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|                                                                                                                                                                                                                                       |  |
|                                                                                                                                                                                                                                  | Page |
| Property & Casualty - Results of Operations                                                                                                                                                                                       |   |
| Property & Casualty...........................................................................................................................................................................................................    | 1 |
| Specialty............................................................................................................................................................................................................................ | 2 |
| Commercial ......................................................................................................................................................................................................................     | 3 |
| International.......................................................................................................................................................................................................................  | 4 |
| Definitions and Presentation............................................................................................................................................................................................              | 5 |

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|                                                                                          |
|------------------------------------------------------------------------------------------|
|                                                                                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                     | 2014 |   |   | 2013 |   |
| (In millions)                                                                            | Q4 |   | Q3 |   | Q2 |   | Q1 |   |   | Q4 |   | Q3 |   | Q2 |   | Q1 |   |
| Gross written premiums                                                                   | $ | 2,334 |  |   | $ | 2,320 |  |   | $ | 2,410 |  |   | $ | 2,494 |  |   |   | $ | 2,301 |  |   | $ | 2,278 |  |   | $ | 2,392 |  |   | $ | 2,384 |  |   |
| Net written premiums                                                                     | 1,555 |  |   | 1,560 |  |   | 1,654 |  |   | 1,767 |  |   |   | 1,684 |  |   | 1,619 |  |   | 1,720 |  |   | 1,776 |  |   |
| Net earned premiums                                                                      | 1,646 |  |   | 1,671 |  |   | 1,672 |  |   | 1,668 |  |   |   | 1,743 |  |   | 1,686 |  |   | 1,662 |  |   | 1,624 |  |   |
| Net investment income                                                                    | 326 |  |   | 298 |  |   | 370 |  |   | 350 |  |   |   | 425 |  |   | 379 |  |   | 363 |  |   | 421 |  |   |
| Other revenues                                                                           | 87 |  |   | 86 |  |   | 82 |  |   | 78 |  |   |   | 77 |  |   | 78 |  |   | 127 |  |   | 71 |  |   |
| Total operating revenues                                                                 | 2,059 |  |   | 2,055 |  |   | 2,124 |  |   | 2,096 |  |   |   | 2,245 |  |   | 2,143 |  |   | 2,152 |  |   | 2,116 |  |   |
| Insurance claims and policyholders' benefits                                             | 984 |  |   | 1,053 |  |   | 1,136 |  |   | 1,143 |  |   |   | 1,084 |  |   | 1,031 |  |   | 1,140 |  |   | 1,099 |  |   |
| Amortization of deferred acquisition costs                                               | 315 |  |   | 325 |  |   | 328 |  |   | 321 |  |   |   | 351 |  |   | 334 |  |   | 329 |  |   | 320 |  |   |
