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

|                                                                                            |
|--------------------------------------------------------------------------------------------|
|                                                                                            |  |  |
| [x] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THESECURITIES EXCHANGE ACT OF 1934 |

|                                                                                             |
|---------------------------------------------------------------------------------------------|
|                                                                                             |  |  |
| [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THESECURITIES EXCHANGE ACT OF 1934 |

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

|                                                                       |
|-----------------------------------------------------------------------|
|                                                                       |  |  |
| Delaware(State or other jurisdiction ofincorporation or organization) |   | 36-6169860(I.R.S. EmployerIdentification No.) |

|                                                                        |
|------------------------------------------------------------------------|
|                                                                        |  |  |
| 333 S. WabashChicago, Illinois(Address of principal executive offices) |   | 60604(Zip Code) |

|                             |
|-----------------------------|
|                             |  |  |  |  |  |  |
| Large accelerated filer [x] |   | Accelerated filer [ ] |   | Non-accelerated filer [ ] (Do not check if a smaller reporting company) |   | Smaller reporting company [ ] |

|                               |
|-------------------------------|
|                               |  |  |
| Class                         |   | Outstanding at May 1, 2015 |
| Common Stock, Par value $2.50 |   | 270,245,346 |

----

|             |
|-------------|
|             |  |  |
| Item Number |   | PageNumber |
|        | PART I. Financial Information |   |
| 1.          | Condensed Consolidated Financial Statements: |   |
|        | Condensed Consolidated Statements of Operations for the three months ended March 31, 2015 and 2014 (Unaudited) | 3 |
|        | Condensed Consolidated Statements of Comprehensive Income for the three months ended March 31, 2015 and 2014 (Unaudited) | 4 |
|        | Condensed Consolidated Balance Sheets as of March 31, 2015 (Unaudited) and December 31, 2014 | 5 |
|        | Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2015 and 2014 (Unaudited) | 6 |
|        | Condensed Consolidated Statements of Stockholders' Equity for the three months ended March 31, 2015 and 2014 (Unaudited) | 8 |
|        | Notes to Condensed Consolidated Financial Statements (Unaudited) | 9 |
| 2.          | Management's Discussion and Analysis of Financial Condition and Results of Operations | 35 |
| 3.          | Quantitative and Qualitative Disclosures About Market Risk | 49 |
| 4.          | Controls and Procedures | 49 |
|        | PART II. Other Information |   |
| 1.          | Legal Proceedings | 50 |
| 4.          | Mine Safety Disclosures | 50 |
| 6.          | Exhibits | 50 |

----

Table of Contents

|                                                                                      |
|--------------------------------------------------------------------------------------|
|                                                                                      |  |  |  |  |  |  |  |
| Three months ended March 31                                                          |   |   |   |
| (In millions, except per share data)                                                 | 2015 |   | 2014 |
| Revenues                                                                             |   |   |   |
| Net earned premiums                                                                  | $ | 1,687 |  |   | $ | 1,806 |  |
| Net investment income                                                                | 558 |  |   | 526 |  |
| Net realized investment gains:                                                       |   |   |   |
| Other-than-temporary impairment losses                                               | (12 | ) |   | (2 | ) |
| Portion of other-than-temporary impairments recognized in Other comprehensive income | — |  |   | — |  |
| Net other-than-temporary impairment losses recognized in earnings                    | (12 | ) |   | (2 | ) |
| Other net realized investment gains                                                  | 22 |  |   | 48 |  |
| Net realized investment gains                                                        | 10 |  |   | 46 |  |
| Other revenues                                                                       | 97 |  |   | 85 |  |
| Total revenues                                                                       | 2,352 |  |   | 2,463 |  |
| Claims, Benefits and Expenses                                                        |   |   |   |
| Insurance claims and policyholders’ benefits                                   | 1,339 |  |   | 1,446 |  |
| Amortization of deferred acquisition costs                                           | 303 |  |   | 329 |  |
| Other operating expenses                                                             | 358 |  |   | 346 |  |
| Interest                                                                             | 39 |  |   | 44 |  |
| Total claims, benefits and expenses                                                  | 2,039 |  |   | 2,165 |  |
| Income from continuing operations before income tax                                  | 313 |  |   | 298 |  |
| Income tax expense                                                                   | (80 | ) |   | (78 | ) |
| Income from continuing operations                                                    | 233 |  |   | 220 |  |
| Loss from discontinued operations, net of income tax benefit of $0 and $38           | — |  |   | (207 | ) |
| Net income                                                                           | $ | 233 |  |   | $ | 13 |  |
|                                                                                 |   |   |   |
| Basic Earnings Per Share                                                             |   |   |   |
| Income from continuing operations                                                    | $ | 0.86 |  |   | $ | 0.82 |  |
| Loss from discontinued operations                                                    | — |  |   | (0.77 | ) |
| Basic earnings per share                                                             | $ | 0.86 |  |   | $ | 0.05 |  |
|                                                                                 |   |   |   |
| Diluted Earnings Per Share                                                           |   |   |   |
| Income from continuing operations                                                    | $ | 0.86 |  |   | $ | 0.81 |  |
| Loss from discontinued operations                                                    | — |  |   | (0.76 | ) |
| Diluted earnings per share                                                           | $ | 0.86 |  |   | $ | 0.05 |  |
|                                                                                 |   |   |   |
| Dividends per share                                                                  | $ | 2.25 |  |   | $ | 1.25 |  |
|                                                                                 |   |   |   |
| Weighted Average Outstanding Common Stock and Common Stock Equivalents               |   |   |   |
| Basic                                                                                | 270.1 |  |   | 269.8 |  |
| Diluted                                                                              | 270.7 |  |   | 270.5 |  |

----

Table of Contents

|                                                                           |
|---------------------------------------------------------------------------|
|                                                                           |  |  |  |  |  |  |  |
| Three months ended March 31                                               |   |   |   |
| (In millions)                                                             | 2015 |   | 2014 |
| Other Comprehensive Income, Net of Tax                                    |   |   |   |
| Changes in:                                                               |   |   |   |
| Net unrealized gains on investments with other-than-temporary impairments | $ | (1 | ) |   | $ | 12 |  |
| Net unrealized gains on other investments                                 | 112 |  |   | 237 |  |
| Net unrealized gains on investments                                       | 111 |  |   | 249 |  |
| Net unrealized gains on discontinued operations                           | — |  |   | 8 |  |
| Foreign currency translation adjustment                                   | (96 | ) |   | (8 | ) |
| Pension and postretirement benefits                                       | 6 |  |   | 1 |  |
| Other comprehensive income, net of tax                                    | 21 |  |   | 250 |  |
| Net income                                                                | 233 |  |   | 13 |  |
| Total comprehensive income                                                | $ | 254 |  |   | $ | 263 |  |

----

Table of Contents

|                                                                                                                                          |
|------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                          |  |  |  |  |  |  |  |
| (In millions, except share data)                                                                                                         | March 31, 2015 (Unaudited) |   | December 31, 2014 |
| Assets                                                                                                                                   |   |   |   |
| Investments:                                                                                                                             |   |   |   |
| Fixed maturity securities at fair value (amortized cost of $36,875 and $37,335)                                                          | $ | 40,605 |  |   | $ | 40,768 |  |
| Equity securities at fair value (cost of $213 and $210)                                                                                  | 225 |  |   | 222 |  |
| Limited partnership investments                                                                                                          | 2,967 |  |   | 2,937 |  |
| Other invested assets                                                                                                                    | 43 |  |   | 41 |  |
| Mortgage loans                                                                                                                           | 586 |  |   | 588 |  |
| Short term investments                                                                                                                   | 1,506 |  |   | 1,706 |  |
| Total investments                                                                                                                        | 45,932 |  |   | 46,262 |  |
| Cash                                                                                                                                     | 201 |  |   | 190 |  |
| Reinsurance receivables (less allowance for uncollectible receivables of $48 and $48)                                                    | 4,720 |  |   | 4,694 |  |
| Insurance receivables (less allowance for uncollectible receivables of $59 and $61)                                                      | 2,050 |  |   | 1,936 |  |
| Accrued investment income                                                                                                                | 430 |  |   | 405 |  |
| Deferred acquisition costs                                                                                                               | 616 |  |   | 600 |  |
| Deferred income taxes                                                                                                                    | 57 |  |   | 191 |  |
| Property and equipment at cost (less accumulated depreciation of $364 and $364)                                                          | 298 |  |   | 295 |  |
| Goodwill                                                                                                                                 | 151 |  |   | 152 |  |
| Other assets                                                                                                                             | 1,010 |  |   | 841 |  |
| Total assets                                                                                                                             | $ | 55,465 |  |   | $ | 55,566 |  |
| Liabilities                                                                                                                              |   |  |   |   |  |
| Insurance reserves:                                                                                                                      |   |   |   |  |
| Claim and claim adjustment expenses                                                                                                      | $ | 23,248 |  |   | $ | 23,271 |  |
| Unearned premiums                                                                                                                        | 3,710 |  |   | 3,592 |  |
| Future policy benefits                                                                                                                   | 9,747 |  |   | 9,490 |  |
| Policyholders' funds                                                                                                                     | — |  |   | 27 |  |
| Long term debt                                                                                                                           | 2,560 |  |   | 2,559 |  |
| Other liabilities (includes $6 and $153 due to Loews Corporation)                                                                        | 3,763 |  |   | 3,833 |  |
| Total liabilities                                                                                                                        | 43,028 |  |   | 42,772 |  |
| Commitments and contingencies (Notes C, F and H)                                                                                         |   |   |   |
| Stockholders' Equity                                                                                                                     |   |  |   |   |  |
| Common stock ($2.50 par value; 500,000,000 shares authorized; 273,040,243 shares issued; 270,241,545 and 269,980,202 shares outstanding) | 683 |  |   | 683 |  |
| Additional paid-in capital                                                                                                               | 2,143 |  |   | 2,151 |  |
| Retained earnings                                                                                                                        | 9,270 |  |   | 9,645 |  |
| Accumulated other comprehensive income                                                                                                   | 421 |  |   | 400 |  |
| Treasury stock (2,798,698 and 3,060,041 shares), at cost                                                                                 | (79 | ) |   | (84 | ) |
| Notes receivable for the issuance of common stock                                                                                        | (1 | ) |   | (1 | ) |
| Total stockholders’ equity                                                                                                         | 12,437 |  |   | 12,794 |  |
| Total liabilities and stockholders' equity                                                                                               | $ | 55,465 |  |   | $ | 55,566 |  |

