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

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

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|                                                                                                                                                                                                                                      |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                      |  |
|                                                                                                                                                                                                                                 | Page |
| Consolidated Results                                                                                                                                                                                                                 |   |
| Statements of Operations..................................................................................................................................................................................................           | 1 |
| Components of Income (Loss), Per Share Data and Return on Equity.............................................................................................................................                                        | 2 |
| Selected Balance Sheets Data and Statements of Cash Flows Data...............................................................................................................................                                        | 3 |
| Property & Casualty - Results of Operations                                                                                                                                                                                      |   |
| Property & Casualty...........................................................................................................................................................................................................   | 4 |
| Specialty....................................................................................................................................................................................................................        | 5 |
| Commercial...............................................................................................................................................................................................................            | 6 |
| International....................................................................................................................................................................................................................... | 7 |
| Non-Core - Results of Operations                                                                                                                                                                                                     |   |
| Life & Group Non-Core......................................................................................................................................................................................................      | 8 |
| Corporate & Other Non-Core.............................................................................................................................................................................................          | 9 |
| Investment Information                                                                                                                                                                                                               |   |
| Investment Summary - Consolidated................................................................................................................................................................................                    | 10 |
| Investment Summary - Property & Casualty and Corporate & Other Non-Core...............................................................................................................                                       | 11 |
| Investment Summary - Life & Group Non-Core.................................................................................................................................................................                      | 12 |
| Investments - Fixed Maturity Securities by Credit Rating..................................................................................................................................................                           | 13 |
| Components of Net Investment Income.................................................................................................................................................................                            | 14 |
| Other                                                                                                                                                                                                                                |   |
| Claim & Claim Adjustment Expense Reserve Rollforward................................................................................................................................................                             | 15 |
| Life & Group Non-Core Policyholder Reserves.................................................................................................................................................................                     | 16 |
| Statutory Data - Preliminary...............................................................................................................................................................................................          | 17 |
| Definitions and Presentation..............................................................................................................................................................................................           | 18 |

----

----

|                                                                 |
|-----------------------------------------------------------------|
|                                                                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Periods ended December 31                                       | Three Months |   |   | Twelve Months |   |
| (In millions)                                                   | 2014 |   | 2013 |   | Change |   |   | 2014 |   | 2013 |   | Change |   |
| Revenues:                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net earned premiums                                             | $ | 1,785 |  |   | $ | 1,882 |  |   | (5 | ) | % |   | $ | 7,212 |  |   | $ | 7,271 |  |   | (1 | ) | % |
| Net investment income                                           | 511 |  |   | 602 |  |   | (15 | ) |   |   | 2,067 |  |   | 2,282 |  |   | (9 | ) |   |
| Net realized investment gains (losses):                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Other-than-temporary impairment (OTTI) losses                   | (60 | ) |   | (25 | ) |   |  |  |   |   | (77 | ) |   | (74 | ) |   |  |   |
| Portion of OTTI recognized in Other comprehensive income (loss) | — |  |   | (1 | ) |   |  |  |   |   | — |  |   | (2 | ) |   |  |  |   |
| Net OTTI losses recognized in earnings                          | (60 | ) |   | (26 | ) |   |  |  |   |   | (77 | ) |   | (76 | ) |   |  |  |   |
| Other net realized investment gains (losses)                    | 48 |  |   | 36 |  |   |  |  |   |   | 134 |  |   | 96 |  |   |  |  |   |
| Net realized investment gains (losses)                          | (12 | ) |   | 10 |  |   |  |  |   |   | 57 |  |   | 20 |  |   |  |  |   |
| Other revenues                                                  | 94 |  |   | 75 |  |   |  |  |   |   | 356 |  |   | 359 |  |   |  |   |
| Total revenues                                                  | 2,378 |  |   | 2,569 |  |   | (7 | ) |   |   | 9,692 |  |   | 9,932 |  |   | (2 | ) |   |
| Claims, Benefits and Expenses:                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Insurance claims and policyholders' benefits                    | 1,350 |  |   | 1,547 |  |   |  |   |   | 5,591 |  |   | 5,806 |  |   |  |  |   |
| Amortization of deferred acquisition costs                      | 321 |  |   | 358 |  |   |  |   |   | 1,317 |  |   | 1,362 |  |   |  |  |   |
| Other operating expenses                                        | 410 |  |   | 337 |  |   |  |   |   | 1,394 |  |   | 1,322 |  |   |  |  |   |
| Interest                                                        | 45 |  |   | 41 |  |   |  |   |   | 183 |  |   | 166 |  |   |  |  |   |
| Total claims, benefits and expenses                             | 2,126 |  |   | 2,283 |  |   | 7 |  |   |   | 8,485 |  |   | 8,656 |  |   | 2 |  |   |
| Income (loss) before income tax                                 | 252 |  |   | 286 |  |   | (12 | ) |   |   | 1,207 |  |   | 1,276 |  |   | (5 | ) |   |
| Income tax (expense) benefit                                    | (54 | ) |   | (73 | ) |   |  |  |   |   | (319 | ) |   | (361 | ) |   |  |  |   |
| Income (loss) from continuing operations                        | 198 |  |   | 213 |  |   | (7 | ) |   |   | 888 |  |   | 915 |  |   | (3 | ) |   |
| Income (loss) from discontinued operations, net of tax          | — |  |   | 8 |  |   |   |   |   | (197 | ) |   | 22 |  |   |   |   |
| Net income (loss)                                               | $ | 198 |  |   | $ | 221 |  |   | (10 | ) | % |   | $ | 691 |  |   | $ | 937 |  |   | (26 | ) | % |

----

|                                                                        |
|------------------------------------------------------------------------|
|                                                                        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Periods ended December 31                                              | Three Months |   | Twelve Months |   |
| (In millions, except per share data)                                   | 2014 |   | 2013 |   | 2014 |   | 2013 |   |
| Components of Income (Loss)                                            |   |   |   |   |   |   |   |   |
| Net operating income (loss)                                            | $ | 205 |  |   | $ | 206 |  |   | $ | 849 |  |   | $ | 901 |  |   |
| Net realized investment gains (losses)                                 | (7 | ) |   | 7 |  |   | 39 |  |   | 14 |  |   |
| Income (loss) from continuing operations                               | 198 |  |   | 213 |  |   | 888 |  |   | 915 |  |   |
| Income (loss) from discontinued operations                             | — |  |   | 8 |  |   | (197 | ) |   | 22 |  |   |
| Net income (loss)                                                      | $ | 198 |  |   | $ | 221 |  |   | $ | 691 |  |   | $ | 937 |  |   |
|                                                                   |   |   |   |   |   |   |   |   |
| Diluted Earnings (Loss) Per Common Share                               |   |   |   |   |   |   |   |   |
| Net operating income (loss)                                            | $ | 0.76 |  |   | $ | 0.76 |  |   | $ | 3.14 |  |   | $ | 3.33 |  |   |
| Net realized investment gains (losses)                                 | (0.03 | ) |   | 0.03 |  |   | 0.14 |  |   | 0.06 |  |   |
| Income (loss) from continuing operations                               | 0.73 |  |   | 0.79 |  |   | 3.28 |  |   | 3.39 |  |   |
| Income (loss) from discontinued operations                             | — |  |   | 0.03 |  |   | (0.73 | ) |   | 0.08 |  |   |
| Diluted earnings (loss) per share                                      | $ | 0.73 |  |   | $ | 0.82 |  |  | $ | 2.55 |  |  | $ | 3.47 |  |   |
|                                                                   |   |   |   |   |   |   |   |   |
| Weighted Average Outstanding Common Stock and Common Stock Equivalents |   |   |   |   |   |   |   |   |
| Basic                                                                  | 270.0 |  |   | 269.7 |  |   | 269.9 |  |   | 269.7 |  |   |
| Diluted                                                                | 270.7 |  |   | 270.4 |  |   | 270.6 |  |   | 270.2 |  |   |
|                                                                   |   |   |   |   |   |   |   |   |
| Return on Equity                                                       |   |   |   |   |   |   |   |   |
| Net income (loss) (1)                                                  | 6.1 |  | % | 7.1 |  | % | 5.4 |  | % | 7.5 |  | % |
| Net operating income (loss) (2)                                        | 6.7 |  |   | 6.8 |  |   | 6.9 |  |   | 7.6 |  |   |