| Other insurance related expenses                                                         | 214 |  |   | 227 |  |   | 228 |  |   | 231 |  |   |   | 219 |  |   | 219 |  |   | 220 |  |   | 230 |  |   |
| Other expenses                                                                           | 77 |  |   | 83 |  |   | 77 |  |   | 76 |  |   |   | 76 |  |   | 67 |  |   | 68 |  |   | 70 |  |   |
| Total claims, benefits and expenses                                                      | 1,590 |  |   | 1,688 |  |   | 1,769 |  |   | 1,771 |  |   |   | 1,730 |  |   | 1,651 |  |   | 1,757 |  |   | 1,719 |  |   |
| Operating income before income tax                                                       | 469 |  |   | 367 |  |   | 355 |  |   | 325 |  |   |   | 515 |  |   | 492 |  |   | 395 |  |   | 397 |  |   |
| Income tax expense on operating income                                                   | (155 | ) |   | (126 | ) |   | (119 | ) |   | (106 | ) |   |   | (175 | ) |   | (162 | ) |   | (137 | ) |   | (140 | ) |   |
| Net operating income                                                                     | $ | 314 |  |   | $ | 241 |  |   | $ | 236 |  |   | $ | 219 |  |   |   | $ | 340 |  |   | $ | 330 |  |   | $ | 258 |  |   | $ | 257 |  |   |
|                                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Loss & LAE                                                                           | 59.6 |  | % | 62.8 |  | % | 67.8 |  | % | 68.3 |  | % |   | 62.0 |  | % | 60.9 |  | % | 68.4 |  | % | 67.5 |  | % |
| Acquisition expense                                                                      | 17.6 |  |   | 19.5 |  |   | 19.3 |  |   | 19.4 |  |   |   | 18.2 |  |   | 19.7 |  |   | 19.5 |  |   | 19.4 |  |   |
| Underwriting expense                                                                     | 14.4 |  |   | 13.6 |  |   | 14.0 |  |   | 13.7 |  |   |   | 14.6 |  |   | 13.2 |  |   | 13.4 |  |   | 14.4 |  |   |
| Expense                                                                                  | 32.0 |  |   | 33.1 |  |   | 33.3 |  |   | 33.1 |  |   |   | 32.8 |  |   | 32.9 |  |   | 32.9 |  |   | 33.8 |  |   |
| Dividend                                                                                 | 0.2 |  |   | 0.2 |  |   | 0.2 |  |   | 0.2 |  |   |   | 0.2 |  |   | 0.2 |  |   | 0.2 |  |   | 0.2 |  |   |
| Combined ratio                                                                           | 91.8 |  | % | 96.1 |  | % | 101.3 |  | % | 101.6 |  | % |   | 95.0 |  | % | 94.0 |  | % | 101.5 |  | % | 101.5 |  | % |
| Combined ratio excluding catastrophes and development                                    | 93.6 |  | % | 96.2 |  | % | 96.3 |  | % | 97.2 |  | % |   | 94.3 |  | % | 95.9 |  | % | 97.6 |  | % | 101.0 |  | % |
|                                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Pretax net accident year catastrophe losses incurred                                     | $ | 9 |  |   | $ | 17 |  |   | $ | 56 |  |   | $ | 74 |  |   |   | $ | 23 |  |   | $ | 42 |  |   | $ | 65 |  |   | $ | 39 |  |   |
| Impact on loss & LAE ratio                                                           | 0.6 |  | % | 1.0 |  | % | 3.4 |  | % | 4.5 |  | % |   | 1.3 |  | % | 2.5 |  | % | 3.9 |  | % | 2.4 |  | % |
|                                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Pretax net prior year development and other (1):               (favorable) / unfavorable | $ | (39 | ) |   | $ | (19 | ) |   | $ | 28 |  |   | $ | (13 | ) |   |   | $ | (20 | ) |   | $ | (71 | ) |   | $ | (4 | ) |   | $ | (35 | ) |   |
| Impact on loss & LAE ratio                                                           | (2.4 | ) | % | (1.1 | ) | % | 1.6 |  | % | (0.1 | ) | % |   | (0.6 | ) | % | (4.4 | ) | % | — |  | % | (1.9 | ) | % |
|                                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Rate                                                                                     | 3 |  | % | 3 |  | % | 3 |  | % | 4 |  | % |   | 5 |  | % | 6 |  | % | 7 |  | % | 8 |  | % |