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|                                                                                         |
|-----------------------------------------------------------------------------------------|
|                                                                                         |  |  |  |  |  |  |  |
| Three months ended March 31                                                             |   |   |   |
| (In millions)                                                                           | 2015 |   | 2014 |
| Cash Flows from Operating Activities                                                    |   |   |   |
| Net income                                                                              | $ | 233 |  |   | $ | 13 |  |
| Adjustments to reconcile net income to net cash flows provided by operating activities: |   |   |   |
| Impairment loss on sale of subsidiary                                                   | — |  |   | 255 |  |
| Deferred income tax expense                                                             | 71 |  |   | 25 |  |
| Trading portfolio activity                                                              | 13 |  |   | 21 |  |
| Net realized investment gains                                                           | (10 | ) |   | (47 | ) |
| Equity method investees                                                                 | (91 | ) |   | 132 |  |
| Net amortization of investments                                                         | — |  |   | (1 | ) |
| Depreciation and amortization                                                           | 19 |  |   | 20 |  |
| Changes in:                                                                             |   |   |   |
| Receivables, net                                                                        | (157 | ) |   | 126 |  |
| Accrued investment income                                                               | (25 | ) |   | (36 | ) |
| Deferred acquisition costs                                                              | (13 | ) |   | (21 | ) |
| Insurance reserves                                                                      | 304 |  |   | 85 |  |
| Other assets                                                                            | (34 | ) |   | (35 | ) |
| Other liabilities                                                                       | (235 | ) |   | (372 | ) |
| Other, net                                                                              | 19 |  |   | 3 |  |
| Total adjustments                                                                       | (139 | ) |   | 155 |  |
| Net cash flows provided by operating activities                                         | 94 |  |   | 168 |  |
| Cash Flows from Investing Activities                                                    |   |  |   |   |  |
| Dispositions:                                                                           |   |   |   |
| Fixed maturity securities - sales                                                       | 1,144 |  |   | 1,550 |  |
| Fixed maturity securities - maturities, calls and redemptions                           | 1,144 |  |   | 851 |  |
| Equity securities                                                                       | 2 |  |   | 11 |  |
| Limited partnerships                                                                    | 20 |  |   | 68 |  |
| Mortgage loans                                                                          | 3 |  |   | 13 |  |
| Purchases:                                                                              |  |  |   |   |
| Fixed maturity securities                                                               | (1,919 | ) |   | (2,072 | ) |
| Equity securities                                                                       | (5 | ) |   | (5 | ) |
| Limited partnerships                                                                    | (34 | ) |   | (73 | ) |
| Mortgage loans                                                                          | (8 | ) |   | — |  |
| Change in other investments                                                             | 7 |  |   | — |  |
| Change in short term investments                                                        | 190 |  |   | (688 | ) |
| Purchases of property and equipment                                                     | (20 | ) |   | (10 | ) |
| Other, net                                                                              | 2 |  |   | 1 |  |
| Net cash flows provided (used) by investing activities                                  | $ | 526 |  |   | $ | (354 | ) |

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|                                                        |
|--------------------------------------------------------|
|                                                        |  |  |  |  |  |  |  |
| Three months ended March 31                            |   |   |   |
| (In millions)                                          | 2015 |   | 2014 |
| Cash Flows from Financing Activities                   |   |   |   |
| Dividends paid to common stockholders                  | $ | (608 | ) |   | $ | (338 | ) |
| Proceeds from the issuance of debt                     | — |  |   | 546 |  |
| Other, net                                             | 5 |  |   | 2 |  |
| Net cash flows provided (used) by financing activities | (603 | ) |  | 210 |  |
| Effect of foreign exchange rate changes on cash        | (6 | ) |   | 1 |  |
| Transfer of cash to assets held for sale               | — |  |   | (14 | ) |
| Net change in cash                                     | 11 |  |   | 11 |  |
| Cash, beginning of year                                | 190 |  |   | 195 |  |
| Cash, end of period                                    | $ | 201 |  |   | $ | 206 |  |

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|                                                    |
|----------------------------------------------------|
|                                                    |  |  |  |  |  |  |  |
| Three months ended March 31                        |   |   |   |
| (In millions)                                      | 2015 |   | 2014 |
| Common Stock                                       |   |   |   |
| Balance, beginning of period                       | $ | 683 |  |   | $ | 683 |  |
| Balance, end of period                             | 683 |  |   | 683 |  |
| Additional Paid-in Capital                         |   |   |   |
| Balance, beginning of period                       | 2,151 |  |   | 2,145 |  |
| Stock-based compensation                           | (8 | ) |   | (1 | ) |
| Balance, end of period                             | 2,143 |  |   | 2,144 |  |
| Retained Earnings                                  |   |   |   |
| Balance, beginning of period                       | 9,645 |  |   | 9,495 |  |
| Dividends paid to common stockholders              | (608 | ) |   | (338 | ) |
| Net income                                         | 233 |  |   | 13 |  |
| Balance, end of period                             | 9,270 |  |   | 9,170 |  |
| Accumulated Other Comprehensive Income             |   |   |   |
| Balance, beginning of period                       | 400 |  |   | 442 |  |
| Other comprehensive income                         | 21 |  |   | 250 |  |
| Balance, end of period                             | 421 |  |   | 692 |  |
| Treasury Stock                                     |   |   |   |
| Balance, beginning of period                       | (84 | ) |   | (91 | ) |
| Stock-based compensation                           | 5 |  |   | 6 |  |
| Balance, end of period                             | (79 | ) |   | (85 | ) |
| Notes Receivable for the Issuance of Common Stock  |   |   |   |
| Balance, beginning of period                       | (1 | ) |   | (23 | ) |
| Decrease in notes receivable for common stock | — |  |   | 1 |  |
| Balance, end of period                             | (1 | ) |   | (22 | ) |
| Total Stockholders' Equity                         | $ | 12,437 |  |   | $ | 12,582 |  |

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|                                 |
|---------------------------------|
|                                 |  |  |  |  |  |  |  |
| Three months ended March 31     |   |   |   |
| (In millions)                   | 2015 |   | 2014 |
| Fixed maturity securities       | $ | 443 |  |   | $ | 452 |  |
| Short term investments          | 2 |  |   | 1 |  |
| Limited partnership investments | 114 |  |   | 73 |  |
| Equity securities               | 3 |  |   | 2 |  |
| Mortgage loans                  | 8 |  |   | 6 |  |
| Trading portfolio               | 2 |  |   | 3 |  |
| Other                           | — |  |   | 2 |  |
| Gross investment income         | 572 |  |   | 539 |  |
| Investment expense              | (14 | ) |   | (13 | ) |
| Net investment income           | $ | 558 |  |   | $ | 526 |  |

|                                                                     |
|---------------------------------------------------------------------|
|                                                                     |  |  |  |  |  |  |  |
| Three months ended March 31                                         |   |   |   |
| (In millions)                                                       | 2015 |   | 2014 |
| Net realized investment gains (losses):                             |   |   |   |
| Fixed maturity securities:                                          |   |   |   |
| Gross realized gains                                                | $ | 33 |  |   | $ | 53 |  |
| Gross realized losses                                               | (21 | ) |   | (15 | ) |
| Net realized investment gains (losses) on fixed maturity securities | 12 |  |   | 38 |  |
| Equity securities:                                                  |   |   |   |  |
| Gross realized gains                                                | 1 |  |   | 5 |  |
| Gross realized losses                                               | (1 | ) |   | — |  |
| Net realized investment gains (losses) on equity securities    | — |  |   | 5 |  |
| Derivatives                                                         | (1 | ) |   | — |  |
| Short term investments and other                                    | (1 | ) |   | 3 |  |
| Net realized investment gains (losses)                              | $ | 10 |  |   | $ | 46 |  |

|                                                    |
|----------------------------------------------------|
|                                                    |  |  |  |  |  |  |  |
| Three months ended March 31                        |   |   |   |
| (In millions)                                      | 2015 |   | 2014 |
| Fixed maturity securities available-for-sale:      |   |   |   |
| Corporate and other bonds                          | $ | 5 |  |   | $ | 1 |  |
| States, municipalities and political subdivisions  | 5 |  |   | — |  |
| Asset-backed - residential mortgage-backed         | 1 |  |   | 1 |  |
| Total fixed maturity securities available-for-sale | 11 |  |   | 2 |  |
| Equity securities available-for-sale:              |   |   |   |
| Common stock                                       | 1 |  |   | — |  |
| Net OTTI losses recognized in earnings             | $ | 12 |  |   | $ | 2 |  |

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|                                                                   |
|-------------------------------------------------------------------|
|                                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| March 31, 2015                                               | Cost orAmortizedCost |   | GrossUnrealizedGains |   | GrossUnrealizedLosses |   | EstimatedFairValue |   | UnrealizedOTTILosses (Gains) |
| (In millions)                                                     |   |   |   |   |
| Fixed maturity securities available-for-sale:                     |   |   |   |   |   |   |   |   |   |
| Corporate and other bonds                                         | $ | 16,721 |  |   | $ | 1,867 |  |   | $ | 43 |  |   | $ | 18,545 |  |   | $ | — |  |
| States, municipalities and political subdivisions                 | 11,407 |  |   | 1,536 |  |   | 9 |  |   | 12,934 |  |   | — |  |
| Asset-backed:                                                     |   |   |   |   |   |   |   |   |   |
| Residential mortgage-backed                                       | 4,998 |  |   | 241 |  |   | 13 |  |   | 5,226 |  |   | (51 | ) |
| Commercial mortgage-backed                                        | 2,151 |  |   | 114 |  |   | 5 |  |   | 2,260 |  |   | (3 | ) |
| Other asset-backed                                                | 1,109 |  |   | 15 |  |   | 1 |  |   | 1,123 |  |   | — |  |
| Total asset-backed                                                | 8,258 |  |   | 370 |  |   | 19 |  |   | 8,609 |  |   | (54 | ) |
| U.S. Treasury and obligations of government-sponsored enterprises | 24 |  |   | 6 |  |   | — |  |   | 30 |  |   | — |  |
| Foreign government                                                | 390 |  |   | 19 |  |   | — |  |   | 409 |  |   | — |  |
| Redeemable preferred stock                                        | 39 |  |   | 3 |  |   | — |  |   | 42 |  |   | — |  |
| Total fixed maturity securities available-for-sale                | 36,839 |  |   | 3,801 |  |   | 71 |  |   | 40,569 |  |   | $ | (54 | ) |
| Total fixed maturity securities trading                           | 36 |  |   |  |  |   |  |  |   | 36 |  |   |   |
| Equity securities available-for-sale:                             |   |   |   |   |   |   |   |   |   |
| Common stock                                                      | 41 |  |   | 9 |  |   | — |  |   | 50 |  |   |   |
| Preferred stock                                                   | 172 |  |   | 7 |  |   | 4 |  |   | 175 |  |   |   |
| Total equity securities available-for-sale                        | 213 |  |   | 16 |  |   | 4 |  |   | 225 |  |   |   |
| Total                                                             | $ | 37,088 |  |   | $ | 3,817 |  |   | $ | 75 |  |   | $ | 40,830 |  |   |   |

