----

|                                 |
|---------------------------------|
|                                 |  |  |
| MEDIA:                          |   | ANALYSTS: |
| Jennifer Martinez, 312/822-5167 |   | James Anderson, 312/822-7757 |
| Sarah Pang, 312/822-6394        |   | Derek Smith, 312/822-6612 |
|                            |   | David Adams, 312/822-2183 |

|         |                                                                                                                                        |
|---------|----------------------------------------------------------------------------------------------------------------------------------------|
| • | NET OPERATING INCOME OF $182 MILLION, INCLUDING $34 MILLION CHARGE RELATED TO THE PREVIOUSLY ANNOUNCED ANNUITY REINSURANCE TRANSACTION |

|         |                                                         |
|---------|---------------------------------------------------------|
| • | NOI OF $0.68 PER SHARE; ADJUSTED NOI OF $0.80 PER SHARE |

|         |                                                                             |
|---------|-----------------------------------------------------------------------------|
| • | P&C COMBINED RATIO EX CATS AND DEVELOPMENT OF 96.2%; 96.6% YEAR TO DATE |

|         |                                |
|---------|--------------------------------|
| • | BOOK VALUE PER SHARE OF $48.28 |

|         |                                       |
|---------|---------------------------------------|
| • | QUARTERLY DIVIDEND OF $0.25 PER SHARE |

|                                                        |
|--------------------------------------------------------|
|                                                        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                   | Results for the Three Months Ended September 30 (a) |   | Results for the Nine Months Ended September 30 (a) |
| ($ millions, except per share data)                    | 2014 |   | 2013 |   | 2014 |   | 2013 |
| Net operating income                                   | $ | 182 |  |   | $ | 271 |  |   | $ | 644 |  |   | $ | 695 |  |
| Income (loss) from discontinued operations, net of tax | 4 |  |   | 1 |  |   | (197 | ) |   | 14 |  |
| Net income                                             | 213 |  |   | 272 |  |   | 493 |  |   | 716 |  |
|                                                   |   |   |   |   |   |   |   |
| Net operating income per diluted share                 | $ | 0.68 |  |   | $ | 1.00 |  |   | $ | 2.38 |  |   | $ | 2.57 |  |
| Net income per diluted share                           | 0.79 |  |   | 1.01 |  |   | 1.82 |  |   | 2.65 |  |
|                                                   |   |   |   |   |   |   |   |
|                                                   | September 30, 2014 |   | December 31, 2013 |
| Book value per share                                   | $48.28 |   | $46.91 |
| Book value per share excluding AOCI                    | $45.42 |   | $45.26 |

|     |                                                                                                                                                                                                                                                                                            |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (a) | Management utilizes the net operating income financial measure to monitor the Company's operations.  Please refer to Note O in the  Consolidated Financial Statements within CNA's Annual Report on Form 10-K for the year ended December 31, 2013 for further discussion of this measure. |

----

|                                                       |
|-------------------------------------------------------|
|                                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                  | Results for the Three Months Ended September 30 |   | Results for the Nine Months Ended September 30 |
| ($ millions)                                          | 2014 |   | 2013 |   | 2014 |  | 2013 |
| Net written premiums                                  | $ | 1,560 |  |   |   | $ | 1,619 |  |   |   | $ | 4,981 |  |  |  | $ | 5,115 |  |  |
| NWP Growth (% year over year)                         | (4 | ) | % |   | 2 |  | % |   | (3 | ) | % |  | 6 |  | % |
| Net operating income                                  | $ | 241 |  |   |   | $ | 330 |  |   |   | $ | 696 |  |  |  | $ | 845 |  |  |
|                                                  |   |   |   |   |   |   |  |  |  |  |  |  |  |
| Loss ratio excluding catastrophes and development     | 62.9 |  | % |   | 62.8 |  | % |   | 63.2 |  | % |  | 64.7 |  | % |
| Effect of catastrophe impacts                         | 1.0 |  |   |   | 2.5 |  |   |   | 3.0 |  |  |  | 3.0 |  |  |
| Effect of development-related items                   | (1.1 | ) |   |   | (4.4 | ) |   |   | 0.1 |  |  |  | (2.1 | ) |  |
| Loss ratio                                            | 62.8 |  | % |   | 60.9 |  | % |   | 66.3 |  | % |  | 65.6 |  | % |
|                                                  |   |   |   |   |   |   |  |  |  |  |  |  |  |
| Combined ratio                                        | 96.1 |  | % |   | 94.0 |  | % |   | 99.7 |  | % |  | 99.0 |  | % |
| Combined ratio excluding catastrophes and development | 96.2 |  | % |   | 95.9 |  | % |   | 96.6 |  | % |  | 98.1 |  | % |