| Retention                                                                                | 79 |  | % | 78 |  | % | 76 |  | % | 80 |  | % |   | 78 |  | % | 78 |  | % | 78 |  | % | 81 |  | % |
| New Business                                                                             | $ | 192 |  |   | $ | 224 |  |   | $ | 230 |  |   | $ | 269 |  |   |   | $ | 224 |  |   | $ | 266 |  |   | $ | 284 |  |   | $ | 308 |  |   |

----

|                                                                                          |
|------------------------------------------------------------------------------------------|
|                                                                                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                     | 2014 |   |   | 2013 |   |
| (In millions)                                                                            | Q4 |   | Q3 |   | Q2 |   | Q1 |   |   | Q4 |   | Q3 |   | Q2 |   | Q1 |   |
| Gross written premiums                                                                   | $ | 1,415 |  |   | $ | 1,442 |  |   | $ | 1,388 |  |   | $ | 1,363 |  |   |   | $ | 1,319 |  |   | $ | 1,328 |  |   | $ | 1,244 |  |   | $ | 1,243 |  |   |
| Net written premiums                                                                     | 689 |  |   | 736 |  |   | 701 |  |   | 713 |  |   |   | 708 |  |   | 737 |  |   | 705 |  |   | 730 |  |   |
| Net earned premiums                                                                      | 712 |  |   | 725 |  |   | 709 |  |   | 692 |  |   |   | 712 |  |   | 717 |  |   | 695 |  |   | 671 |  |   |
| Net investment income                                                                    | 137 |  |   | 126 |  |   | 153 |  |   | 144 |  |   |   | 170 |  |   | 151 |  |   | 144 |  |   | 164 |  |   |
| Other revenues                                                                           | 77 |  |   | 76 |  |   | 74 |  |   | 68 |  |   |   | 67 |  |   | 67 |  |   | 63 |  |   | 60 |  |   |
| Total operating revenues                                                                 | 926 |  |   | 927 |  |   | 936 |  |   | 904 |  |   |   | 949 |  |   | 935 |  |   | 902 |  |   | 895 |  |   |
| Insurance claims and policyholders' benefits                                             | 416 |  |   | 369 |  |   | 405 |  |   | 443 |  |   |   | 347 |  |   | 401 |  |   | 420 |  |   | 431 |  |   |
| Amortization of deferred acquisition costs                                               | 150 |  |   | 151 |  |   | 148 |  |   | 143 |  |   |   | 149 |  |   | 150 |  |   | 146 |  |   | 140 |  |   |
| Other insurance related expenses                                                         | 65 |  |   | 65 |  |   | 67 |  |   | 65 |  |   |   | 66 |  |   | 60 |  |   | 59 |  |   | 65 |  |   |
| Other expenses                                                                           | 63 |  |   | 65 |  |   | 65 |  |   | 61 |  |   |   | 67 |  |   | 56 |  |   | 60 |  |   | 54 |  |   |
| Total claims, benefits and expenses                                                      | 694 |  |   | 650 |  |   | 685 |  |   | 712 |  |   |   | 629 |  |   | 667 |  |   | 685 |  |   | 690 |  |   |
| Operating income before income tax                                                       | 232 |  |   | 277 |  |   | 251 |  |   | 192 |  |   |   | 320 |  |   | 268 |  |   | 217 |  |   | 205 |  |   |
| Income tax expense on operating income                                                   | (78 | ) |   | (93 | ) |   | (84 | ) |   | (63 | ) |   |   | (109 | ) |   | (90 | ) |   | (74 | ) |   | (69 | ) |   |
| Net operating income                                                                     | $ | 154 |  |   | $ | 184 |  |   | $ | 167 |  |   | $ | 129 |  |   |   | $ | 211 |  |   | $ | 178 |  |   | $ | 143 |  |   | $ | 136 |  |   |
|                                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Loss & LAE                                                                           | 58.1 |  | % | 50.7 |  | % | 57.0 |  | % | 63.9 |  | % |   | 48.7 |  | % | 55.5 |  | % | 60.3 |  | % | 64.1 |  | % |