|                                                                   |
|-------------------------------------------------------------------|
|                                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| December 31, 2014                                            | Cost orAmortizedCost |   | GrossUnrealizedGains |   | GrossUnrealizedLosses |   | EstimatedFairValue |   | UnrealizedOTTILosses (Gains) |
| (In millions)                                                     |   |   |   |   |
| Fixed maturity securities available-for-sale:                     |   |   |   |   |   |   |   |   |   |
| Corporate and other bonds                                         | $ | 17,210 |  |   | $ | 1,721 |  |   | $ | 61 |  |   | $ | 18,870 |  |   | $ | — |  |
| States, municipalities and political subdivisions                 | 11,285 |  |   | 1,463 |  |   | 8 |  |   | 12,740 |  |   | — |  |
| Asset-backed:                                                     |   |   |   |   |   |   |   |   |   |
| Residential mortgage-backed                                       | 5,028 |  |   | 218 |  |   | 13 |  |   | 5,233 |  |   | (53 | ) |
| Commercial mortgage-backed                                        | 2,056 |  |   | 93 |  |   | 5 |  |   | 2,144 |  |   | (2 | ) |
| Other asset-backed                                                | 1,234 |  |   | 11 |  |   | 10 |  |   | 1,235 |  |   | — |  |
| Total asset-backed                                                | 8,318 |  |   | 322 |  |   | 28 |  |   | 8,612 |  |   | (55 | ) |
| U.S. Treasury and obligations of government-sponsored enterprises | 26 |  |   | 5 |  |   | — |  |   | 31 |  |   | — |  |
| Foreign government                                                | 438 |  |   | 16 |  |   | — |  |   | 454 |  |   | — |  |
| Redeemable preferred stock                                        | 39 |  |   | 3 |  |   | — |  |   | 42 |  |   | — |  |
| Total fixed maturity securities available-for-sale                | 37,316 |  |   | 3,530 |  |   | 97 |  |   | 40,749 |  |   | $ | (55 | ) |
| Total fixed maturity securities trading                           | 19 |  |   |  |  |   |  |  |   | 19 |  |   |   |
| Equity securities available-for-sale:                             |   |   |   |   |   |   |   |   |   |
| Common stock                                                      | 38 |  |   | 9 |  |   | — |  |   | 47 |  |   |   |
| Preferred stock                                                   | 172 |  |   | 5 |  |   | 2 |  |   | 175 |  |   |   |
| Total equity securities available-for-sale                        | 210 |  |   | 14 |  |   | 2 |  |   | 222 |  |   |   |
| Total                                                             | $ | 37,545 |  |   | $ | 3,544 |  |   | $ | 99 |  |   | $ | 40,990 |  |   |   |

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|                                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                              | Less than 12 Months |   | 12 Months or Longer |   | Total |
| March 31, 2015                                               | EstimatedFair Value |   | GrossUnrealizedLosses |   | EstimatedFair Value |   | GrossUnrealizedLosses |   | EstimatedFair Value |   | GrossUnrealizedLosses |
| (In millions)                                                     |   |   |   |   |   |
| Fixed maturity securities available-for-sale:                     |   |   |   |   |   |   |   |   |   |   |   |
| Corporate and other bonds                                         | $ | 840 |  |   | $ | 31 |  |   | $ | 139 |  |   | $ | 12 |  |   | $ | 979 |  |   | $ | 43 |  |
| States, municipalities and political subdivisions                 | 479 |  |   | 6 |  |   | 100 |  |   | 3 |  |   | 579 |  |   | 9 |  |
| Asset-backed:                                                     |   |   |   |   |   |   |   |   |   |   |   |
| Residential mortgage-backed                                       | 318 |  |   | 5 |  |   | 148 |  |   | 8 |  |   | 466 |  |   | 13 |  |
| Commercial mortgage-backed                                        | 175 |  |   | 3 |  |   | 62 |  |   | 2 |  |   | 237 |  |   | 5 |  |
| Other asset-backed                                                | 187 |  |   | 1 |  |   | 5 |  |   | — |  |   | 192 |  |   | 1 |  |
| Total asset-backed                                                | 680 |  |   | 9 |  |   | 215 |  |   | 10 |  |   | 895 |  |   | 19 |  |
| U.S. Treasury and obligations of government-sponsored enterprises | 3 |  |   | — |  |   | — |  |   | — |  |   | 3 |  |   | — |  |
| Foreign government                                                | 13 |  |   | — |  |   | 1 |  |   | — |  |   | 14 |  |   | — |  |
| Total fixed maturity securities available-for-sale                | 2,015 |  |   | 46 |  |   | 455 |  |   | 25 |  |   | 2,470 |  |   | 71 |  |
| Equity securities available-for-sale:                             |   |   |   |   |   |   |   |   |   |   |   |
| Preferred stock                                                   | 15 |  |   | 4 |  |   | — |  |   | — |  |   | 15 |  |   | 4 |  |
| Total                                                             | $ | 2,030 |  |   | $ | 50 |  |   | $ | 455 |  |   | $ | 25 |  |   | $ | 2,485 |  |   | $ | 75 |  |

|                                                                   |
|-------------------------------------------------------------------|
|                                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                              | Less than 12 Months |   | 12 Months or Longer |   | Total |
| December 31, 2014                                            | EstimatedFair Value |   | GrossUnrealizedLosses |   | EstimatedFair Value |   | GrossUnrealizedLosses |   | EstimatedFair Value |   | GrossUnrealizedLosses |
| (In millions)                                                     |   |   |   |   |   |
| Fixed maturity securities available-for-sale:                     |   |   |   |   |   |   |   |   |   |   |   |
| Corporate and other bonds                                         | $ | 1,330 |  |   | $ | 46 |  |   | $ | 277 |  |   | $ | 15 |  |   | $ | 1,607 |  |   | $ | 61 |  |
| States, municipalities and political subdivisions                 | 335 |  |   | 5 |  |   | 127 |  |   | 3 |  |   | 462 |  |   | 8 |  |
| Asset-backed:                                                     |   |   |   |   |   |   |   |   |   |   |   |
| Residential mortgage-backed                                       | 293 |  |   | 5 |  |   | 189 |  |   | 8 |  |   | 482 |  |   | 13 |  |
| Commercial mortgage-backed                                        | 264 |  |   | 2 |  |   | 99 |  |   | 3 |  |   | 363 |  |   | 5 |  |
| Other asset-backed                                                | 607 |  |   | 10 |  |   | 7 |  |   | — |  |   | 614 |  |   | 10 |  |
| Total asset-backed                                                | 1,164 |  |   | 17 |  |   | 295 |  |   | 11 |  |   | 1,459 |  |   | 28 |  |
| U.S. Treasury and obligations of government-sponsored enterprises | 3 |  |   | — |  |   | 4 |  |   | — |  |   | 7 |  |   | — |  |
|    Foreign government                              | 3 |  |   | — |  |   | 3 |  |   | — |  |   | 6 |  |   | — |  |
| Redeemable preferred stock                                        | 3 |  |   | — |  |   | — |  |   | — |  |   | 3 |  |   | — |  |
| Total fixed maturity securities available-for-sale                | 2,838 |  |   | 68 |  |   | 706 |  |   | 29 |  |   | 3,544 |  |   | 97 |  |
| Equity securities available-for-sale:                             |  |  |   |  |  |   |  |  |   |  |  |   |  |  |   |  |  |
|    Preferred stock                                 | 17 |  |   | 2 |  |   | 1 |  |   | — |  |   | 18 |  |   | 2 |  |
| Total                                                             | $ | 2,855 |  |   | $ | 70 |  |   | $ | 707 |  |   | $ | 29 |  |   | $ | 3,562 |  |   | $ | 99 |  |

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|                                                                                                        |
|--------------------------------------------------------------------------------------------------------|
|                                                                                                        |  |  |  |  |  |  |  |
| Three months ended March 31                                                                            |   |   |   |
| (In millions)                                                                                          | 2015 |   | 2014 |
| Beginning balance of credit losses on fixed maturity securities                                        | $ | 62 |  |   | $ | 74 |  |
| Reductions for securities sold during the period                                                       | (1 | ) |   | (2 | ) |
| Reductions for securities the Company intends to sell or more likely than not will be required to sell | — |  |   | (3 | ) |
| Ending balance of credit losses on fixed maturity securities                                           | $ | 61 |  |   | $ | 69 |  |

|                                        |
|----------------------------------------|
|                                        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                   | March 31, 2015 |   | December 31, 2014 |
| (In millions)                          | Cost orAmortizedCost |   | EstimatedFairValue |   | Cost orAmortizedCost |   | EstimatedFairValue |
| Due in one year or less                | $ | 2,011 |  |   | $ | 2,043 |  |   | $ | 2,479 |  |   | $ | 2,511 |  |
| Due after one year through five years  | 8,760 |  |   | 9,340 |  |   | 9,054 |  |   | 9,605 |  |
| Due after five years through ten years | 12,401 |  |   | 13,108 |  |   | 12,055 |  |   | 12,584 |  |
| Due after ten years                    | 13,667 |  |   | 16,078 |  |   | 13,728 |  |   | 16,049 |  |
| Total                                  | $ | 36,839 |  |   | $ | 40,569 |  |   | $ | 37,316 |  |   | $ | 40,749 |  |

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|                                                 |
|-------------------------------------------------|
|                                                 |  |  |  |  |  |  |  |  |  |  |  |
| March 31, 2015                             | Contractual/NotionalAmount |   | Estimated Fair Value |
| (In millions)                                   |   | Asset |   | Liability |
| Without hedge designation                       |   |   |   |   |   |
| Currency forwards                               | $ | 18 |  |   | $ | 2 |  |   | $ | — |  |
| Equity warrants                                 | 5 |  |   | — |  |   | — |  |
| Embedded derivative on funds withheld liability | 184 |  |   | — |  |   | 5 |  |
| Total                                           |   |   | $ | 2 |  |   | $ | 5 |  |

|                                                 |
|-------------------------------------------------|
|                                                 |  |  |  |  |  |  |  |  |  |  |  |
| December 31, 2014                          | Contractual/NotionalAmount |   | Estimated Fair Value |
| (In millions)                                   |   | Asset |   | Liability |
| Without hedge designation                       |   |   |   |   |   |
| Currency forwards                               | $ | 9 |  |   | $ | — |  |   | $ | — |  |
| Equity warrants                                 | 5 |  |   | — |  |   | — |  |
| Embedded derivative on funds withheld liability | 184 |  |   | — |  |   | 3 |  |
| Total                                           |   |   | $ | — |  |   | $ | 3 |  |

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|                                                                   |
|-------------------------------------------------------------------|
|                                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| March 31, 2015                                               |   |   |   |   |   |   | TotalAssets/ Liabilitiesat Fair Value |
| (In millions)                                                     | Level 1 |   | Level 2 |   | Level 3 |   |
| Assets                                                            |   |   |   |   |   |   |   |
| Fixed maturity securities:                                        |   |   |   |   |   |   |   |
| Corporate and other bonds                                         | $ | 29 |  |   | $ | 18,337 |  |   | $ | 186 |  |   | $ | 18,552 |  |
| States, municipalities and political subdivisions                 | — |  |   | 12,877 |  |   | 86 |  |   | 12,963 |  |
| Asset-backed:                                                     |   |   |   |   |   |   |   |
| Residential mortgage-backed                                       | — |  |   | 4,994 |  |   | 232 |  |   | 5,226 |  |
| Commercial mortgage-backed                                        | — |  |   | 2,196 |  |   | 64 |  |   | 2,260 |  |
| Other asset-backed                                                | — |  |   | 570 |  |   | 553 |  |   | 1,123 |  |
| Total asset-backed                                                | — |  |   | 7,760 |  |   | 849 |  |   | 8,609 |  |
| U.S. Treasury and obligations of government-sponsored enterprises | 29 |  |   | 1 |  |   | — |  |   | 30 |  |
| Foreign government                                                | 37 |  |   | 372 |  |   | — |  |   | 409 |  |
| Redeemable preferred stock                                        | 30 |  |   | 12 |  |   | — |  |   | 42 |  |
| Total fixed maturity securities                                   | 125 |  |   | 39,359 |  |   | 1,121 |  |   | 40,605 |  |
| Equity securities                                                 | 149 |  |   | 63 |  |   | 13 |  |   | 225 |  |
| Derivative financial instruments                                  | — |  |   | 2 |  |   | — |  |   | 2 |  |
| Other invested assets, excluding derivative financial instruments | — |  |   | 41 |  |   | — |  |   | 41 |  |
| Short term investments                                            | 742 |  |   | 678 |  |   | — |  |   | 1,420 |  |
| Life settlement contracts, included in Other assets               | — |  |   | — |  |   | 79 |  |   | 79 |  |
| Total assets                                                      | $ | 1,016 |  |   | $ | 40,143 |  |   | $ | 1,213 |  |   | $ | 42,372 |  |
| Liabilities                                                       |   |   |   |   |   |  |   |   |  |
| Other liabilities                                                 | $ | — |  |   | $ | 5 |  |   | $ | — |  |   | $ | 5 |  |
| Total liabilities                                                 | $ | — |  |   | $ | 5 |  |   | $ | — |  |   | $ | 5 |  |