----

|                                                            |
|------------------------------------------------------------|
|                                                            |  |  |  |  |  |  |  |
| (In millions, except per share data)                       | December 31, 2014 |   | December 31, 2013 |
| Total assets                                               | $ | 55,566 |  |   | $ | 57,194 |  |
| Insurance reserves                                         | 36,380 |  |   | 38,394 |  |
| Debt                                                       | 2,559 |  |   | 2,560 |  |
| Total liabilities                                          | 42,772 |  |   | 44,543 |  |
| Accumulated other comprehensive income (loss) (2)          | 400 |  |   | 442 |  |
| Total stockholders' equity                                 | 12,794 |  |   | 12,651 |  |
|                                                       |   |   |   |
| Book value per common share                                | $ | 47.39 |  |   | $ | 46.91 |  |
| Book value per common share excluding AOCI                 | $ | 45.91 |  |   | $ | 45.26 |  |
|                                                       |   |   |   |
| Outstanding shares of common stock (in millions of shares) | 270.0 |  |   | 269.7 |  |

|                                                                                 |
|---------------------------------------------------------------------------------|
|                                                                                 |  |  |  |  |  |  |  |
| Three months ended December 31                                                  | 2014 |   | 2013 |
| Net cash flows provided (used) by operating activities                          | $ | 393 |  |   | $ | 283 |  |
| Net cash flows provided (used) by investing activities                          | 169 |  |   | (209 | ) |
| Net cash flows provided (used) by financing activities                          | (614 | ) |   | (64 | ) |
| Net cash flows provided (used) by operating, investing and financing activities | $ | (52 | ) |   | $ | 10 |  |

|                                                                                 |
|---------------------------------------------------------------------------------|
|                                                                                 |  |  |  |  |  |  |  |
| Twelve months ended December 31                                                 | 2014 |   | 2013 |
| Net cash flows provided (used) by operating activities                          | $ | 1,440 |  |   | $ | 1,204 |  |
| Net cash flows provided (used) by investing activities                          | (918 | ) |   | (898 | ) |
| Net cash flows provided (used) by financing activities                          | (519 | ) |   | (264 | ) |
| Net cash flows provided (used) by operating, investing and financing activities | $ | 3 |  |   | $ | 42 |  |

----

|                                                                            |
|----------------------------------------------------------------------------|
|                                                                            |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Periods ended December 31                                                  | Three Months |   |   | Twelve Months |   |
| (In millions)                                                              | 2014 |   | 2013 |   | Change |   |   | 2014 |   | 2013 |   | Change |   |
| Gross written premiums                                                     | $ | 2,334 |  |   | $ | 2,301 |  |   | 1 |  | % |   | $ | 9,558 |  |   | $ | 9,355 |  |   | 2 |  | % |
| Net written premiums                                                       | 1,555 |  |   | 1,684 |  |   | (8 | ) |   |   | 6,536 |  |   | 6,799 |  |   | (4 | ) |   |
| Net earned premiums                                                        | 1,646 |  |   | 1,743 |  |   | (6 | ) |   |   | 6,657 |  |   | 6,715 |  |   | (1 | ) |   |
| Net investment income                                                      | 326 |  |   | 425 |  |   |  |  |   |   | 1,344 |  |   | 1,588 |  |   |  |  |   |
| Other revenues                                                             | 87 |  |   | 77 |  |   |  |  |   |   | 333 |  |   | 353 |  |   |  |  |   |
| Total operating revenues                                                   | 2,059 |  |   | 2,245 |  |   | (8 | ) |   |   | 8,334 |  |   | 8,656 |  |   | (4 | ) |   |
| Insurance claims and policyholders' benefits                               | 984 |  |   | 1,084 |  |   |  |   |   | 4,316 |  |   | 4,354 |  |   |  |  |   |
| Amortization of deferred acquisition costs                                 | 315 |  |   | 351 |  |   |  |  |   |   | 1,289 |  |   | 1,334 |  |   |  |  |   |
| Other insurance related expenses                                           | 214 |  |   | 219 |  |   |  |  |   |   | 900 |  |   | 888 |  |   |  |  |   |
| Other expenses                                                             | 77 |  |   | 76 |  |   |  |  |   |   | 313 |  |   | 281 |  |   |  |  |   |
| Total claims, benefits and expenses                                        | 1,590 |  |   | 1,730 |  |   | 8 |  |   |   | 6,818 |  |   | 6,857 |  |   | 1 |  |   |
| Operating income (loss) before income tax                                  | 469 |  |   | 515 |  |   | (9 | ) |   |   | 1,516 |  |   | 1,799 |  |   | (16 | ) |   |
| Income tax (expense) benefit on operating income (loss)                    | (155 | ) |   | (175 | ) |   |  |  |   |   | (506 | ) |   | (614 | ) |   |  |  |   |
| Net operating income (loss)                                                | $ | 314 |  |   | $ | 340 |  |   | (8 | ) | % |   | $ | 1,010 |  |   | $ | 1,185 |  |   | (15 | ) | % |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Loss & LAE                                                             | 59.6 |  | % | 62.0 |  | % | 2.4 |  | pts |   | 64.6 |  | % | 64.6 |  | % | — |  | pts |
| Acquisition expense                                                        | 17.6 |  |   | 18.2 |  |   | 0.6 |  |   |   | 19.0 |  |   | 19.2 |  |   | 0.2 |  |   |
| Underwriting expense                                                       | 14.4 |  |   | 14.6 |  |   | 0.2 |  |   |   | 13.9 |  |   | 13.9 |  |   | — |  |   |
| Expense                                                                    | 32.0 |  |   | 32.8 |  |   | 0.8 |  |   |   | 32.9 |  |   | 33.1 |  |   | 0.2 |  |   |
| Dividend                                                                   | 0.2 |  |   | 0.2 |  |   | — |  |   |   | 0.2 |  |   | 0.2 |  |   | — |  |   |
| Combined ratio                                                             | 91.8 |  | % | 95.0 |  | % | 3.2 |  |   |   | 97.7 |  | % | 97.9 |  | % | 0.2 |  |   |
| Combined ratio excluding catastrophes and development                      | 93.6 |  | % | 94.3 |  | % | 0.7 |  | pts |   | 95.9 |  | % | 97.1 |  | % | 1.2 |  | pts |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Pretax net accident year catastrophe losses incurred                       | $ | 9 |  |   | $ | 23 |  |   |  |   |   | $ | 156 |  |   | $ | 169 |  |   |  |   |
| Impact on loss & LAE ratio                                             | 0.6 |  | % | 1.3 |  | % | 0.7 |  | pts |   | 2.3 |  | % | 2.6 |  | % | 0.3 |  | pts |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Pretax net prior year development and other (1): (favorable) / unfavorable | $ | (39 | ) |   | $ | (20 | ) |   |  |  |   |   | $ | (43 | ) |   | $ | (130 | ) |   |  |  |   |
| Impact on loss & LAE ratio                                             | (2.4 | ) | % | (0.6 | ) | % | 1.8 |  | pts |   | (0.5 | ) | % | (1.8 | ) | % | (1.3 | ) | pts |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Rate                                                                       | 3 |  | % | 5 |  | % | (2 | ) | pts |   | 3 |  | % | 7 |  | % | (4 | ) | pts |
| Retention                                                                  | 79 |  | % | 78 |  | % | 1 |  | pts |   | 78 |  | % | 79 |  | % | (1 | ) | pts |
| New Business                                                               | $ | 192 |  |   | $ | 224 |  |   | (14 | ) | % |   | $ | 915 |  |   | $ | 1,081 |  |   | (15 | ) | % |

