----

|                             |
|-----------------------------|
|                             |  |  |
| MEDIA:                      |   | ANALYSTS: |
| Brandon Davis, 312-822-5885 |   | James Anderson, 312-822-7757 |

|         |                                                                                         |
|---------|-----------------------------------------------------------------------------------------|
| • | Q4 NET LOSS OF $84M, $(0.31) PER SHARE; Q4 CORE LOSS OF $23M, $(0.08) PER SHARE |

|         |                                                                                    |
|---------|------------------------------------------------------------------------------------|
| • | Q4 P&C COMBINED RATIO OF 105.4%; Q4 P&C UNDERLYING COMBINED RATIO OF 98.0% |

|         |                                                                                    |
|---------|------------------------------------------------------------------------------------|
| • | FULL YEAR 2018 P&C COMBINED RATIO OF 96.7% VS 97.1% FULL YEAR 2017 |

|         |                                                                                                    |
|---------|----------------------------------------------------------------------------------------------------|
| • | FULL YEAR 2018 P&C UNDERLYING COMBINED RATIO OF 95.4% VS 95.5% FULL YEAR 2017  |

|         |                                           |
|---------|-------------------------------------------|
| • | QUARTERLY DIVIDEND OF $0.35 PER SHARE |

|         |                                         |
|---------|-----------------------------------------|
| • | SPECIAL DIVIDEND OF $2.00 PER SHARE |

|                                      |
|--------------------------------------|
|                                      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                 | Results for the Three Months Ended December 31 |   | Results for the Year Ended December 31 |
| ($ millions, except per share data)  | 2018 |   | 2017 |   | 2018 |   | 2017 |
| Net (loss) income(a)                 | $ | (84 | ) |   | $ | 223 |  |   | $ | 813 |  |   | $ | 899 |  |
| Core (loss) income(a)(b)             | (23 | ) |   | 286 |  |   | 845 |  |   | 919 |  |
|                                 |   |   |   |   |   |   |   |
| Net (loss) income per diluted share  | $ | (0.31 | ) |   | $ | 0.82 |  |   | $ | 2.98 |  |   | $ | 3.30 |  |
| Core (loss) income per diluted share | (0.08 | ) |   | 1.05 |  |   | 3.10 |  |   | 3.38 |  |

|                                     |
|-------------------------------------|
|                                     |  |  |  |  |  |  |  |
|                                | December 31, 2018 |   | December 31, 2017 |
| Book value per share                | $ | 41.32 |   |   | $ | 45.15 |   |
| Book value per share excluding AOCI |   | 44.55 |   |   |   | 45.02 |   |

|     |                                                                                              |
|-----|----------------------------------------------------------------------------------------------|
| (a) | Results in 2018 were impacted by the reduction of the U.S. Federal tax rate from 35% to 21%. |

|     |                                                                                                                                                                                                                                                                  |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (b) | Management utilizes the core income (loss) financial measure to monitor the Company's operations. Please refer herein to the Reconciliation of GAAP Measures to Non-GAAP Measures section of this press release for further discussion of this non-GAAP measure. |

----

|                                                       |
|-------------------------------------------------------|
|                                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                  | Results for the Three Months Ended December 31 |   | Results for the Year Ended December 31 |
| ($ millions)                                          | 2018 |   | 2017 |   | 2018 |   | 2017 |
| Net written premiums                                  | $ | 1,659 |  |   |   | $ | 1,601 |  |   |   | $ | 6,822 |  |   |   | $ | 6,534 |  |   |
| NWP change (% year over year)                         | 4 |  | % |   | 5 |  | % |   | 4 |  | % |   | 1 |  | % |
| Net investment income                                 | $ | 127 |  |   |   | $ | 305 |  |   |   | $ | 996 |  |   |   | $ | 1,232 |  |   |
| Core income                                           | 16 |  |   |   | 263 |  |   |   | 967 |  |   |   | 959 |  |   |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |
| Loss ratio excluding catastrophes and development     | 64.4 |  | % |   | 60.7 |  | % |   | 61.8 |  | % |   | 61.0 |  | % |
| Effect of catastrophe impacts                         | 8.6 |  |   |   | 2.3 |  |   |   | 3.7 |  |   |   | 6.0 |  |   |
| Effect of development-related items                   | (1.2 | ) |   |   | (4.1 | ) |   |   | (2.4 | ) |   |   | (4.4 | ) |   |
| Loss ratio                                            | 71.8 |  | % |   | 58.9 |  | % |   | 63.1 |  | % |   | 62.6 |  | % |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |
| Expense ratio                                         | 33.2 |  | % |   | 34.6 |  | % |   | 33.2 |  | % |   | 34.2 |  | % |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |
| Combined ratio                                        | 105.4 |  | % |   | 94.0 |  | % |   | 96.7 |  | % |   | 97.1 |  | % |
| Combined ratio excluding catastrophes and development | 98.0 |  | % |   | 95.8 |  | % |   | 95.4 |  | % |   | 95.5 |  | % |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | The fourth quarter combined ratio excluding catastrophes and development increased 2.2 points compared with the prior year quarter driven by a 3.7 point increase in the underlying loss ratio primarily due to elevated property losses and professional liability in our London operation.  This was partially offset by a 1.4 point improvement in the expense ratio driven by lower employee costs and higher net earned premiums. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | The fourth quarter combined ratio increased 11.4 points compared with the prior year quarter.  Net catastrophe losses were $146 million, or 8.6 points of the loss ratio in the quarter compared with $38 million, or 2.3 points of the loss ratio, for the prior year quarter.  Favorable net prior period development improved the loss ratio by 1.2 points in the quarter compared with a 4.1 point improvement in the prior year quarter. |