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|                                                                   |
|-------------------------------------------------------------------|
|                                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| December 31, 2014                                            |   |   |   |   |   |   | TotalAssets/Liabilitiesat Fair Value |
| (In millions)                                                     | Level 1 |   | Level 2 |   | Level 3 |   |
| Assets                                                            |   |   |   |   |   |   |   |
| Fixed maturity securities:                                        |   |   |   |   |   |   |   |
| Corporate and other bonds                                         | $ | 32 |  |   | $ | 18,695 |  |   | $ | 162 |  |   | $ | 18,889 |  |
| States, municipalities and political subdivisions                 | — |  |   | 12,646 |  |   | 94 |  |   | 12,740 |  |
| Asset-backed:                                                     |   |   |   |   |   |   |   |  |
| Residential mortgage-backed                                       | — |  |   | 5,044 |  |   | 189 |  |   | 5,233 |  |
| Commercial mortgage-backed                                        | — |  |   | 2,061 |  |   | 83 |  |   | 2,144 |  |
| Other asset-backed                                                | — |  |   | 580 |  |   | 655 |  |   | 1,235 |  |
| Total asset-backed                                                | — |  |   | 7,685 |  |   | 927 |  |   | 8,612 |  |
| U.S. Treasury and obligations of government-sponsored enterprises | 28 |  |   | 3 |  |   | — |  |   | 31 |  |
| Foreign government                                                | 41 |  |   | 413 |  |   | — |  |   | 454 |  |
| Redeemable preferred stock                                        | 30 |  |   | 12 |  |   | — |  |   | 42 |  |
| Total fixed maturity securities                                   | 131 |  |   | 39,454 |  |   | 1,183 |  |   | 40,768 |  |
| Equity securities                                                 | 145 |  |   | 61 |  |   | 16 |  |   | 222 |  |
| Other invested assets                                             | — |  |   | 41 |  |   | — |  |   | 41 |  |
| Short term investments                                            | 681 |  |   | 963 |  |   | — |  |   | 1,644 |  |
| Life settlement contracts, included in Other assets               | — |  |   | — |  |   | 82 |  |   | 82 |  |
| Total assets                                                      | $ | 957 |  |   | $ | 40,519 |  |   | $ | 1,281 |  |   | $ | 42,757 |  |
| Liabilities                                                       |   |   |   |   |   |   |   |
| Other liabilities                                                 | $ | — |  |   | $ | 3 |  |   | $ | — |  |   | $ | 3 |  |
| Total liabilities                                                 | $ | — |  |   | $ | 3 |  |   | $ | — |  |   | $ | 3 |  |

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|                                                   |
|---------------------------------------------------|
|                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Level 3(In millions)                              | Balance as ofJanuary 1,2015 |   | Net realized investment gains (losses) and net change in unrealized appreciation (depreciation) included in Net income (loss) |   | Net change in unrealized appreciation (depreciation) included in Other comprehensive income (loss) |   | Purchases |   | Sales |   | Settlements |   | Transfers intoLevel 3 |   | Transfers out of Level 3 |   | Balance as ofMarch 31, 2015 |   | Unrealized gains (losses) on Level 3 assets and liabilities held as of March 31, 2015 recognized in Net income  (loss) |
| Fixed maturity securities:                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Corporate and other bonds                         | $ | 162 |  |   | $ | 1 |  |   | $ | — |  |   | $ | 12 |  |   | $ | (12 | ) |   | $ | (14 | ) |   | $ | 37 |  |   | $ | — |  |   | $ | 186 |  |   | $ | — |  |
| States, municipalities and political subdivisions | 94 |  |   | 1 |  |   | — |  |   | — |  |   | — |  |   | (9 | ) |   | — |  |   | — |  |   | 86 |  |   | — |  |
| Asset-backed:                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |  |   |   |
| Residential mortgage-backed                       | 189 |  |   | 1 |  |   | — |  |   | 72 |  |   | — |  |   | (10 | ) |   | — |  |   | (20 | ) |   | 232 |  |   | — |  |
| Commercial mortgage-backed                        | 83 |  |   | 1 |  |   | 1 |  |   | 6 |  |   | — |  |   | (1 | ) |   | — |  |   | (26 | ) |   | 64 |  |   | — |  |
| Other asset-backed                                | 655 |  |   | 1 |  |   | 9 |  |   | 35 |  |   | (144 | ) |   | (3 | ) |   | — |  |   | — |  |   | 553 |  |   | — |  |
| Total asset-backed                                | 927 |  |   | 3 |  |   | 10 |  |   | 113 |  |   | (144 | ) |   | (14 | ) |   | — |  |   | (46 | ) |   | 849 |  |   | — |  |
| Total fixed maturity securities                   | 1,183 |  |   | 5 |  |   | 10 |  |   | 125 |  |   | (156 | ) |   | (37 | ) |   | 37 |  |   | (46 | ) |   | 1,121 |  |   | — |  |
| Equity securities                                 | 16 |  |   | — |  |   | (3 | ) |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | 13 |  |   | — |  |
| Life settlement contracts                         | 82 |  |   | 13 |  |   | — |  |   | — |  |   | — |  |   | (16 | ) |   | — |  |   | — |  |   | 79 |  |   | 1 |  |
| Total                                             | $ | 1,281 |  |   | $ | 18 |  |   | $ | 7 |  |   | $ | 125 |  |   | $ | (156 | ) |   | $ | (53 | ) |   | $ | 37 |  |   | $ | (46 | ) |   | $ | 1,213 |  |   | $ | 1 |  |

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|                                                   |
|---------------------------------------------------|
|                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Level 3(In millions)                              | Balance as ofJanuary 1,2014 |   | Net realized investment gains (losses) and net change in unrealized appreciation (depreciation) included in Net income (loss) |   | Net change in unrealized appreciation (depreciation) included in Other comprehensive income (loss) |   | Purchases |   | Sales |   | Settlements |   | Transfers intoLevel 3 |   | Transfers out of Level 3 |   | Balance as ofMarch 31, 2014 |   | Unrealized gains (losses) on Level 3 assets and liabilities held as of March 31, 2014 recognized in Net income  (loss) |
| Fixed maturity securities:                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Corporate and other bonds                         | $ | 204 |  |   | $ | 1 |  |   | $ | 1 |  |   | $ | 5 |  |   | $ | (4 | ) |   | $ | (5 | ) |   | $ | 3 |  |   | $ | (16 | ) |   | $ | 189 |  |   | $ | — |  |
| States, municipalities and political subdivisions | 71 |  |   | — |  |   | 1 |  |   | — |  |   | — |  |   | — |  |   | 14 |  |   | — |  |   | 86 |  |   | — |  |
| Asset-backed:                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Residential mortgage-backed                       | 331 |  |   | 1 |  |   | 15 |  |   | 25 |  |   | — |  |   | (21 | ) |   | 21 |  |   | (13 | ) |   | 359 |  |   | — |  |
| Commercial mortgage-backed                        | 151 |  |   | 1 |  |   | (1 | ) |   | — |  |   | — |  |   | (1 | ) |   | — |  |   | (24 | ) |   | 126 |  |   | — |  |
| Other asset-backed                                | 446 |  |   | 1 |  |   | — |  |   | 148 |  |   | (83 | ) |   | (72 | ) |   | — |  |   | (1 | ) |   | 439 |  |   | — |  |
| Total asset-backed                                | 928 |  |   | 3 |  |   | 14 |  |   | 173 |  |   | (83 | ) |   | (94 | ) |   | 21 |  |   | (38 | ) |   | 924 |  |   | — |  |
| Total fixed maturity securities                   | 1,203 |  |   | 4 |  |   | 16 |  |   | 178 |  |   | (87 | ) |   | (99 | ) |   | 38 |  |   | (54 | ) |   | 1,199 |  |   | — |  |
| Equity securities                                 | 11 |  |   | 3 |  |   | (4 | ) |   | — |  |   | (8 | ) |   | — |  |   | — |  |   | — |  |   | 2 |  |   | — |  |
| Life settlement contracts                         | 88 |  |   | 10 |  |   | — |  |   | — |  |   | — |  |   | (11 | ) |   | — |  |   | — |  |   | 87 |  |   | 1 |  |
| Separate account business                         | 1 |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | (1 | ) |   | — |  |   | — |  |
| Total                                             | $ | 1,303 |  |   | $ | 17 |  |   | $ | 12 |  |   | $ | 178 |  |   | $ | (95 | ) |   | $ | (110 | ) |   | $ | 38 |  |   | $ | (55 | ) |   | $ | 1,288 |  |   | $ | 1 |  |

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|                                                                                          |
|------------------------------------------------------------------------------------------|
|                                                                                          |  |  |
| Major Category of Assets and Liabilities                                                 |   | Condensed Consolidated Statements of Operations Line Items |
| Fixed maturity securities available-for-sale                                             |   | Net realized investment gains (losses) |
| Fixed maturity securities trading                                                        |   | Net investment income |
| Equity securities                                                                        |   | Net realized investment gains (losses) |
| Other invested assets - Derivative financial instruments held in a trading portfolio     |   | Net investment income |
| Other invested assets - Derivative financial instruments not held in a trading portfolio |   | Net realized investment gains (losses) |
| Other invested assets - Overseas deposits                                                |   | Net investment income |
| Life settlement contracts                                                                |   | Other revenues |
| Other liabilities - Derivative financial instruments                                     |   | Net realized investment gains (losses) |

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|                           |
|---------------------------|
|                           |  |  |  |  |  |  |  |  |  |
| March 31, 2015            |   |   |   |   |   |   |   |
| (In millions)             | Fair Value |   | Valuation Technique(s) |   | Unobservable Input(s) |   | Range (Weighted Average) |
| Fixed maturity securities | $ | 102 |  |   | Discounted cash flow |   | Credit spread |   | 2% - 13% (3%) |
| Equity securities         | 13 |  |   | Market approach |   | Private offering price |   | $10 - $4,400 per share ($682) |
| Life settlement contracts | 79 |  |   | Discounted cash flow |   | Discount rate risk premium |   | 9% |
|                      |   |   |   |   | Mortality assumption |   | 55% - 1676% (164%) |

|                           |
|---------------------------|
|                           |  |  |  |  |  |  |  |  |  |
| December 31, 2014         |   |   |   |   |   |   |   |
| (In millions)             | Fair Value |   | Valuation Technique(s) |   | Unobservable Input(s) |   | Range (Weighted Average) |
| Fixed maturity securities | $ | 101 |  |   | Discounted cash flow |   | Credit spread |   | 2% - 13% (3%) |
| Equity securities         | 16 |  |   | Market approach |   | Private offering price |   | $12 - $4,391 per share ($600) |
| Life settlement contracts | 82 |  |   | Discounted cash flow |   | Discount rate risk premium |   | 9% |
|                      |   |   |   |   | Mortality assumption |   | 55% - 1676% (163%) |