----

|                                                                            |
|----------------------------------------------------------------------------|
|                                                                            |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Periods ended December 31                                                  | Three Months |   |   | Twelve Months |   |
| (In millions)                                                              | 2014 |   | 2013 |   | Change |   |   | 2014 |   | 2013 |   | Change |   |
| Gross written premiums                                                     | $ | 1,415 |  |   | $ | 1,319 |  |   | 7 |  | % |   | $ | 5,608 |  |   | $ | 5,134 |  |   | 9 |  | % |
| Net written premiums                                                       | 689 |  |   | 708 |  |   | (3 | ) |   |   | 2,839 |  |   | 2,880 |  |   | (1 | ) |   |
| Net earned premiums                                                        | 712 |  |   | 712 |  |   | — |  |   |   | 2,838 |  |   | 2,795 |  |   | 2 |  |   |
| Net investment income                                                      | 137 |  |   | 170 |  |   |  |  |   |   | 560 |  |   | 629 |  |   |  |  |   |
| Other revenues                                                             | 77 |  |   | 67 |  |   |  |  |   |   | 295 |  |   | 257 |  |   |  |  |   |
| Total operating revenues                                                   | 926 |  |   | 949 |  |   | (2 | ) |   |   | 3,693 |  |   | 3,681 |  |   | — |  |   |
| Insurance claims and policyholders' benefits                               | 416 |  |   | 347 |  |   |  |   |   | 1,633 |  |   | 1,599 |  |   |  |  |   |
| Amortization of deferred acquisition costs                                 | 150 |  |   | 149 |  |   |  |  |   |   | 592 |  |   | 585 |  |   |  |  |   |
| Other insurance related expenses                                           | 65 |  |   | 66 |  |   |  |  |   |   | 262 |  |   | 250 |  |   |  |  |   |
| Other expenses                                                             | 63 |  |   | 67 |  |   |  |  |   |   | 254 |  |   | 237 |  |   |  |  |   |
| Total claims, benefits and expenses                                        | 694 |  |   | 629 |  |   | (10 | ) |   |   | 2,741 |  |   | 2,671 |  |   | (3 | ) |   |
| Operating income (loss) before income tax                                  | 232 |  |   | 320 |  |   | (28 | ) |   |   | 952 |  |   | 1,010 |  |   | (6 | ) |   |
| Income tax (expense) benefit on operating income (loss)                    | (78 | ) |   | (109 | ) |   |  |  |   |   | (318 | ) |   | (342 | ) |   |  |  |   |
| Net operating income (loss)                                                | $ | 154 |  |   | $ | 211 |  |   | (27 | ) | % |   | $ | 634 |  |   | $ | 668 |  |   | (5 | ) | % |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Loss & LAE                                                             | 58.1 |  | % | 48.7 |  | % | (9.4 | ) | pts |   | 57.3 |  | % | 57.0 |  | % | (0.3 | ) | pts |
| Acquisition expense                                                        | 19.5 |  |   | 19.5 |  |   | — |  |   |   | 19.7 |  |   | 19.6 |  |   | (0.1 | ) |   |
| Underwriting expense                                                       | 10.7 |  |   | 10.7 |  |   | — |  |   |   | 10.4 |  |   | 10.3 |  |   | (0.1 | ) |   |
| Expense                                                                    | 30.2 |  |   | 30.2 |  |   | — |  |   |   | 30.1 |  |   | 29.9 |  |   | (0.2 | ) |   |
| Dividend                                                                   | 0.1 |  |   | 0.2 |  |   | 0.1 |  |   |   | 0.2 |  |   | 0.2 |  |   | — |  |   |
| Combined ratio                                                             | 88.4 |  | % | 79.1 |  | % | (9.3 | ) |   |   | 87.6 |  | % | 87.1 |  | % | (0.5 | ) |   |
| Combined ratio excluding catastrophes and development                      | 90.4 |  | % | 89.3 |  | % | (1.1 | ) | pts |   | 92.0 |  | % | 93.7 |  | % | 1.7 |  | pts |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Pretax net accident year catastrophe losses incurred                       | $ | — |  |   | $ | 2 |  |   |  |  |   |   | $ | 21 |  |   | $ | 22 |  |   |  |  |   |
| Impact on loss & LAE ratio                                             | — |  | % | 0.2 |  | % | 0.2 |  | pts |   | 0.7 |  | % | 0.7 |  | % | — |  | pts |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Pretax net prior year development and other (1): (favorable) / unfavorable | $ | (14 | ) |   | $ | (74 | ) |   |  |  |   |   | $ | (149 | ) |   | $ | (210 | ) |   |  |  |   |
| Impact on loss & LAE ratio                                             | (2.0 | ) | % | (10.4 | ) | % | (8.4 | ) | pts |   | (5.1 | ) | % | (7.3 | ) | % | (2.2 | ) | pts |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Rate                                                                       | 3 |  | % | 5 |  | % | (2 | ) | pts |   | 3 |  | % | 6 |  | % | (3 | ) | pts |
| Retention                                                                  | 85 |  | % | 85 |  | % | — |  | pts |   | 86 |  | % | 85 |  | % | 1 |  | pts |
| New Business                                                               | $ | 70 |  |   | $ | 77 |  |   | (9 | ) | % |   | $ | 309 |  |   | $ | 342 |  |   | (10 | ) | % |

----

|                                                                            |
|----------------------------------------------------------------------------|
|                                                                            |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Periods ended December 31                                                  | Three Months |   |   | Twelve Months |   |
| (In millions)                                                              | 2014 |   | 2013 |   | Change |   |   | 2014 |   | 2013 |   | Change |   |
| Gross written premiums                                                     | $ | 714 |  |   | $ | 751 |  |   | (5 | ) | % |   | $ | 2,959 |  |   | $ | 3,188 |  |   | (7 | ) | % |
| Net written premiums                                                       | 684 |  |   | 717 |  |   | (5 | ) |   |   | 2,817 |  |   | 2,960 |  |   | (5 | ) |   |
| Net earned premiums                                                        | 718 |  |   | 749 |  |   | (4 | ) |   |   | 2,906 |  |   | 3,004 |  |   | (3 | ) |   |
| Net investment income                                                      | 174 |  |   | 239 |  |   |  |  |   |   | 723 |  |   | 899 |  |   |  |  |   |
| Other revenues                                                             | 10 |  |   | 11 |  |   |  |  |   |   | 38 |  |   | 96 |  |   |  |  |   |
| Total operating revenues                                                   | 902 |  |   | 999 |  |   | (10 | ) |   |   | 3,667 |  |   | 3,999 |  |   | (8 | ) |   |
| Insurance claims and policyholders' benefits                               | 462 |  |   | 616 |  |   |  |  |   |   | 2,195 |  |   | 2,266 |  |   |  |  |   |
| Amortization of deferred acquisition costs                                 | 122 |  |   | 130 |  |   |  |  |   |   | 493 |  |   | 526 |  |   |  |  |   |
| Other insurance related expenses                                           | 111 |  |   | 108 |  |   |  |  |   |   | 487 |  |   | 498 |  |   |  |  |   |
| Other expenses                                                             | 6 |  |   | 8 |  |   |  |  |   |   | 31 |  |   | 32 |  |   |  |  |   |
| Total claims, benefits and expenses                                        | 701 |  |   | 862 |  |   | 19 |  |   |   | 3,206 |  |   | 3,322 |  |   | 3 |  |   |
| Operating income (loss) before income tax                                  | 201 |  |   | 137 |  |   | 47 |  |   |   | 461 |  |   | 677 |  |   | (32 | ) |   |
| Income tax (expense) benefit on operating income (loss)                    | (69 | ) |   | (46 | ) |   |  |  |   |   | (154 | ) |   | (229 | ) |   |  |  |   |
| Net operating income (loss)                                                | $ | 132 |  |   | $ | 91 |  |   | 45 |  | % |   | $ | 307 |  |   | $ | 448 |  |   | (31 | ) | % |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Loss & LAE                                                             | 64.2 |  | % | 81.8 |  | % | 17.6 |  | pts |   | 75.3 |  | % | 75.2 |  | % | (0.1 | ) | pts |
| Acquisition expense                                                        | 15.0 |  |   | 14.6 |  |   | (0.4 | ) |   |   | 17.0 |  |   | 17.5 |  |   | 0.5 |  |   |
| Underwriting expense                                                       | 17.3 |  |   | 17.4 |  |   | 0.1 |  |   |   | 16.7 |  |   | 16.5 |  |   | (0.2 | ) |   |
| Expense                                                                    | 32.3 |  |   | 32.0 |  |   | (0.3 | ) |   |   | 33.7 |  |   | 34.0 |  |   | 0.3 |  |   |
| Dividend                                                                   | 0.3 |  |   | 0.3 |  |   | — |  |   |   | 0.3 |  |   | 0.3 |  |   | — |  |   |
| Combined ratio                                                             | 96.8 |  | % | 114.1 |  | % | 17.3 |  |   |   | 109.3 |  | % | 109.5 |  | % | 0.2 |  |   |
| Combined ratio excluding catastrophes and development                      | 95.6 |  | % | 97.8 |  | % | 2.2 |  | pts |   | 98.6 |  | % | 100.4 |  | % | 1.8 |  | pts |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Pretax net accident year catastrophe losses incurred                       | $ | 4 |  |   | $ | 19 |  |   |  |  |   |   | $ | 125 |  |   | $ | 133 |  |   |  |  |   |
| Impact on loss & LAE ratio                                             | 0.6 |  | % | 2.7 |  | % | 2.1 |  | pts |   | 4.4 |  | % | 4.4 |  | % | — |  | pts |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Pretax net prior year development and other (1): (favorable) / unfavorable | $ | 5 |  |   | $ | 102 |  |   |  |  |   |   | $ | 177 |  |   | $ | 138 |  |   |  |  |   |
| Impact on loss & LAE ratio                                             | 0.6 |  | % | 13.6 |  | % | 13.0 |  | pts |   | 6.3 |  | % | 4.7 |  | % | (1.6 | ) | pts |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Rate                                                                       | 4 |  | % | 7 |  | % | (3 | ) | pts |   | 5 |  | % | 9 |  | % | (4 | ) | pts |
| Retention                                                                  | 77 |  | % | 73 |  | % | 4 |  | pts |   | 74 |  | % | 74 |  | % | — |  | pts |
| New Business                                                               | $ | 95 |  |   | $ | 120 |  |   | (21 | ) | % |   | $ | 491 |  |   | $ | 622 |  |   | (21 | ) | % |