| Acquisition expense                                                                      | 19.5 |  |   | 19.7 |  |   | 19.9 |  |   | 19.7 |  |   |   | 19.5 |  |   | 19.7 |  |   | 19.4 |  |   | 19.7 |  |   |
| Underwriting expense                                                                     | 10.7 |  |   | 10.1 |  |   | 10.4 |  |   | 10.3 |  |   |   | 10.7 |  |   | 9.6 |  |   | 10.1 |  |   | 10.7 |  |   |
| Expense                                                                                  | 30.2 |  |   | 29.8 |  |   | 30.3 |  |   | 30.0 |  |   |   | 30.2 |  |   | 29.3 |  |   | 29.5 |  |   | 30.4 |  |   |
| Dividend                                                                                 | 0.1 |  |   | 0.3 |  |   | 0.2 |  |   | 0.2 |  |   |   | 0.2 |  |   | 0.3 |  |   | 0.2 |  |   | 0.2 |  |   |
| Combined ratio                                                                           | 88.4 |  | % | 80.8 |  | % | 87.5 |  | % | 94.1 |  | % |   | 79.1 |  | % | 85.1 |  | % | 90.0 |  | % | 94.7 |  | % |
| Combined ratio excluding catastrophes and development                                    | 90.4 |  | % | 91.3 |  | % | 92.8 |  | % | 93.5 |  | % |   | 89.3 |  | % | 92.9 |  | % | 95.0 |  | % | 97.6 |  | % |
|                                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Pretax net accident year catastrophe losses incurred                                     | $ | — |  |   | $ | 5 |  |   | $ | 5 |  |   | $ | 11 |  |   |   | $ | 2 |  |   | $ | 13 |  |   | $ | 6 |  |   | $ | 1 |  |   |
| Impact on loss & LAE ratio                                                           | — |  | % | 0.7 |  | % | 0.6 |  | % | 1.6 |  | % |   | 0.2 |  | % | 1.9 |  | % | 0.8 |  | % | 0.1 |  | % |
|                                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Pretax net prior year development and other (1):               (favorable) / unfavorable | $ | (14 | ) |   | $ | (83 | ) |   | $ | (43 | ) |   | $ | (9 | ) |   |   | $ | (74 | ) |   | $ | (71 | ) |   | $ | (42 | ) |   | $ | (23 | ) |   |
| Impact on loss & LAE ratio                                                           | (2.0 | ) | % | (11.2 | ) | % | (5.9 | ) | % | (1.0 | ) | % |   | (10.4 | ) | % | (9.7 | ) | % | (5.8 | ) | % | (3.0 | ) | % |
|                                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Rate                                                                                     | 3 |  | % | 3 |  | % | 3 |  | % | 4 |  | % |   | 5 |  | % | 6 |  | % | 7 |  | % | 7 |  | % |
| Retention                                                                                | 85 |  | % | 86 |  | % | 87 |  | % | 86 |  | % |   | 85 |  | % | 85 |  | % | 85 |  | % | 86 |  | % |
| New Business                                                                             | $ | 70 |  |   | $ | 87 |  |   | $ | 71 |  |   | $ | 81 |  |   |   | $ | 77 |  |   | $ | 93 |  |   | $ | 86 |  |   | $ | 86 |  |   |

----

|                                                                                       |
|---------------------------------------------------------------------------------------|
|                                                                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                  | 2014 |   |   | 2013 |   |
| (In millions)                                                                         | Q4 |   | Q3 |   | Q2 |   | Q1 |   |   | Q4 |   | Q3 |   | Q2 |   | Q1 |   |
| Gross written premiums                                                                | $ | 714 |  |   | $ | 672 |  |   | $ | 747 |  |   | $ | 826 |  |   |   | $ | 751 |  |   | $ | 722 |  |   | $ | 847 |  |   | $ | 868 |  |   |
| Net written premiums                                                                  | 684 |  |   | 634 |  |   | 692 |  |   | 807 |  |   |   | 717 |  |   | 686 |  |   | 725 |  |   | 832 |  |   |
| Net earned premiums                                                                   | 718 |  |   | 721 |  |   | 732 |  |   | 735 |  |   |   | 749 |  |   | 745 |  |   | 758 |  |   | 752 |  |   |
