |  |  |  |  |  |  |
|                     | Results for the Three Months Ended March 31 |
| ($ millions)             | 2019 |   | 2018 |
| Net investment income    | $ | 204 |  |   |   | $ | 200 |  |   |
| Total operating revenues | 335 |  |   |   | 335 |  |   |
| Core income              | 10 |  |   |   | 14 |  |   |

|                       |
|-----------------------|
|                       |  |  |  |  |  |  |  |  |  |
|                  | Results for the Three Months Ended March 31 |
| ($ millions)          | 2019 |   | 2018 |
| Net investment income | $ | 7 |  |   |   | $ | 5 |  |   |
| Interest expense      | 34 |  |   |   | 34 |  |   |
| Core loss             | (6 | ) |   |   | (60 | ) |   |

|                                  |
|----------------------------------|
|                                  |  |  |  |  |  |  |  |  |  |
|                             | Results for the Three Months Ended March 31 |
|                             | 2019 |   |   | 2018 |   |
| Pretax net investment income     | $ | 571 |  |   |   | $ | 490 |  |   |
| Net investment income, after tax | 465 |  |   |   | 405 |  |   |

----

|         |                                                                                                                                                                                                                          |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Specialty provides management and professional liability and other coverages through property and casualty products and services using a network of brokers, independent agencies and managing general underwriters. |

|         |                                                                                                                                                                                                      |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Commercial works with a network of brokers and independent agents to market a broad range of property and casualty insurance products and services to small, middle-market and large businesses. |

|         |                                                                                                                                                                                                                            |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | International underwrites property and casualty coverages on a global basis through its U.K.-based insurance company, a branch operation in Canada as well as through its presence at Lloyd’s of London (Hardy). |

|         |                                                                                                                            |
|---------|----------------------------------------------------------------------------------------------------------------------------|
| • | Life & Group primarily includes the results of the individual and group long term care businesses that are in run-off. |

|         |                                                                                                                                                                                                                                             |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Corporate & Other primarily includes certain corporate expenses, including interest on corporate debt, and the results of certain property and casualty business in run-off, including CNA Re and asbestos and environmental pollution. |

|         |                                                                                                              |
|---------|--------------------------------------------------------------------------------------------------------------|
| • | Loss ratio is the percentage of net incurred claim and claim adjustment expenses to net earned premiums. |

|         |                                                                                             |
|---------|---------------------------------------------------------------------------------------------|
| • | Underlying loss ratio represents the loss ratio excluding catastrophes and development. |

|         |                                                                                                                                                                           |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Expense ratio is the percentage of insurance underwriting and acquisition expenses, including the amortization of deferred acquisition costs, to net earned premiums. |

|         |                                                                                              |
|---------|----------------------------------------------------------------------------------------------|
| • | Dividend ratio is the ratio of policyholders' dividends incurred to net earned premiums. |

|         |                                                                         |
|---------|-------------------------------------------------------------------------|
| • | Combined ratio is the sum of the loss, expense and dividend ratios. |

|         |                                                                                               |
|---------|-----------------------------------------------------------------------------------------------|
| • | Underlying combined ratio is the sum of the underlying loss, expense and dividend ratios. |

|         |                                                                                                                                            |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------|
| • | Renewal premium change represents the estimated change in average premium on policies that renew, including rate and exposure changes. |

|         |                                                                                                                                                                                                                         |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Rate represents the average change in price on policies that renew excluding exposure change.  For certain products within Small Business, where quantifiable, rate includes the influence of new business as well. |

|         |                                                                                                                                                    |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Retention represents the percentage of premium dollars renewed in comparison to the expiring premium dollars from policies available to renew. |

|         |                                                                                                                                        |
|---------|----------------------------------------------------------------------------------------------------------------------------------------|
| • | New business represents premiums from policies written with new customers and additional policies written with existing customers. |

----

|                            |
|----------------------------|
|                            |  |  |  |  |  |  |  |  |  |
|                       | Results for the Three Months Ended March 31 |   |
| ($ millions)               | 2019 |   |   | 2018 |   |
| Net income                 | $ | 342 |  |   |   | $ | 291 |  |   |
| Less: Net investment gains | 24 |  |   |   | 10 |  |   |
| Core income                | $ | 318 |  |   |   | $ | 281 |  |   |

|                               |
|-------------------------------|
|                               |  |  |  |  |  |  |  |  |  |
|                          | Results for the Three Months Ended March 31 |   |
|                          | 2019 |   |   | 2018 |   |
| Net income per diluted share  | $ | 1.25 |  |   |   | $ | 1.07 |  |   |
| Less: Net investment gains    | 0.08 |  |   |   | 0.04 |  |   |
| Core income per diluted share | $ | 1.17 |  |   |   | $ | 1.03 |  |   |

|                                     |
|-------------------------------------|
|                                     |  |  |  |  |  |  |  |  |  |
|                                | March 31, 2019 |   |   | December 31, 2018 |   |
| Book value per share                | $ | 42.19 |  |   |   | $ | 41.32 |  |   |
| Less: Per share impact of AOCI      | (1.19 | ) |   |   | (3.23 | ) |   |
| Book value per share excluding AOCI | $ | 43.38 |  |   |   | $ | 44.55 |  |   |

----

|                                                 |
|-------------------------------------------------|
|                                                 |  |  |  |  |  |  |  |  |  |
|                                            | Results for the Three Months Ended March 31 |   |
| ($ millions)                                    | 2019 |   |   | 2018 |   |
| Annualized net income                           | $ | 1,366 |  |   |   | $ | 1,166 |  |   |
| Average stockholders' equity including AOCI (a) | 11,336 |  |   |   | 11,835 |  |   |
| Return on equity                                | 12.1 |  | % |   | 9.8 |  | % |
|                                            |   |   |   |   |   |
| Annualized core income                          | $ | 1,271 |  |   |   | $ | 1,122 |  |   |
| Average stockholders' equity excluding AOCI (a) | 11,937 |  |   |   | 12,018 |  |   |
| Core return on equity                           | 10.7 |  | % |   | 9.3 |  | % |

|     |                                                                                                                        |
|-----|------------------------------------------------------------------------------------------------------------------------|
| (a) | Average stockholders' equity is calculated using a simple average of the beginning and ending balances for the period. |