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|                                                   |
|---------------------------------------------------|
|                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| March 31, 2015                               | CarryingAmount |   | Estimated Fair Value |
| (In millions)                                     |   | Level 1 |   | Level 2 |   | Level 3 |   | Total |
| Assets                                            |   |   |   |   |   |   |   |   |   |
| Notes receivable for the issuance of common stock | $ | 1 |  |   | $ | — |  |   | $ | — |  |   | $ | 1 |  |   | $ | 1 |  |
| Mortgage loans                                    | 586 |  |   | — |  |   | — |  |   | 612 |  |   | 612 |  |
| Liabilities                                       |   |   |   |   |   |   |   |   |   |
| Long term debt                                    | $ | 2,560 |  |   | $ | — |  |   | $ | 2,908 |  |   | $ | — |  |   | $ | 2,908 |  |

|                                                   |
|---------------------------------------------------|
|                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| December 31, 2014                            | CarryingAmount |   | Estimated Fair Value |
| (In millions)                                     |   | Level 1 |   | Level 2 |   | Level 3 |   | Total |
| Assets                                            |   |   |   |   |   |   |   |   |   |
| Notes receivable for the issuance of common stock | $ | 1 |  |   | $ | — |  |   | $ | — |  |   | $ | 1 |  |   | $ | 1 |  |
| Mortgage loans                                    | 588 |  |   | — |  |   | — |  |   | 608 |  |   | 608 |  |
| Liabilities                                       |   |   |   |   |   |   |   |   |   |
| Long term debt                                    | $ | 2,559 |  |   | $ | — |  |   | $ | 2,883 |  |   | $ | — |  |   | $ | 2,883 |  |

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|                                                                                                                |
|----------------------------------------------------------------------------------------------------------------|
|                                                                                                                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Three months ended March 31, 2015                                                                              |   |   |   |   |   |   |   |   |   |
| (In millions)                                                                                                  | Specialty |   |  Commercial |   | International |   | Corporate & OtherNon-Core |   | Total |
| Pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development | $ | 2 |  |   | $ | (5 | ) |   | $ | (4 | ) |   | $ | — |  |   | $ | (7 | ) |
| Pretax (favorable) unfavorable premium development                                                             | (6 | ) |   | (1 | ) |   | 16 |  |   | — |  |   | 9 |  |
| Total pretax (favorable) unfavorable net prior year development                                                | $ | (4 | ) |   | $ | (6 | ) |   | $ | 12 |  |   | $ | — |  |   | $ | 2 |  |

|                                                                                                                |
|----------------------------------------------------------------------------------------------------------------|
|                                                                                                                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Three months ended March 31, 2014                                                                              |   |   |   |   |   |   |   |   |   |
| (In millions)                                                                                                  | Specialty |   |  Commercial |   | International |   | Corporate & Other Non-Core |   | Total |
| Pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development | $ | (3 | ) |   | $ | 18 |  |   | $ | 10 |  |   | $ | — |  |   | $ | 25 |  |
| Pretax (favorable) unfavorable premium development                                                             | (6 | ) |   | (18 | ) |   | (7 | ) |   | — |  |   | (31 | ) |
| Total pretax (favorable) unfavorable net prior year development                                                | $ | (9 | ) |   | $ | — |  |   | $ | 3 |  |   | $ | — |  |   | $ | (6 | ) |

|                                                                                                                      |
|----------------------------------------------------------------------------------------------------------------------|
|                                                                                                                      |  |  |  |  |  |  |  |
| Three months ended March 31                                                                                          |   |   |   |
| (In millions)                                                                                                        | 2015 |   | 2014 |
| Pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development:      |   |   |   |
| Medical Professional Liability                                                                                       | $ | 14 |  |   | $ | — |  |
| Other Professional Liability and Management Liability                                                                | (3 | ) |   | (6 | ) |
| Surety                                                                                                               | 1 |  |   | 1 |  |
| Warranty                                                                                                             | — |  |   | — |  |
| Other                                                                                                                | (10 | ) |   | 2 |  |
| Total pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development | $ | 2 |  |   | $ | (3 | ) |

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|                                                                                                                      |
|----------------------------------------------------------------------------------------------------------------------|
|                                                                                                                      |  |  |  |  |  |  |  |
| Three months ended March 31                                                                                          |  |  |  |
| (In millions)                                                                                                        | 2015 |  | 2014 |
| Pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development:      |   |   |   |
| Commercial Auto                                                                                                      | $ | — |  |   | $ | 20 |  |
| General Liability                                                                                                    | 4 |  |   | — |  |
| Workers' Compensation                                                                                                | (1 | ) |   | 11 |  |
| Property and Other                                                                                                   | (8 | ) |   | (13 | ) |
| Total pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development | $ | (5 | ) |   | $ | 18 |  |

|                                                                                                                      |
|----------------------------------------------------------------------------------------------------------------------|
|                                                                                                                      |  |  |  |  |  |  |  |
| Three months ended March 31                                                                                          |   |   |   |
| (In millions)                                                                                                        | 2015 |   | 2014 |
| Pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development:      |   |   |   |
| Medical Professional Liability                                                                                       | $ | — |  |   | $ | 1 |  |
| Other Professional Liability                                                                                         | — |  |   | (1 | ) |
| Liability                                                                                                            | (5 | ) |   | (2 | ) |
| Property & Marine                                                                                                | (6 | ) |   | 8 |  |
| Other                                                                                                                | 7 |  |   | (6 | ) |
| Commutations                                                                                                         | — |  |   | 10 |  |
| Total pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development | $ | (4 | ) |   | $ | 10 |  |

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|                                               |
|-----------------------------------------------|
|                                               |  |  |  |  |  |  |  |
| Three months ended March 31                   |   |   |   |
| (In millions)                                 | 2015 |   | 2014 |
| Pension cost (benefit)                        |   |   |   |
| Service cost                                  | $ | 2 |  |   | $ | 3 |  |
| Interest cost on projected benefit obligation | 28 |  |   | 33 |  |
| Expected return on plan assets                | (43 | ) |   | (48 | ) |
| Amortization of net actuarial loss            | 9 |  |   | 6 |  |
| Net periodic pension cost (benefit)           | $ | (4 | ) |   | $ | (6 | ) |
|                                          |   |   |   |
| Postretirement cost (benefit)                 |   |   |   |
| Amortization of prior service credit          | $ | — |  |   | $ | (4 | ) |
| Net periodic postretirement cost (benefit)    | $ | — |  |   | $ | (4 | ) |

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----

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|                                                                                                                              |
|------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| (In millions)                                                                                                                | Net unrealized gains (losses) on investments with OTTI losses |   | Net unrealized gains (losses) on other investments |   | Pension and postretirement benefits |   | Cumulative foreign currency translation adjustment |   | Total |
| Balance as of January 1, 2015                                                                                                | $ | 36 |  |   | $ | 942 |  |   | $ | (633 | ) |   | $ | 55 |  |   | $ | 400 |  |
| Other comprehensive income (loss) before reclassifications                                                                   | (1 | ) |   | 121 |  |   | — |  |   | (96 | ) |   | 24 |  |
| Amounts reclassified from Accumulated other comprehensive income (loss) after tax (expense) benefit of $0, $0, $3, $0 and $3 | — |  |   | 9 |  |   | (6 | ) |   | — |  |   | 3 |  |
| Other comprehensive income (loss) after tax (expense) benefit of $0, $(62), $(3), $0 and $(65)                               | (1 | ) |   | 112 |  |   | 6 |  |   | (96 | ) |   | 21 |  |
| Balance as of March 31, 2015                                                                                                 | $ | 35 |  |   | $ | 1,054 |  |   | $ | (627 | ) |   | $ | (41 | ) |   | $ | 421 |  |

|                                                                                                                                        |
|----------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| (In millions)                                                                                                                          | Net unrealized gains (losses) on investments with OTTI losses |   | Net unrealized gains (losses) on other investments |   | Net unrealized gains (losses) on discontinued operations |   | Pension and postretirement benefits |   | Cumulative foreign currency translation adjustment |   | Total |
| Balance as of January 1, 2014                                                                                                          | $ | 26 |  |   | $ | 692 |  |   | $ | — |  |   | $ | (426 | ) |   | $ | 150 |  |   | $ | 442 |  |
| Transfer to net assets held for sale                                                                                                   | (5 | ) |   | (17 | ) |   | 22 |  |   | — |  |   | — |  |   | — |  |
| Other comprehensive income (loss) before reclassifications                                                                             | 12 |  |   | 264 |  |   | 8 |  |   | — |  |   | (8 | ) |   | 276 |  |
| Amounts reclassified from Accumulated other comprehensive income (loss) after tax (expense) benefit of $0, $(14), $0, $1, $0 and $(13) | — |  |   | 27 |  |   | — |  |   | (1 | ) |   | — |  |   | 26 |  |
| Other comprehensive income (loss) after tax (expense) benefit of $(6), $(127), $(5), $(1), $0 and $(139)           | 12 |  |   | 237 |  |   | 8 |  |   | 1 |  |   | (8 | ) |   | 250 |  |
| Balance as of March 31, 2014                                                                                                           | $ | 33 |  |   | $ | 912 |  |   | $ | 30 |  |   | $ | (425 | ) |   | $ | 142 |  |   | $ | 692 |  |

|                                                               |
|---------------------------------------------------------------|
|                                                               |  |  |
| Component of AOCI                                             |   | Condensed Consolidated Statements of Operations Line Item Affected by Reclassifications |
| Net unrealized gains (losses) on investments with OTTI losses |   | Net realized investment gains (losses) |
| Net unrealized gains (losses) on other investments            |   | Net realized investment gains (losses) |
| Net unrealized gains (losses) on discontinued operations      |   | Income (loss) from discontinued operations |
| Pension and postretirement benefits                           |   | Other operating expenses |