----

|                                                       |
|-------------------------------------------------------|
|                                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                  | Results for the Three Months Ended September 30 |   | Results for the Nine Months Ended September 30 |
| ($ millions)                                          | 2014 |  | 2013 |   | 2014 |   | 2013 |
| Net written premiums                                  | $ | 766 |  |  |  | $ | 778 |  |  |   | $ | 2,304 |  |   |   | $ | 2,337 |  |   |
| NWP Growth (% year over year)                         | (2 | ) | % |  | 8 |  | % |   | (1 | ) | % |   | 6 |  | % |
| Net operating income                                  | $ | 192 |  |  |  | $ | 187 |  |  |   | $ | 508 |  |   |   | $ | 475 |  |   |
|                                                  |  |  |  |  |  |  |  |   |   |   |   |   |   |
| Loss ratio excluding catastrophes and development     | 61.6 |  | % |  | 63.8 |  | % |   | 62.6 |  | % |   | 65.5 |  | % |
| Effect of catastrophe impacts                         | 0.6 |  |  |  | 1.7 |  |  |   | 0.9 |  |   |   | 0.9 |  |   |
| Effect of development-related items                   | (10.8 | ) |  |  | (9.9 | ) |  |   | (6.4 | ) |   |   | (6.3 | ) |   |
| Loss ratio                                            | 51.4 |  | % |  | 55.6 |  | % |   | 57.1 |  | % |   | 60.1 |  | % |
|                                                  |  |  |  |  |  |  |  |   |   |   |   |   |   |
| Combined ratio                                        | 81.6 |  | % |  | 85.3 |  | % |   | 87.4 |  | % |   | 90.1 |  | % |
| Combined ratio excluding catastrophes and development | 91.8 |  | % |  | 93.5 |  | % |   | 92.9 |  | % |   | 95.5 |  | % |

|         |                                                                                                                                                                                                                                                        |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Net operating income increased $5 million for the three months ended September 30, 2014 as compared with the same period in 2013.  This increase was driven by improved underwriting results, partially offset by lower net investment income. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | The combined ratio decreased 3.7 points for the three months ended September 30, 2014 as compared with the same period in 2013.  The loss ratio decreased 4.2 points, primarily due to an improved current accident year loss ratio, including lower catastrophe losses, and increased favorable net prior year development.  Catastrophe losses were $5 million, or 0.6 points of the loss ratio, for the three months ended September 30, 2014, as compared with $13 million, or 1.7 points of the loss ratio, for the three months ended September 30, 2013. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Net written premiums for the three months ended September 30, 2014 were down slightly as compared with the same period in 2013.  Average rate increased 3% for the three months ended September 30, 2014, as compared with an increase of 6% for the three months ended September 30, 2013 for the policies that renewed in each period.  Retention of 84% and 85% was achieved in each respective period. |

----

|                                                       |
|-------------------------------------------------------|
|                                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                  | Results for the Three Months Ended September 30 |   | Results for the Nine Months Ended September 30 |
| ($ millions)                                          | 2014 |  | 2013 |   | 2014 |   | 2013 |
| Net written premiums                                  | $ | 709 |  |  |  | $ | 760 |  |  |   | $ | 2,387 |  |   |   | $ | 2,504 |  |   |
| NWP Growth (% year over year)                         | (7 | ) | % |  | (6) |  | % |   | (5 | ) | % |   | (2 | ) | % |
| Net operating income                                  | $ | 64 |  |  |  | $ | 131 |  |  |   | $ | 201 |  |   |   | $ | 368 |  |   |
|                                                  |  |  |  |  |  |  |  |   |   |   |   |   |   |
| Loss ratio excluding catastrophes and development     | 64.0 |  | % |  | 64.2 |  | % |   | 65.2 |  | % |   | 66.3 |  | % |
| Effect of catastrophe impacts                         | 1.9 |  |  |  | 2.9 |  |  |   | 5.0 |  |   |   | 4.8 |  |   |
| Effect of development-related items                   | 7.5 |  |  |  | 0.8 |  |  |   | 6.2 |  |   |   | 1.0 |  |   |
| Loss ratio                                            | 73.4 |  | % |  | 67.9 |  | % |   | 76.4 |  | % |   | 72.1 |  | % |
|                                                  |  |  |  |  |  |  |  |   |   |   |   |   |   |
| Combined ratio                                        | 108.3 |  | % |  | 103.0 |  | % |   | 111.0 |  | % |   | 107.2 |  | % |
| Combined ratio excluding catastrophes and development | 98.9 |  | % |  | 99.3 |  | % |   | 99.8 |  | % |   | 101.4 |  | % |