|         |                                                                    |
|---------|--------------------------------------------------------------------|
| • | Net written premiums grew 4% in the quarter and for the full year. |

----

|                                                       |
|-------------------------------------------------------|
|                                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                  | Results for the Three Months Ended December 31 |   | Results for the Year Ended December 31 |
| ($ millions)                                          | 2018 |   | 2017 |   | 2018 |   | 2017 |
| Net written premiums                                  | $ | 682 |  |   |   | $ | 665 |  |   |   | $ | 2,744 |  |   |   | $ | 2,731 |  |   |
| NWP change (% year over year)                         | 3 |  | % |   | — |  | % |   | — |  | % |   | — |  | % |
| Core income                                           | $ | 98 |  |   |   | $ | 141 |  |   |   | $ | 629 |  |   |   | $ | 582 |  |   |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |
| Loss ratio excluding catastrophes and development     | 61.1 |  | % |   | 61.4 |  | % |   | 60.4 |  | % |   | 61.6 |  | % |
| Effect of catastrophe impacts                         | 0.6 |  |   |   | (0.1 | ) |   |   | 1.0 |  |   |   | 1.6 |  |   |
| Effect of development-related items                   | (3.7 | ) |   |   | (5.8 | ) |   |   | (5.5 | ) |   |   | (6.7 | ) |   |
| Loss ratio                                            | 58.0 |  | % |   | 55.5 |  | % |   | 55.9 |  | % |   | 56.5 |  | % |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |
| Expense ratio                                         | 33.0 |  | % |   | 32.9 |  | % |   | 32.1 |  | % |   | 32.0 |  | % |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |
| Combined ratio                                        | 91.2 |  | % |   | 88.6 |  | % |   | 88.2 |  | % |   | 88.7 |  | % |
| Combined ratio excluding catastrophes and development | 94.3 |  | % |   | 94.5 |  | % |   | 92.7 |  | % |   | 93.8 |  | % |

|         |                                                                                                                                                                                                                                                                                                                      |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | The fourth quarter combined ratio excluding catastrophes and development improved 0.2 points compared with the prior year quarter driven by a 0.3 point improvement in the underlying loss ratio.  For the full year, the combined ratio excluding catastrophes and development improved 1.1 points. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | The combined ratio for the fourth quarter of 2018 increased 2.6 points compared with the prior year quarter.  Net catastrophe losses were $4 million, or 0.6 points of the loss ratio, for the fourth quarter of 2018 and nil for the prior year quarter.  Favorable net prior period development improved the loss ratio by 3.7 points in the quarter compared with a 5.8 point improvement in the prior year quarter.  For the full year, the combined ratio improved 0.5 points. |

|         |                                                                                                                                                                                                                                                                         |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Net written premiums for Specialty increased 3% for the fourth quarter of 2018 driven by higher new business and positive renewal premium change partially offset by lower retention.  For the full year, net written premiums were consistent with the prior year. |