----

|                                                                            |
|----------------------------------------------------------------------------|
|                                                                            |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Periods ended December 31                                                  | Three Months |   |   | Twelve Months |   |
| (In millions)                                                              | 2014 |   | 2013 |   | Change |   |   | 2014 |   | 2013 |   | Change |   |
| Gross written premiums                                                     | $ | 205 |  |   | $ | 231 |  |   | (11 | ) | % |   | $ | 991 |  |   | $ | 1,033 |  |   | (4 | ) | % |
| Net written premiums                                                       | 182 |  |   | 259 |  |   | (30 | ) |   |   | 880 |  |   | 959 |  |   | (8 | ) |   |
| Net earned premiums                                                        | 216 |  |   | 282 |  |   | (23 | ) |   |   | 913 |  |   | 916 |  |   | — |  |   |
| Net investment income                                                      | 15 |  |   | 16 |  |   |  |  |   |   | 61 |  |   | 60 |  |   |  |  |   |
| Other revenues                                                             | — |  |   | (1 | ) |   |  |  |   |   | — |  |   | — |  |   |  |  |   |
| Total operating revenues                                                   | 231 |  |   | 297 |  |   | (22 | ) |   |   | 974 |  |   | 976 |  |   | — |  |   |
| Insurance claims and policyholders' benefits                               | 106 |  |   | 121 |  |   |  |  |   |   | 488 |  |   | 489 |  |   |  |  |   |
| Amortization of deferred acquisition costs                                 | 43 |  |   | 72 |  |   |  |  |   |   | 204 |  |   | 223 |  |   |  |  |   |
| Other insurance related expenses                                           | 38 |  |   | 45 |  |   |  |  |   |   | 151 |  |   | 140 |  |   |  |  |   |
| Other expenses                                                             | 8 |  |   | 1 |  |   |  |  |   |   | 28 |  |   | 12 |  |   |  |  |   |
| Total claims, benefits and expenses                                        | 195 |  |   | 239 |  |   | 18 |  |   |   | 871 |  |   | 864 |  |   | (1 | ) |   |
| Operating income (loss) before income tax                                  | 36 |  |   | 58 |  |   | (38 | ) |   |   | 103 |  |   | 112 |  |   | (8 | ) |   |
| Income tax (expense) benefit on operating income (loss)                    | (8 | ) |   | (20 | ) |   |  |  |   |   | (34 | ) |   | (43 | ) |   |  |  |   |
| Net operating income (loss)                                                | $ | 28 |  |   | $ | 38 |  |   | (26 | ) | % |   | $ | 69 |  |   | $ | 69 |  |   | — |  | % |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Loss & LAE                                                             | 49.2 |  | % | 43.0 |  | % | (6.2 | ) | pts |   | 53.5 |  | % | 53.4 |  | % | (0.1 | ) | pts |
| Acquisition expense                                                        | 19.8 |  |   | 24.6 |  |   | 4.8 |  |   |   | 22.9 |  |   | 23.6 |  |   | 0.7 |  |   |
| Underwriting expense                                                       | 17.9 |  |   | 16.8 |  |   | (1.1 | ) |   |   | 16.0 |  |   | 16.1 |  |   | 0.1 |  |   |
| Expense                                                                    | 37.7 |  |   | 41.4 |  |   | 3.7 |  |   |   | 38.9 |  |   | 39.7 |  |   | 0.8 |  |   |
| Dividend                                                                   | — |  |   | — |  |   | — |  |   |   | — |  |   | — |  |   | — |  |   |
| Combined ratio                                                             | 86.9 |  | % | 84.4 |  | % | (2.5 | ) |   |   | 92.4 |  | % | 93.1 |  | % | 0.7 |  |   |
| Combined ratio excluding catastrophes and development                      | 98.0 |  | % | 96.7 |  | % | (1.3 | ) | pts |   | 99.2 |  | % | 96.9 |  | % | (2.3 | ) | pts |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Pretax net accident year catastrophe losses incurred                       | $ | 5 |  |   | $ | 2 |  |   |  |  |   |   | $ | 10 |  |   | $ | 14 |  |   |  |  |   |
| Impact on loss & LAE ratio                                             | 2.2 |  | % | 0.6 |  | % | (1.6 | ) | pts |   | 1.0 |  | % | 1.5 |  | % | 0.5 |  | pts |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Pretax net prior year development and other (1): (favorable) / unfavorable | $ | (30 | ) |   | $ | (48 | ) |   |  |  |   |   | $ | (71 | ) |   | $ | (58 | ) |   |  |  |   |
| Impact on loss & LAE ratio                                             | (13.3 | ) | % | (12.9 | ) | % | 0.4 |  | pts |   | (7.8 | ) | % | (5.3 | ) | % | 2.5 |  | pts |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Rate                                                                       | (1 | ) | % | — |  | % | (1 | ) | pts |   | (1 | ) | % | 1 |  | % | (2 | ) | pts |
| Retention                                                                  | 66 |  | % | 80 |  | % | (14 | ) | pts |   | 74 |  | % | 79 |  | % | (5 | ) | pts |
| New Business                                                               | 27 |  |   | 27 |  |   | — |  | % |   | 115 |  |   | 117 |  |   | (2 | ) | % |

----

|                                                         |
|---------------------------------------------------------|
|                                                         |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Periods ended December 31                               | Three Months |   |   | Twelve Months |   |
| (In millions)                                           | 2014 |   | 2013 |   | Change |   |   | 2014 |   | 2013 |   | Change |   |
| Net earned premiums                                     | $ | 139 |  |   | $ | 140 |  |   | (1 | ) | % |   | $ | 556 |  |   | $ | 559 |  |   | (1 | ) | % |
| Net investment income                                   | 179 |  |   | 170 |  |   | 5 |  |   |   | 700 |  |   | 662 |  |   | 6 |  |   |
| Other revenues                                          | 6 |  |   | (5 | ) |   |  |  |   |   | 16 |  |   | (4 | ) |   |  |  |   |
| Total operating revenues                                | 324 |  |   | 305 |  |   | 6 |  |   |   | 1,272 |  |   | 1,217 |  |   | 5 |  |   |
| Insurance claims and policyholders' benefits            | 375 |  |   | 278 |  |   |  |  |   |   | 1,304 |  |   | 1,261 |  |   |  |  |   |
| Amortization of deferred acquisition costs              | 6 |  |   | 7 |  |   |  |  |   |   | 28 |  |   | 28 |  |   |  |  |   |
| Other insurance related expenses                        | 34 |  |   | 33 |  |   |  |  |   |   | 130 |  |   | 130 |  |   |  |  |   |
| Other expenses                                          | (4 | ) |   | 6 |  |   |  |  |   |   | 30 |  |   | 13 |  |   |  |  |   |
| Total claims, benefits and expenses                     | 411 |  |   | 324 |  |   | (27 | ) |   |   | 1,492 |  |   | 1,432 |  |   | (4 | ) |   |
| Operating income (loss) before income tax               | (87 | ) |   | (19 | ) |   | N/M |  |   |   | (220 | ) |   | (215 | ) |   | (2 | ) |   |
| Income tax (expense) benefit on operating income (loss) | 53 |  |   | 25 |  |   |  |  |   |   | 151 |  |   | 141 |  |   |  |  |   |
| Net operating income (loss)                             | $ | (34 | ) |   | $ | 6 |  |   | N/M |  | % |   | $ | (69 | ) |   | $ | (74 | ) |   | 7 |  | % |

----

|                                                         |
|---------------------------------------------------------|
|                                                         |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Periods ended December 31                               | Three Months |   |   | Twelve Months |   |
| (In millions)                                           | 2014 |   | 2013 |   | Change |   |   | 2014 |   | 2013 |   | Change |   |
| Net earned premiums                                     | $ | — |  |   | $ | (1 | ) |   |  |  |   |   | $ | (1 | ) |   | $ | (3 | ) |   |  |  |   |
| Net investment income                                   | 6 |  |   | 7 |  |   |  |  |   |   | 23 |  |   | 32 |  |   |  |  |   |
| Other revenues                                          | 1 |  |   | 3 |  |   |  |  |   |   | 7 |  |   | 10 |  |   |  |  |   |
| Total operating revenues                                | 7 |  |   | 9 |  |   | (22 | ) | % |   | 29 |  |   | 39 |  |   | (26 | ) | % |
| Insurance claims and policyholders' benefits            | (9 | ) |   | 185 |  |   |  |  |   |   | (29 | ) |   | 191 |  |   |  |  |   |
| Amortization of deferred acquisition costs              | — |  |   | — |  |   |  |  |   |   | — |  |   | — |  |   |  |  |   |
| Other insurance related expenses                        | — |  |   | (4 | ) |   |  |  |   |   | (1 | ) |   | (5 | ) |   |  |  |   |
| Other expenses                                          | 134 |  |   | 48 |  |   |  |  |   |   | 205 |  |   | 181 |  |   |  |  |   |
| Total claims, benefits and expenses                     | 125 |  |   | 229 |  |   | 45 |  |   |   | 175 |  |   | 367 |  |   | 52 |  |   |
| Operating income (loss) before income tax               | (118 | ) |   | (220 | ) |   | 46 |  |   |   | (146 | ) |   | (328 | ) |   | 55 |  |   |
| Income tax (expense) benefit on operating income (loss) | 43 |  |   | 80 |  |   |  |  |   |   | 54 |  |   | 118 |  |   |  |  |   |
| Net operating income (loss)                             | $ | (75 | ) |   | $ | (140 | ) |   | 46 |  | % |   | $ | (92 | ) |   | $ | (210 | ) |   | 56 |  | % |