|         |                                                                                                                                                                                                                                                     |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Net operating income decreased $67 million for the three months ended September 30, 2014 as compared with the same period in 2013.  This decrease was due to lower net investment income and higher unfavorable net prior year development. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | The combined ratio increased 5.3 points for the three months ended September 30, 2014 as compared with the same period in 2013.  The loss ratio increased 5.5 points, primarily due to higher unfavorable net prior year development.  Catastrophe losses were $15 million, or 1.9 points of the loss ratio, for the three months ended September 30, 2014, as compared with $24 million, or 2.9 points of the loss ratio, for the three months ended September 30, 2013. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Net written premiums decreased $51 million for the three months ended September 30, 2014 as compared with the same period in 2013, driven by a decreased level of new business and underwriting actions taken in certain business classes, partially offset by continued rate increases.  Average rate increased 4% for the three months ended September 30, 2014, as compared with an increase of 8% for the three months ended September 30, 2013 for the policies that renewed in each period.  Retention of 74% and 72% was achieved in each respective period. |

----

|                                                       |
|-------------------------------------------------------|
|                                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                  | Results for the Three Months Ended September 30 |   | Results for the Nine Months Ended September 30 |
| ($ millions)                                          | 2014 |  | 2013 |   | 2014 |   | 2013 |
| Net written premiums                                  | $ | 85 |  |  |  | $ | 81 |  |  |   | $ | 290 |  |   |   | $ | 274 |  |   |
| NWP growth (% year over year)                         | 5 |  | % |  | 45 |  | % |   | 6 |  | % |   | N/M |  |   |
| Net operating income (loss)                           | $ | (15 | ) |  |  | $ | 12 |  |  |   | $ | (13 | ) |   |   | $ | 2 |  |   |
|                                                  |  |  |  |  |  |  |   |   |   |   |   |   |
| Loss ratio excluding catastrophes and development     | 65.0 |  | % |  | 40.0 |  | % |   | 51.7 |  | % |   | 41.0 |  | % |
| Effect of catastrophe impacts                         | (3.4 | ) |  |  | 5.4 |  |  |   | 1.4 |  |   |   | 2.0 |  |   |
| Effect of development-related items                   | 4.1 |  |  |  | (4.9 | ) |  |   | — |  |   |   | 4.3 |  |   |
| Loss ratio                                            | 65.7 |  | % |  | 40.5 |  | % |   | 53.1 |  | % |   | 47.3 |  | % |
|                                                  |  |  |  |  |  |  |  |   |   |   |   |   |   |
| Combined ratio                                        | 112.9 |  | % |  | 85.1 |  | % |   | 100.5 |  | % |   | 95.4 |  | % |
| Combined ratio excluding catastrophes and development | 112.2 |  | % |  | 84.6 |  | % |   | 99.1 |  | % |   | 89.1 |  | % |

|         |                                                                                                                                                                                    |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Net operating results decreased $27 million for the three months ended September 30, 2014 as compared with the same period in 2013, primarily due to underwriting results. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | The combined ratio increased 27.8 points for the three months ended September 30, 2014 as compared with the same period in 2013.  The loss ratio increased 25.2 points driven by several large aviation losses and higher than expected underlying losses in the current accident year.  The expense ratio increased 2.6 points driven by costs related to moving to a service company operating model, including real estate costs, as well as the effect of foreign currency exchange rates. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                            |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Net written premiums for the three months ended September 30, 2014 were largely consistent with the same period in 2013.  Average rate decreased 6% for the three months ended September 30, 2014, as compared with a decrease of 4% for the three months ended September 30, 2013 for the policies that renewed in each period.  Retention of 67% and 76% was achieved in each respective period. |

----

|                                     |
|-------------------------------------|
|                                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                | Results for the Three Months Ended September 30 |   | Results for the Nine Months Ended September 30 |
| ($ millions)                        | 2014 |  |  | 2013 |  |   | 2014 |   |   | 2013 |   |
| Operating revenues                  | $ | 313 |  |  |  | $ | 303 |  |  |   | $ | 948 |  |   |   | $ | 912 |  |   |
| Total claims, benefits and expenses | 395 |  |  |  | 383 |  |  |   | 1,081 |  |   |   | 1,108 |  |   |
| Net operating income (loss)         | (42 | ) |  |  | (33 | ) |  |   | (35 | ) |   |   | (80 | ) |   |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                           |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Net operating loss increased $9 million for the three months ended September 30, 2014 as compared with the same period in 2013, primarily driven by a $34 million after-tax loss on a coinsurance transaction, partially offset by improved results in our long term care business.  Our long term care business was favorably affected by morbidity, rate increase actions and higher net investment income. |