----

|                                                       |
|-------------------------------------------------------|
|                                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                  | Results for the Three Months Ended December 31 |   | Results for the Year Ended December 31 |
| ($ millions)                                          | 2018 |   | 2017 |   | 2018 |   | 2017 |
| Net written premiums                                  | $ | 721 |  |   |   | $ | 719 |  |   |   | $ | 3,060 |  |   |   | $ | 2,922 |  |   |
| NWP change (% year over year)                         | — |  | % |   | 6 |  | % |   | 5 |  | % |   | 1 |  | % |
| Core (loss) income                                    | $ | (46 | ) |   |   | $ | 106 |  |   |   | $ | 357 |  |   |   | $ | 369 |  |   |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |
| Loss ratio excluding catastrophes and development     | 63.9 |  | % |   | 59.9 |  | % |   | 61.2 |  | % |   | 60.2 |  | % |
| Effect of catastrophe impacts                         | 15.7 |  |   |   | 4.7 |  |   |   | 6.4 |  |   |   | 9.5 |  |   |
| Effect of development-related items                   | 0.7 |  |   |   | (2.0 | ) |   |   | (0.3 | ) |   |   | (2.7 | ) |   |
| Loss ratio                                            | 80.3 |  | % |   | 62.6 |  | % |   | 67.3 |  | % |   | 67.0 |  | % |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |
| Expense ratio                                         | 32.3 |  | % |   | 34.7 |  | % |   | 33.1 |  | % |   | 35.1 |  | % |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |
| Combined ratio                                        | 113.3 |  | % |   | 98.2 |  | % |   | 101.1 |  | % |   | 102.7 |  | % |
| Combined ratio excluding catastrophes and development | 96.9 |  | % |   | 95.5 |  | % |   | 95.0 |  | % |   | 95.9 |  | % |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | The fourth quarter combined ratio excluding catastrophes and development increased 1.4 points compared with the prior year quarter driven by a 4.0 point increase in the underlying loss ratio driven by higher frequency of large property losses.  This was partially offset by a 2.4 point improvement in the expense ratio primarily due to lower employee costs.  For the full year, the combined ratio excluding catastrophes and development improved 0.9 points, or 0.4 points after adjusting for the Small Business premium rate adjustments. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | The combined ratio for the fourth quarter of 2018 increased 15.1 points compared with the prior year quarter.  Net catastrophe losses were $120 million, or 15.7 points of the loss ratio in the fourth quarter of 2018 compared with $34 million, or 4.7 points of the loss ratio, for the prior year quarter.  Unfavorable net prior period development increased the loss ratio by 0.7 points in the quarter compared with 2.0 points of favorable development in the prior year quarter.  For the full year, the combined ratio improved 1.6 points. |

|         |                                                                                                                                                                                                                                                                                                                                  |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Net written premiums for Commercial in the fourth quarter of 2018 were consistent with the prior year quarter as growth in gross written premium was offset by a higher level of ceded reinsurance.  For the full year, net written premiums grew 5%, or 3% after adjusting for the Small Business premium rate adjustments. |

----

|                                                       |
|-------------------------------------------------------|
|                                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                  | Results for the Three Months Ended December 31 |   | Results for the Year Ended December 31 |
| ($ millions)                                          | 2018 |   | 2017 |   | 2018 |   | 2017 |
| Net written premiums                                  | $ | 256 |  |   |   | $ | 217 |  |   |   | $ | 1,018 |  |   |   | $ | 881 |  |   |
| NWP change (% year over year)                         | 18 |  | % |   | 18 |  | % |   | 16 |  | % |   | 7 |  | % |
| Core (loss) income                                    | $ | (36 | ) |   |   | $ | 16 |  |   |   | $ | (19 | ) |   |   | $ | 8 |  |   |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |
| Loss ratio excluding catastrophes and development     | 74.9 |  | % |   | 61.2 |  | % |   | 66.9 |  | % |   | 61.8 |  | % |
| Effect of catastrophe impacts                         | 8.2 |  |   |   | 1.5 |  |   |   | 3.3 |  |   |   | 7.9 |  |   |
| Effect of development-related items                   | 0.2 |  |   |   | (5.5 | ) |   |   | (0.4 | ) |   |   | (2.7 | ) |   |
| Loss ratio                                            | 83.3 |  | % |   | 57.2 |  | % |   | 69.8 |  | % |   | 67.0 |  | % |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |
| Expense ratio                                         | 36.2 |  | % |   | 39.5 |  | % |   | 36.7 |  | % |   | 37.8 |  | % |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |
| Combined ratio                                        | 119.5 |  | % |   | 96.7 |  | % |   | 106.5 |  | % |   | 104.8 |  | % |
| Combined ratio excluding catastrophes and development | 111.1 |  | % |   | 100.7 |  | % |   | 103.6 |  | % |   | 99.6 |  | % |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | The fourth quarter combined ratio excluding catastrophes and development increased 10.4 points compared with the prior year quarter driven by a 13.7 point increase in the underlying loss ratio driven by elevated property losses and professional liability in our London operation.  This was partially offset by a 3.3 point improvement in the expense ratio driven by lower employee costs and higher net earned premiums.  For the full year, the combined ratio excluding catastrophes and development increased 4.0 points. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | The combined ratio for the fourth quarter of 2018 increased 22.8 points compared with the prior year quarter.  Net catastrophe losses were $22 million, or 8.2 points of the loss ratio, for the fourth quarter of 2018, compared with $4 million, or 1.5 points for the prior year quarter.  Unfavorable net prior year development increased the loss ratio by 0.2 points in the quarter compared with 5.5 points of favorable development in the prior year quarter.  For the full year, the combined ratio increased 1.7 points. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Net written premiums for International grew 21% excluding currency fluctuations for the fourth quarter of 2018 driven by positive renewal premium change and a favorable change in estimate of ultimate premium partially offset by lower retention and new business.  For the full year, net written premiums grew 13% excluding currency fluctuations.  As previously announced, underwriting actions are being taken to address profitability within our London-based operation that will drive reduced premiums in the International segment beginning in the first quarter of 2019. |

