----

|                             |
|-----------------------------|
|                             |  |  |
| MEDIA:                      |   | ANALYSTS: |
| Sarah Pang, 312/822-6394    |   | James Anderson, 312/822-7757 |
| Brandon Davis, 312/822-5167 |   | Derek Smith, 312/822-6612 |
|                        |   | Robert Tardella, 312/822-4387 |

|         |                                                                         |
|---------|-------------------------------------------------------------------------|
| • | Q4 NOI OF $0.76 PER SHARE; $0.96 ADJUSTED FOR PENSION SETTLEMENT CHARGE |

|         |                                                                        |
|---------|------------------------------------------------------------------------|
| • | EXCLUDING CHARGE, NOI OF $260 MILLION GENERATING OPERATING ROE OF 8.4% |

|         |                                                                               |
|---------|-------------------------------------------------------------------------------|
| • | P&C COMBINED RATIO EX CATS AND DEVELOPMENT OF 93.6%; 95.9% FULL YEAR 2014 |

|         |                                                                |
|---------|----------------------------------------------------------------|
| • | BVPS EX AOCI UP 1% SINCE YEAR-END 2013; 6% INCLUDING DIVIDENDS |

|         |                                                                            |
|---------|----------------------------------------------------------------------------|
| • | SPECIAL DIVIDEND OF $2.00 PER SHARE; QUARTERLY DIVIDEND OF $0.25 PER SHARE |

|                                                 |
|-------------------------------------------------|
|                                                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                            | Results for the Three Months Ended December 31 (a) |   | Results for the Year Ended December 31 (a) |
| ($ millions, except per share data)             | 2014 |   | 2013 |   | 2014 |   | 2013 |
| Net operating income                            | $ | 205 |  |   | $ | 206 |  |   | $ | 849 |  |   | $ | 901 |  |
| Net realized investment gains (losses)          | (7 | ) |   | 7 |  |   | 39 |  |   | 14 |  |
| Income from discontinued operations, net of tax | — |  |   | 8 |  |   | (197 | ) |   | 22 |  |
| Net income                                      | $ | 198 |  |   | $ | 221 |  |   | $ | 691 |  |   | $ | 937 |  |
|                                            |   |   |   |   |   |   |   |
| Net operating income per diluted share          | $ | 0.76 |  |   | $ | 0.76 |  |   | $ | 3.14 |  |   | $ | 3.33 |  |
| Net income per diluted share               | 0.73 |  |   | 0.82 |  |   | 2.55 |  |   | 3.47 |  |

|                                     |
|-------------------------------------|
|                                     |  |  |  |  |  |  |  |
|                                | December 31, 2014 |   | December 31, 2013 |
| Book value per share                | $ | 47.39 |   |   | $ | 46.91 |   |
| Book value per share excluding AOCI |   | 45.91 |   |   |   | 45.26 |   |

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

----

----

|                                                       |
|-------------------------------------------------------|
|                                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                  | Results for the Three Months Ended December 31 |   | Results for the Year Ended December 31 |
| ($ millions)                                          | 2014 |   | 2013 |   | 2014 |   | 2013 |
| Net written premiums                                  | $ | 1,555 |  |   |   | $ | 1,684 |  |   |   | $ | 6,536 |  |   |   | $ | 6,799 |  |   |
| NWP change (% year over year)                         | (8 | ) | % |   | 5 |  | % |   | (4 | ) | % |   | 6 |  | % |
| Net operating income                                  | $ | 314 |  |   |   | $ | 340 |  |   |   | $ | 1,010 |  |   |   | $ | 1,185 |  |   |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |
| Loss ratio excluding catastrophes and development     | 61.4 |  | % |   | 61.3 |  | % |   | 62.8 |  | % |   | 63.8 |  | % |
| Effect of catastrophe impacts                         | 0.6 |  |   |   | 1.3 |  |   |   | 2.3 |  |   |   | 2.6 |  |   |
| Effect of development-related items                   | (2.4 | ) |   |   | (0.6 | ) |   |   | (0.5 | ) |   |   | (1.8 | ) |   |
| Loss ratio                                            | 59.6 |  | % |   | 62.0 |  | % |   | 64.6 |  | % |   | 64.6 |  | % |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |
| Combined ratio                                        | 91.8 |  | % |   | 95.0 |  | % |   | 97.7 |  | % |   | 97.9 |  | % |
| Combined ratio excluding catastrophes and development | 93.6 |  | % |   | 94.3 |  | % |   | 95.9 |  | % |   | 97.1 |  | % |