----

|                                                                   |
|-------------------------------------------------------------------|
|                                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                              | December 31, 2014 |  | September 30, 2014 |  | December 31, 2013 |
| (In millions)                                                     | Carrying Value |   | Net Unrealized Gains (Losses) |   | Carrying Value |   | Net Unrealized Gains (Losses) |   | Carrying Value |   | Net Unrealized Gains (Losses) |
| Fixed maturity securities:                                        |   |   |   |   |   |   |   |   |   |   |   |
| Corporate and other bonds                                         | $ | 18,889 |  |   | $ | 1,660 |  |   | $ | 19,154 |  |   | $ | 1,664 |  |   | $ | 20,898 |  |   | $ | 1,510 |  |
| States, municipalities and political subdivisions:                |   |   |   |   |   |   |   |   |   |   |   |
| Tax-exempt                                                        | 9,802 |  |   | 988 |  |   | 9,587 |  |   | 835 |  |   | 8,432 |  |   | 41 |  |
| Taxable                                                           | 2,938 |  |   | 467 |  |   | 2,882 |  |   | 407 |  |   | 3,125 |  |   | 235 |  |
| Total states, municipalities and political subdivisions           | 12,740 |  |   | 1,455 |  |   | 12,469 |  |   | 1,242 |  |   | 11,557 |  |   | 276 |  |
| Asset-backed:                                                     |   |   |   |   |   |   |   |   |   |   |   |
| RMBS                                                              | 5,233 |  |   | 205 |  |   | 5,146 |  |   | 174 |  |   | 4,971 |  |   | 31 |  |
| CMBS                                                              | 2,144 |  |   | 88 |  |   | 2,158 |  |   | 79 |  |   | 2,063 |  |   | 68 |  |
| Other ABS                                                         | 1,235 |  |   | 1 |  |   | 1,230 |  |   | 8 |  |   | 955 |  |   | 10 |  |
| Total asset-backed                                                | 8,612 |  |   | 294 |  |   | 8,534 |  |   | 261 |  |   | 7,989 |  |   | 109 |  |
| U.S. Treasury and obligations of government-sponsored enterprises | 31 |  |   | 5 |  |   | 30 |  |   | 5 |  |   | 144 |  |   | 5 |  |
| Foreign government                                                | 454 |  |   | 16 |  |   | 471 |  |   | 15 |  |   | 543 |  |   | 12 |  |
| Redeemable preferred stock                                        | 42 |  |   | 3 |  |   | 42 |  |   | 3 |  |   | 102 |  |   | 10 |  |
| Total fixed maturity securities                                   | 40,768 |  |   | 3,433 |  |   | 40,700 |  |   | 3,190 |  |   | 41,233 |  |   | 1,922 |  |
| Equities                                                          | 222 |  |   | 12 |  |   | 211 |  |   | 14 |  |   | 185 |  |   | 6 |  |
| Limited partnership investments                                   | 2,937 |  |   | — |  |   | 2,931 |  |   | — |  |   | 2,720 |  |   | — |  |
| Other invested assets                                             | 41 |  |   | — |  |   | 44 |  |   | — |  |   | 54 |  |   | — |  |
| Mortgage loans                                                    | 588 |  |   | — |  |   | 556 |  |   | — |  |   | 508 |  |   | — |  |
| Short term investments                                            | 1,706 |  |   | (1 | ) |   | 1,878 |  |   | — |  |   | 1,407 |  |   | (1 | ) |
| Total investments                                                 | $ | 46,262 |  |   | $ | 3,444 |  |   | $ | 46,320 |  |   | $ | 3,204 |  |   | $ | 46,107 |  |   | $ | 1,927 |  |
|                                                              |   |   |   |   |   |   |   |   |   |   |   |
| Net receivable/(payable) on investment activity                   | $ | (58 | ) |   |   |   | $ | (31 | ) |   |   |   | $ | 135 |  |   |   |
|                                                              |   |   |   |   |   |   |   |   |   |   |   |
| Effective portfolio duration (in years)                           | 6.3 |  |   |   |   | 6.5 |  |   |   |   | 6.9 |  |   |   |
| Weighted average rating of fixed maturity securities              | A |  |   |   |   | A |  |   |   |   | A |  |   |   |

----

|                                                                   |
|-------------------------------------------------------------------|
|                                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                              | December 31, 2014 |   | September 30, 2014 |   | December 31, 2013 |
| (In millions)                                                     | Carrying Value |   | Net Unrealized Gains (Losses) |   | Carrying Value |   | Net Unrealized Gains (Losses) |   | Carrying Value |   | Net Unrealized Gains (Losses) |
| Fixed maturity securities:                                        |   |   |   |   |   |   |   |   |   |   |   |
| Corporate and other bonds                                         | $ | 13,444 |  |   | $ | 542 |  |   | $ | 13,738 |  |   | $ | 582 |  |   | $ | 13,590 |  |   | $ | 509 |  |
| States, municipalities and political subdivisions:                |   |   |   |   |   |   |   |   |   |   |   |
| Tax-exempt                                                        | 2,561 |  |   | 127 |  |   | 2,574 |  |   | 123 |  |   | 3,176 |  |   | 36 |  |
| Taxable                                                           | 1,454 |  |   | 169 |  |   | 1,484 |  |   | 158 |  |   | 1,570 |  |   | 89 |  |
| Total states, municipalities and political subdivisions           | 4,015 |  |   | 296 |  |   | 4,058 |  |   | 281 |  |   | 4,746 |  |   | 125 |  |
| Asset-backed:                                                     |   |   |   |   |   |   |   |   |   |   |   |
| RMBS                                                              | 5,101 |  |   | 196 |  |   | 5,080 |  |   | 168 |  |   | 4,641 |  |   | 22 |  |
| CMBS                                                              | 1,985 |  |   | 78 |  |   | 2,006 |  |   | 70 |  |   | 1,793 |  |   | 54 |  |
| Other ABS                                                         | 1,144 |  |   | 2 |  |   | 1,137 |  |   | 8 |  |   | 853 |  |   | 9 |  |
| Total asset-backed                                                | 8,230 |  |   | 276 |  |   | 8,223 |  |   | 246 |  |   | 7,287 |  |   | 85 |  |
| U.S. Treasury and obligations of government-sponsored enterprises | 7 |  |   | (1 | ) |   | 7 |  |   | (1 | ) |   | 121 |  |   | (1 | ) |
| Foreign government                                                | 449 |  |   | 15 |  |   | 466 |  |   | 14 |  |   | 538 |  |   | 11 |  |
| Redeemable preferred stock                                        | 13 |  |   | 2 |  |   | 13 |  |   | 1 |  |   | 5 |  |   | — |  |
| Total fixed maturity securities                                   | 26,158 |  |   | 1,130 |  |   | 26,505 |  |   | 1,123 |  |   | 26,287 |  |   | 729 |  |
| Equities                                                          | 87 |  |   | 9 |  |   | 87 |  |   | 11 |  |   | 61 |  |   | 9 |  |
| Limited partnership investments                                   | 2,937 |  |   | — |  |   | 2,931 |  |   | — |  |   | 2,720 |  |   | — |  |
| Other invested assets                                             | 41 |  |   | — |  |   | 44 |  |   | — |  |   | 54 |  |   | — |  |
| Mortgage loans                                                    | 531 |  |   | — |  |   | 510 |  |   | — |  |   | 489 |  |   | — |  |
| Short term investments                                            | 1,586 |  |   | (1 | ) |   | 1,805 |  |   | — |  |   | 1,339 |  |   | (1 | ) |
| Total investments                                                 | $ | 31,340 |  |   | $ | 1,138 |  |   | $ | 31,882 |  |   | $ | 1,134 |  |   | $ | 30,950 |  |   | $ | 737 |  |
|                                                              |   |   |   |   |   |   |   |   |   |   |   |
| Net receivable/(payable) on investment activity                   | $ | 4 |  |   |   |   | $ | (24 | ) |   |   |   | $ | 140 |  |   |   |
|                                                              |   |   |   |   |   |   |   |   |   |   |   |
| Effective portfolio duration (in years)                           | 4.0 |  |   |   |   | 4.1 |  |   |   |   | 4.4 |  |   |   |
| Weighted average rating of fixed maturity securities              | A |  |   |   |   | A |  |   |   |   | A |  |   |   |

