|        |
|--------|
|        |  |  |  |  |
|   |   |   |   |   |

|        |
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|        |  |  |  |  |
|   |   |   |   |   |

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|                                                                        |
|------------------------------------------------------------------------|
|                                                                        |  |
|                                                                   | Page |
| Consolidated Results                                                   |   |
| Statements of Operations                                               | 1 |
| Components of Income (Loss), Per Share Data and Return on Equity       | 2 |
| Selected Balance Sheet Data and Statement of Cash Flows Data           | 3 |
| Results of Operations                                                  |   |
| Property & Casualty                                                | 4 |
| Specialty                                                              | 5 |
| Commercial                                                             | 6 |
| International                                                          | 7 |
| Life & Group                                                       | 8 |
| Corporate & Other                                                  | 9 |
| Investment Information                                                 |   |
| Investment Summary - Consolidated                                      | 10 |
| Investment Summary - Property & Casualty and Corporate & Other | 11 |
| Investment Summary - Life & Group                                  | 12 |
| Investments - Fixed Maturity Securities by Credit Rating               | 13 |
| Components of Net Investment Income                               | 14 |
| Other                                                                  |   |
| Claim & Claim Adjustment Expense Reserve Rollforward               | 15 |
| Life & Group Policyholder Reserves                                 | 16 |
| Definitions and Presentation                                           | 17 |

----

|                                               |
|-----------------------------------------------|
|                                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Periods ended December 31                     | Three Months |   |   | Twelve Months |   |
| (In millions)                                 | 2019 |   | 2018 |   | Change |   |   | 2019 |   | 2018 |   | Change |   |
| Revenues:                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net earned premiums                           | $ | 1,911 |  |   | $ | 1,859 |  |   | 3 |  | % |   | $ | 7,428 |  |   | $ | 7,312 |  |   | 2 |  | % |
| Net investment income                         | 545 |  |   | 334 |  |   | 63 |  |   |   | 2,118 |  |   | 1,817 |  |   | 17 |  |   |
| Net investment gains (losses):                |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Other-than-temporary impairment (OTTI) losses | (10 | ) |   | (12 | ) |   |  |  |   |   | (44 | ) |   | (21 | ) |   |  |   |
| Other net investment gains (losses)           | 19 |  |   | (65 | ) |   |  |  |   |   | 73 |  |   | (31 | ) |   |  |  |   |
| Net investment gains (losses)                 | 9 |  |  | (77 | ) |   |  |  |   |   | 29 |  |   | (52 | ) |   |  |  |   |
| Non-insurance warranty revenue                | 303 |  |   | 263 |  |   |   |   |   | 1,161 |  |   | 1,007 |  |   |   |   |
| Other revenues                                | 9 |  |   | 24 |  |   |  |  |   |   | 31 |  |   | 50 |  |   |  |   |
| Total revenues                                | 2,777 |  |   | 2,403 |  |   | 16 |  |   |   | 10,767 |  |   | 10,134 |  |   | 6 |  |   |
| Claims, Benefits and Expenses:                |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Insurance claims and policyholders' benefits  | 1,483 |  |   | 1,594 |  |   |  |   |   | 5,806 |  |   | 5,572 |  |   |  |  |   |
| Amortization of deferred acquisition costs    | 358 |  |   | 343 |  |   |  |   |   | 1,383 |  |   | 1,335 |  |   |  |  |   |
| Non-insurance warranty expense                | 281 |  |   | 247 |  |   |   |   |   | 1,082 |  |   | 923 |  |   |   |   |
| Other operating expenses                      | 289 |  |   | 299 |  |   |  |   |   | 1,142 |  |   | 1,202 |  |   |  |  |   |
| Interest                                      | 31 |  |   | 34 |  |   |  |   |   | 131 |  |   | 138 |  |   |  |  |   |
| Total claims, benefits and expenses           | 2,442 |  |   | 2,517 |  |   | 3 |  |   |   | 9,544 |  |   | 9,170 |  |   | (4 | ) |   |
| Income (loss) before income tax               | 335 |  |   | (114 | ) |   |  |  |   |   | 1,223 |  |   | 964 |  |   |  |  |   |
| Income tax (expense) benefit                  | (62 | ) |   | 30 |  |   |  |  |   |   | (223 | ) |   | (151 | ) |   |  |  |   |
| Net income (loss)                             | $ | 273 |  |   | $ | (84 | ) |   | N/M |  | % |   | $ | 1,000 |  |   | $ | 813 |  |   | 23 |  | % |

----

|                                                                        |
|------------------------------------------------------------------------|
|                                                                        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Periods ended December 31                                              | Three Months |   |   | Twelve Months |   |
| (In millions, except per share data)                                   | 2019 |   | 2018 |   |   | 2019 |   | 2018 |   |
| Components of Income (Loss)                                            |   |   |   |   |   |   |   |   |   |
| Core income (loss)                                                     | $ | 265 |  |   | $ | (23 | ) |   |   | $ | 979 |  |   | $ | 845 |  |   |
| Net investment gains (losses)                                          | 8 |  |   | (61 | ) |   |   | 21 |  |   | (38 | ) |   |
| Net deferred tax asset remeasurement                                   | — |  |   | — |  |   |   | — |  |   | 6 |  |   |
| Net income (loss)                                                      | $ | 273 |  |   | $ | (84 | ) |   |   | $ | 1,000 |  |   | $ | 813 |  |   |
|                                                                   |   |   |   |   |   |   |   |   |   |
| Diluted Earnings (Loss) Per Common Share                               |   |   |   |   |   |   |   |   |   |
| Core income (loss)                                                     | $ | 0.97 |  |   | $ | (0.08 | ) |   |   | $ | 3.59 |  |   | $ | 3.10 |  |   |
| Net investment gains (losses)                                          | 0.03 |  |   | (0.23 | ) |   |   | 0.08 |  |   | (0.14 | ) |   |
| Net deferred tax asset remeasurement                                   | — |  |   | — |  |   |   | — |  |   | 0.02 |  |   |
| Diluted earnings (loss) per share                                      | $ | 1.00 |  |   | $ | (0.31 | ) |  |   | $ | 3.67 |  |  | $ | 2.98 |  |   |
|                                                                   |   |   |   |   |   |   |   |   |   |
| Weighted Average Outstanding Common Stock and Common Stock Equivalents |   |   |   |   |   |   |   |   |   |
| Basic                                                                  | 271.5 |  |   | 271.6 |  |   |   | 271.6 |  |   | 271.5 |  |   |
| Diluted                                                                | 272.6 |  |   | 272.6 |  |   |   | 272.5 |  |   | 272.5 |  |   |
|                                                                   |   |   |   |   |   |   |   |   |   |
| Return on Equity                                                       |   |   |   |   |   |   |   |   |   |
| Net income (loss) (1)                                                  | 9.0 |  | % | (3.0 | ) | % |   | 8.5 |  | % | 6.9 |  | % |
| Core income (loss) (2)                                                 | 8.8 |  |   | (0.7 | ) |   |   | 8.1 |  |   | 7.0 |  |   |

----

|                                                                             |
|-----------------------------------------------------------------------------|
|                                                                             |  |  |  |  |  |  |  |
| (In millions, except per share data)                                        | December 31, 2019 |   | December 31, 2018 |
| Total investments                                                           | $ | 47,744 |  |   | $ | 44,486 |  |
| Reinsurance receivables, net of allowance for uncollectible receivables     | 4,179 |  |   | 4,426 |  |
| Total assets                                                                | 60,612 |  |   | 57,152 |  |
| Insurance reserves                                                          | 38,614 |  |   | 36,764 |  |
| Debt                                                                        | 2,679 |  |   | 2,680 |  |
| Total liabilities                                                           | 48,397 |  |   | 45,935 |  |
| Accumulated other comprehensive income (loss) (1)                           | 51 |  |   | (878 | ) |
| Total stockholders' equity                                                  | 12,215 |  |   | 11,217 |  |
|                                                                        |   |   |   |
| Book value per common share                                                 | $ | 45.00 |  |   | $ | 41.32 |  |
| Book value per common share excluding AOCI                                  | $ | 44.81 |  |   | $ | 44.55 |  |
|                                                                        |   |   |   |
| Outstanding shares of common stock (in millions of shares)                  | 271.4 |  |   | 271.5 |  |
|                                                                        |   |   |   |
| Statutory capital and surplus - Combined Continental Casualty Companies (2) | $ | 10,787 |  |   | $ | 10,411 |  |

|                                                                                 |
|---------------------------------------------------------------------------------|
|                                                                                 |  |  |  |  |  |  |  |
| Three months ended December 31                                                  | 2019 |   | 2018 |
| Net cash flows provided (used) by operating activities                          | $ | 160 |  |   | $ | 359 |  |
| Net cash flows provided (used) by investing activities                          | (165 | ) |   | (257 | ) |
| Net cash flows provided (used) by financing activities                          | (101 | ) |   | (96 | ) |
| Net cash flows provided (used) by operating, investing and financing activities | $ | (106 | ) |   | $ | 6 |  |

|                                                                                 |
|---------------------------------------------------------------------------------|
|                                                                                 |  |  |  |  |  |  |  |
| Twelve months ended December 31                                                 | 2019 |   | 2018 |
| Net cash flows provided (used) by operating activities                          | $ | 1,140 |  |   | $ | 1,227 |  |
| Net cash flows provided (used) by investing activities                          | (225 | ) |   | (177 | ) |
| Net cash flows provided (used) by financing activities                          | (988 | ) |   | (1,085 | ) |
| Net cash flows provided (used) by operating, investing and financing activities | $ | (73 | ) |   | $ | (35 | ) |

