----

|                          |
|--------------------------|
|                          |  |  |
| MEDIA:                   |   | ANALYSTS: |
| Sarah Pang, 312-822-6394 |   | James Anderson, 312-822-7757 |

|         |                                          |
|---------|------------------------------------------|
| • | NET INCOME OF $291M; $1.07 PER SHARE |

|         |                                           |
|---------|-------------------------------------------|
| • | CORE INCOME OF $281M; $1.03 PER SHARE |

|         |                                    |
|---------|------------------------------------|
| • | NET INCOME ROE 9.8%; CORE ROE 9.3% |

|         |                                                                     |
|---------|---------------------------------------------------------------------|
| • | P&C UNDERLYING COMBINED RATIO OF 93.2% VS. 97.4% IN Q1 2017 |

|         |                                                             |
|---------|-------------------------------------------------------------|
| • | P&C UNDERLYING LOSS RATIO OF 60.0% VS. 62.2% IN Q1 2017 |

|         |                                                    |
|---------|----------------------------------------------------|
| • | ADJUSTED NET WRITTEN PREMIUM GROWTH OF 8%(a)  |

|         |                                           |
|---------|-------------------------------------------|
| • | QUARTERLY DIVIDEND OF $0.30 PER SHARE |

|                                     |
|-------------------------------------|
|                                     |  |  |  |  |  |  |  |
|                                | Results for the Three Months Ended March 31 |
| ($ millions, except per share data) | 2018 |   | 2017 |
| Net income(b)                       | $ | 291 |  |   | $ | 260 |  |
| Core income (b)(c)                  | 281 |  |   | 235 |  |
|                                |   |   |   |
| Net income per diluted share        | $ | 1.07 |  |   | $ | 0.96 |  |
| Core income per diluted share       | 1.03 |  |   | 0.87 |  |

|                                     |
|-------------------------------------|
|                                     |  |  |  |  |  |  |  |
|                                | March 31, 2018 |   | December 31, 2017 |
| Book value per share                | $ | 42.10 |  |   | $ | 45.15 |  |
| Book value per share excluding AOCI | $ | 43.57 |  |   | $ | 45.02 |  |

|     |                                                                              |
|-----|------------------------------------------------------------------------------|
| (a) | Adjusted for the Small Business premium rate adjustment in the prior period. |

|     |                                                                                                   |
|-----|---------------------------------------------------------------------------------------------------|
| (b) | Results in the quarter benefited from the reduction of the U.S. Federal tax rate from 35% to 21%. |

|     |                                                                                                                                                                                                                                                                  |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (c) | 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 March 31 |
| ($ millions)                                          | 2018 |   | 2017 |
| Net written premiums                                  | $ | 1,813 |  |   |   | $ | 1,632 |  |   |
| NWP change (% year over year)                         | 11 |  | % |   | (2 | ) | % |
| Net investment income                                 | $ | 285 |  |   |   | $ | 343 |  |   |
| Core income                                           | 327 |  |   |   | 268 |  |   |
|                                                  |   |   |   |   |   |
| Loss ratio excluding catastrophes and development     | 60.0 |  | % |   | 62.2 |  | % |
| Effect of catastrophe impacts                         | 2.1 |  |   |   | 2.2 |  |   |
| Effect of development-related items                   | (2.2 | ) |   |   | (2.4 | ) |   |
| Loss ratio                                            | 59.9 |  | % |   | 62.0 |  | % |
|                                                  |   |   |   |   |   |
| Expense ratio                                         | 32.8 |  | % |   | 34.9 |  | % |
|                                                  |   |   |   |   |   |
| Combined ratio                                        | 93.1 |  | % |   | 97.2 |  | % |
| Combined ratio excluding catastrophes and development | 93.2 |  | % |   | 97.4 |  | % |

|         |                                                                                                                                                                                                                                                                                           |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | The combined ratio excluding catastrophes and development improved 4.2 points as compared with the prior year quarter driven by 2.2 points of improvement in the underlying loss ratio and a 2.1 point improvement in the expense ratio driven by higher net earned premiums. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | The combined ratio improved 4.1 points as compared with the prior year quarter.  Net catastrophe losses were $34 million, or 2.1 points of the loss ratio, in the quarter as compared with $34 million, or 2.2 points of the loss ratio, for the prior year quarter.  Favorable net prior period development improved the loss ratio by 2.2 points in the quarter as compared with a 2.4 point improvement in the prior year quarter. |

|         |                                                                                                                                                                         |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Net written premiums grew 11% in the quarter.  Adjusted for the negative Small Business premium rate adjustment in the prior year period, net written premiums grew 8%. |