----

|                                                                   |
|-------------------------------------------------------------------|
|                                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                              | December 31, 2014 |   | September 30, 2014 |   | December 31, 2013 |
| (In millions)                                                     | Carrying Value |   | Net Unrealized Gains (Losses) |   | Carrying Value |   | Net Unrealized Gains (Losses) |   | Carrying Value |   | Net Unrealized Gains (Losses) |
| Fixed maturity securities:                                        |   |   |   |   |   |   |   |   |   |   |   |
| Corporate and other bonds                                         | $ | 5,445 |  |   | $ | 1,118 |  |   | $ | 5,416 |  |   | $ | 1,082 |  |   | $ | 7,308 |  |   | $ | 1,001 |  |
| States, municipalities and political subdivisions:                |   |   |   |   |   |   |   |   |   |   |   |
| Tax-exempt                                                        | 7,241 |  |   | 861 |  |   | 7,013 |  |   | 712 |  |   | 5,256 |  |   | 5 |  |
| Taxable                                                           | 1,484 |  |   | 298 |  |   | 1,398 |  |   | 249 |  |   | 1,555 |  |   | 146 |  |
| Total states, municipalities and political subdivisions           | 8,725 |  |   | 1,159 |  |   | 8,411 |  |   | 961 |  |   | 6,811 |  |   | 151 |  |
| Asset-backed:                                                     |   |   |   |   |   |   |   |   |   |   |   |
| RMBS                                                              | 132 |  |   | 9 |  |   | 66 |  |   | 6 |  |   | 330 |  |   | 9 |  |
| CMBS                                                              | 159 |  |   | 10 |  |   | 152 |  |   | 9 |  |   | 270 |  |   | 14 |  |
| Other ABS                                                         | 91 |  |   | (1 | ) |   | 93 |  |   | — |  |   | 102 |  |   | 1 |  |
| Total asset-backed                                                | 382 |  |   | 18 |  |   | 311 |  |   | 15 |  |   | 702 |  |   | 24 |  |
| U.S. Treasury and obligations of government-sponsored enterprises | 24 |  |   | 6 |  |   | 23 |  |   | 6 |  |   | 23 |  |   | 6 |  |
| Foreign government                                                | 5 |  |   | 1 |  |   | 5 |  |   | 1 |  |   | 5 |  |   | 1 |  |
| Redeemable preferred stock                                        | 29 |  |   | 1 |  |   | 29 |  |   | 2 |  |   | 97 |  |   | 10 |  |
| Total fixed maturity securities                                   | 14,610 |  |   | 2,303 |  |   | 14,195 |  |   | 2,067 |  |   | 14,946 |  |   | 1,193 |  |
| Equities                                                          | 135 |  |   | 3 |  |   | 124 |  |   | 3 |  |   | 124 |  |   | (3 | ) |
| Limited partnership investments                                   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
| Other invested assets                                             | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
| Mortgage loans                                                    | 57 |  |   | — |  |   | 46 |  |   | — |  |   | 19 |  |   | — |  |
| Short term investments                                            | 120 |  |   | — |  |   | 73 |  |   | — |  |   | 68 |  |   | — |  |
| Total investments                                                 | $ | 14,922 |  |   | $ | 2,306 |  |   | $ | 14,438 |  |   | $ | 2,070 |  |   | $ | 15,157 |  |   | $ | 1,190 |  |
|                                                              |   |   |   |   |   |   |   |   |   |   |   |
| Net receivable/(payable) on investment activity                   | $ | (62 | ) |   |   |   | $ | (7 | ) |   |   |   | $ | (5 | ) |   |   |
|                                                              |   |   |   |   |   |   |   |   |   |   |   |
| Effective portfolio duration (in years)                           | 10.5 |  |   |   |   | 11.1 |  |   |   |   | 11.3 |  |   |   |
| Weighted average rating of fixed maturity securities              | A+ |  |   |   |   | A |  |   |   |   | A |  |   |   |

----

|                                                                   |
|-------------------------------------------------------------------|
|                                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| December 31, 2014                                            | U.S. Government, Government agencies and Government-sponsored enterprises |   | AAA |   | AA |   | A |   | BBB |   | Non-investment grade |   | Total |
| (In millions)                                                     | Fair Value |   | Net Unrealized Gains (Losses) |   | Fair Value |   | Net Unrealized Gains (Losses) |   | Fair Value |   | Net Unrealized Gains (Losses) |   | Fair Value |   | Net Unrealized Gains (Losses) |   | Fair Value |   | Net Unrealized Gains (Losses) |   | Fair Value |   | Net Unrealized Gains (Losses) |   | Fair Value |   | Net Unrealized Gains (Losses) |
| Corporate and other bonds                                         | $ | — |  |   | $ | — |  |   | $ | 223 |  |   | $ | 9 |  |   | $ | 1,125 |  |   | $ | 83 |  |   | $ | 5,621 |  |   | $ | 665 |  |   | $ | 10,194 |  |   | $ | 863 |  |   | $ | 1,726 |  |   | $ | 40 |  |   | $ | 18,889 |  |   | $ | 1,660 |  |
| States, municipalities and political subdivisions:                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Tax-exempt                                                        | — |  |   | — |  |   | 1,108 |  |   | 116 |  |   | 5,275 |  |   | 571 |  |   | 3,199 |  |   | 293 |  |   | 183 |  |   | 6 |  |   | 37 |  |   | 2 |  |   | 9,802 |  |   | 988 |  |
| Taxable                                                           | — |  |   | — |  |   | 397 |  |   | 50 |  |   | 2,113 |  |   | 331 |  |   | 428 |  |   | 86 |  |   | — |  |   | — |  |   | — |  |   | — |  |   | 2,938 |  |   | 467 |  |
| Total states, municipalities and political subdivisions           | — |  |   | — |  |   | 1,505 |  |   | 166 |  |   | 7,388 |  |   | 902 |  |   | 3,627 |  |   | 379 |  |   | 183 |  |   | 6 |  |   | 37 |  |   | 2 |  |   | 12,740 |  |   | 1,455 |  |
| Asset-backed:                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| RMBS                                                              | 3,776 |  |   | 138 |  |   | 159 |  |   | 1 |  |   | 80 |  |   | — |  |   | 153 |  |   | — |  |   | 89 |  |   | 2 |  |   | 976 |  |   | 64 |  |   | 5,233 |  |   | 205 |  |
| CMBS                                                              | 75 |  |   | 1 |  |   | 540 |  |   | 18 |  |   | 478 |  |   | 25 |  |   | 407 |  |   | 18 |  |   | 462 |  |   | 16 |  |   | 182 |  |   | 10 |  |   | 2,144 |  |   | 88 |  |
| Other ABS                                                         | — |  |   | — |  |   | 298 |  |   | 3 |  |   | 169 |  |   | 1 |  |   | 621 |  |   | (3 | ) |   | 147 |  |   | — |  |   | — |  |   | — |  |   | 1,235 |  |   | 1 |  |
| Total asset-backed                                                | 3,851 |  |   | 139 |  |   | 997 |  |   | 22 |  |   | 727 |  |   | 26 |  |   | 1,181 |  |   | 15 |  |   | 698 |  |   | 18 |  |   | 1,158 |  |   | 74 |  |   | 8,612 |  |   | 294 |  |
| U.S. Treasury and obligations of government-sponsored enterprises | 31 |  |   | 5 |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | 31 |  |   | 5 |  |
| Foreign government                                                | — |  |   | — |  |   | 125 |  |   | 6 |  |   | 164 |  |   | 5 |  |   | 165 |  |   | 5 |  |   | — |  |   | — |  |   | — |  |   | — |  |   | 454 |  |   | 16 |  |
| Redeemable preferred stock                                        | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | 18 |  |   | 2 |  |   | 24 |  |   | 1 |  |   | 42 |  |   | 3 |  |
| Total fixed maturity securities                                   | $ | 3,882 |  |   | $ | 144 |  |   | $ | 2,850 |  |   | $ | 203 |  |   | $ | 9,404 |  |   | $ | 1,016 |  |   | $ | 10,594 |  |   | $ | 1,064 |  |   | $ | 11,093 |  |   | $ | 889 |  |   | $ | 2,945 |  |   | $ | 117 |  |   | $ | 40,768 |  |   | $ | 3,433 |  |
|                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Percentage of total fixed maturity securities                     | 10 | % |   |   |   | 7 | % |   |   |   | 23 | % |   |   |   | 26 | % |   |   |   | 27 | % |   |   |   | 7 | % |   |   |   | 100 | % |   |   |