----

|                                                                 |
|-----------------------------------------------------------------|
|                                                                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Periods ended December 31                                       | Three Months |   |   | Twelve Months |   |
| (In millions)                                                   | 2019 |   | 2018 |   | Change |   |   | 2019 |   | 2018 |   | Change |   |
| Gross written premiums                                          | $ | 2,851 |  |   | $ | 2,735 |  |   | 4 |  | % |   | $ | 11,704 |  |   | $ | 11,404 |  |   | 3 |  | % |
| Gross written premiums ex. 3rd party captives                   | 1,892 |  |   | 1,755 |  |   | 8 |  |   |   | 7,735 |  |   | 7,252 |  |   | 7 |  |   |
| Net written premiums                                            | 1,746 |  |   | 1,659 |  |   | 5 |  |   |   | 7,134 |  |   | 6,822 |  |   | 5 |  |   |
|                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net earned premiums                                             | 1,780 |  |   | 1,727 |  |   | 3 |  |   |   | 6,909 |  |   | 6,783 |  |   | 2 |  |   |
| Net investment income                                           | 336 |  |   | 127 |  |   |  |  |   |   | 1,273 |  |   | 996 |  |   |  |  |   |
| Non-insurance warranty revenue                                  | 303 |  |   | 263 |  |   |   |   |   | 1,161 |  |   | 1,007 |  |   |   |   |
| Other revenues                                                  | 9 |  |   | 6 |  |   |  |  |   |   | 30 |  |   | 31 |  |   |  |  |   |
| Total operating revenues                                        | 2,428 |  |   | 2,123 |  |   | 14 |  |   |   | 9,373 |  |   | 8,817 |  |   | 6 |  |   |
| Insurance claims and policyholders' benefits                    | 1,102 |  |   | 1,247 |  |   |  |   |   | 4,372 |  |   | 4,303 |  |   |  |  |   |
| Amortization of deferred acquisition costs                      | 358 |  |   | 343 |  |   |  |  |   |   | 1,383 |  |   | 1,335 |  |   |  |  |   |
| Non-insurance warranty expense                                  | 281 |  |   | 247 |  |   |   |   |   | 1,082 |  |   | 923 |  |   |   |   |
| Other insurance related expenses                                | 244 |  |   | 229 |  |   |  |  |   |   | 927 |  |   | 919 |  |   |  |  |   |
| Other expenses                                                  | 10 |  |   | 32 |  |   |  |  |   |   | 88 |  |   | 103 |  |   |  |  |   |
| Total claims, benefits and expenses                             | 1,995 |  |   | 2,098 |  |   | 5 |  |   |   | 7,852 |  |   | 7,583 |  |   | (4 | ) |   |
| Core income (loss) before income tax                            | 433 |  |   | 25 |  |   |  |  |   |   | 1,521 |  |   | 1,234 |  |   |  |  |   |
| Income tax (expense) benefit on core income (loss)              | (96 | ) |   | (9 | ) |   |  |  |   |   | (331 | ) |   | (267 | ) |   |  |  |   |
| Core income (loss)                                              | $ | 337 |  |   | $ | 16 |  |   | N/M |  | % |   | $ | 1,190 |  |   | $ | 967 |  |   | 23 |  | % |
|                                                            |   |   |   |   |  |  |   |   |   |   |   |   |  |  |   |
| Other Performance Metrics                                       |   |   |   |   |  |  |   |   |   |   |   |   |  |  |   |
| Underwriting gain (loss)                                        | $ | 76 |  |   | $ | (92 | ) |   | N/M |  | % |   | $ | 227 |  |   | $ | 226 |  |   | — |  | % |
|                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Loss & LAE ratio                                            | 61.6 |  | % | 71.8 |  | % | 10.2 |  | pts |   | 62.9 |  | % | 63.1 |  | % | 0.2 |  | pts |
| Expense ratio                                                   | 33.7 |  |   | 33.2 |  |   | (0.5 | ) |   |   | 33.5 |  |   | 33.2 |  |   | (0.3 | ) |   |
| Dividend ratio                                                  | 0.3 |  |   | 0.4 |  |   | 0.1 |  |   |   | 0.3 |  |   | 0.4 |  |   | 0.1 |  |   |
| Combined ratio                                                  | 95.6 |  | % | 105.4 |  | % | 9.8 |  | pts |   | 96.7 |  | % | 96.7 |  | % | — |  | pts |
| Combined ratio excluding catastrophes and development           | 94.9 |  | % | 98.0 |  | % | 3.1 |  | pts |   | 94.8 |  | % | 95.4 |  | % | 0.6 |  | pts |
|                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net accident year catastrophe losses incurred                   | $ | 51 |  |   | $ | 146 |  |   |  |   |   | $ | 179 |  |   | $ | 252 |  |   |  |   |
| Effect on loss & LAE ratio                                  | 2.9 |  | % | 8.6 |  | % | 5.7 |  | pts |   | 2.6 |  | % | 3.7 |  | % | 1.1 |  | pts |
|                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net prior year development and other: (favorable) / unfavorable | $ | (37 | ) |   | $ | (21 | ) |   |  |  |   |   | $ | (44 | ) |   | $ | (163 | ) |   |  |  |   |
| Effect on loss & LAE ratio                                  | (2.2 | ) | % | (1.2 | ) | % | 1.0 |  | pts |   | (0.7 | ) | % | (2.4 | ) | % | (1.7 | ) | pts |
|                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Rate                                                            | 7 |  | % | 3 |  | % | 4 |  | pts |   | 5 |  | % | 2 |  | % | 3 |  | pts |
| Renewal premium change                                          | 8 |  | % | 4 |  | % | 4 |  | pts |   | 6 |  | % | 5 |  | % | 1 |  | pts |
| Retention                                                       | 83 |  | % | 82 |  | % | 1 |  | pts |   | 84 |  | % | 84 |  | % | — |  | pts |
| New business                                                    | $ | 320 |  |   | $ | 252 |  |   | 27 |  | % |   | $ | 1,323 |  |   | $ | 1,226 |  |   | 8 |  | % |