|                                     |
|-------------------------------------|
|                                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                | Results for the Three Months Ended September 30 |   | Results for the Nine Months Ended September 30 |
| ($ millions)                        | 2014 |  |  | 2013 |  |   | 2014 |   |   | 2013 |   |
| Operating revenues                  | $ | 6 |  |  |  | $ | 11 |  |  |   | $ | 22 |  |   |   | $ | 30 |  |   |
| Total claims, benefits and expenses | 35 |  |  |  | 53 |  |  |   | 50 |  |   |   | 138 |  |   |
| Net operating income (loss)         | (17 | ) |  |  | (26 | ) |  |   | (17 | ) |   |   | (70 | ) |   |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                           |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Net results improved $9 million for the three months ended September 30, 2014 as compared with the same period in 2013, primarily driven by a reduction in the allowance for uncollectible reinsurance receivables arising from a change in estimate. Results also included higher interest expense from a new debt issuance in February 2014, in advance of the December 2014 maturity of our existing debt. |

----

| Net Operating Income (Loss)    |
|--------------------------------|
|                                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                           | Results for the Three Months Ended September 30 |   | Results for the Nine Months Ended September 30 |
| ($ millions)                   | 2014 |  | 2013 |   | 2014 |   | 2013 |
| CNA Specialty                  | $ | 192 |  |  | $ | 187 |  |   | $ | 508 |  |   | $ | 475 |  |
| CNA Commercial                 | 64 |  |  | 131 |  |   | 201 |  |   | 368 |  |
| Hardy                          | (15 | ) |  | 12 |  |   | (13 | ) |   | 2 |  |
| Total P&C Operations       | 241 |  |  | 330 |  |   | 696 |  |   | 845 |  |
| Life & Group Non-Core      | (42 | ) |  | (33 | ) |   | (35 | ) |   | (80 | ) |
| Corporate & Other Non-Core | (17 | ) |  | (26 | ) |   | (17 | ) |   | (70 | ) |
| Total                          | $ | 182 |  |  | $ | 271 |  |   | $ | 644 |  |   | $ | 695 |  |

| Net Income (Loss)              |
|--------------------------------|
|                                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                           | Results for the Three Months Ended September 30 |   | Results for the Nine Months Ended September 30 |
| ($ millions)                   | 2014 |  | 2013 |   | 2014 |   | 2013 |
| CNA Specialty                  | $ | 194 |  |  | $ | 188 |  |   | $ | 515 |  |   | $ | 474 |  |
| CNA Commercial                 | 68 |  |  | 132 |  |   | 207 |  |   | 364 |  |
| Hardy                          | (15 | ) |  | 13 |  |   | (14 | ) |   | 4 |  |
| Total P&C Operations       | 247 |  |  | 333 |  |   | 708 |  |   | 842 |  |
| Life & Group Non-Core      | (21 | ) |  | (36 | ) |   | (7 | ) |   | (76 | ) |
| Corporate & Other Non-Core | (17 | ) |  | (26 | ) |   | (11 | ) |   | (64 | ) |
| Discontinued Operations        | 4 |  |  | 1 |  |   | (197 | ) |   | 14 |  |
| Total                          | $ | 213 |  |  | $ | 272 |  |   | $ | 493 |  |   | $ | 716 |  |

| Property & Casualty Operations Gross Written Premiums |
|-----------------------------------------------------------|
|                                                           |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                      | Results for the Three Months Ended September 30 |   | Results for the Nine Months Ended September 30 |
| ($ millions)                                              | 2014 |  | 2013 |   | 2014 |   | 2013 |
| CNA Specialty                                             | $ | 1,472 |  |  | $ | 1,368 |  |   | $ | 4,347 |  |   | $ | 3,980 |  |
| CNA Commercial                                            | 750 |  |  | 805 |  |   | 2,515 |  |   | 2,715 |  |
| Hardy                                                     | 98 |  |  | 105 |  |   | 362 |  |   | 359 |  |
| Total P&C Operations                                  | $ | 2,320 |  |  | $ | 2,278 |  |   | $ | 7,224 |  |   | $ | 7,054 |  |

| Property & Casualty Operations Net Written Premiums |
|---------------------------------------------------------|
|                                                         |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                    | Results for the Three Months Ended September 30 |   | Results for the Nine Months Ended September 30 |
| ($ millions)                                            | 2014 |  | 2013 |   | 2014 |   | 2013 |
| CNA Specialty                                           | $ | 766 |  |  | $ | 778 |  |   | $ | 2,304 |  |   | $ | 2,337 |  |
| CNA Commercial                                          | 709 |  |  | 760 |  |   | 2,387 |  |   | 2,504 |  |
| Hardy                                                   | 85 |  |  | 81 |  |   | 290 |  |   | 274 |  |
| Total P&C Operations                                | $ | 1,560 |  |  | $ | 1,619 |  |   | $ | 4,981 |  |   | $ | 5,115 |  |

----