----

|                                                                                   |
|-----------------------------------------------------------------------------------|
|                                                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                              | Consolidated |   |
| Periods ended December 31                                                         | Three Months |   | Twelve Months |   |
| (In millions)                                                                     | 2014 |   | 2013 |   | 2014 |   | 2013 |   |
| Taxable fixed maturities                                                          | $ | 345 |  |   | $ | 361 |  |   | $ | 1,399 |  |   | $ | 1,510 |  |   |
|     Tax-exempt fixed maturities                               | 102 |  |   | 94 |  |   | 404 |  |   | 317 |  |   |
| Total fixed maturity securities                                                   | 447 |  |   | 455 |  |   | 1,803 |  |   | 1,827 |  |   |
| Limited partnership investments                                                   | 64 |  |   | 148 |  |   | 263 |  |   | 451 |  |   |
| Other, net of investment expense                                                  | — |  |   | (1 | ) |   | 1 |  |   | 4 |  |   |
| Pretax net investment income                                                      | $ | 511 |  |   | $ | 602 |  |   | $ | 2,067 |  |   | $ | 2,282 |  |   |
|                                                                              |   |   |   |   |   |   |   |   |
| After-tax fixed maturity securities                                               | $ | 322 |  |   | $ | 324 |  |   | $ | 1,298 |  |   | $ | 1,282 |  |   |
| After-tax net investment income                                                   | $ | 365 |  |   | $ | 419 |  |   | $ | 1,473 |  |   | $ | 1,578 |  |   |
|                                                                              |   |   |   |   |   |   |   |   |
| Effective income yield for the fixed maturity securities portfolio, pretax (1)    | 4.8 |  | % | 4.9 |  | % | 4.8 |  | % | 5.0 |  | % |
| Effective income yield for the fixed maturity securities portfolio, after tax (1) | 3.4 |  | % | 3.5 |  | % | 3.5 |  | % | 3.5 |  | % |

|                                                                                   |
|-----------------------------------------------------------------------------------|
|                                                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                              | Property & Casualty and Corporate & Other Non-Core |   |
| Periods ended December 31                                                         | Three Months |   | Twelve Months |   |
| (In millions)                                                                     | 2014 |   | 2013 |   | 2014 |   | 2013 |   |
|     Taxable fixed maturities                                  | $ | 244 |  |   | $ | 253 |  |   | $ | 992 |  |   | $ | 1,065 |  |   |
|     Tax-exempt fixed maturities                               | 23 |  |   | 32 |  |   | 107 |  |   | 99 |  |   |
| Total fixed maturity securities                                                   | 267 |  |   | 285 |  |   | 1,099 |  |   | 1,164 |  |   |
| Limited partnership investments                                                   | 64 |  |   | 148 |  |   | 263 |  |   | 450 |  |   |
| Other, net of investment expense                                                  | 1 |  |   | (1 | ) |   | 5 |  |   | 6 |  |   |
| Pretax net investment income                                                      | $ | 332 |  |   | $ | 432 |  |   | $ | 1,367 |  |   | $ | 1,620 |  |   |
|                                                                              |   |   |   |   |   |   |   |   |
| After-tax fixed maturity securities                                               | $ | 181 |  |   | $ | 195 |  |   | $ | 751 |  |   | $ | 786 |  |   |
| After-tax net investment income                                                   | $ | 224 |  |   | $ | 290 |  |   | $ | 926 |  |   | $ | 1,083 |  |   |
|                                                                              |   |   |   |   |   |   |   |   |
| Effective income yield for the fixed maturity securities portfolio, pretax (1)    | 4.2 |  | % | 4.5 |  | % | 4.3 |  | % | 4.6 |  | % |
| Effective income yield for the fixed maturity securities portfolio, after tax (1) | 2.8 |  | % | 3.1 |  | % | 3.0 |  | % | 3.1 |  | % |

|                                                                                   |
|-----------------------------------------------------------------------------------|
|                                                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                              | Life & Group Non-Core |   |
| Periods ended December 31                                                         | Three Months |   | Twelve Months |   |
| (In millions)                                                                     | 2014 |   | 2013 |   | 2014 |   | 2013 |   |
|     Taxable fixed maturities                                  | $ | 101 |  |   | $ | 108 |  |   | $ | 407 |  |   | $ | 445 |  |   |
|     Tax-exempt fixed maturities                               | 79 |  |   | 62 |  |   | 297 |  |   | 218 |  |   |
| Total fixed maturity securities                                                   | 180 |  |   | 170 |  |   | 704 |  |   | 663 |  |   |
| Limited partnership investments                                                   | — |  |   | — |  |   | — |  |   | 1 |  |   |
| Other, net of investment expense                                                  | (1 | ) |   | — |  |   | (4 | ) |   | (2 | ) |   |
| Pretax net investment income                                                      | $ | 179 |  |   | $ | 170 |  |   | $ | 700 |  |   | $ | 662 |  |   |
|                                                                              |   |   |   |   |   |   |   |   |
| After-tax fixed maturity securities                                               | $ | 141 |  |   | $ | 129 |  |   | $ | 547 |  |   | $ | 496 |  |   |
| After-tax net investment income                                                   | $ | 141 |  |   | $ | 129 |  |   | $ | 547 |  |   | $ | 495 |  |   |
|                                                                              |   |   |   |   |   |   |   |   |
| Effective income yield for the fixed maturity securities portfolio, pretax (1)    | 5.9 |  | % | 6.0 |  | % | 5.9 |  | % | 6.0 |  | % |
| Effective income yield for the fixed maturity securities portfolio, after tax (1) | 4.6 |  | % | 4.6 |  | % | 4.6 |  | % | 4.5 |  | % |

----

|                                                                    |
|--------------------------------------------------------------------|
|                                                                    |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Three months ended December 31, 2014(In millions)                  | Specialty |   | Commercial |   | International |   | P&C Operations |   | Life & Group Non-Core |   | Corporate & Other Non-Core |   | Total Operations |
| Claim & claim adjustment expense reserves, beginning of period |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Gross                                                              | $ | 6,245 |  |   | $ | 9,604 |  |   | $ | 1,548 |  |   | $ | 17,397 |  |   | $ | 3,113 |  |   | $ | 2,965 |  |   | $ | 23,475 |  |
| Ceded                                                              | 586 |  |   | 598 |  |   | 214 |  |   | 1,398 |  |   | 364 |  |   | 2,637 |  |   | 4,399 |  |
| Net                                                                | 5,659 |  |   | 9,006 |  |  | 1,334 |  |  | 15,999 |  |  | 2,749 |  |  | 328 |  |  | 19,076 |  |
|                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net incurred claim & claim adjustment expenses                 | 414 |  |   | 462 |  |   | 106 |  |   | 982 |  |   | 257 |  |   | (5 | ) |   | 1,234 |  |
| Net claim & claim adjustment expense payments                  | (418 | ) |   | (615 | ) |   | (136 | ) |   | (1,169 | ) |   | (173 | ) |   | (8 | ) |   | (1,350 | ) |
| Foreign currency translation adjustment and other                  | — |  |   | — |  |   | (43 | ) |   | (43 | ) |   | 10 |  |   | — |  |   | (33 | ) |
|                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Claim & claim adjustment expense reserves, end of period       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net                                                                | 5,655 |  |   | 8,853 |  |   | 1,261 |  |   | 15,769 |  |   | 2,843 |  |   | 315 |  |   | 18,927 |  |
| Ceded                                                              | 574 |  |   | 661 |  |   | 180 |  |   | 1,415 |  |   | 340 |  |   | 2,589 |  |   | 4,344 |  |
| Gross                                                              | $ | 6,229 |  |   | $ | 9,514 |  |   | $ | 1,441 |  |   | $ | 17,184 |  |   | $ | 3,183 |  |   | $ | 2,904 |  |   | $ | 23,271 |  |

|                                                                    |
|--------------------------------------------------------------------|
|                                                                    |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Twelve months ended December 31, 2014(In millions)                 | Specialty |   |  Commercial |   | International |   | P&C Operations |   | Life & Group Non-Core |   | Corporate & Other Non-Core |   | Total Operations |
| Claim & claim adjustment expense reserves, beginning of period |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Gross                                                              | $ | 6,058 |  |   | $ | 10,091 |  |   | $ | 1,575 |  |   | $ | 17,724 |  |   | $ | 3,058 |  |   | $ | 3,307 |  |   | $ | 24,089 |  |
| Ceded                                                              | 476 |  |   | 980 |  |   | 241 |  |   | 1,697 |  |   | 435 |  |   | 2,840 |  |   | 4,972 |  |
| Net                                                                | 5,582 |  |   | 9,111 |  |   | 1,334 |  |   | 16,027 |  |   | 2,623 |  |   | 467 |  |   | 19,117 |  |
|                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net incurred claim & claim adjustment expenses                 | 1,627 |  |   | 2,189 |  |   | 502 |  |   | 4,318 |  |   | 852 |  |   | (2 | ) |   | 5,168 |  |
| Net claim & claim adjustment expense payments                  | (1,554 | ) |   | (2,447 | ) |   | (471 | ) |   | (4,472 | ) |   | (678 | ) |   | (150 | ) |   | (5,300 | ) |
| Foreign currency translation adjustment and other                  | — |  |   | — |  |   | (104 | ) |   | (104 | ) |   | 46 |  |   | — |  |   | (58 | ) |
|                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Claim & claim adjustment expense reserves, end of period       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net                                                                | 5,655 |  |   | 8,853 |  |   | 1,261 |  |   | 15,769 |  |   | 2,843 |  |   | 315 |  |   | 18,927 |  |
| Ceded                                                              | 574 |  |   | 661 |  |   | 180 |  |   | 1,415 |  |   | 340 |  |   | 2,589 |  |   | 4,344 |  |
| Gross                                                              | $ | 6,229 |  |   | $ | 9,514 |  |   | $ | 1,441 |  |   | $ | 17,184 |  |   | $ | 3,183 |  |   | $ | 2,904 |  |   | $ | 23,271 |  |

