----

|                             |
|-----------------------------|
|                             |  |  |
| MEDIA:                      |   | ANALYSTS: |
| Brandon Davis, 312-822-5167 |   | James Anderson, 312-822-7757 |
| Sarah Pang, 312-822-6394    |   | Robert Tardella, 312-822-4387 |
|                        |   |   |

|         |                                                                        |
|---------|------------------------------------------------------------------------|
| • | Q1 NOI OF $0.34 PER SHARE; $0.64 ADJUSTED FOR RETRO REINSURANCE CHARGE |

|         |                                                           |
|---------|-----------------------------------------------------------|
| • | EXCLUDING CHARGE, Q1 NET OPERATING INCOME OF $174 MILLION |

|         |                                                       |
|---------|-------------------------------------------------------|
| • | 2016 P&C COMBINED RATIO OF 96.1% VS 98.9% IN 2015 |

|         |                                               |
|---------|-----------------------------------------------|
| • | BOOK VALUE PER SHARE EXCLUDING AOCI OF $42.61 |

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

|                                        |
|----------------------------------------|
|                                        |  |  |  |  |  |  |  |
|                                   | Results for the Three Months Ended March 31 |
| ($ millions, except per share data)    | 2016 |   | 2015 |
| Net operating income (a)               | $ | 91 |  |   | $ | 225 |  |
| Net realized investment (losses) gains | (25 | ) |   | 8 |  |
| Net income                             | $ | 66 |  |   | $ | 233 |  |
|                                   |   |   |   |
| Net operating income per diluted share | $ | 0.34 |  |   | $ | 0.83 |  |
| Net income per diluted share           | 0.24 |  |   | 0.86 |  |

|                                     |
|-------------------------------------|
|                                     |  |  |  |  |  |  |  |
|                                | March 31, 2016 |   | December 31, 2015 |
| Book value per share                | $ | 42.41 |  |   | $ | 43.49 |  |
| Book value per share excluding AOCI | 42.61 |  |   | 44.66 |  |

|     |                                                                                                                                                                                                                                                                                           |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (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, 2015 for further discussion of this measure. |

----

|                                                       |
|-------------------------------------------------------|
|                                                       |  |  |  |  |  |  |  |  |  |
|                                                  | Results for the Three Months Ended March 31 |
| ($ millions)                                          | 2016 |   | 2015 |
| Net written premiums                                  | $ | 1,668 |  |   |   | $ | 1,669 |  |   |
| NWP change (% year over year)                         | — |  | % |   | (6 | ) | % |
| Net investment income                                 | $ | 245 |  |   |   | $ | 373 |  |   |
| Net operating income                                  | 207 |  |   |   | 264 |  |   |
| Net income                                            | 191 |  |   |   | 269 |  |   |
|                                                  |   |   |   |   |   |
| Loss ratio excluding catastrophes and development     | 62.0 |  | % |   | 62.3 |  | % |
| Effect of catastrophe impacts                         | 2.3 |  |   |   | 1.9 |  |   |
| Effect of development-related items                   | (3.6 | ) |   |   | 0.3 |  |   |
| Loss ratio                                            | 60.7 |  | % |   | 64.5 |  | % |
|                                                  |   |   |   |   |   |
| Combined ratio                                        | 96.1 |  | % |   | 98.9 |  | % |
| Combined ratio excluding catastrophes and development | 97.4 |  | % |   | 96.7 |  | % |

----

|                                                       |
|-------------------------------------------------------|
|                                                       |  |  |  |  |  |  |  |  |  |
|                                                  | Results for the Three Months Ended March 31 |
| ($ millions)                                          | 2016 |   | 2015 |
| Net written premiums                                  | $ | 684 |  |   |   | $ | 698 |  |   |
| NWP change (% year over year)                         | (2 | ) | % |   | (2) |  | % |
| Net operating income                                  | $ | 127 |  |   |   | $ | 135 |  |   |
| Net income                                            | 120 |  |   |   | 138 |  |   |
|                                                  |   |   |   |   |   |
| Loss ratio excluding catastrophes and development     | 62.5 |  | % |   | 62.2 |  | % |
| Effect of catastrophe impacts                         | 0.6 |  |   |   | 1.1 |  |   |
| Effect of development-related items                   | (6.0 | ) |   |   | (0.2 | ) |   |
| Loss ratio                                            | 57.1 |  | % |   | 63.1 |  | % |
|                                                  |   |   |   |   |   |
| Combined ratio                                        | 89.4 |  | % |   | 94.6 |  | % |
| Combined ratio excluding catastrophes and development | 94.8 |  | % |   | 93.7 |  | % |

|         |                                                                                                                                                                                                                            |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Net operating income decreased $8 million for the first quarter of 2016 as compared with the prior year quarter.  Lower net investment income was partially offset by higher net favorable prior year development. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | The combined ratio improved 5.2 points as compared with the prior year quarter.  The loss ratio improved 6.0 points primarily due to higher net favorable prior year reserve development.  Catastrophe losses were $4 million, or 0.6 points of the loss ratio, as compared to $7 million, or 1.1 points of the loss ratio for the prior year quarter.  The expense ratio increased 0.8 points as compared with the prior year quarter due to higher underwriting expenses. |

|         |                                                                                                                                                                                                                                                                                              |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Net written premiums decreased $14 million as compared with the prior year quarter, driven by lower new business due to competitive market conditions.  Average rate increased 1% for the policies that renewed in the first quarter of 2016 while achieving a retention of 87%. |