----

|                                                                 |
|-----------------------------------------------------------------|
|                                                                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Periods ended December 31                                       | Three Months |   |   | Twelve Months |   |
| (In millions)                                                   | 2019 |   | 2018 |   | Change |   |   | 2019 |   | 2018 |   | Change |   |
| Gross written premiums                                          | $ | 1,709 |  |   | $ | 1,682 |  |   | 2 |  | % |   | $ | 6,900 |  |   | $ | 6,904 |  |   | — |  | % |
| Gross written premiums ex. 3rd party captives                   | 752 |  |   | 705 |  |   | 7 |  |   |   | 3,015 |  |   | 2,834 |  |   | 6 |  |   |
| Net written premiums                                            | 705 |  |   | 682 |  |   | 3 |  |   |   | 2,848 |  |   | 2,744 |  |   | 4 |  |   |
|                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net earned premiums                                             | 712 |  |   | 693 |  |   | 3 |  |   |   | 2,773 |  |   | 2,732 |  |   | 2 |  |   |
| Net investment income                                           | 146 |  |   | 63 |  |   |  |  |   |   | 556 |  |   | 439 |  |   |  |  |   |
| Non-insurance warranty revenue                                  | 303 |  |   | 263 |  |   |   |   |   | 1,161 |  |   | 1,007 |  |   |   |   |
| Other revenues                                                  | — |  |   | 1 |  |   |  |  |   |   | 1 |  |   | 2 |  |   |  |  |   |
| Total operating revenues                                        | 1,161 |  |   | 1,020 |  |   | 14 |  |   |   | 4,491 |  |   | 4,180 |  |   | 7 |  |   |
| Insurance claims and policyholders' benefits                    | 398 |  |   | 404 |  |   |  |   |   | 1,600 |  |   | 1,531 |  |   |  |  |   |
| Amortization of deferred acquisition costs                      | 156 |  |   | 152 |  |   |  |  |   |   | 610 |  |   | 599 |  |   |  |  |   |
| Non-insurance warranty expense                                  | 281 |  |   | 247 |  |   |   |   |   | 1,082 |  |   | 923 |  |   |   |   |
| Other insurance related expenses                                | 75 |  |   | 77 |  |   |  |  |   |   | 292 |  |   | 279 |  |   |  |  |   |
| Other expenses                                                  | 11 |  |   | 12 |  |   |  |  |   |   | 48 |  |   | 46 |  |   |  |  |   |
| Total claims, benefits and expenses                             | 921 |  |   | 892 |  |   | (3 | ) |   |   | 3,632 |  |   | 3,378 |  |   | (8 | ) |   |
| Core income (loss) before income tax                            | 240 |  |   | 128 |  |   |  |  |   |   | 859 |  |   | 802 |  |   |  |  |   |
| Income tax (expense) benefit on core income (loss)              | (52 | ) |   | (30 | ) |   |  |  |   |   | (188 | ) |   | (173 | ) |   |  |  |   |
| Core income (loss)                                              | $ | 188 |  |   | $ | 98 |  |   | 92 |  | % |   | $ | 671 |  |   | $ | 629 |  |   | 7 |  | % |
|                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Other Performance Metrics                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Underwriting gain (loss)                                        | $ | 83 |  |   | $ | 60 |  |   | 38 |  | % |   | $ | 271 |  |   | $ | 323 |  |   | (16 | ) | % |
|                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Loss & LAE ratio                                            | 55.6 |  | % | 58.0 |  | % | 2.4 |  | pts |   | 57.5 |  | % | 55.9 |  | % | (1.6 | ) | pts |
| Expense ratio                                                   | 32.4 |  |   | 33.0 |  |   | 0.6 |  |   |   | 32.5 |  |   | 32.1 |  |   | (0.4 | ) |   |
| Dividend ratio                                                  | 0.2 |  |   | 0.2 |  |   | — |  |   |   | 0.2 |  |   | 0.2 |  |   | — |  |   |
| Combined ratio                                                  | 88.2 |  | % | 91.2 |  | % | 3.0 |  | pts |   | 90.2 |  | % | 88.2 |  | % | (2.0 | ) | pts |
| Combined ratio excluding catastrophes and development           | 93.3 |  | % | 94.3 |  | % | 1.0 |  | pts |   | 93.0 |  | % | 92.7 |  | % | (0.3 | ) | pts |
|                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net accident year catastrophe losses incurred                   | $ | (1 | ) |   | $ | 4 |  |   |  |  |   |   | $ | 15 |  |   | $ | 26 |  |   |  |  |   |
| Effect on loss & LAE ratio                                  | (0.2 | ) | % | 0.6 |  | % | 0.8 |  | pts |   | 0.5 |  | % | 1.0 |  | % | 0.5 |  | pts |
|                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net prior year development and other: (favorable) / unfavorable | $ | (34 | ) |   | $ | (26 | ) |   |  |  |   |   | $ | (92 | ) |   | $ | (152 | ) |   |  |  |   |
| Effect on loss & LAE ratio                                  | (4.9 | ) | % | (3.7 | ) | % | 1.2 |  | pts |   | (3.3 | ) | % | (5.5 | ) | % | (2.2 | ) | pts |
|                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Rate                                                            | 8 |  | % | 3 |  | % | 5 |  | pts |   | 5 |  | % | 2 |  | % | 3 |  | pts |
| Renewal premium change                                          | 8 |  | % | 5 |  | % | 3 |  | pts |   | 6 |  | % | 5 |  | % | 1 |  | pts |
| Retention                                                       | 84 |  | % | 85 |  | % | (1 | ) | pts |   | 87 |  | % | 85 |  | % | 2 |  | pts |
| New business                                                    | $ | 93 |  |   | $ | 87 |  |   | 7 |  | % |   | $ | 367 |  |   | $ | 353 |  |   | 4 |  | % |

----

|                                                                 |
|-----------------------------------------------------------------|
|                                                                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Periods ended December 31                                       | Three Months |   |   | Twelve Months |   |
| (In millions)                                                   | 2019 |   | 2018 |   | Change |   |   | 2019 |   | 2018 |   | Change |   |
| Gross written premiums                                          | $ | 868 |  |   | $ | 787 |  |   | 10 |  | % |   | $ | 3,693 |  |   | $ | 3,350 |  |   | 10 |  | % |
| Gross written premiums ex. 3rd party captives                   | 867 |  |   | 784 |  |   | 11 |  |   |   | 3,609 |  |   | 3,267 |  |   | 10 |  |   |
| Net written premiums                                            | 779 |  |   | 721 |  |   | 8 |  |   |   | 3,315 |  |   | 3,060 |  |   | 8 |  |   |
|                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net earned premiums                                             | 823 |  |   | 772 |  |   | 7 |  |   |   | 3,162 |  |   | 3,050 |  |   | 4 |  |   |
| Net investment income                                           | 174 |  |   | 50 |  |   |  |  |   |   | 654 |  |   | 500 |  |   |  |  |   |
| Other revenues                                                  | 9 |  |   | 4 |  |   |  |  |   |   | 29 |  |   | 28 |  |   |  |  |   |
| Total operating revenues                                        | 1,006 |  |   | 826 |  |   | 22 |  |   |   | 3,845 |  |   | 3,578 |  |   | 7 |  |   |
| Insurance claims and policyholders' benefits                    | 552 |  |   | 624 |  |   |  |  |   |   | 2,148 |  |   | 2,073 |  |   |  |  |   |
| Amortization of deferred acquisition costs                      | 146 |  |   | 130 |  |   |  |  |   |   | 537 |  |   | 505 |  |   |  |  |   |
| Other insurance related expenses                                | 133 |  |   | 119 |  |   |  |  |   |   | 505 |  |   | 505 |  |   |  |  |   |
| Other expenses                                                  | 5 |  |   | 12 |  |   |  |  |   |   | 32 |  |   | 43 |  |   |  |  |   |
| Total claims, benefits and expenses                             | 836 |  |   | 885 |  |   | 6 |  |   |   | 3,222 |  |   | 3,126 |  |   | (3 | ) |   |
| Core income (loss) before income tax                            | 170 |  |   | (59 | ) |   |  |  |   |   | 623 |  |   | 452 |  |   |  |  |   |
| Income tax (expense) benefit on core income (loss)              | (37 | ) |   | 13 |  |   |  |  |   |   | (134 | ) |   | (95 | ) |   |  |  |   |
| Core income (loss)                                              | $ | 133 |  |   | $ | (46 | ) |   | N/M |  | % |   | $ | 489 |  |   | $ | 357 |  |   | 37 |  | % |
|                                                            |   |   |   |   |  |  |   |   |   |   |   |   |  |  |   |
| Other Performance Metrics                                       |   |   |   |   |  |  |   |   |   |   |   |   |  |  |   |
| Underwriting gain (loss)                                        | $ | (8 | ) |   | $ | (101 | ) |   | 92 |  | % |   | $ | (28 | ) |   | $ | (33 | ) |   | 15 |  | % |
|                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Loss & LAE ratio                                            | 66.6 |  | % | 80.3 |  | % | 13.7 |  | pts |   | 67.3 |  | % | 67.3 |  | % | — |  | pts |
| Expense ratio                                                   | 33.6 |  |   | 32.3 |  |   | (1.3 | ) |   |   | 32.9 |  |   | 33.1 |  |   | 0.2 |  |   |
| Dividend ratio                                                  | 0.4 |  |   | 0.7 |  |   | 0.3 |  |   |   | 0.6 |  |   | 0.7 |  |   | 0.1 |  |   |
| Combined ratio                                                  | 100.6 |  | % | 113.3 |  | % | 12.7 |  | pts |   | 100.8 |  | % | 101.1 |  | % | 0.3 |  | pts |
| Combined ratio excluding catastrophes and development           | 95.4 |  | % | 96.9 |  | % | 1.5 |  | pts |   | 95.2 |  | % | 95.0 |  | % | (0.2 | ) | pts |
|                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net accident year catastrophe losses incurred                   | $ | 52 |  |   | $ | 120 |  |   |  |  |   |   | $ | 154 |  |   | $ | 193 |  |   |  |  |   |
| Effect on loss & LAE ratio                                  | 6.5 |  | % | 15.7 |  | % | 9.2 |  | pts |   | 4.9 |  | % | 6.4 |  | % | 1.5 |  | pts |
|                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net prior year development and other: (favorable) / unfavorable | $ | (9 | ) |   | $ | 5 |  |   |  |  |   |   | $ | 28 |  |   | $ | (7 | ) |   |  |  |   |
| Effect on loss & LAE ratio                                  | (1.3 | ) | % | 0.7 |  | % | 2.0 |  | pts |   | 0.7 |  | % | (0.3 | ) | % | (1.0 | ) | pts |
|                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Rate                                                            | 5 |  | % | 2 |  | % | 3 |  | pts |   | 3 |  | % | 1 |  | % | 2 |  | pts |
| Renewal premium change                                          | 6 |  | % | 3 |  | % | 3 |  | pts |   | 5 |  | % | 5 |  | % | — |  | pts |
| Retention                                                       | 85 |  | % | 84 |  | % | 1 |  | pts |   | 86 |  | % | 85 |  | % | 1 |  | pts |
| New business                                                    | $ | 161 |  |   | $ | 105 |  |   | 53 |  | % |   | $ | 683 |  |   | $ | 566 |  |   | 21 |  | % |