----

|                                 |
|---------------------------------|
|                                 |  |  |  |  |  |  |  |  |  |  |  |
| December 31, 2014          |   |   |   |   |   |
| (In millions)                   | Claim and claim adjustment expenses |   | Future policy benefits |   | Total |
| Long term care                  | $ | 2,064 |  |   | $ | 7,782 |  |   | $ | 9,846 |  |
| Structured settlement annuities | 606 |  |   | — |  |   | 606 |  |
| Other                           | 28 |  |   | 1 |  |   | 29 |  |
| Total                           | 2,698 |  |   | 7,783 |  |   | 10,481 |  |
| Shadow adjustments (1)          | 145 |  |   | 1,522 |  |   | 1,667 |  |
| Ceded reserves                  | 340 |  |   | 185 |  |   | 525 |  |
| Total gross reserves            | $ | 3,183 |  |   | $ | 9,490 |  |   | $ | 12,673 |  |

|                                             |
|---------------------------------------------|
|                                             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| December 31, 2013                      |   |   |   |   |   |   |   |   |   |
| (In millions)                               | Claim and claim adjustment expenses |   | Future policy benefits |   | Policyholders' funds |   | Separate account business |   | Total |
| Long term care                              | $ | 1,889 |  |   | $ | 7,329 |  |   | $ | — |  |   | $ | — |  |   | $ | 9,218 |  |
| Annuities, including structured settlements | 613 |  |   | 1,990 |  |   | — |  |   | — |  |   | 2,603 |  |
| Institutional markets                       | 1 |  |   | 9 |  |   | 57 |  |   | 181 |  |   | 248 |  |
| Other                                       | 37 |  |   | 4 |  |   | — |  |   | — |  |   | 41 |  |
| Total                                       | 2,540 |  |   | 9,332 |  |   | 57 |  |   | 181 |  |   | 12,110 |  |
| Shadow adjustments (1)                      | 83 |  |   | 406 |  |   | — |  |   | — |  |   | 489 |  |
| Ceded reserves                              | 435 |  |   | 733 |  |   | 35 |  |   | — |  |   | 1,203 |  |
| Total gross reserves                        | $ | 3,058 |  |   | $ | 10,471 |  |   | $ | 92 |  |   | $ | 181 |  |   | $ | 13,802 |  |

----

|                                         |
|-----------------------------------------|
|                                         |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Periods Ended December 31               | Three Months |   |   | Twelve Months |   |
| Income Statements                       | (Preliminary)2014 |   |   |   | Change |   |   | (Preliminary)2014 |   |   |   | Change |   |
| (In millions)                           |   | 2013 |   |   |   |   | 2013 |   |   |
| Combined Continental Casualty Companies |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Gross written premiums                  | $ | 2,219 |  |   | $ | 2,175 |  |   | 2 |  | % |   | $ | 8,914 |  |   | $ | 8,732 |  |   | 2 |  | % |
| Net written premiums                    | 1,464 |  |   | 1,534 |  |   | (5 | ) |   |   | 6,007 |  |   | 6,247 |  |   | (4 | ) |   |
|                                    |   |   |   |   |  |   |   |   |   |   |   |   |   |
| Net earned premiums                     | 1,393 |  |   | 1,482 |  |   | (6 | ) |   |   | 5,598 |  |   | 5,692 |  |   | (2 | ) |   |
| Claim and claim adjustment expenses     | 1,136 |  |   | 1,541 |  |   |  |  |   |   | 4,767 |  |   | 5,196 |  |   |  |   |
| Acquisition expenses                    | 240 |  |   | 234 |  |   |  |  |   |   | 1,027 |  |   | 1,059 |  |   |  |   |
| Underwriting expenses                   | 211 |  |   | 229 |  |   |  |  |   |   | 827 |  |   | 854 |  |   |  |   |
| Policyholders' dividends                | 3 |  |   | 3 |  |   |  |  |   |   | 8 |  |   | 9 |  |   |  |   |
| Underwriting income (loss)              | (197 | ) |   | (525 | ) |   | 62 |  |   |   | (1,031 | ) |   | (1,426 | ) |   | 28 |  |   |
| Net investment income                   | 482 |  |   | 614 |  |   |  |  |   |   | 2,015 |  |   | 1,943 |  |   |  |  |   |
| Other income (loss)                     | (72 | ) |   | 549 |  |   |  |  |   |   | — |  |   | 637 |  |   |  |  |   |
| Income tax (expense) benefit            | (47 | ) |   | (85 | ) |   |  |  |   |   | (102 | ) |   | (118 | ) |   |  |  |   |
| Net realized gains (losses)             | (72 | ) |   | (27 | ) |   |  |  |   |   | 32 |  |   | (123 | ) |   |  |  |   |
| Net income (loss)                       | $ | 94 |  |   | $ | 526 |  |   | (82 | ) | % |   | $ | 914 |  |   | $ | 913 |  |   | — |  | % |
|                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Financial Ratios                        |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Loss and LAE                            | 81.6 |  | % | 104.0 |  | % |   |   |   | 85.2 |  | % | 91.3 |  | % |   |   |
| Acquisition expense                     | 16.4 |  |   | 15.3 |  |   |   |   |   | 17.1 |  |   | 17.0 |  |   |   |   |
| Underwriting expense                    | 14.4 |  |   | 14.9 |  |   |   |   |   | 13.8 |  |   | 13.7 |  |   |   |   |
| Expense                                 | 30.8 |  |   | 30.2 |  |   |   |   |   | 30.9 |  |   | 30.7 |  |   |   |   |
| Dividend                                | 0.2 |  |   | 0.2 |  |   |   |   |   | 0.1 |  |   | 0.2 |  |   |   |   |
| Combined ratio                          | 112.6 |  | % | 134.4 |  | % |   |   |   | 116.2 |  | % | 122.2 |  | % |   |   |

|                             |
|-----------------------------|
|                             |  |  |  |  |  |  |  |  |  |
| SUPPLEMENTAL STATUTORY DATA | (Preliminary) December 31, 2014 |   | December 31, 2013 |   |   |
| (In billions)               |   |   |
| Statutory surplus           | $ | 11.2 |  |   | $ | 11.1 |  |   |   |

----

|         |                                                                                                            |
|---------|------------------------------------------------------------------------------------------------------------|
| • | Collectively, CNA Financial Corporation (CNAF) and its subsidiaries are referred to as CNA or the Company. |

|         |                                                                      |
|---------|----------------------------------------------------------------------|
| • | P&C Operations includes Specialty, Commercial and International. |

|         |                                                                                                                    |
|---------|--------------------------------------------------------------------------------------------------------------------|
| • | Life & Group Non-Core segment primarily includes the results of long term care businesses that are in run-off. |

|         |                                                                                                                                                                                                                                                                                                                         |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Corporate & Other Non-Core segment primarily includes certain corporate expenses including interest on corporate debt and the results of certain property and casualty business in run-off, including CNA Re and asbestos and environmental pollution. Intersegment eliminations are also included in this segment. |

|         |                                                                                                                                                                                                                                                                      |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Management utilizes the net operating income financial measure to monitor the Company’s operations. Please refer to Note K to the Condensed Consolidated  Financial Statements within the September 30, 2014 Form 10-Q for further discussion of this measure. |

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| • | In the evaluation of the results of Specialty, Commercial and International, management utilizes the loss ratio, the expense ratio, the dividend ratio and the combined ratio.  These ratios are calculated using financial results prepared in accordance with accounting principles generally accepted in the United States of America.  The loss ratio is the percentage of net incurred claim and claim adjustment expenses to net earned premiums.  The expense ratio is the percentage of insurance underwriting and acquisition expenses, including the amortization of deferred acquisition costs, to net earned premiums.  The dividend ratio is the ratio of policyholders' dividends incurred to net earned premiums.  The combined ratio is the sum of the loss, expense and dividend ratios.  The statutory expense ratio reported on page 17 is the percentage of acquisition and underwriting expenses to net written premiums in accordance with statutory accounting practices. |

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| • | The majority of our limited partnership investments employ hedge fund strategies that generate returns primarily through investing in marketable securities in the public fixed income and equity markets. While the Company generally does not invest in highly leveraged partnerships, there are risks which may result in losses due to short-selling, derivatives or other speculative investment practices. The use of leverage increases volatility generated by the underlying investment strategies. |

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| • | Certain immaterial differences are due to rounding. |

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| • | N/M = Not Meaningful |