| Net investment income                                                                 | 174 |  |   | 157 |  |   | 201 |  |   | 191 |  |   |   | 239 |  |   | 213 |  |   | 205 |  |   | 242 |  |   |
| Other revenues                                                                        | 10 |  |   | 10 |  |   | 8 |  |   | 10 |  |   |   | 11 |  |   | 10 |  |   | 64 |  |   | 11 |  |   |
| Total operating revenues                                                              | 902 |  |   | 888 |  |   | 941 |  |   | 936 |  |   |   | 999 |  |   | 968 |  |   | 1,027 |  |   | 1,005 |  |   |
| Insurance claims and policyholders' benefits                                          | 462 |  |   | 550 |  |   | 613 |  |   | 570 |  |   |   | 616 |  |   | 509 |  |   | 593 |  |   | 548 |  |   |
| Amortization of deferred acquisition costs                                            | 122 |  |   | 122 |  |   | 126 |  |   | 123 |  |   |   | 130 |  |   | 129 |  |   | 135 |  |   | 132 |  |   |
| Other insurance related expenses                                                      | 111 |  |   | 125 |  |   | 125 |  |   | 126 |  |   |   | 108 |  |   | 130 |  |   | 130 |  |   | 130 |  |   |
| Other expenses                                                                        | 6 |  |   | 10 |  |   | 7 |  |   | 8 |  |   |   | 8 |  |   | 10 |  |   | 7 |  |   | 7 |  |   |
| Total claims, benefits and expenses                                                   | 701 |  |   | 807 |  |   | 871 |  |   | 827 |  |   |   | 862 |  |   | 778 |  |   | 865 |  |   | 817 |  |   |
| Operating income before income tax                                                    | 201 |  |   | 81 |  |   | 70 |  |   | 109 |  |   |   | 137 |  |   | 190 |  |   | 162 |  |   | 188 |  |   |
| Income tax expense on operating income                                                | (69 | ) |   | (29 | ) |   | (21 | ) |   | (35 | ) |   |   | (46 | ) |   | (63 | ) |   | (53 | ) |   | (67 | ) |   |
| Net operating income                                                                  | $ | 132 |  |   | $ | 52 |  |   | $ | 49 |  |   | $ | 74 |  |   |   | $ | 91 |  |   | $ | 127 |  |   | $ | 109 |  |   | $ | 121 |  |   |
|                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Loss & LAE                                                                        | 64.2 |  | % | 75.9 |  | % | 83.7 |  | % | 77.1 |  | % |   | 81.8 |  | % | 68.1 |  | % | 77.9 |  | % | 72.7 |  | % |
| Acquisition expense                                                                   | 15.0 |  |   | 17.6 |  |   | 17.5 |  |   | 17.7 |  |   |   | 14.6 |  |   | 18.7 |  |   | 18.7 |  |   | 18.0 |  |   |
| Underwriting expense                                                                  | 17.3 |  |   | 17.0 |  |   | 16.6 |  |   | 16.2 |  |   |   | 17.4 |  |   | 16.2 |  |   | 16.1 |  |   | 16.8 |  |   |
| Expense                                                                               | 32.3 |  |   | 34.6 |  |   | 34.1 |  |   | 33.9 |  |   |   | 32.0 |  |   | 34.9 |  |   | 34.8 |  |   | 34.8 |  |   |
| Dividend                                                                              | 0.3 |  |   | 0.2 |  |   | 0.3 |  |   | 0.3 |  |   |   | 0.3 |  |   | 0.3 |  |   | 0.3 |  |   | 0.2 |  |   |
| Combined ratio                                                                        | 96.8 |  | % | 110.7 |  | % | 118.1 |  | % | 111.3 |  | % |   | 114.1 |  | % | 103.3 |  | % | 113.0 |  | % | 107.7 |  | % |
| Combined ratio excluding catastrophes and development                                 | 95.6 |  | % | 98.1 |  | % | 99.3 |  | % | 101.4 |  | % |   | 97.8 |  | % | 99.1 |  | % | 101.1 |  | % | 103.9 |  | % |
|                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Pretax net accident year catastrophe losses incurred                                  | $ | 4 |  |   | $ | 14 |  |   | $ | 47 |  |   | $ | 60 |  |   |   | $ | 19 |  |   | $ | 19 |  |   | $ | 57 |  |   | $ | 38 |  |   |
| Impact on loss & LAE ratio                                                        | 0.6 |  | % | 2.0 |  | % | 6.4 |  | % | 8.4 |  | % |   | 2.7 |  | % | 2.4 |  | % | 7.6 |  | % | 5.1 |  | % |