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|                                                                        |
|------------------------------------------------------------------------|
|                                                                        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Three months ended March 31, 2015                                      | Specialty |   | Commercial |   | International |   | Life &GroupNon-Core |   | Corporate& OtherNon-Core |   |   |   |   |
| (In millions)                                                          |   |   |   |   |   | Eliminations |   | Total |
| Operating revenues                                                     |   |  |   |   |  |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Net earned premiums                                                    | $ | 680 |  |   | $ | 678 |  |   | $ | 191 |  |   | $ | 138 |  |   | $ | — |  |   | $ | — |  |   | $ | 1,687 |  |
| Net investment income                                                  | 155 |  |   | 204 |  |   | 14 |  |   | 179 |  |   | 6 |  |   | — |  |   | 558 |  |
| Other revenues                                                         | 78 |  |   | 9 |  |   | — |  |   | 9 |  |   | 2 |  |   | (1 | ) |   | 97 |  |
| Total operating revenues                                               | 913 |  |   | 891 |  |   | 205 |  |   | 326 |  |   | 8 |  |   | (1 | ) |   | 2,342 |  |
| Claims, Benefits and Expenses                                          |   |  |   |   |  |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Net incurred claims and benefits                                       | 429 |  |   | 454 |  |   | 116 |  |   | 340 |  |   | (4 | ) |   | — |  |   | 1,335 |  |
| Policyholders’ dividends                                         | 1 |  |   | 3 |  |   | — |  |   | — |  |   | — |  |   | — |  |   | 4 |  |
| Amortization of deferred acquisition costs                             | 144 |  |   | 117 |  |   | 35 |  |   | 7 |  |   | — |  |   | — |  |   | 303 |  |
| Other insurance related expenses                                       | 69 |  |   | 127 |  |   | 37 |  |   | 35 |  |   | — |  |   | — |  |   | 268 |  |
| Other expenses                                                         | 67 |  |   | 8 |  |   | 5 |  |   | 4 |  |   | 46 |  |   | (1 | ) |   | 129 |  |
| Total claims, benefits and expenses                                    | 710 |  |   | 709 |  |   | 193 |  |   | 386 |  |   | 42 |  |   | (1 | ) |   | 2,039 |  |
| Operating income (loss) before income tax                         | 203 |  |   | 182 |  |   | 12 |  |   | (60 | ) |   | (34 | ) |   | — |  |   | 303 |  |
| Income tax (expense) benefit on operating income (loss)                | (68 | ) |   | (62 | ) |   | (3 | ) |   | 43 |  |   | 12 |  |   | — |  |   | (78 | ) |
| Net operating income (loss)                                            | 135 |  |   | 120 |  |   | 9 |  |   | (17 | ) |   | (22 | ) |   | — |  |   | 225 |  |
| Net realized investment gains (losses)                                 | 4 |  |   | 4 |  |   | 1 |  |   | 1 |  |   | — |  |   | — |  |   | 10 |  |
| Income tax (expense) benefit on net realized investment gains (losses) | (1 | ) |   | (3 | ) |   | — |  |   | 2 |  |   | — |  |   | — |  |   | (2 | ) |
| Net realized investment gains (losses), after tax                      | 3 |  |   | 1 |  |   | 1 |  |   | 3 |  |   | — |  |   | — |  |   | 8 |  |
| Net income (loss) from continuing operations                           | $ | 138 |  |   | $ | 121 |  |   | $ | 10 |  |   | $ | (14 | ) |   | $ | (22 | ) |   | $ | — |  |   | $ | 233 |  |

|                                     |
|-------------------------------------|
|                                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| March 31, 2015                 |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (In millions)                       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Reinsurance receivables             | $ | 671 |  |   | $ | 675 |  |   | $ | 207 |  |   | $ | 543 |  |   | $ | 2,672 |  |   | $ | — |  |   | $ | 4,768 |  |
| Insurance receivables               | 808 |  |   | 1,004 |  |   | 282 |  |   | 13 |  |   | 2 |  |   | — |  |   | 2,109 |  |
| Deferred acquisition costs          | 307 |  |   | 225 |  |   | 84 |  |   | — |  |   | — |  |   | — |  |   | 616 |  |
| Goodwill                            | 117 |  |   | — |  |   | 34 |  |   | — |  |   | — |  |   | — |  |   | 151 |  |
| Insurance reserves                  |   |   |   |   |   |   |   |   |   |   |   |   |   |  |
| Claim and claim adjustment expenses | 6,352 |  |   | 9,441 |  |   | 1,377 |  |   | 3,237 |  |   | 2,841 |  |   | — |  |   | 23,248 |  |
| Unearned premiums                   | 1,794 |  |   | 1,329 |  |   | 449 |  |   | 139 |  |   | — |  |   | (1 | ) |   | 3,710 |  |
| Future policy benefits              | — |  |   | — |  |   | — |  |   | 9,747 |  |   | — |  |   | — |  |   | 9,747 |  |

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|                                                                             |
|-----------------------------------------------------------------------------|
|                                                                             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Three months ended March 31, 2014                                           | Specialty |   | Commercial |   | International |   | Life &GroupNon-Core |   | Corporate& OtherNon-Core |   |   |   |   |
| (In millions)                                                               |   |   |   |   | Eliminations |   | Total |
| Operating revenues                                                          |   |  |   |   |  |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Net earned premiums                                                         | $ | 692 |  |   | $ | 735 |  |   | $ | 241 |  |   | $ | 139 |  |   | $ | — |  |   | $ | (1 | ) |   | $ | 1,806 |  |
| Net investment income                                                       | 144 |  |   | 191 |  |   | 15 |  |   | 171 |  |   | 5 |  |   | — |  |   | 526 |  |
| Other revenues                                                              | 68 |  |   | 10 |  |   | — |  |   | 5 |  |   | 2 |  |   | — |  |   | 85 |  |
| Total operating revenues                                                    | 904 |  |   | 936 |  |   | 256 |  |   | 315 |  |   | 7 |  |   | (1 | ) |   | 2,417 |  |
| Claims, Benefits and Expenses                                               |   |  |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Net incurred claims and benefits                                            | 442 |  |   | 568 |  |   | 130 |  |   | 306 |  |   | (3 | ) |   | — |  |   | 1,443 |  |
| Policyholders’ dividends                                              | 1 |  |   | 2 |  |   | — |  |   | — |  |   | — |  |   | — |  |   | 3 |  |
| Amortization of deferred acquisition costs                                  | 143 |  |   | 123 |  |   | 55 |  |   | 8 |  |   | — |  |   | — |  |   | 329 |  |
| Other insurance related expenses                                            | 65 |  |   | 126 |  |   | 40 |  |   | 32 |  |   | — |  |   | (1 | ) |   | 262 |  |
| Other expenses                                                              | 61 |  |   | 8 |  |   | 7 |  |   | 1 |  |   | 51 |  |   | — |  |   | 128 |  |
| Total claims, benefits and expenses                                         | 712 |  |   | 827 |  |   | 232 |  |   | 347 |  |   | 48 |  |   | (1 | ) |   | 2,165 |  |
| Operating income (loss) before income tax                                   | 192 |  |   | 109 |  |   | 24 |  |   | (32 | ) |   | (41 | ) |   | — |  |   | 252 |  |
| Income tax (expense) benefit on operating income (loss)                     | (63 | ) |   | (35 | ) |   | (8 | ) |   | 30 |  |   | 14 |  |   | — |  |   | (62 | ) |
| Net operating income (loss)                                                 | 129 |  |   | 74 |  |   | 16 |  |   | (2 | ) |   | (27 | ) |   | — |  |   | 190 |  |
| Net realized investment gains (losses)                                      | 11 |  |   | 10 |  |   | 3 |  |   | 16 |  |   | 6 |  |   | — |  |   | 46 |  |
| Income tax (expense) benefit on net realized investment gains (losses) | (3 | ) |   | (2 | ) |   | (3 | ) |   | (6 | ) |   | (2 | ) |   | — |  |   | (16 | ) |
| Net realized investment gains (losses), after tax                           | 8 |  |   | 8 |  |   | — |  |   | 10 |  |   | 4 |  |   | — |  |   | 30 |  |
| Net income (loss) from continuing operations                           | $ | 137 |  |   | $ | 82 |  |   | $ | 16 |  |   | $ | 8 |  |   | $ | (23 | ) |   | $ | — |  |   | $ | 220 |  |

|                                     |
|-------------------------------------|
|                                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| December 31, 2014              |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (In millions)                       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Reinsurance receivables             | $ | 567 |  |   | $ | 690 |  |   | $ | 207 |  |   | $ | 525 |  |   | $ | 2,753 |  |   | $ | — |  |   | $ | 4,742 |  |
| Insurance receivables               | 778 |  |   | 954 |  |   | 250 |  |   | 13 |  |   | 2 |  |   | — |  |   | 1,997 |  |
| Deferred acquisition costs          | 304 |  |   | 213 |  |   | 83 |  |   | — |  |   | — |  |   | — |  |   | 600 |  |
| Goodwill                            | 117 |  |   | — |  |   | 35 |  |   | — |  |   | — |  |   | — |  |   | 152 |  |
| Insurance reserves                  |   |   |   |   |   |   |   |   |   |   |   |   |   |  |
| Claim and claim adjustment expenses | 6,229 |  |   | 9,514 |  |   | 1,441 |  |   | 3,183 |  |   | 2,904 |  |   | — |  |   | 23,271 |  |
| Unearned premiums                   | 1,763 |  |   | 1,273 |  |   | 431 |  |   | 125 |  |   | — |  |   | — |  |   | 3,592 |  |
| Future policy benefits              | — |  |   | — |  |   | — |  |   | 9,490 |  |   | — |  |   | — |  |   | 9,490 |  |
| Policyholders’ funds          | 9 |  |   | 18 |  |   | — |  |   | — |  |   | — |  |   | — |  |   | 27 |  |

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|                                         |
|-----------------------------------------|
|                                         |  |  |  |  |  |  |  |
| Three months ended March 31             |   |   |   |
| (In millions)                           | 2015 |   | 2014 |
| Specialty                               |   |   |   |
| Management & Professional Liability | $ | 697 |  |   | $ | 704 |  |
| Surety                                  | 120 |  |   | 122 |  |
| Warranty & Alternative Risks        | 100 |  |   | 89 |  |
| Specialty revenues                      | 917 |  |   | 915 |  |
| Commercial                              |   |  |   |   |  |
| Middle Market                           | 409 |  |   | 403 |  |
| Small Business                          | 165 |  |   | 184 |  |
| Other Commercial Insurance              | 321 |  |   | 359 |  |
| Commercial revenues                     | 895 |  |   | 946 |  |
| International                           |  |  |   |  |  |
| Canada                                  | 55 |  |   | 71 |  |
| CNA Europe                              | 77 |  |   | 88 |  |
| Hardy                                   | 74 |  |   | 100 |  |
| International revenues                  | 206 |  |   | 259 |  |
| Life & Group Non-Core revenues      | 327 |  |   | 331 |  |
| Corporate & Other Non-Core revenues | 8 |  |   | 13 |  |
| Eliminations                            | (1 | ) |   | (1 | ) |
| Total revenues                          | $ | 2,352 |  |   | $ | 2,463 |  |

----

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|                                                                      |
|----------------------------------------------------------------------|
|                                                                      |  |  |  |
| Three months ended March 31                                          |   |
| (In millions)                                                        | 2014 |
| Revenues                                                             |   |
| Net investment income                                                | $ | 41 |  |
| Net realized investment gains                                        | 1 |  |
| Total revenues                                                       | 42 |  |
| Claims, Benefits and Expenses                                        |   |
| Insurance claims and policyholders' benefits                         | 31 |  |
| Other operating expenses                                             | 1 |  |
| Total claims, benefits and expenses                                  | 32 |  |
| Income before income tax                                             | 10 |  |
| Income tax expense                                                   | (3 | ) |
| Income from operations of discontinued operations, net of income tax | 7 |  |
| Impairment loss on sale, net of income tax benefit of $41            | (214 | ) |
| Loss from discontinued operations                                    | $ | (207 | ) |