----

|                                                       |
|-------------------------------------------------------|
|                                                       |  |  |  |  |  |  |  |  |  |
|                                                  | Results for the Three Months Ended March 31 |
| ($ millions)                                          | 2018 |   | 2017 |
| Net written premiums                                  | $ | 686 |  |   |   | $ | 670 |  |   |
| NWP change (% year over year)                         | 2 |  | % |   | (1 | ) | % |
| Core income                                           | $ | 171 |  |   |   | $ | 137 |  |   |
|                                                  |   |   |   |   |   |
| Loss ratio excluding catastrophes and development     | 60.3 |  | % |   | 62.9 |  | % |
| Effect of catastrophe impacts                         | 0.5 |  |   |   | 0.6 |  |   |
| Effect of development-related items                   | (4.5 | ) |   |   | (2.3 | ) |   |
| Loss ratio                                            | 56.3 |  | % |   | 61.2 |  | % |
|                                                  |   |   |   |   |   |
| Expense ratio                                         | 31.0 |  | % |   | 31.9 |  | % |
|                                                  |   |   |   |   |   |
| Combined ratio                                        | 87.5 |  | % |   | 93.2 |  | % |
| Combined ratio excluding catastrophes and development | 91.5 |  | % |   | 94.9 |  | % |

|         |                                                                                                                                                                                                                                                    |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | The combined ratio excluding catastrophes and development improved 3.4 points as compared with the prior year quarter driven by a 2.6 point improvement in the underlying loss ratio and a 0.9 point improvement in the expense ratio. |

|         |                                                                                                                                                                                                                                                                                        |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | The combined ratio improved 5.7 points for the first quarter of 2018 as compared with the prior year quarter.  Favorable net prior period development improved the loss ratio by 4.5 points in the quarter as compared with a 2.3 point improvement in the prior year quarter. |

|         |                                                                                                                                                                                           |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Net written premiums for Specialty increased 2% for the first quarter of 2018 as compared with the prior year quarter due to higher new business and positive renewal premium change. |

----

|                                                       |
|-------------------------------------------------------|
|                                                       |  |  |  |  |  |  |  |  |  |
|                                                  | Results for the Three Months Ended March 31 |
| ($ millions)                                          | 2018 |   | 2017 |
| Net written premiums                                  | $ | 832 |  |   |   | $ | 724 |  |   |
| NWP change (% year over year)                         | 15 |  | % |   | (4 | ) | % |
| Core income                                           | $ | 133 |  |   |   | $ | 111 |  |   |
|                                                  |   |   |   |   |   |
| Loss ratio excluding catastrophes and development     | 59.8 |  | % |   | 62.2 |  | % |
| Effect of catastrophe impacts                         | 3.9 |  |   |   | 3.9 |  |   |
| Effect of development-related items                   | (0.7 | ) |   |   | (2.2 | ) |   |
| Loss ratio                                            | 63.0 |  | % |   | 63.9 |  | % |
|                                                  |   |   |   |   |   |
| Expense ratio                                         | 33.5 |  | % |   | 37.3 |  | % |
|                                                  |   |   |   |   |   |
| Combined ratio                                        | 97.1 |  | % |   | 101.7 |  | % |
| Combined ratio excluding catastrophes and development | 93.9 |  | % |   | 100.0 |  | % |

|         |                                                                                                                                                                                                                                                                                                                                                                            |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | After adjusting for the Small Business premium rate adjustment in the prior period, the combined ratio excluding catastrophes and development improved 4.1 points as compared with the prior year quarter driven by 2.4 points of improvement in the underlying loss ratio as well as 1.8 points of improvement in the expense ratio driven by higher net earned premiums. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | The combined ratio improved 4.6 points; however, it increased 0.9 points excluding the effect of the Small Business premium rate adjustment.  Net catastrophe losses were $29 million, or 3.9 points of the loss ratio, for the first quarter of 2018, as compared to $27 million, or 3.9 points of the loss ratio, for the prior year quarter.  Favorable net prior period development improved the loss ratio by 0.7 points in the quarter as compared with a 2.2 point improvement in the prior year quarter. |

|         |                                                                                                                                                                                                                                                                                                                                                                                  |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Net written premiums for Commercial were 15% higher for the first quarter of 2018 as compared with the prior year quarter.  The prior period included an unfavorable premium rate adjustment in Small Business.  Excluding the Small Business premium rate adjustment, net written premiums increased  8% driven by higher new business and positive renewal premium change. |