|                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Pretax net prior year development and other (1):            (favorable) / unfavorable | $ | 5 |  |   | $ | 76 |  |   | $ | 90 |  |   | $ | 6 |  |   |   | $ | 102 |  |   | $ | 18 |  |   | $ | 30 |  |   | $ | (12 | ) |   |
| Impact on loss & LAE ratio                                                        | 0.6 |  | % | 10.6 |  | % | 12.4 |  | % | 1.5 |  | % |   | 13.6 |  | % | 1.8 |  | % | 4.3 |  | % | (1.3 | ) | % |
|                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Rate                                                                                  | 4 |  | % | 5 |  | % | 5 |  | % | 6 |  | % |   | 7 |  | % | 9 |  | % | 10 |  | % | 10 |  | % |
| Retention                                                                             | 77 |  | % | 74 |  | % | 69 |  | % | 74 |  | % |   | 73 |  | % | 71 |  | % | 74 |  | % | 77 |  | % |
| New Business                                                                          | $ | 95 |  |   | $ | 116 |  |   | $ | 133 |  |   | $ | 147 |  |   |   | $ | 120 |  |   | $ | 148 |  |   | $ | 163 |  |   | $ | 192 |  |   |

----

|                                                                                          |
|------------------------------------------------------------------------------------------|
|                                                                                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                     | 2014 |   |   | 2013 |   |
| (In millions)                                                                            | Q4 |   | Q3 |   | Q2 |   | Q1 |   |   | Q4 |   | Q3 |   | Q2 |   | Q1 |   |
| Gross written premiums                                                                   | $ | 205 |  |   | $ | 206 |  |   | $ | 275 |  |   | $ | 305 |  |   |   | $ | 231 |  |   | $ | 228 |  |   | $ | 301 |  |   | $ | 273 |  |   |
| Net written premiums                                                                     | 182 |  |   | 190 |  |   | 261 |  |   | 247 |  |   |   | 259 |  |   | 196 |  |   | 290 |  |   | 214 |  |   |
| Net earned premiums                                                                      | 216 |  |   | 225 |  |   | 231 |  |   | 241 |  |   |   | 282 |  |   | 224 |  |   | 209 |  |   | 201 |  |   |
| Net investment income                                                                    | 15 |  |   | 15 |  |   | 16 |  |   | 15 |  |   |   | 16 |  |   | 15 |  |   | 14 |  |   | 15 |  |   |
| Other revenues                                                                           | — |  |   | — |  |   | — |  |   | — |  |   |   | (1 | ) |   | 1 |  |   | — |  |   | — |  |   |
| Total operating revenues                                                                 | 231 |  |   | 240 |  |   | 247 |  |   | 256 |  |   |   | 297 |  |   | 240 |  |   | 223 |  |   | 216 |  |   |
| Insurance claims and policyholders' benefits                                             | 106 |  |   | 134 |  |   | 118 |  |   | 130 |  |   |   | 121 |  |   | 121 |  |   | 127 |  |   | 120 |  |   |
| Amortization of deferred acquisition costs                                               | 43 |  |   | 52 |  |   | 54 |  |   | 55 |  |   |   | 72 |  |   | 55 |  |   | 48 |  |   | 48 |  |   |
| Other insurance related expenses                                                         | 38 |  |   | 37 |  |   | 36 |  |   | 40 |  |   |   | 45 |  |   | 29 |  |   | 31 |  |   | 35 |  |   |
| Other expenses                                                                           | 8 |  |   | 8 |  |   | 5 |  |   | 7 |  |   |   | 1 |  |   | 1 |  |   | 1 |  |   | 9 |  |   |
| Total claims, benefits and expenses                                                      | 195 |  |   | 231 |  |   | 213 |  |   | 232 |  |   |   | 239 |  |   | 206 |  |   | 207 |  |   | 212 |  |   |
| Operating income before income tax                                                       | 36 |  |   | 9 |  |   | 34 |  |   | 24 |  |   |   | 58 |  |   | 34 |  |   | 16 |  |   | 4 |  |   |