----

|                                                       |
|-------------------------------------------------------|
|                                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                  | Results for the Three Months Ended December 31 |   | Results for the Year Ended December 31 |
| ($ millions)                                          | 2014 |   | 2013 |   | 2014 |   | 2013 |
| Net written premiums                                  | $ | 689 |  |   |   | $ | 708 |  |   |   | $ | 2,839 |  |   |   | $ | 2,880 |  |   |
| NWP change (% year over year)                         | (3) |  | % |   | 6 |  | % |   | (1 | ) | % |   | 5 |  | % |
| Net operating income                                  | $ | 154 |  |   |   | $ | 211 |  |   |   | $ | 634 |  |   |   | $ | 668 |  |   |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |
| Loss ratio excluding catastrophes and development     | 60.1 |  | % |   | 58.9 |  | % |   | 61.7 |  | % |   | 63.6 |  | % |
| Effect of catastrophe impacts                         | — |  |   |   | 0.2 |  |   |   | 0.7 |  |   |   | 0.7 |  |   |
| Effect of development-related items                   | (2.0 | ) |   |   | (10.4 | ) |   |   | (5.1 | ) |   |   | (7.3 | ) |   |
| Loss ratio                                            | 58.1 |  | % |   | 48.7 |  | % |   | 57.3 |  | % |   | 57.0 |  | % |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |
| Combined ratio                                        | 88.4 |  | % |   | 79.1 |  | % |   | 87.6 |  | % |   | 87.1 |  | % |
| Combined ratio excluding catastrophes and development | 90.4 |  | % |   | 89.3 |  | % |   | 92.0 |  | % |   | 93.7 |  | % |

|         |                                                                                                                                                                                                                         |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Net operating income decreased $57 million for the fourth quarter of 2014 as compared with the prior year quarter, primarily due to lower favorable net prior year development and lower net investment income. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | The combined ratio increased 9.3 points for the fourth quarter of 2014 as compared with the prior year quarter.  The loss ratio increased 9.4 points, primarily due to lower favorable net prior year development and a higher current accident year loss ratio.  The increase in the current accident year loss ratio was primarily driven by the favorable re-evaluation of the full year 2013 accident year in the fourth quarter of 2013.  The full year 2014 current accident year loss ratio improved 1.9 points as compared to the prior year and reflected continued improvement throughout the year. |

|         |                                                                                                                                                                                                                                               |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Net written premiums for the fourth quarter of 2014 were down as compared with the prior year quarter.  Average rate increased 3% for the policies that renewed in the fourth quarter of 2014 while achieving a retention of 85%. |

----

|                                                       |
|-------------------------------------------------------|
|                                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                  | Results for the Three Months Ended December 31 |   | Results for the Year Ended December 31 |
| ($ millions)                                          | 2014 |   | 2013 |   | 2014 |   | 2013 |
| Net written premiums                                  | $ | 684 |  |   |   | $ | 717 |  |   |   | $ | 2,817 |  |   |   | $ | 2,960 |  |   |
| NWP change (% year over year)                         | (5 | ) | % |   | (3 | ) | % |   | (5 | ) | % |   | (2 | ) | % |
| Net operating income                                  | $ | 132 |  |   |   | $ | 91 |  |   |   | $ | 307 |  |   |   | $ | 448 |  |   |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |
| Loss ratio excluding catastrophes and development     | 63.0 |  | % |   | 65.5 |  | % |   | 64.6 |  | % |   | 66.1 |  | % |
| Effect of catastrophe impacts                         | 0.6 |  |   |   | 2.7 |  |   |   | 4.4 |  |   |   | 4.4 |  |   |
| Effect of development-related items                   | 0.6 |  |   |   | 13.6 |  |   |   | 6.3 |  |   |   | 4.7 |  |   |
| Loss ratio                                            | 64.2 |  | % |   | 81.8 |  | % |   | 75.3 |  | % |   | 75.2 |  | % |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |
| Combined ratio                                        | 96.8 |  | % |   | 114.1 |  | % |   | 109.3 |  | % |   | 109.5 |  | % |
| Combined ratio excluding catastrophes and development | 95.6 |  | % |   | 97.8 |  | % |   | 98.6 |  | % |   | 100.4 |  | % |