----

|                                                                 |
|-----------------------------------------------------------------|
|                                                                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Periods ended December 31                                       | Three Months |   |   | Twelve Months |   |
| (In millions)                                                   | 2019 |   | 2018 |   | Change |   |   | 2019 |   | 2018 |   | Change |   |
| Gross written premiums                                          | $ | 274 |  |   | $ | 266 |  |   | 3 |  | % |   | $ | 1,111 |  |   | $ | 1,150 |  |   | (3 | ) | % |
| Net written premiums                                            | 262 |  |   | 256 |  |   | 2 |  |   |   | 971 |  |   | 1,018 |  |   | (5 | ) |   |
|                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net earned premiums                                             | 245 |  |   | 262 |  |   | (6 | ) |   |   | 974 |  |   | 1,001 |  |   | (3 | ) |   |
| Net investment income                                           | 16 |  |   | 14 |  |   |  |  |   |   | 63 |  |   | 57 |  |   |  |  |   |
| Other revenues                                                  | — |  |   | 1 |  |   |  |  |   |   | — |  |   | 1 |  |   |  |  |   |
| Total operating revenues                                        | 261 |  |   | 277 |  |   | (6 | ) |   |   | 1,037 |  |   | 1,059 |  |   | (2 | ) |   |
| Insurance claims and policyholders' benefits                    | 152 |  |   | 219 |  |   |  |  |   |   | 624 |  |   | 699 |  |   |  |  |   |
| Amortization of deferred acquisition costs                      | 56 |  |   | 61 |  |   |  |  |   |   | 236 |  |   | 231 |  |   |  |  |   |
| Other insurance related expenses                                | 36 |  |   | 33 |  |   |  |  |   |   | 130 |  |   | 135 |  |   |  |  |   |
| Other expenses                                                  | (6 | ) |   | 8 |  |   |  |  |   |   | 8 |  |   | 14 |  |   |  |  |   |
| Total claims, benefits and expenses                             | 238 |  |   | 321 |  |   | 26 |  |   |   | 998 |  |   | 1,079 |  |   | 8 |  |   |
| Core income (loss) before income tax                            | 23 |  |   | (44 | ) |   |  |  |   |   | 39 |  |   | (20 | ) |   |  |  |   |
| Income tax (expense) benefit on core income (loss)              | (7 | ) |   | 8 |  |   |  |  |   |   | (9 | ) |   | 1 |  |   |  |  |   |
| Core income (loss)                                              | $ | 16 |  |   | $ | (36 | ) |   | N/M |  | % |   | $ | 30 |  |   | $ | (19 | ) |   | N/M |  | % |
|                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Other Performance Metrics                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Underwriting gain (loss)                                        | $ | 1 |  |   | $ | (51 | ) |   | 102 |  | % |   | $ | (16 | ) |   | $ | (64 | ) |   | 75 |  | % |
|                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Loss & LAE ratio                                            | 62.3 |  | % | 83.3 |  | % | 21.0 |  | pts |   | 64.1 |  | % | 69.8 |  | % | 5.7 |  | pts |
| Expense ratio                                                   | 38.0 |  |   | 36.2 |  |   | (1.8 | ) |   |   | 37.7 |  |   | 36.7 |  |   | (1.0 | ) |   |
| Dividend ratio                                                  | — |  |   | — |  |   | — |  |   |   | — |  |   | — |  |   | — |  |   |
| Combined ratio                                                  | 100.3 |  | % | 119.5 |  | % | 19.2 |  | pts |   | 101.8 |  | % | 106.5 |  | % | 4.7 |  | pts |
| Combined ratio excluding catastrophes and development           | 97.7 |  | % | 111.1 |  | % | 13.4 |  | pts |   | 98.6 |  | % | 103.6 |  | % | 5.0 |  | pts |
|                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net accident year catastrophe losses incurred                   | $ | — |  |   | $ | 22 |  |   |  |  |   |   | $ | 10 |  |   | $ | 33 |  |   |  |  |   |
| Effect on loss & LAE ratio                                  | — |  | % | 8.2 |  | % | 8.2 |  | pts |   | 1.1 |  | % | 3.3 |  | % | 2.2 |  | pts |
|                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net prior year development and other: (favorable) / unfavorable | $ | 6 |  |   | $ | — |  |   |  |  |   |   | $ | 20 |  |   | $ | (4 | ) |   |  |  |   |
| Effect on loss & LAE ratio                                  | 2.6 |  | % | 0.2 |  | % | (2.4 | ) | pts |   | 2.1 |  | % | (0.4 | ) | % | (2.5 | ) | pts |
|                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Rate                                                            | 13 |  | % | 5 |  | % | 8 |  | pts |   | 8 |  | % | 4 |  | % | 4 |  | pts |
| Renewal premium change                                          | 14 |  | % | 6 |  | % | 8 |  | pts |   | 7 |  | % | 6 |  | % | 1 |  | pts |
| Retention                                                       | 72 |  | % | 70 |  | % | 2 |  | pts |   | 71 |  | % | 77 |  | % | (6 | ) | pts |
| New business                                                    | $ | 66 |  |   | $ | 60 |  |   | 10 |  | % |   | $ | 273 |  |   | $ | 307 |  |   | (11 | ) | % |

----

|                                                    |
|----------------------------------------------------|
|                                                    |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Periods ended December 31                          | Three Months |   | Twelve Months |
| (In millions)                                      | 2019 |   | 2018 |   | 2019 |   | 2018 |
| Net earned premiums                                | $ | 130 |  |   | $ | 132 |  |   | $ | 520 |  |   | $ | 530 |  |
| Net investment income                              | 204 |  |   | 203 |  |   | 820 |  |   | 801 |  |
| Other revenues                                     | — |  |   | 2 |  |   | — |  |   | 2 |  |
| Total operating revenues                           | 334 |  |   | 337 |  |   | 1,340 |  |   | 1,333 |  |
| Insurance claims and policyholders' benefits       | 323 |  |   | 311 |  |   | 1,416 |  |   | 1,218 |  |
| Other insurance related expenses                   | 28 |  |   | 31 |  |   | 115 |  |   | 122 |  |
| Other expenses                                     | 3 |  |   | 2 |  |   | 8 |  |   | 7 |  |
| Total claims, benefits and expenses                | 354 |  |   | 344 |  |   | 1,539 |  |   | 1,347 |  |
| Core income (loss) before income tax               | (20 | ) |   | (7 | ) |   | (199 | ) |   | (14 | ) |
| Income tax (expense) benefit on core income (loss) | 16 |  |   | 14 |  |   | 90 |  |   | 57 |  |
| Core income (loss)                                 | $ | (4 | ) |   | $ | 7 |  |   | $ | (109 | ) |   | $ | 43 |  |