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|                                                     |
|-----------------------------------------------------|
|                                                     |  |  |  |  |  |  |  |
| Three months ended March 31                         |   |   |   |
| (In millions)                                       | 2015 |   | 2014 |
| Operating Revenues                                  |   |   |   |
| Net earned premiums                                 | $ | 1,687 |  |   | $ | 1,806 |  |
| Net investment income                               | 558 |  |   | 526 |  |
| Other revenues                                      | 97 |  |   | 85 |  |
| Total operating revenues                            | 2,342 |  |   | 2,417 |  |
| Claims, Benefits and Expenses                       |   |   |   |
| Net incurred claims and benefits                    | 1,335 |  |   | 1,443 |  |
| Policyholders' dividends                            | 4 |  |   | 3 |  |
| Amortization of deferred acquisition costs          | 303 |  |   | 329 |  |
| Other insurance related expenses                    | 268 |  |   | 262 |  |
| Other expenses                                      | 129 |  |   | 128 |  |
| Total claims, benefits and expenses                 | 2,039 |  |   | 2,165 |  |
| Operating income before income tax                  | 303 |  |   | 252 |  |
| Income tax expense on operating income              | (78 | ) |   | (62 | ) |
| Net operating income                                | 225 |  |   | 190 |  |
| Net realized investment gains                       | 10 |  |   | 46 |  |
| Income tax expense on net realized investment gains | (2 | ) |   | (16 | ) |
| Net realized investment gains, after tax            | 8 |  |   | 30 |  |
| Income from continuing operations                   | 233 |  |   | 220 |  |
| Loss from discontinued operations, net of tax       | — |  |   | (207 | ) |
| Net income                                          | $ | 233 |  |   | $ | 13 |  |

----

Table of Contents

|         |                    |
|---------|--------------------|
| • | Insurance Reserves |

|         |                                       |
|---------|---------------------------------------|
| • | Reinsurance and Insurance Receivables |

|         |                                                       |
|---------|-------------------------------------------------------|
| • | Valuation of Investments and Impairment of Securities |

|         |                         |
|---------|-------------------------|
| • | Long Term Care Policies |

|         |                                                |
|---------|------------------------------------------------|
| • | Pension and Postretirement Benefit Obligations |

|         |              |
|---------|--------------|
| • | Income Taxes |

----

Table of Contents

|                                                   |
|---------------------------------------------------|
|                                                   |  |  |  |  |  |  |  |
| Three months ended March 31                       |   |   |   |
| (In millions, except ratios)                      | 2015 |   | 2014 |
| Net written premiums                              | $ | 698 |  |   | $ | 713 |  |
| Net earned premiums                               | 680 |  |   | 692 |  |
| Net investment income                             | 155 |  |   | 144 |  |
| Net operating income                              | 135 |  |   | 129 |  |
| Net realized investment gains (losses), after tax | 3 |  |   | 8 |  |
| Net income                                        | 138 |  |   | 137 |  |
| Ratios                                            |   |   |   |
| Loss and loss adjustment expense                  | 63.1 | % |   | 63.9 | % |
| Expense                                           | 31.3 |  |   | 30.0 |  |
| Dividend                                          | 0.2 |  |   | 0.2 |  |
| Combined                                          | 94.6 | % |   | 94.1 | % |

|                                                                 |
|-----------------------------------------------------------------|
|                                                                 |  |  |  |  |  |  |  |
|                                                            | March 31, 2015 |   | December 31, 2014 |
| (In millions)                                                   |   |
| Gross Case Reserves                                             | $ | 2,113 |  |   | $ | 2,136 |  |
| Gross IBNR Reserves                                             | 4,239 |  |   | 4,093 |  |
| Total Gross Carried Claim and Claim Adjustment Expense Reserves | $ | 6,352 |  |   | $ | 6,229 |  |
| Net Case Reserves                                               | $ | 1,897 |  |   | $ | 1,929 |  |
| Net IBNR Reserves                                               | 3,787 |  |   | 3,726 |  |
| Total Net Carried Claim and Claim Adjustment Expense Reserves   | $ | 5,684 |  |   | $ | 5,655 |  |

----

Table of Contents

|                                          |
|------------------------------------------|
|                                          |  |  |  |  |  |  |  |
| Three months ended March 31              |   |   |   |
| (In millions, except ratios)             | 2015 |   | 2014 |
| Net written premiums                     | $ | 759 |  |   | $ | 807 |  |
| Net earned premiums                      | 678 |  |   | 735 |  |
| Net investment income                    | 204 |  |   | 191 |  |
| Net operating income                     | 120 |  |   | 74 |  |
| Net realized investment gains, after tax | 1 |  |   | 8 |  |
| Net income                               | 121 |  |   | 82 |  |
| Ratios                                   |   |   |   |  |
| Loss and loss adjustment expense         | 66.9 | % |   | 77.1 | % |
| Expense                                  | 36.0 |  |   | 33.9 |  |
| Dividend                                 | 0.4 |  |   | 0.3 |  |
| Combined                                 | 103.3 | % |   | 111.3 | % |

|                                                                 |
|-----------------------------------------------------------------|
|                                                                 |  |  |  |  |  |  |  |
|                                                            | March 31, 2015 |   | December 31, 2014 |
| (In millions)                                                   |   |
| Gross Case Reserves                                             | $ | 5,277 |  |   | $ | 5,298 |  |
| Gross IBNR Reserves                                             | 4,164 |  |   | 4,216 |  |
| Total Gross Carried Claim and Claim Adjustment Expense Reserves | $ | 9,441 |  |   | $ | 9,514 |  |
| Net Case Reserves                                               | $ | 4,896 |  |   | $ | 4,947 |  |
| Net IBNR Reserves                                               | 3,895 |  |   | 3,906 |  |
| Total Net Carried Claim and Claim Adjustment Expense Reserves   | $ | 8,791 |  |   | $ | 8,853 |  |

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|                                          |
|------------------------------------------|
|                                          |  |  |  |  |  |  |  |
| Three months ended March 31              |   |   |   |
| (In millions, except ratios)             | 2015 |   | 2014 |
| Net written premiums                     | $ | 212 |  |   | $ | 247 |  |
| Net earned premiums                      | 191 |  |   | 241 |  |
| Net investment income                    | 14 |  |   | 15 |  |
| Net operating income                     | 9 |  |   | 16 |  |
| Net realized investment gains, after tax | 1 |  |   | — |  |
| Net income                               | 10 |  |   | 16 |  |
| Ratios                                   |   |   |   |
| Loss and loss adjustment expense         | 60.7 | % |   | 54.2 | % |
| Expense                                  | 37.6 |  |   | 39.3 |  |
| Dividend                                 | — |  |   | — |  |
| Combined                                 | 98.3 | % |   | 93.5 | % |

|                                                                 |
|-----------------------------------------------------------------|
|                                                                 |  |  |  |  |  |  |  |
|                                                            | March 31, 2015 |   | December 31, 2014 |
| (In millions)                                                   |   |
| Gross Case Reserves                                             | $ | 700 |  |   | $ | 752 |  |
| Gross IBNR Reserves                                             | 677 |  |   | 689 |  |
| Total Gross Carried Claim and Claim Adjustment Expense Reserves | $ | 1,377 |  |   | $ | 1,441 |  |
| Net Case Reserves                                               | $ | 561 |  |   | $ | 598 |  |
| Net IBNR Reserves                                               | 644 |  |   | 663 |  |
| Total Net Carried Claim and Claim Adjustment Expense Reserves   | $ | 1,205 |  |   | $ | 1,261 |  |

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|                                          |
|------------------------------------------|
|                                          |  |  |  |  |  |  |  |
| Three months ended March 31              |   |   |   |
| (In millions)                            | 2015 |   | 2014 |
| Net earned premiums                      | $ | 138 |  |   | $ | 139 |  |
| Net investment income                    | 179 |  |   | 171 |  |
| Net operating loss                       | (17 | ) |   | (2 | ) |
| Net realized investment gains, after tax | 3 |  |   | 10 |  |
| Net income (loss)                        | (14 | ) |   | 8 |  |

|                                          |
|------------------------------------------|
|                                          |  |  |  |  |  |  |  |
| Three months ended March 31              |   |   |   |
| (In millions)                            | 2015 |   | 2014 |
| Net investment income                    | $ | 6 |  |   | $ | 5 |  |
| Interest expense                         | 39 |  |   | 44 |  |
| Net operating loss                       | (22 | ) |   | (27 | ) |
| Net realized investment gains, after tax | — |  |   | 4 |  |
| Net loss                                 | (22 | ) |   | (23 | ) |

|                                                                 |
|-----------------------------------------------------------------|
|                                                                 |  |  |  |  |  |  |  |
| (In millions)                                                   | March 31, 2015 |   | December 31, 2014 |
| Gross Case Reserves                                             | $ | 1,381 |  |   | $ | 1,189 |  |
| Gross IBNR Reserves                                             | 1,460 |  |   | 1,715 |  |
| Total Gross Carried Claim and Claim Adjustment Expense Reserves | $ | 2,841 |  |   | $ | 2,904 |  |
| Net Case Reserves                                               | $ | 141 |  |   | $ | 144 |  |
| Net IBNR Reserves                                               | 168 |  |   | 171 |  |
| Total Net Carried Claim and Claim Adjustment Expense Reserves   | $ | 309 |  |   | $ | 315 |  |

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|                                                                               |
|-------------------------------------------------------------------------------|
|                                                                               |  |  |  |  |  |  |  |
| Three months ended March 31                                                   |   |   |   |
| (In millions)                                                                 | 2015 |   | 2014 |
| Fixed maturity securities:                                                    |   |   |   |
|     Taxable                                               | $ | 342 |  |   | $ | 352 |  |
|     Tax-Exempt                                            | 101 |  |   | 100 |  |
| Total fixed maturity securities                                               | 443 |  |   | 452 |  |
| Limited partnership investments                                               | 114 |  |   | 73 |  |
| Other, net of investment expense                                              | 1 |  |   | 1 |  |
| Pretax net investment income                                                  | $ | 558 |  |   | $ | 526 |  |
| After-tax net investment income                                               | $ | 394 |  |   | $ | 371 |  |
|                                                                          |   |   |   |
| Effective income yield for the fixed maturity securities portfolio, pretax    | 4.8 | % |   | 4.9 | % |
| Effective income yield for the fixed maturity securities portfolio, after tax | 3.4 | % |   | 3.5 | % |

|                                                                        |
|------------------------------------------------------------------------|
|                                                                        |  |  |  |  |  |  |  |
| Three months ended March 31                                            |   |   |   |
| (In millions)                                                          | 2015 |   | 2014 |
| Fixed maturity securities:                                             |   |   |   |
| Corporate and other bonds                                              | $ | 13 |  |   | $ | 14 |  |
| States, municipalities and political subdivisions                      | (4 | ) |   | 23 |  |
| Asset-backed                                                           | 3 |  |   | 1 |  |
| Total fixed maturity securities                                        | 12 |  |   | 38 |  |
| Equity securities                                                      | — |  |   | 5 |  |
| Derivative securities                                                  | (1 | ) |   | — |  |
| Short term investments and other                                       | (1 | ) |   | 3 |  |
| Net realized investment gains (losses)                                 | 10 |  |   | 46 |  |
| Income tax (expense) benefit on net realized investment gains (losses) | (2 | ) |   | (16 | ) |
| Net realized investment gains (losses), after tax                      | $ | 8 |  |   | $ | 30 |  |