|         |                                                                                                                                                                                                                                                                                                                         |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Net operating income increased $41 million for the fourth quarter of 2014 as compared with the prior year quarter.  This increase was driven by the absence of unfavorable net prior year development and improved current accident year underwriting results, partially offset by lower net investment income. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | The combined ratio improved 17.3 points for the fourth quarter of 2014 as compared with the prior year quarter.  The loss ratio improved 17.6 points, primarily due to the absence of unfavorable net prior year development, a lower level of catastrophes and an improvement of 2.5 points in the non-catastrophe current accident year loss ratio, reflecting our re-evaluation of the full year 2014 current accident year results.  The full year 2014 current accident year loss ratio improved 1.5 points as compared to the prior year.  Catastrophe losses were $4 million, or 0.6 points of the loss ratio, for the fourth quarter of 2014 as compared with $19 million, or 2.7 points of the loss ratio, for the prior year quarter. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                            |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Net written premiums decreased $33 million for the fourth quarter of 2014 as compared with the prior year quarter, driven by a decreased level of new business as well as underwriting actions taken in certain business classes, partially offset by continued rate increases.  Average rate increased 4% for the policies that renewed in the fourth quarter of 2014 while achieving a retention of 77%. |

----

|                                                       |
|-------------------------------------------------------|
|                                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                  | Results for the Three Months Ended December 31 |   | Results for the Year Ended December 31 |
| ($ millions)                                          | 2014 |   | 2013 |   | 2014 |   | 2013 |
| Net written premiums                                  | $ | 182 |  |   |   | $ | 259 |  |   |   | $ | 880 |  |   |   | $ | 959 |  |   |
| NWP change (% year over year)                         | (30 | ) | % |   | 30 |  | % |   | (8 | ) | % |   | N/M |  | % |
| Net operating income                                  | $ | 28 |  |   |   | $ | 38 |  |   |   | $ | 69 |  |   |   | $ | 69 |  |   |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |
| Loss ratio excluding catastrophes and development     | 60.3 |  | % |   | 55.3 |  | % |   | 60.3 |  | % |   | 57.2 |  | % |
| Effect of catastrophe impacts                         | 2.2 |  |   |   | 0.6 |  |   |   | 1.0 |  |   |   | 1.5 |  |   |
| Effect of development-related items                   | (13.3 | ) |   |   | (12.9 | ) |   |   | (7.8 | ) |   |   | (5.3 | ) |   |
| Loss ratio                                            | 49.2 |  | % |   | 43.0 |  | % |   | 53.5 |  | % |   | 53.4 |  | % |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |
| Combined ratio                                        | 86.9 |  | % |   | 84.4 |  | % |   | 92.4 |  | % |   | 93.1 |  | % |
| Combined ratio excluding catastrophes and development | 98.0 |  | % |   | 96.7 |  | % |   | 99.2 |  | % |   | 96.9 |  | % |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Net written premiums decreased $77 million for the fourth quarter of 2014 as compared with the prior year quarter.  This decrease was primarily driven by the positive impact of a Hardy commutation of a third-party capital provider's 15% share of the 2012 year of account in the fourth quarter of 2013.  The Hardy commutation increased 2013 net written premiums by $51 million.  Average rate decreased 1% for the policies that renewed in the fourth quarter of 2014 while achieving a retention of 66%. |

|         |                                                                                                                                                                                                                             |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Net operating income decreased $10 million for the fourth quarter of 2014 as compared with the prior year quarter.  This decrease was primarily due to lower favorable net prior year premium and loss development. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | The combined ratio increased 2.5 points for the fourth quarter of 2014 as compared with the prior year quarter.  The loss ratio increased 6.2 points, due to the distortive effect of the 2013 commutation premium and a higher current accident year loss ratio.  Catastrophe losses were $5 million, or 2.2 points of the loss ratio, for the fourth quarter of 2014 as compared with $2 million, or 0.6 points of the loss ratio, for the prior year quarter.  The expense ratio improved 3.7 points, primarily due to decreased acquisition expenses. |

----

|                                     |
|-------------------------------------|
|                                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                | Results for the Three Months Ended December 31 |   | Results for the Year Ended December 31 |
| ($ millions)                        | 2014 |   | 2013 |   | 2014 |   |   | 2013 |   |
| Operating revenues                  | $ | 324 |  |   |   | $ | 305 |  |   |   | $ | 1,272 |  |   |   | $ | 1,217 |  |   |
| Total claims, benefits and expenses | 411 |  |   |   | 324 |  |   |   | 1,492 |  |   |   | 1,432 |  |   |
| Net operating income (loss)         | (34 | ) |   |   | 6 |  |   |   | (69 | ) |   |   | (74 | ) |   |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                 |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Net operating results decreased $40 million for the fourth quarter of 2014 as compared with the prior year quarter.  This decrease was primarily driven by unfavorable morbidity in our long term care business, partially offset by higher net investment income attributable to a higher invested asset base.  Additionally, 2013 results included a $22 million after-tax non-recurring benefit. |

|                                     |
|-------------------------------------|
|                                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                | Results for the Three Months Ended December 31 |   | Results for the Year Ended December 31 |
| ($ millions)                        | 2014 |   | 2013 |   | 2014 |   |   | 2013 |   |
| Operating revenues                  | $ | 7 |  |   |   | $ | 9 |  |   |   | $ | 29 |  |   |   | $ | 39 |  |   |
| Total claims, benefits and expenses | 125 |  |   |   | 229 |  |   |   | 175 |  |   |   | 367 |  |   |
| Net operating loss                  | (75 | ) |   |   | (140 | ) |   |   | (92 | ) |   |   | (210 | ) |   |