----

|                                                    |
|----------------------------------------------------|
|                                                    |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Periods ended December 31                          | Three Months |   | Twelve Months |
| (In millions)                                      | 2019 |   | 2018 |   | 2019 |   | 2018 |
| Net earned premiums                                | $ | 1 |  |   | — |  |   | $ | (1 | ) |   | $ | (1 | ) |
| Net investment income                              | 5 |  |   | 4 |  |   | 25 |  |   | 20 |  |
| Other revenues                                     | — |  |   | 16 |  |   | 1 |  |   | 17 |  |
| Total operating revenues                           | 6 |  |   | 20 |  |   | 25 |  |   | 36 |  |
| Insurance claims and policyholders' benefits       | 58 |  |   | 36 |  |   | 18 |  |   | 51 |  |
| Other insurance related expenses                   | — |  |   | — |  |   | (4 | ) |   | (2 | ) |
| Other expenses                                     | 35 |  |   | 39 |  |   | 139 |  |   | 191 |  |
| Total claims, benefits and expenses                | 93 |  |   | 75 |  |   | 153 |  |   | 240 |  |
| Core income (loss) before income tax               | (87 | ) |   | (55 | ) |   | (128 | ) |   | (204 | ) |
| Income tax (expense) benefit on core income (loss) | 19 |  |   | 9 |  |   | 26 |  |   | 39 |  |
| Core income (loss)                                 | $ | (68 | ) |   | $ | (46 | ) |   | $ | (102 | ) |   | $ | (165 | ) |

----

|                                                                   |
|-------------------------------------------------------------------|
|                                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                              | December 31, 2019 |  | September 30, 2019 |  | December 31, 2018 |
| (In millions)                                                     | Carrying Value |   | Net Unrealized Gains (Losses) |   | Carrying Value |   | Net Unrealized Gains (Losses) |   | Carrying Value |   | Net Unrealized Gains (Losses) |
| Fixed maturity securities:                                        |   |   |   |   |   |   |   |   |   |   |   |
| Corporate and other bonds                                         | $ | 22,069 |  |   | $ | 2,260 |  |   | $ | 22,032 |  |   | $ | 2,221 |  |   | $ | 19,164 |  |   | $ | 396 |  |
| States, municipalities and political subdivisions:                |   |   |   |   |   |   |   |   |   |   |   |
| Tax-exempt                                                        | 7,804 |  |   | 1,155 |  |   | 7,870 |  |   | 1,181 |  |   | 7,874 |  |   | 733 |  |
| Taxable                                                           | 2,848 |  |   | 404 |  |   | 2,925 |  |   | 460 |  |   | 2,874 |  |   | 334 |  |
| Total states, municipalities and political subdivisions           | 10,652 |  |   | 1,559 |  |   | 10,795 |  |   | 1,641 |  |   | 10,748 |  |   | 1,067 |  |
| Asset-backed:                                                     |   |   |   |   |   |   |   |   |   |   |   |
| RMBS                                                              | 4,519 |  |   | 132 |  |   | 4,874 |  |   | 156 |  |   | 4,826 |  |   | 11 |  |
| CMBS                                                              | 2,346 |  |   | 81 |  |   | 2,180 |  |   | 114 |  |   | 2,196 |  |   | (4 | ) |
| Other ABS                                                         | 1,962 |  |   | 37 |  |   | 1,926 |  |   | 42 |  |   | 1,962 |  |   | (13 | ) |
| Total asset-backed                                                | 8,827 |  |   | 250 |  |   | 8,980 |  |   | 312 |  |   | 8,984 |  |   | (6 | ) |
| U.S. Treasury and obligations of government-sponsored enterprises | 145 |  |   | (1 | ) |   | 131 |  |   | 7 |  |   | 159 |  |   | 3 |  |
| Foreign government                                                | 504 |  |   | 13 |  |   | 511 |  |   | 20 |  |   | 481 |  |   | 1 |  |
| Redeemable preferred stock                                        | 10 |  |   | — |  |   | 10 |  |   | — |  |   | 10 |  |   | — |  |
| Total fixed maturity securities                                   | 42,207 |  |   | 4,081 |  |   | 42,459 |  |   | 4,201 |  |   | 39,546 |  |   | 1,461 |  |
| Equities:                                                         |   |   |   |   |   |   |   |   |   |   |   |
| Common stock                                                      | 142 |  |   | — |  |   | 120 |  |   | — |  |   | 148 |  |   | — |  |
| Non-redeemable preferred stock                                    | 723 |  |   | — |  |   | 721 |  |   | — |  |   | 632 |  |   | — |  |
| Total equities                                                    | 865 |  |   | — |  |   | 841 |  |  | — |  |  | 780 |  |  | — |  |
| Limited partnership investments                                   | 1,752 |  |   | — |  |   | 1,758 |  |   | — |  |   | 1,982 |  |   | — |  |
| Other invested assets                                             | 65 |  |   | — |  |   | 60 |  |   | — |  |   | 53 |  |   | — |  |
| Mortgage loans                                                    | 994 |  |   | — |  |   | 923 |  |   | — |  |   | 839 |  |   | — |  |
| Short term investments                                            | 1,861 |  |   | — |  |   | 1,494 |  |   | — |  |   | 1,286 |  |   | (1 | ) |
| Total investments                                                 | $ | 47,744 |  |  | $ | 4,081 |  |  | $ | 47,535 |  |  | $ | 4,201 |  |  | $ | 44,486 |  |  | $ | 1,460 |  |
|                                                              |   |   |   |   |   |   |   |   |   |   |   |
| Net receivable/(payable) on investment activity                   | $ | 37 |  |   |   |   | $ | (16 | ) |   |   |   | $ | 176 |  |   |   |
|                                                              |   |   |   |   |   |   |   |   |   |   |   |
| Effective duration (in years)                                     | 6.0 |  |   |   |   | 6.0 |  |   |   |   | 6.0 |  |   |   |
| Weighted average rating                                           | A |  |   |   |   | A |  |   |   |   |  A |  |   |   |

----

|                                                                   |
|-------------------------------------------------------------------|
|                                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                              | December 31, 2019 |   | September 30, 2019 |   | December 31, 2018 |
| (In millions)                                                     | Carrying Value |   | Net Unrealized Gains (Losses) |   | Carrying Value |   | Net Unrealized Gains (Losses) |   | Carrying Value |   | Net Unrealized Gains (Losses) |
| Fixed maturity securities:                                        |   |   |   |   |   |   |   |   |   |   |   |
| Corporate and other bonds                                         | $ | 13,925 |  |   | $ | 738 |  |   | $ | 13,977 |  |   | $ | 709 |  |   | $ | 12,844 |  |   | $ | (180 | ) |
| States, municipalities and political subdivisions:                |   |   |   |   |   |   |   |   |   |   |   |
| Tax-exempt                                                        | 646 |  |   | 37 |  |   | 647 |  |   | 39 |  |   | 661 |  |   | 25 |  |
| Taxable                                                           | 1,077 |  |   | 71 |  |   | 1,131 |  |   | 84 |  |   | 1,198 |  |   | 68 |  |
| Total states, municipalities and political subdivisions           | 1,723 |  |   | 108 |  |   | 1,778 |  |   | 123 |  |   | 1,859 |  |   | 93 |  |
| Asset-backed:                                                     |   |   |   |   |   |   |   |   |   |   |   |
| RMBS                                                              | 4,441 |  |   | 128 |  |   | 4,767 |  |   | 150 |  |   | 4,671 |  |   | 8 |  |
| CMBS                                                              | 2,264 |  |   | 77 |  |   | 2,088 |  |   | 108 |  |   | 2,093 |  |   | (4 | ) |
| Other ABS                                                         | 1,842 |  |   | 29 |  |   | 1,812 |  |   | 34 |  |   | 1,840 |  |   | (11 | ) |
| Total asset-backed                                                | 8,547 |  |   | 234 |  |   | 8,667 |  |   | 292 |  |   | 8,604 |  |   | (7 | ) |
| U.S. Treasury and obligations of government-sponsored enterprises | 143 |  |   | (1 | ) |   | 130 |  |   | 7 |  |   | 133 |  |   | 3 |  |
| Foreign government                                                | 498 |  |   | 12 |  |   | 505 |  |   | 19 |  |   | 481 |  |   | 1 |  |
| Redeemable preferred stock                                        | 5 |  |   | — |  |   | 5 |  |   | — |  |   | 5 |  |   | — |  |
| Total fixed maturity securities                                   | 24,841 |  |   | 1,091 |  |   | 25,062 |  |   | 1,150 |  |   | 23,926 |  |   | (90 | ) |
| Equities:                                                         |   |   |   |   |   |   |   |   |   |   |   |
| Common stock                                                      | 142 |  |   | — |  |   | 120 |  |   | — |  |   | 148 |  |   | — |  |
| Non-redeemable preferred stock                                    | 181 |  |   | — |  |   | 179 |  |   | — |  |   | 164 |  |   | — |  |
| Total equities                                                    | 323 |  |   | — |  |   | 299 |  |   | — |  |   | 312 |  |   | — |  |
| Limited partnership investments                                   | 1,752 |  |   | — |  |   | 1,758 |  |   | — |  |   | 1,982 |  |   | — |  |
| Other invested assets                                             | 65 |  |   | — |  |   | 60 |  |   | — |  |   | 53 |  |   | — |  |
| Mortgage loans                                                    | 715 |  |   | — |  |   | 662 |  |   | — |  |   | 631 |  |   | — |  |
| Short term investments                                            | 1,774 |  |   | — |  |   | 1,459 |  |   | — |  |   | 1,232 |  |   | (1 | ) |
| Total investments                                                 | $ | 29,470 |  |  | $ | 1,091 |  |  | $ | 29,300 |  |  | $ | 1,150 |  |  | $ | 28,136 |  |  | $ | (91 | ) |
|                                                              |   |   |   |   |   |   |   |   |   |   |   |
| Net receivable/(payable) on investment activity                   | $ | 17 |  |   |   |   | $ | (45 | ) |   |   |   | $ | 106 |  |   |   |
|                                                              |   |   |   |   |   |   |   |   |   |   |   |
| Effective duration (in years)                                     | 4.1 |  |   |   |   | 4.1 |  |   |   |   | 4.4 |  |   |   |
| Weighted average rating                                           | A- |  |   |   |   | A- |  |   |   |   |  A- |  |   |   |