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|                                                                           |
|---------------------------------------------------------------------------|
|                                                                           |  |  |  |  |  |  |  |  |  |  |  |  |  |
| (In millions)                                                             | March 31, 2015 |   | % |   | December 31, 2014 |   | % |
| U.S. Government, Government agencies and Government-sponsored enterprises | $ | 3,829 |  |   | 9 | % |   | $ | 3,882 |  |   | 10 | % |
| AAA rated                                                                 | 2,762 |  |   | 7 |  |   | 2,850 |  |   | 7 |  |
| AA and A rated                                                            | 19,732 |  |   | 49 |  |   | 19,998 |  |   | 49 |  |
| BBB rated                                                                 | 11,277 |  |   | 28 |  |   | 11,093 |  |   | 27 |  |
| Non-investment grade                                                      | 3,005 |  |   | 7 |  |   | 2,945 |  |   | 7 |  |
| Total                                                                     | $ | 40,605 |  |   | 100 | % |   | $ | 40,768 |  |   | 100 | % |

|               |
|---------------|
|               |  |  |  |  |  |  |  |  |  |  |  |  |  |
| (In millions) | March 31, 2015 |   | % |   | December 31, 2014 |   | % |
| BB            | $ | 1,337 |  |   | 45 | % |   | $ | 1,264 |  |   | 43 | % |
| B             | 833 |  |   | 28 |  |   | 847 |  |   | 29 |  |
| CCC - C       | 613 |  |   | 20 |  |   | 616 |  |   | 21 |  |
| D             | 222 |  |   | 7 |  |   | 218 |  |   | 7 |  |
| Total         | $ | 3,005 |  |   | 100 | % |   | $ | 2,945 |  |   | 100 | % |

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|                                                                           |
|---------------------------------------------------------------------------|
|                                                                           |  |  |  |  |  |  |  |  |  |  |  |  |  |
| March 31, 2015                                                            | Estimated Fair Value |   | % |   | Gross Unrealized Losses |   | % |
| (In millions)                                                             |   |   |   |
| U.S. Government, Government agencies and Government-sponsored enterprises | $ | 42 |  |   | 2 | % |   | $ | 2 |  |   | 3 | % |
| AAA                                                                       | 230 |  |   | 9 |  |   | 7 |  |   | 10 |  |
| AA                                                                        | 483 |  |   | 20 |  |   | 8 |  |   | 11 |  |
| A                                                                         | 433 |  |   | 17 |  |   | 6 |  |   | 9 |  |
| BBB                                                                       | 724 |  |   | 29 |  |   | 20 |  |   | 28 |  |
| Non-Investment Grade                                                      | 558 |  |   | 23 |  |   | 28 |  |   | 39 |  |
| Total                                                                     | $ | 2,470 |  |   | 100 | % |   | $ | 71 |  |   | 100 | % |

|                                        |
|----------------------------------------|
|                                        |  |  |  |  |  |  |  |  |  |  |  |  |  |
| March 31, 2015                    |  |  |  |  |  |  |  |
| (In millions)                          | Estimated Fair Value |   | % |   | Gross Unrealized Losses |   | % |
| Due in one year or less                | $ | 88 |  |   | 3 | % |   | $ | 4 |  |   | 6 | % |
| Due after one year through five years  | 515 |  |   | 21 |  |   | 18 |  |   | 25 |  |
| Due after five years through ten years | 1,059 |  |   | 43 |  |   | 26 |  |   | 37 |  |
| Due after ten years                    | 808 |  |   | 33 |  |   | 23 |  |   | 32 |  |
| Total                                  | $ | 2,470 |  |   | 100 | % |   | $ | 71 |  |   | 100 | % |

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|                                                  |
|--------------------------------------------------|
|                                                  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                             | March 31, 2015 |   | December 31, 2014 |
| (In millions)                                    | Fair Value |   | EffectiveDuration(In years) |   | Fair Value |   | EffectiveDuration(In years) |
| Investments supporting Life & Group Non-Core | $ | 14,928 |  |   | 10.3 |  |   | $ | 14,668 |  |   | 10.5 |  |
| Other interest sensitive investments             | 27,126 |  |   | 4.1 |  |   | 27,748 |  |   | 4.0 |  |
| Total                                            | $ | 42,054 |  |   | 6.3 |  |   | $ | 42,416 |  |   | 6.3 |  |

|                              |
|------------------------------|
|                              |  |  |  |  |  |  |  |
| (In millions)                | March 31, 2015 |   | December 31, 2014 |
| Short term investments:      |   |   |   |
| Commercial paper             | $ | 665 |  |   | $ | 922 |  |
| U.S. Treasury securities     | 529 |  |   | 466 |  |
| Money market funds           | 171 |  |   | 206 |  |
| Other                        | 141 |  |   | 112 |  |
| Total short term investments | $ | 1,506 |  |   | $ | 1,706 |  |

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|         |                                                                                                                                                                                                                                                                                                                                                                                                                          |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | the risks and uncertainties associated with our insurance reserves, as outlined in the Critical Accounting Estimates and the Reserves - Estimates and Uncertainties sections of our Annual Report on Form 10-K, including the sufficiency of the reserves and the possibility for future increases, which would be reflected in the results of operations in the period that the need for such adjustment is determined; |

|         |                                                                                                                                                                                                                                                                                                                                                                                                    |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | the risk that the other parties to the transaction in which, subject to certain limitations, we ceded our legacy A&EP liabilities will not fully perform their obligations to CNA, the uncertainty in estimating loss reserves for A&EP liabilities and the possible continued exposure of CNA to liabilities for A&EP claims that are not covered under the terms of the transaction; |

|         |                                                                                   |
|---------|-----------------------------------------------------------------------------------|
| • | the performance of reinsurance companies under reinsurance contracts with us; and |

|         |                                                                                                                                                                                                                                                                       |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | the risks and uncertainties associated with potential acquisitions and divestitures, including the consummation of such transactions, the successful integration of acquired operations and the potential for subsequent impairment of goodwill or intangible assets. |

|         |                                                                                                                                                          |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | the impact of competitive products, policies and pricing and the competitive environment in which we operate, including changes in our book of business; |

|         |                                                                                                                                                                                                                                                                     |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | product and policy availability and demand and market responses, including the level of ability to obtain rate increases and decline or non-renew underpriced accounts, to achieve premium targets and profitability and to realize growth and retention estimates; |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | general economic and business conditions, including recessionary conditions that may decrease the size and number of our insurance customers and create additional losses to our lines of business, especially those that provide management and professional liability insurance, as well as surety bonds, to businesses engaged in real estate, financial services and professional services and inflationary pressures on medical care costs, construction costs and other economic sectors that increase the severity of claims; |

|         |                                                                                                                                                                                                                                                |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | conditions in the capital and credit markets, including continuing uncertainty and instability in these markets, as well as the overall economy, and their impact on the returns, types, liquidity and valuation of our investments; |

|         |                                                                                                                                         |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------|
| • | conditions in the capital and credit markets that may limit our ability to raise significant amounts of capital on favorable terms; and |

|         |                                                                                                                                                                                                                                                                                              |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | the possibility of changes in our ratings by ratings agencies, including the inability to access certain markets or distribution channels and the required collateralization of future payment obligations as a result of such changes, and changes in rating agency policies and practices. |

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|         |                                                                                                                                                                                                                                                                                                                                                                |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | regulatory initiatives and compliance with governmental regulations, judicial interpretations within the regulatory framework, including interpretation of policy provisions, decisions regarding coverage and theories of liability, trends in litigation and the outcome of any litigation involving us and rulings and changes in tax laws and regulations; |

|         |                                                                                                                                                                                                                                                                                                                               |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | regulatory limitations, impositions and restrictions upon us, including with respect to our ability to increase premium rates, and the effects of assessments and other surcharges for guaranty funds and second-injury funds, other mandatory pooling arrangements and future assessments levied on insurance companies; and |

|         |                                                                                                                                                                                                                           |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | regulatory limitations and restrictions, including limitations upon our ability to receive dividends from our insurance subsidiaries, imposed by regulatory authorities, including regulatory capital adequacy standards. |

|         |                                                                                                                                                                                                                                                                                                                                                          |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | weather and other natural physical events, including the severity and frequency of storms, hail, snowfall and other winter conditions, natural disasters such as hurricanes and earthquakes, as well as climate change, including effects on global weather patterns, greenhouse gases, sea, land and air temperatures, sea levels, rain, hail and snow; |

|         |                                                                                                                                                                                                                                                                                                                                                                             |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | regulatory requirements imposed by coastal state regulators in the wake of hurricanes or other natural disasters, including limitations on the ability to exit markets or to non-renew, cancel or change terms and conditions in policies, as well as mandatory assessments to fund any shortfalls arising from the inability of quasi-governmental insurers to pay claims; |

|         |                                                                                                                                                                                                                                                                    |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | man-made disasters, including the possible occurrence of terrorist attacks, the unpredictability of the nature, targets, severity or frequency of such events and the effect of the absence or insufficiency of applicable terrorism legislation on coverages; and |

|         |                              |
|---------|------------------------------|
| • | the occurrence of epidemics. |

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|                     |
|---------------------|
|                     |  |  |
|                |   | CNA Financial Corporation |
|                |   |   |
| Dated:  May 5, 2015 | By | /s/ D. Craig Mense |
|                |   | D. Craig MenseExecutive Vice President andChief Financial Officer |

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|                                                                                                                                                                                          |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                          |  |
| Description of Exhibit                                                                                                                                                                   | Exhibit Number |
|                                                                                                                                                                                     |   |
| Certification of Chief Executive Officer                                                                                                                                                 | 31.1 |
|                                                                                                                                                                                     |   |
| Certification of Chief Financial Officer                                                                                                                                                 | 31.2 |
|                                                                                                                                                                                     |   |
| Written Statement of the Chief Executive Officer of CNA Financial Corporation Pursuant to 18 U.S.C. Section 1350 (As adopted by Section 906 of the Sarbanes-Oxley Act of 2002) | 32.1 |
|                                                                                                                                                                                     |   |
| Written Statement of the Chief Financial Officer of CNA Financial Corporation Pursuant to 18 U.S.C. Section 1350 (As adopted by Section 906 of the Sarbanes-Oxley Act of 2002) | 32.2 |
|                                                                                                                                                                                     |   |
| XBRL Instance Document                                                                                                                                                                   | 101.INS |
|                                                                                                                                                                                     |   |
| XBRL Taxonomy Extension Schema                                                                                                                                                           | 101.SCH |
|                                                                                                                                                                                     |   |
| XBRL Taxonomy Extension Calculation Linkbase                                                                                                                                             | 101.CAL |
|                                                                                                                                                                                     |   |
| XBRL Taxonomy Extension Definition Linkbase                                                                                                                                              | 101.DEF |
|                                                                                                                                                                                     |   |
| XBRL Taxonomy Label Linkbase                                                                                                                                                             | 101.LAB |
|                                                                                                                                                                                     |   |
| XBRL Taxonomy Extension Presentation Linkbase                                                                                                                                            | 101.PRE |