----

|                                                       |
|-------------------------------------------------------|
|                                                       |  |  |  |  |  |  |  |  |  |
|                                                  | Results for the Three Months Ended March 31 |
| ($ millions)                                          | 2018 |   | 2017 |
| Net written premiums                                  | $ | 295 |  |   |   | $ | 238 |  |   |
| NWP change (% year over year)                         | 24 |  | % |   | 1 |  | % |
| Core income                                           | $ | 23 |  |   |   | $ | 20 |  |   |
|                                                  |   |   |   |   |   |
| Loss ratio excluding catastrophes and development     | 59.9 |  | % |   | 59.6 |  | % |
| Effect of catastrophe impacts                         | 0.7 |  |   |   | 1.7 |  |   |
| Effect of development-related items                   | (0.2 | ) |   |   | (3.0 | ) |   |
| Loss ratio                                            | 60.4 |  | % |   | 58.3 |  | % |
|                                                  |   |   |   |   |   |
| Expense ratio                                         | 36.2 |  | % |   | 36.8 |  | % |
|                                                  |   |   |   |   |   |
| Combined ratio                                        | 96.6 |  | % |   | 95.1 |  | % |
| Combined ratio excluding catastrophes and development | 96.1 |  | % |   | 96.4 |  | % |

|         |                                                                                                                                                                                                                      |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | The combined ratio excluding catastrophes and development improved 0.3 points as compared with the prior year quarter driven by a 0.6 point decrease in the expense ratio due to higher net earned premiums. |

|         |                                                                                                                                                                                                                                                                                         |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | The combined ratio increased 1.5 points for the first quarter of 2018 as compared with the prior year quarter.  Favorable net prior period development improved the loss ratio by 0.2 points in the quarter as compared with a 3.0 point improvement in the prior year quarter. |

|         |                                                                                                                                                                                                                                                                                                                    |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Net written premiums for International increased 24%, or 14% excluding currency fluctuations, for the first quarter of 2018 as compared with the prior year quarter due to broad based growth across all of our platforms driven by higher new business, positive renewal premium change and higher retention. |

----

|                          |
|--------------------------|
|                          |  |  |  |  |  |  |  |  |  |
|                     | Results for the Three Months Ended March 31 |
| ($ millions)             | 2018 |   | 2017 |
| Net investment income    | $ | 200 |  |   |   | $ | 197 |  |   |
| Total operating revenues | 335 |  |   |   | 331 |  |   |
| Core income              | 14 |  |   |   | 4 |  |   |

|                       |
|-----------------------|
|                       |  |  |  |  |  |  |  |  |  |
|                  | Results for the Three Months Ended March 31 |
| ($ millions)          | 2018 |   | 2017 |
| Net investment income | $ | 5 |  |   |   | $ | 5 |  |   |
| Interest expense      | 34 |  |   |   | 38 |  |   |
| Core loss             | (60 | ) |   |   | (37 | ) |   |

----

|         |                                                                                                                                                                                                                          |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | 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 an independent agency distribution system and a network of brokers to market a broad range of property and casualty insurance products and services to small, middle-market and large businesses and organizations. |

|         |                                                                                                                                                                                                                                                         |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | International provides property and casualty insurance and specialty coverages on a global basis through its operations in Canada, the United Kingdom, Continental Europe and Singapore as well as through its presence at Lloyd’s of London. |

|         |                                                                                                                            |
|---------|----------------------------------------------------------------------------------------------------------------------------|
| • | 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 March 31 |
| ($ millions)                        | 2018 |   | 2017 |
| Net income                          | $ | 291 |  |   | $ | 260 |  |
| Less: Net realized investment gains | 10 |  |   | 25 |  |
| Core income                         | $ | 281 |  |   | $ | 235 |  |

|                                     |
|-------------------------------------|
|                                     |  |  |  |  |  |  |  |
|                                | Results for the Three Months Ended March 31 |
|                                | 2018 |   | 2017 |
| Net income per diluted share        | $ | 1.07 |  |   | $ | 0.96 |  |
| Less: Net realized investment gains | 0.04 |  |   | 0.09 |  |
| Core income per diluted share       | $ | 1.03 |  |   | $ | 0.87 |  |

|                                     |
|-------------------------------------|
|                                     |  |  |  |  |  |  |  |
|                                | March 31, 2018 |   | December 31, 2017 |
| Book value per share                | $ | 42.10 |  |   | $ | 45.15 |  |
| Less: Per share impact of AOCI      | (1.47 | ) |   | 0.13 |  |
| Book value per share excluding AOCI | $ | 43.57 |  |   | $ | 45.02 |  |

----

|                                                 |
|-------------------------------------------------|
|                                                 |  |  |  |  |  |  |  |  |
|                                            | Results for the Three Months Ended March 31 |   |
| ($ millions)                                    | 2018 |   | 2017 |   |
| Annualized net income                           | $ | 1,166 |  |   | $ | 1,038 |  |   |
| Average stockholders' equity including AOCI (a) | 11,835 |  |   | 11,831 |  |   |
| Return on equity                                | 9.8 |  | % | 8.8 |  | % |
|                                            |   |   |   |   |
| Annualized core income                          | $ | 1,122 |  |   | $ | 941 |  |   |
| Average stockholders' equity excluding AOCI (a) | 12,018 |  |   | 11,963 |  |   |
| Core return on equity                           | 9.3 |  | % | 7.9 |  | % |

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