| Income tax expense on operating income                                                   | (8 | ) |   | (4 | ) |   | (14 | ) |   | (8 | ) |   |   | (20 | ) |   | (9 | ) |   | (10 | ) |   | (4 | ) |   |
| Net operating income                                                                     | $ | 28 |  |   | $ | 5 |  |   | $ | 20 |  |   | $ | 16 |  |   |   | $ | 38 |  |   | $ | 25 |  |   | $ | 6 |  |   | $ | — |  |   |
|                                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Loss & LAE                                                                           | 49.2 |  | % | 59.7 |  | % | 50.8 |  | % | 54.2 |  | % |   | 43.0 |  | % | 54.3 |  | % | 60.6 |  | % | 59.7 |  | % |
| Acquisition expense                                                                      | 19.8 |  |   | 24.5 |  |   | 23.2 |  |   | 23.8 |  |   |   | 24.6 |  |   | 23.0 |  |   | 22.4 |  |   | 23.9 |  |   |
| Underwriting expense                                                                     | 17.9 |  |   | 14.8 |  |   | 15.9 |  |   | 15.5 |  |   |   | 16.8 |  |   | 14.4 |  |   | 15.4 |  |   | 17.5 |  |   |
| Expense                                                                                  | 37.7 |  |   | 39.3 |  |   | 39.1 |  |   | 39.3 |  |   |   | 41.4 |  |   | 37.4 |  |   | 37.8 |  |  | 41.4 |  |   |
| Dividend                                                                                 | — |  |   | — |  |   | — |  |   | — |  |   |   | — |  |   | — |  |   | — |  |   | — |  |   |
| Combined ratio                                                                           | 86.9 |  | % | 99.0 |  | % | 89.9 |  | % | 93.5 |  | % |   | 84.4 |  | % | 91.7 |  | % | 98.4 |  | % | 101.1 |  | % |
| Combined ratio excluding catastrophes and development                                    | 98.0 |  | % | 106.3 |  | % | 97.3 |  | % | 95.1 |  | % |   | 96.7 |  | % | 94.8 |  | % | 94.6 |  | % | 101.3 |  | % |
|                                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Pretax net accident year catastrophe losses incurred                                     | $ | 5 |  |   | $ | (2 | ) |   | $ | 4 |  |   | $ | 3 |  |   |   | $ | 2 |  |   | $ | 10 |  |   | $ | 2 |  |   | $ | — |  |   |
| Impact on loss & LAE ratio                                                           | 2.2 |  | % | (1.0 | ) | % | 1.8 |  | % | 1.2 |  | % |   | 0.6 |  | % | 4.6 |  | % | 0.7 |  | % | — |  | % |
|                                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Pretax net prior year development and other (1):               (favorable) / unfavorable | $ | (30 | ) |   | $ | (12 | ) |   | $ | (19 | ) |   | $ | (10 | ) |   |   | $ | (48 | ) |   | $ | (18 | ) |   | $ | 8 |  |   | $ | — |  |   |
| Impact on loss & LAE ratio                                                           | (13.3 | ) | % | (6.3 | ) | % | (9.2 | ) | % | (2.8 | ) | % |   | (12.9 | ) | % | (7.7 | ) | % | 3.1 |  | % | (0.2 | ) | % |
|                                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Rate                                                                                     | (1 | ) | % | (1 | ) | % | (3 | ) | % | — |  | % |   | — |  | % | — |  | % | 1 |  | % | 3 |  | % |
| Retention                                                                                | 66 |  | % | 72 |  | % | 74 |  | % | 82 |  | % |   | 80 |  | % | 81 |  | % | 76 |  | % | 79 |  | % |
| New Business                                                                             | $ | 27 |  |   | $ | 21 |  |   | $ | 26 |  |   | $ | 41 |  |   |   | $ | 27 |  |   | $ | 25 |  |   | $ | 35 |  |   | $ | 30 |  |   |

----

|         |                                                                                                     |
|---------|-----------------------------------------------------------------------------------------------------|
| • | Collectively, CNA Financial Corporation 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. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | 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. |

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