----

|                                                                   |
|-------------------------------------------------------------------|
|                                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                              | December 31, 2019 |   | September 30, 2019 |   | December 31, 2018 |
| (In millions)                                                     | Carrying Value |   | Net Unrealized Gains (Losses) |   | Carrying Value |   | Net Unrealized Gains (Losses) |   | Carrying Value |   | Net Unrealized Gains (Losses) |
| Fixed maturity securities:                                        |   |   |   |   |   |   |   |   |   |   |   |
| Corporate and other bonds                                         | $ | 8,144 |  |   | $ | 1,522 |  |   | $ | 8,055 |  |   | $ | 1,512 |  |   | $ | 6,320 |  |   | $ | 576 |  |
| States, municipalities and political subdivisions:                |   |   |   |   |   |   |   |   |   |   |   |
| Tax-exempt                                                        | 7,158 |  |   | 1,118 |  |   | 7,223 |  |   | 1,142 |  |   | 7,213 |  |   | 708 |  |
| Taxable                                                           | 1,771 |  |   | 333 |  |   | 1,794 |  |   | 376 |  |   | 1,676 |  |   | 266 |  |
| Total states, municipalities and political subdivisions           | 8,929 |  |   | 1,451 |  |   | 9,017 |  |   | 1,518 |  |   | 8,889 |  |   | 974 |  |
| Asset-backed:                                                     |   |   |   |   |   |   |   |   |   |   |   |
| RMBS                                                              | 78 |  |   | 4 |  |   | 107 |  |   | 6 |  |   | 155 |  |   | 3 |  |
| CMBS                                                              | 82 |  |   | 4 |  |   | 92 |  |   | 6 |  |   | 103 |  |   | — |  |
| Other ABS                                                         | 120 |  |   | 8 |  |   | 114 |  |   | 8 |  |   | 122 |  |   | (2 | ) |
| Total asset-backed                                                | 280 |  |   | 16 |  |   | 313 |  |   | 20 |  |   | 380 |  |   | 1 |  |
| U.S. Treasury and obligations of government-sponsored enterprises | 2 |  |   | — |  |   | 1 |  |   | — |  |   | 26 |  |   | — |  |
| Foreign government                                                | 6 |  |   | 1 |  |   | 6 |  |   | 1 |  |   | — |  |   | — |  |
| Redeemable preferred stock                                        | 5 |  |   | — |  |   | 5 |  |   | — |  |   | 5 |  |   | — |  |
| Total fixed maturity securities                                   | 17,366 |  |   | 2,990 |  |   | 17,397 |  |   | 3,051 |  |   | 15,620 |  |   | 1,551 |  |
| Equities:                                                         |   |   |   |   |   |   |   |   |   |   |   |
| Common stock                                                      | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
| Non-redeemable preferred stock                                    | 542 |  |   | — |  |   | 542 |  |   | — |  |   | 468 |  |   | — |  |
| Total equities                                                    | 542 |  |  | — |  |  | 542 |  |  | — |  |  | 468 |  |  | — |  |
| Limited partnership investments                                   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
| Other invested assets                                             | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
| Mortgage loans                                                    | 279 |  |   | — |  |   | 261 |  |   | — |  |   | 208 |  |   | — |  |
| Short term investments                                            | 87 |  |   | — |  |   | 35 |  |   | — |  |   | 54 |  |   | — |  |
| Total investments                                                 | $ | 18,274 |  |  | $ | 2,990 |  |  | $ | 18,235 |  |  | $ | 3,051 |  |  | $ | 16,350 |  |  | $ | 1,551 |  |
|                                                              |   |   |   |   |   |   |   |   |   |   |   |
| Net receivable/(payable) on investment activity                   | $ | 20 |  |   |   |   | $ | 29 |  |   |   |   | $ | 70 |  |   |   |
|                                                              |   |   |   |   |   |   |   |   |   |   |   |
| Effective duration (in years)                                     | 8.9 |  |   |   |   | 9.0 |  |   |   |   | 8.4 |  |   |   |
| Weighted average rating                                           | A |  |   |   |   | A |  |   |   |   |  A |  |   |   |

----

|                                                                   |
|-------------------------------------------------------------------|
|                                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| December 31, 2019                                            | U.S. Government, Government agencies and Government-sponsored enterprises |   | AAA |   | AA |   | A |   | BBB |   | Non-investment grade |   | Total |
| (In millions)                                                     | Fair Value |   | Net Unrealized Gains (Losses) |   | Fair Value |   | Net Unrealized Gains (Losses) |   | Fair Value |   | Net Unrealized Gains (Losses) |   | Fair Value |   | Net Unrealized Gains (Losses) |   | Fair Value |   | Net Unrealized Gains (Losses) |   | Fair Value |   | Net Unrealized Gains (Losses) |   | Fair Value |   | Net Unrealized Gains (Losses) |
| Corporate and other bonds                                         | $ | — |  |   | $ | — |  |   | $ | 47 |  |   | $ | 1 |  |   | $ | 541 |  |   | $ | 43 |  |   | $ | 4,708 |  |   | $ | 601 |  |   | $ | 15,083 |  |   | $ | 1,554 |  |   | $ | 1,690 |  |   | $ | 61 |  |   | $ | 22,069 |  |   | $ | 2,260 |  |
| States, municipalities and political subdivisions:                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Tax-exempt                                                        | — |  |   | — |  |   | 1,920 |  |   | 291 |  |   | 3,291 |  |   | 486 |  |   | 2,217 |  |   | 284 |  |   | 360 |  |   | 93 |  |   | 16 |  |   | 1 |  |   | 7,804 |  |   | 1,155 |  |
| Taxable                                                           | — |  |   | — |  |   | 515 |  |   | 35 |  |   | 1,630 |  |   | 226 |  |   | 682 |  |   | 142 |  |   | 21 |  |   | 1 |  |   | — |  |   | — |  |   | 2,848 |  |   | 404 |  |
| Total states, municipalities and political subdivisions           | — |  |   | — |  |   | 2,435 |  |   | 326 |  |   | 4,921 |  |   | 712 |  |   | 2,899 |  |   | 426 |  |   | 381 |  |   | 94 |  |   | 16 |  |   | 1 |  |   | 10,652 |  |   | 1,559 |  |
| Asset-backed:                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| RMBS                                                              | 3,954 |  |   | 97 |  |   | 218 |  |   | 1 |  |   | 18 |  |   | 1 |  |   | 52 |  |   | — |  |   | 11 |  |   | 1 |  |   | 266 |  |   | 32 |  |   | 4,519 |  |   | 132 |  |
| CMBS                                                              | 37 |  |   | — |  |   | 327 |  |   | 17 |  |   | 810 |  |   | 38 |  |   | 290 |  |   | 7 |  |   | 616 |  |   | 14 |  |   | 266 |  |   | 5 |  |   | 2,346 |  |   | 81 |  |
| Other ABS                                                         | — |  |   | (1 | ) |   | 80 |  |   | 1 |  |   | 114 |  |   | 1 |  |   | 1,041 |  |   | 14 |  |   | 712 |  |   | 20 |  |   | 15 |  |   | 2 |  |   | 1,962 |  |   | 37 |  |
| Total asset-backed                                                | 3,991 |  |   | 96 |  |   | 625 |  |   | 19 |  |   | 942 |  |   | 40 |  |   | 1,383 |  |   | 21 |  |   | 1,339 |  |   | 35 |  |   | 547 |  |   | 39 |  |   | 8,827 |  |   | 250 |  |
| U.S. Treasury and obligations of government-sponsored enterprises | 145 |  |   | (1 | ) |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | 145 |  |   | (1 | ) |
| Foreign government                                                | — |  |   | — |  |   | 147 |  |   | 3 |  |   | 259 |  |   | 6 |  |   | 72 |  |   | 3 |  |   | 26 |  |   | 1 |  |   | — |  |   | — |  |   | 504 |  |   | 13 |  |
| Redeemable preferred stock                                        | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | 10 |  |   | — |  |   | — |  |   | — |  |   | 10 |  |   | — |  |
| Total fixed maturity securities                                   | $ | 4,136 |  |   | $ | 95 |  |   | $ | 3,254 |  |   | $ | 349 |  |   | $ | 6,663 |  |   | $ | 801 |  |   | $ | 9,062 |  |   | $ | 1,051 |  |   | $ | 16,839 |  |   | $ | 1,684 |  |   | $ | 2,253 |  |   | $ | 101 |  |   | $ | 42,207 |  |   | $ | 4,081 |  |
|                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Percentage of total fixed maturity securities                     | 10 | % |   |   |   | 8 | % |   |   |   | 16 | % |   |   |   | 21 | % |   |   |   | 40 | % |   |   |   | 5 | % |   |   |   | 100 | % |   |   |