----

|                                                       |
|-------------------------------------------------------|
|                                                       |  |  |  |  |  |  |  |  |  |
|                                                  | Results for the Three Months Ended March 31 |
| ($ millions)                                          | 2016 |   | 2015 |
| Net written premiums                                  | $ | 748 |  |   |   | $ | 759 |  |   |
| NWP change (% year over year)                         | (1 | ) | % |   | (6 | ) | % |
| Net operating income                                  | $ | 74 |  |   |   | $ | 120 |  |   |
| Net income                                            | 62 |  |   |   | 121 |  |   |
|                                                  |   |   |   |   |   |
| Loss ratio excluding catastrophes and development     | 61.6 |  | % |   | 64.1 |  | % |
| Effect of catastrophe impacts                         | 4.1 |  |   |   | 2.8 |  |   |
| Effect of development-related items                   | (1.5 | ) |   |   | — |  |   |
| Loss ratio                                            | 64.2 |  | % |   | 66.9 |  | % |
|                                                  |   |   |   |   |   |
| Combined ratio                                        | 101.9 |  | % |   | 103.3 |  | % |
| Combined ratio excluding catastrophes and development | 99.3 |  | % |   | 100.5 |  | % |

|         |                                                                                                                                                                                                                                    |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Net operating income decreased $46 million for the first quarter of 2016 as compared with the prior year quarter.  This decrease was due to lower net investment income partially offset by improved underwriting results. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | The combined ratio improved 1.4 points as compared with the prior year quarter.  The loss ratio improved 2.7 points due to an improved non-catastrophe current accident year loss ratio and higher favorable net prior year reserve development.  Catastrophe losses were $28 million, or 4.1 points of the loss ratio, as compared to $19 million, or 2.8 points of the loss ratio for the prior year quarter.  The expense ratio increased 1.3 points as compared with the prior year quarter, due to higher underwriting expenses and contingent commissions. |

|         |                                                                                                                                                                                                                   |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Net written premiums decreased $11 million as compared with the prior year quarter.  Average rate was flat for the policies that renewed in the first quarter of 2016 while achieving a retention of 83%. |

----

|                                                       |
|-------------------------------------------------------|
|                                                       |  |  |  |  |  |  |  |  |  |
|                                                  | Results for the Three Months Ended March 31 |
| ($ millions)                                          | 2016 |   | 2015 |
| Net written premiums                                  | $ | 236 |  |   |   | $ | 212 |  |   |
| NWP change (% year over year)                         | 11 |  | % |   | (14 | ) | % |
| Net operating income                                  | $ | 6 |  |   |   | $ | 9 |  |   |
| Net income                                            | 9 |  |   |   | 10 |  |   |
|                                                  |   |   |   |   |   |
| Loss ratio excluding catastrophes and development     | 61.5 |  | % |   | 56.7 |  | % |
| Effect of catastrophe impacts                         | 2.1 |  |   |   | 1.3 |  |   |
| Effect of development-related items                   | (2.4 | ) |   |   | 2.7 |  |   |
| Loss ratio                                            | 61.2 |  | % |   | 60.7 |  | % |
|                                                  |   |   |   |   |   |
| Combined ratio                                        | 99.0 |  | % |   | 98.3 |  | % |
| Combined ratio excluding catastrophes and development | 99.3 |  | % |   | 94.3 |  | % |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | The combined ratio increased 0.7 points for the first quarter of 2016 as compared with the prior year quarter.  The loss ratio increased 0.5 points due to an increase in the current accident year loss ratio driven by political risk losses which was substantially offset by the favorable period over period effect of net prior year premium development.  Catastrophe losses were $4 million, or 2.1 points of the loss ratio, as compared to $3 million, or 1.3 points of the loss ratio for the prior year quarter.  The expense ratio increased 0.2 points as compared with the prior year quarter due to higher expenses, partially offset by the favorable impact of higher net earned premiums.  |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Net written premiums increased $24 million as compared with the prior year quarter.  Results in the first quarter of 2015 were negatively affected by $16 million of unfavorable premium development primarily at Hardy.  Excluding the effect of foreign currency exchange rates, premium development and the timing of reinsurance spend, net written premiums were steady as compared to the prior year quarter.  Average rate was flat for the policies that renewed in the first quarter of 2016 while achieving a retention of 77%. |

----

|                          |
|--------------------------|
|                          |  |  |  |  |  |  |  |  |  |
|                     | Results for the Three Months Ended March 31 |
| ($ millions)             | 2016 |   |   | 2015 |   |
| Total operating revenues | $ | 318 |  |   |   | $ | 326 |  |   |
| Net investment income    | 187 |  |   |   | 179 |  |   |
| Net operating loss       | (2 | ) |   |   | (17 | ) |   |
| Net loss                 | (5 | ) |   |   | (14 | ) |   |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Due to the recognition of the premium deficiency and resetting of actuarial assumptions in the fourth quarter of 2015, the operating results for our long term care business in 2016 now reflect the variance between actual experience and the expected results contemplated in our best estimate reserves.  The net operating loss of $2 million for the first quarter of 2016 is reflective of long term care business performance, generally in line with expectations. |

|                       |
|-----------------------|
|                       |  |  |  |  |  |  |  |  |  |
|                  | Results for the Three Months Ended March 31 |
| ($ millions)          | 2016 |   |   | 2015 |   |
| Net investment income | $ | 3 |  |   |   | $ | 6 |  |   |
| Interest expense      | 42 |  |   |   | 39 |  |   |
| Net operating loss    | (114 | ) |   |   | (22 | ) |   |
| Net loss              | (120 | ) |   |   | (22 | ) |   |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Net operating loss increased $92 million for the first quarter of 2016 as compared with the prior year quarter.  During the first quarter of 2016, we recorded net unfavorable development of $200 million related to our A&EP reserves.  This unfavorable development was ceded under the 2010 A&EP Loss Portfolio Transfer; however the Company’s reported earnings were negatively affected by $83 million, after tax, due to the application of retroactive reinsurance accounting. |

----