----

|                          |
|--------------------------|
|                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                     | Results for the Three Months Ended December 31 |   | Results for the Year Ended December 31 |
| ($ millions)             | 2018 |   | 2017 |   | 2018 |   | 2017 |
| Net investment income    | $ | 203 |  |   |   | $ | 195 |  |   |   | $ | 801 |  |   |   | $ | 782 |  |   |
| Total operating revenues | 337 |  |   |   | 331 |  |   |   | 1,333 |  |   |   | 1,323 |  |   |
| Core income              | 7 |  |   |   | 31 |  |   |   | 43 |  |   |   | 50 |  |   |

|                       |
|-----------------------|
|                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                  | Results for the Three Months Ended December 31 |   | Results for the Year Ended December 31 |
| ($ millions)          | 2018 |   | 2017 |   | 2018 |   | 2017 |
| Net investment income | $ | 4 |  |   |   | $ | 5 |  |   |   | $ | 20 |  |   |   | $ | 20 |  |   |
| Interest expense      | 34 |  |   |   | 36 |  |   |   | 135 |  |   |   | 152 |  |   |
| Core loss             | (46 | ) |   |   | (8 | ) |   |   | (165 | ) |   |   | (90 | ) |   |

|                                  |
|----------------------------------|
|                                  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                             | Results for the Three Months Ended December 31 |   | Results for the Year Ended December 31 |
|                             | 2018 |   |   | 2017 |   |   | 2018 |   |   | 2017 |   |
| Pretax net investment income     | $ | 334 |  |   |   | $ | 505 |  |   |   | $ | 1,817 |  |   |   | $ | 2,034 |  |   |
| Net investment income, after tax | 279 |  |   |   | 366 |  |   |   | 1,500 |  |   |   | 1,462 |  |   |

----

|         |                                                                                                                                                                                                                          |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Specialty provides management and professional liability and other coverages through property and casualty products and services using a network of brokers, independent agencies and managing general underwriters. |

|         |                                                                                                                                                                                                      |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Commercial works with a network of brokers and independent agents to market a broad range of property and casualty insurance products and services to small, middle-market and large businesses. |

|         |                                                                                                                                                                                                                            |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | International underwrites property and casualty coverages on a global basis through its U.K.-based insurance company, a branch operation in Canada as well as through its presence at Lloyd’s of London (Hardy). |

|         |                                                                                                                            |
|---------|----------------------------------------------------------------------------------------------------------------------------|
| • | Life & Group primarily includes the results of the individual and group long term care businesses that are in run off. |

|         |                                                                                                                                                                                                                                             |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Corporate & Other 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. |

|         |                                                                                                              |
|---------|--------------------------------------------------------------------------------------------------------------|
| • | Loss ratio is the percentage of net incurred claim and claim adjustment expenses to net earned premiums. |

|         |                                                                                             |
|---------|---------------------------------------------------------------------------------------------|
| • | Underlying loss ratio represents the loss ratio excluding catastrophes and development. |

|         |                                                                                                                                                                           |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Expense ratio is the percentage of insurance underwriting and acquisition expenses, including the amortization of deferred acquisition costs, to net earned premiums. |