----

|                                                               |
|---------------------------------------------------------------|
|                                                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                          | Consolidated |   |
| Periods ended December 31                                     | Three Months |   | Twelve Months |   |
| (In millions)                                                 | 2019 |   | 2018 |   | 2019 |   | 2018 |   |
|     Taxable fixed income securities       | $ | 387 |  |   | $ | 379 |  |   | $ | 1,538 |  |   | $ | 1,449 |  |   |
|     Tax-exempt fixed income securities    | 77 |  |   | 86 |  |   | 318 |  |   | 384 |  |   |
| Total fixed income securities                                 | 464 |  |   | 465 |  |   | 1,856 |  |   | 1,833 |  |   |
| Limited partnership and common stock investments              | 69 |  |   | (138 | ) |   | 226 |  |   | (42 | ) |   |
| Other, net of investment expense                              | 12 |  |   | 7 |  |   | 36 |  |   | 26 |  |   |
| Pretax net investment income                                  | $ | 545 |  |   | $ | 334 |  |   | $ | 2,118 |  |   | $ | 1,817 |  |   |
| Fixed income securities, after tax                            | $ | 380 |  |   | $ | 382 |  |   | $ | 1,520 |  |   | $ | 1,512 |  |   |
| Net investment income, after tax                              | 443 |  |   | 279 |  |   | 1,727 |  |   | 1,500 |  |   |
|                                                          |   |   |   |   |   |   |   |   |
| Effective income yield for fixed income securities, pretax    | 4.7 |  | % | 4.8 |  | % | 4.8 |  | % | 4.7 |  | % |
| Effective income yield for fixed income securities, after tax | 3.9 |  |   | 3.9 |  |   | 3.9 |  |   | 3.9 |  |   |
| Limited partnership and common stock return                   | 3.7 |  |   | (5.7 | ) |   | 11.7 |  |   | (1.9 | ) |   |

|                                                               |
|---------------------------------------------------------------|
|                                                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                          | Property & Casualty and Corporate & Other |   |
| Periods ended December 31                                     | Three Months |   | Twelve Months |   |
| (In millions)                                                 | 2019 |   | 2018 |   | 2019 |   | 2018 |   |
|     Taxable fixed income securities       | $ | 255 |  |   | $ | 256 |  |   | $ | 1,010 |  |   | $ | 977 |  |   |
|     Tax-exempt fixed income securities    | 5 |  |   | 6 |  |   | 22 |  |   | 50 |  |   |
| Total fixed income securities                                 | 260 |  |   | 262 |  |   | 1,032 |  |   | 1,027 |  |   |
| Limited partnership and common stock investments              | 69 |  |   | (138 | ) |   | 226 |  |   | (42 | ) |   |
| Other, net of investment expense                              | 12 |  |   | 7 |  |   | 40 |  |   | 31 |  |   |
| Pretax net investment income                                  | $ | 341 |  |   | $ | 131 |  |   | $ | 1,298 |  |   | $ | 1,016 |  |   |
| Fixed income securities, after tax                            | $ | 206 |  |   | $ | 209 |  |   | $ | 819 |  |   | $ | 821 |  |   |
| Net investment income, after tax                              | 270 |  |   | 105 |  |   | 1,030 |  |   | 812 |  |   |
|                                                          |   |   |   |   |   |   |   |   |
| Effective income yield for fixed income securities, pretax    | 4.3 |  | % | 4.3 |  | % | 4.3 |  | % | 4.2 |  | % |
| Effective income yield for fixed income securities, after tax | 3.4 |  |   | 3.4 |  |   | 3.4 |  |   | 3.4 |  |   |
|                                                          |   |   |   |   |   |   |   |   |

|                                                               |
|---------------------------------------------------------------|
|                                                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                          | Life & Group |   |
| Periods ended December 31                                     | Three Months |   | Twelve Months |   |
| (In millions)                                                 | 2019 |   | 2018 |   | 2019 |   | 2018 |   |
|     Taxable fixed income securities       | $ | 132 |  |   | $ | 123 |  |   | $ | 528 |  |   | $ | 472 |  |   |
|     Tax-exempt fixed income securities    | 72 |  |   | 80 |  |   | 296 |  |   | 334 |  |   |
| Total fixed income securities                                 | 204 |  |   | 203 |  |   | 824 |  |   | 806 |  |   |
| Limited partnership and common stock investments              | — |  |   | — |  |   | — |  |   | — |  |   |
| Other, net of investment expense                              | — |  |   | — |  |   | (4 | ) |   | (5 | ) |   |
| Pretax net investment income                                  | $ | 204 |  |   | $ | 203 |  |   | $ | 820 |  |   | $ | 801 |  |   |
| Fixed income securities, after tax                            | $ | 174 |  |   | $ | 173 |  |   | $ | 701 |  |   | $ | 691 |  |   |
| Net investment income, after tax                              | 173 |  |   | 174 |  |   | 697 |  |   | 688 |  |   |
|                                                          |   |   |   |   |   |   |   |   |
| Effective income yield for fixed income securities, pretax    | 5.5 |  | % | 5.6 |  | % | 5.6 |  | % | 5.6 |  | % |
| Effective income yield for fixed income securities, after tax | 4.7 |  |   | 4.8 |  |   | 4.7 |  |   | 4.8 |  |   |
|                                                          |   |   |   |   |   |   |   |   |

----

|                                                                    |
|--------------------------------------------------------------------|
|                                                                    |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Three months ended December 31, 2019(In millions)                  | Specialty |   | Commercial |   | International |   | P&C Operations |   | Life & Group |   | Corporate & Other |   | Total Operations |
| Claim & claim adjustment expense reserves, beginning of period |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Gross                                                              | $ | 5,285 |  |   | $ | 8,610 |  |   | $ | 1,802 |  |   | $ | 15,697 |  |   | $ | 3,707 |  |   | $ | 2,192 |  |   | $ | 21,596 |  |
| Ceded                                                              | 580 |  |   | 705 |  |   | 240 |  |   | 1,525 |  |   | 167 |  |   | 2,010 |  |   | 3,702 |  |
| Net                                                                | 4,705 |  |   | 7,905 |  |  | 1,562 |  |  | 14,172 |  |  | 3,540 |  |  | 182 |  |  | 17,894 |  |
|                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net incurred claim & claim adjustment expenses                 | 397 |  |   | 548 |  |   | 153 |  |   | 1,098 |  |   | 268 |  |   | 1 |  |   | 1,367 |  |
| Net claim & claim adjustment expense payments                  | (425 | ) |   | (605 | ) |   | (143 | ) |   | (1,173 | ) |   | (249 | ) |   | (8 | ) |   | (1,430 | ) |
| Foreign currency translation adjustment and other                  | (1 | ) |   | 1 |  |   | 56 |  |   | 56 |  |   | (2 | ) |   | — |  |   | 54 |  |
|                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Claim & claim adjustment expense reserves, end of period       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net                                                                | 4,676 |  |   | 7,849 |  |   | 1,628 |  |   | 14,153 |  |   | 3,557 |  |   | 175 |  |   | 17,885 |  |
| Ceded                                                              | 562 |  |   | 807 |  |   | 248 |  |   | 1,617 |  |   | 159 |  |   | 2,059 |  |   | 3,835 |  |
| Gross                                                              | $ | 5,238 |  |   | $ | 8,656 |  |   | $ | 1,876 |  |   | $ | 15,770 |  |   | $ | 3,716 |  |   | $ | 2,234 |  |   | $ | 21,720 |  |