----

| Net Operating Income (Loss)    |
|--------------------------------|
|                                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                           |   | Results for the Three Months Ended December 31 |   | Results for the Year Ended December 31 |
| ($ millions)                   |   | 2014 |   | 2013 |   | 2014 |   | 2013 |
| Specialty                      |   | $ | 154 |  |   | $ | 211 |  |   | $ | 634 |  |   | $ | 668 |  |
| Commercial                     |   | 132 |  |   | 91 |  |   | 307 |  |   | 448 |  |
| International                  |   | 28 |  |   | 38 |  |   | 69 |  |   | 69 |  |
| Total P&C Operations       |   | 314 |  |   | 340 |  |   | 1,010 |  |   | 1,185 |  |
| Life & Group Non-Core      |   | (34 | ) |   | 6 |  |   | (69 | ) |   | (74 | ) |
| Corporate & Other Non-Core |   | (75 | ) |   | (140 | ) |   | (92 | ) |   | (210 | ) |
| Total                          |   | $ | 205 |  |   | $ | 206 |  |   | $ | 849 |  |   | $ | 901 |  |

| Net Income (Loss)              |
|--------------------------------|
|                                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                           |   | Results for the Three Months Ended December 31 |   | Results for the Year Ended December 31 |
| ($ millions)                   |   | 2014 |   | 2013 |   | 2014 |   | 2013 |
| Specialty                      |   | $ | 158 |  |   | $ | 210 |  |   | $ | 644 |  |   | $ | 665 |  |
| Commercial                     |   | 136 |  |   | 86 |  |   | 317 |  |   | 438 |  |
| International                  |   | 28 |  |   | 37 |  |   | 69 |  |   | 72 |  |
| Total P&C Operations       |   | 322 |  |   | 333 |  |   | 1,030 |  |   | 1,175 |  |
| Life & Group Non-Core      |   | (55 | ) |   | 20 |  |   | (62 | ) |   | (56 | ) |
| Corporate & Other Non-Core |   | (69 | ) |   | (140 | ) |   | (80 | ) |   | (204 | ) |
| Discontinued Operations        |   | — |  |   | 8 |  |   | (197 | ) |   | 22 |  |
| Total                          |   | $ | 198 |  |   | $ | 221 |  |   | $ | 691 |  |   | $ | 937 |  |

| Property & Casualty Operations Gross Written Premiums |
|-----------------------------------------------------------|
|                                                           |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                      |   | Results for the Three Months Ended December 31 |   | Results for the Year Ended December 31 |
| ($ millions)                                              |   | 2014 |   | 2013 |   | 2014 |   | 2013 |
| Specialty                                                 |   | $ | 1,415 |  |   | $ | 1,319 |  |   | $ | 5,608 |  |   | $ | 5,134 |  |
| Commercial                                                |   | 714 |  |   | 751 |  |   | 2,959 |  |   | 3,188 |  |
| International                                             |   | 205 |  |   | 231 |  |   | 991 |  |   | 1,033 |  |
| Total P&C Operations                                  |   | $ | 2,334 |  |   | $ | 2,301 |  |   | $ | 9,558 |  |   | $ | 9,355 |  |

| Property & Casualty Operations Net Written Premiums |
|---------------------------------------------------------|
|                                                         |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                    |   | Results for the Three Months Ended December 31 |   | Results for the Year Ended December 31 |
| ($ millions)                                            |   | 2014 |   | 2013 |   | 2014 |   | 2013 |
| Specialty                                               |   | $ | 689 |  |   | $ | 708 |  |   | $ | 2,839 |  |   | $ | 2,880 |  |
| Commercial                                              |   | 684 |  |   | 717 |  |   | 2,817 |  |   | 2,960 |  |
| International                                           |   | 182 |  |   | 259 |  |   | 880 |  |   | 959 |  |
| Total P&C Operations                                |   | $ | 1,555 |  |   | $ | 1,684 |  |   | $ | 6,536 |  |   | $ | 6,799 |  |

----