|         |                                                                                              |
|---------|----------------------------------------------------------------------------------------------|
| • | Dividend ratio is the ratio of policyholders' dividends incurred to net earned premiums. |

|         |                                                                         |
|---------|-------------------------------------------------------------------------|
| • | Combined ratio is the sum of the loss, expense and dividend ratios. |

|         |                                                                                               |
|---------|-----------------------------------------------------------------------------------------------|
| • | Underlying combined ratio is the sum of the underlying loss, expense and dividend ratios. |

|         |                                                                                                                                            |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------|
| • | Renewal premium change represents the estimated change in average premium on policies that renew, including rate and exposure changes. |

|         |                                                                                                   |
|---------|---------------------------------------------------------------------------------------------------|
| • | Rate represents the average change in price on policies that renew excluding exposure change. |

|         |                                                                                                                                                    |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Retention represents the percentage of premium dollars renewed in comparison to the expiring premium dollars from policies available to renew. |

|         |                                                                                                                                        |
|---------|----------------------------------------------------------------------------------------------------------------------------------------|
| • | New business represents premiums from policies written with new customers and additional policies written with existing customers. |

----

|                                              |
|----------------------------------------------|
|                                              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                         | Results for the Three Months Ended December 31 |   | Results for the Year Ended December 31 |
| ($ millions)                                 | 2018 |   | 2017 |   | 2018 |   | 2017 |
| Net (loss) income                            | $ | (84 | ) |   | $ | 223 |  |   | $ | 813 |  |   | $ | 899 |  |
| Less: Net realized investment (losses) gains | (61 | ) |   | 20 |  |   | (38 | ) |   | 63 |  |
| Less: Net deferred tax asset remeasurement   | — |  |   | (83 | ) |   | 6 |  |   | (83 | ) |
| Core (loss) income                           | $ | (23 | ) |   | $ | 286 |  |   | $ | 845 |  |   | $ | 919 |  |

|                                              |
|----------------------------------------------|
|                                              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                         | Results for the Three Months Ended December 31 |   | Results for the Year Ended December 31 |
|                                         | 2018 |   | 2017 |   | 2018 |   | 2017 |
| Net (loss) income per diluted share          | $ | (0.31 | ) |   | $ | 0.82 |  |   | $ | 2.98 |  |   | $ | 3.30 |  |
| Less: Net realized investment (losses) gains | (0.23 | ) |   | 0.08 |  |   | (0.14 | ) |   | 0.23 |  |
| Less: Net deferred tax asset remeasurement   | — |  |   | (0.31 | ) |   | 0.02 |  |   | (0.31 | ) |
| Core (loss) income per diluted share         | $ | (0.08 | ) |   | $ | 1.05 |  |   | $ | 3.10 |  |   | $ | 3.38 |  |

|                                     |
|-------------------------------------|
|                                     |  |  |  |  |  |  |  |
|                                | December 31, 2018 |   | December 31, 2017 |
| Book value per share                | $ | 41.32 |  |   | $ | 45.15 |  |
| Less: Per share impact of AOCI      | (3.23 | ) |   | 0.13 |  |
| Book value per share excluding AOCI | $ | 44.55 |  |   | $ | 45.02 |  |

----

|                                                 |
|-------------------------------------------------|
|                                                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                            | Results for the Three Months Ended December 31 |   | Results for the Year Ended December 31 |   |
| ($ millions)                                    | 2018 |   | 2017 |   | 2018 |   | 2017 |   |
| Annualized net (loss) income                    | $ | (336 | ) |   | $ | 893 |  |   | $ | 813 |  |   | $ | 899 |  |   |
| Average stockholders' equity including AOCI (a) | 11,363 |  |   | 12,207 |  |   | 11,730 |  |   | 12,106 |  |   |
| Return on equity                                | (3.0 | ) | % | 7.3 |  | % | 6.9 |  | % | 7.4 |  | % |
|                                            |   |   |   |   |   |   |   |   |
| Annualized core (loss) income                   | $ | (91 | ) |   | $ | 1,143 |  |   | $ | 845 |  |   | $ | 919 |  |   |
| Average stockholders' equity excluding AOCI (a) | 12,180 |  |   | 12,136 |  |   | 12,152 |  |   | 12,176 |  |   |
| Core return on equity                           | (0.7 | ) | % | 9.4 |  | % | 7.0 |  | % | 7.5 |  | % |

|     |                                                                                                                        |
|-----|------------------------------------------------------------------------------------------------------------------------|
| (a) | Average stockholders' equity is calculated using a simple average of the beginning and ending balances for the period. |