|                                                                    |
|--------------------------------------------------------------------|
|                                                                    |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Twelve months ended December 31, 2019(In millions)                 | Specialty |   |  Commercial |   | International |   | P&C Operations |   | Life & Group |   | Corporate & Other |   | Total Operations |
| Claim & claim adjustment expense reserves, beginning of period |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Gross                                                              | $ | 5,465 |  |   | $ | 8,743 |  |   | $ | 1,750 |  |   | $ | 15,958 |  |   | $ | 3,601 |  |   | $ | 2,425 |  |   | $ | 21,984 |  |
| Ceded                                                              | 634 |  |   | 745 |  |   | 226 |  |   | 1,605 |  |   | 181 |  |   | 2,233 |  |   | 4,019 |  |
| Net                                                                | 4,831 |  |   | 7,998 |  |   | 1,524 |  |   | 14,353 |  |   | 3,420 |  |   | 192 |  |  | 17,965 |  |
|                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net incurred claim & claim adjustment expenses                 | 1,595 |  |   | 2,129 |  |   | 625 |  |   | 4,349 |  |   | 1,060 |  |   | 4 |  |   | 5,413 |  |
| Net claim & claim adjustment expense payments                  | (1,750 | ) |   | (2,276 | ) |   | (552 | ) |   | (4,578 | ) |   | (975 | ) |   | (23 | ) |   | (5,576 | ) |
| Foreign currency translation adjustment and other                  | — |  |   | (2 | ) |   | 31 |  |   | 29 |  |   | 52 |  |   | 2 |  |   | 83 |  |
|                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Claim & claim adjustment expense reserves, end of period       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net                                                                | 4,676 |  |   | 7,849 |  |   | 1,628 |  |   | 14,153 |  |   | 3,557 |  |   | 175 |  |   | 17,885 |  |
| Ceded                                                              | 562 |  |   | 807 |  |   | 248 |  |   | 1,617 |  |   | 159 |  |   | 2,059 |  |   | 3,835 |  |
| Gross                                                              | $ | 5,238 |  |   | $ | 8,656 |  |   | $ | 1,876 |  |   | $ | 15,770 |  |   | $ | 3,716 |  |   | $ | 2,234 |  |  | $ | 21,720 |  |

----

|                                 |
|---------------------------------|
|                                 |  |  |  |  |  |  |  |  |  |  |  |
| December 31, 2019          |   |   |   |   |   |
| (In millions)                   | Claim and claim adjustment expenses |   | Future policy benefits |   | Total |
| Long term care                  | $ | 2,863 |  |   | $ | 9,470 |  |   | $ | 12,333 |  |
| Structured settlement annuities | 515 |  |   | — |  |   | 515 |  |
| Other                           | 12 |  |   | — |  |   | 12 |  |
| Total                           | 3,390 |  |   | 9,470 |  |   | 12,860 |  |
| Shadow adjustments              | 167 |  |   | 2,615 |  |   | 2,782 |  |
| Ceded reserves                  | 159 |  |   | 226 |  |   | 385 |  |
| Total gross reserves            | $ | 3,716 |  |   | $ | 12,311 |  |   | $ | 16,027 |  |

|                                 |
|---------------------------------|
|                                 |  |  |  |  |  |  |  |  |  |  |  |
| December 31, 2018          |   |   |   |   |   |
| (In millions)                   | Claim and claim adjustment expenses |   | Future policy benefits |   | Total |
| Long term care                  | $ | 2,761 |  |   | $ | 9,113 |  |   | $ | 11,874 |  |
| Structured settlement annuities | 530 |  |   | — |  |   | 530 |  |
| Other                           | 14 |  |   | — |  |   | 14 |  |
| Total                           | 3,305 |  |   | 9,113 |  |   | 12,418 |  |
| Shadow adjustments              | 115 |  |   | 1,250 |  |   | 1,365 |  |
| Ceded reserves                  | 181 |  |   | 234 |  |   | 415 |  |
| Total gross reserves            | $ | 3,601 |  |   | $ | 10,597 |  |   | $ | 14,198 |  |

----

|         |                                                                                                            |
|---------|------------------------------------------------------------------------------------------------------------|
| • | Collectively, CNA Financial Corporation (CNAF) and its subsidiaries are referred to as CNA or the Company. |
|         |                                                                      |
|---------|----------------------------------------------------------------------|
| • | P&C Operations includes Specialty, Commercial and International. |
|         |                                                                                                           |
|---------|-----------------------------------------------------------------------------------------------------------|
| • | Life & Group segment primarily includes the results of long term care businesses that are in run-off. |
|         |                                                                                                                                                                                                                                                                                                                |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Corporate & Other segment 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. Intersegment eliminations are also included in this segment. |
|         |                                                                                                                                                                                                                                                                                    |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Management uses the core income (loss) financial measure to monitor the Company’s operations. Please refer to Note O to the Consolidated Financial Statements within the December 31, 2019 Form 10-K for further discussion of this non-GAAP financial measure. |
|         |                                                                                                                                                                                                                                                                                                                               |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Management uses underwriting results to monitor insurance operations.  Underwriting results are pretax and are calculated as net earned premiums less total insurance expenses, which includes insurance claims and policyholders' benefits, amortization of deferred acquisition costs and other insurance related expenses. |
|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | In the evaluation of the results of Specialty, Commercial and International, management uses the loss ratio, the expense ratio, the dividend ratio and the combined ratio.  These ratios are calculated using financial results prepared in accordance with accounting principles generally accepted in the United States of America.  The loss ratio is the percentage of net incurred claim and claim adjustment expenses to net earned premiums.  The expense ratio is the percentage of insurance underwriting and acquisition expenses, including the amortization of deferred acquisition costs, to net earned premiums.  The dividend ratio is the ratio of policyholders' dividends incurred to net earned premiums.  The combined ratio is the sum of the loss, expense and dividend ratios.  In addition, management also utilizes renewal premium change, rate, retention and new business in evaluating operating trends.  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.  Exposure represents the measure of risk used in the pricing of the insurance product.  Retention represents the percentage of premium dollars renewed in comparison to the expiring premium dollars from policies available to renew.  Rate, renewal premium change and retention presented for the prior year is updated to reflect subsequent activity on policies written in the period.  New business represents premiums from policies written with new customers and additional policies written with existing customers. |
|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | This financial supplement may also reference or contain financial measures that are not in accordance with GAAP.  Management utilizes these financial measures to monitor the Company's insurance operations and investment portfolio.  Core income, which is derived from certain income statement amounts, is used by management to monitor performance of the Company's insurance operations.  The Company's investment portfolio is monitored by management through analysis of various factors including unrealized gains and losses on securities, portfolio duration and exposure to market and credit risk. |

----

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Core income (loss) is calculated by excluding from net income (loss) the after-tax effects of i) net investment gains or losses, ii) income or loss from discontinued operations, iii) any cumulative effects of changes in accounting guidance and iv) deferred tax asset and liability remeasurement as a result of an enacted U.S. Federal tax rate change.  The calculation of core income (loss) excludes net investment gains or losses because net investment gains or losses are generally driven by economic factors that are not necessarily consistent with key drivers of underwriting performance, and are therefore not considered an indication of trends in insurance operations.  Management monitors core income (loss) for each business segment to assess segment performance.  Presentation of consolidated core income (loss) is deemed to be a non-GAAP financial measure.  For reconciliations of non-GAAP measures to the most comparable GAAP measures and other information, please refer herein and/or to CNA's most recent 10-K on file with the Securities and Exchange Commission, as well as the press release, available at www.cna.com. |
|         |                                                                                                                                                                                                              |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Gross written premiums ex. 3rd party captives represents gross written premiums excluding business which is mostly ceded to third party captives, including business related to large warranty programs. |
|         |                                                                                                                                                                      |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Pretax net prior year development and other includes the effects of interest accretion and change in allowance for uncollectible reinsurance and deductible amounts. |
|         |                                                                                                                                               |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------|
| • | Net investment income from fixed income securities, as presented, includes both fixed maturity securities and non-redeemable preferred stock. |
|         |                                                     |
|---------|-----------------------------------------------------|
| • | Certain immaterial differences are due to rounding. |
|         |                      |
|---------|----------------------|
| • | N/M = Not Meaningful |