|        |
|--------|
|        |
|   |

|                                                                                         |
|-----------------------------------------------------------------------------------------|
|                                                                                         |  |  |
| [x] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THESECURITIES EXCHANGE ACT OF 1934 |

|                                                                                             |
|---------------------------------------------------------------------------------------------|
|                                                                                             |  |  |
| [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THESECURITIES EXCHANGE ACT OF 1934 |

|        |
|--------|
|        |
|   |

|                                                                       |
|-----------------------------------------------------------------------|
|                                                                       |  |  |
| Delaware(State or other jurisdiction ofincorporation or organization) |   | 36-6169860(I.R.S. EmployerIdentification No.) |

|                                                                        |
|------------------------------------------------------------------------|
|                                                                        |  |  |
| 333 S. WabashChicago, Illinois(Address of principal executive offices) |   | 60604(Zip Code) |

|        |
|--------|
|        |  |  |  |  |
|   | Title of each class Common Stockwith a par valueof $2.50 per share |   | Name of each exchange on which registered New York Stock ExchangeChicago Stock Exchange |   |

----

|             |
|-------------|
|             |  |  |
| Item Number |   | PageNumber |
|        | PART I |   |
| 1.          | Business | 3 |
| 1A.         | Risk Factors | 8 |
| 1B.         | Unresolved Staff Comments | 14 |
| 2.          | Properties | 14 |
| 3.          | Legal Proceedings | 14 |
| 4.          | Mine Safety Disclosures | 14 |
|        | PART II |   |
| 5.          | Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities | 15 |
| 6.          | Selected Financial Data | 16 |
| 7.          | Management's Discussion and Analysis of Financial Condition and Results of Operations | 17 |
| 7A.         | Quantitative and Qualitative Disclosures About Market Risk | 52 |
| 8.          | Financial Statements and Supplementary Data | 57 |
| 9.          | Changes in and Disagreements With Accountants on Accounting and Financial Disclosure | 125 |
| 9A.         | Controls and Procedures | 125 |
| 9B.         | Other Information | 125 |
|        | PART III |   |
| 10.         | Directors, Executive Officers and Corporate Governance | 126 |
| 11.         | Executive Compensation | 127 |
| 12.         | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters | 127 |
| 13.         | Certain Relationships and Related Transactions, and Director Independence | 127 |
| 14.         | Principal Accounting Fees and Services | 127 |
|        | PART IV |   |
| 15.         | Exhibits, Financial Statement Schedules | 128 |

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|                                                       |
|-------------------------------------------------------|
|                                                       |  |  |  |  |  |  |  |  |
| Years ended December 31                               | Percent of Total |
|                                                  | 2015 |   | 2014 |   | 2013 |
| California                                            | 9.1 | % |   | 9.1 | % |   | 9.2 | % |
| Texas                                                 | 8.1 |  |   | 8.1 |  |   | 8.0 |  |
| Illinois                                              | 7.5 |  |   | 6.7 |  |   | 5.9 |  |
| New York                                              | 7.1 |  |   | 7.2 |  |   | 7.2 |  |
| Florida                                               | 5.7 |  |   | 5.7 |  |   | 5.9 |  |
| Pennsylvania                                          | 3.8 |  |   | 3.7 |  |   | 3.7 |  |
| New Jersey                                            | 3.2 |  |   | 3.4 |  |   | 3.7 |  |
| Canada                                                | 2.2 |  |   | 2.6 |  |   | 3.1 |  |
| All other states, countries or political subdivisions | 53.3 |  |   | 53.5 |  |   | 53.3 |  |
| Total                                                 | 100.0 | % |   | 100.0 | % |   | 100.0 | % |

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|                                                                                   |
|-----------------------------------------------------------------------------------|
|                                                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Calendar Year Ended                                                               | 2005 |   | 2006 |   | 2007 |   | 2008 |   | 2009 |   | 2010 (a) |   | 2011 |   | 2012 (b) |   | 2013 |   | 2014 (c) |   | 2015 |
| (In millions)                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Originally reported gross reserves for unpaid claim and claim adjustment expenses | $ | 30,694 |  |   | $ | 29,459 |  |   | $ | 28,415 |  |   | $ | 27,475 |  |   | $ | 26,712 |  |   | $ | 25,412 |  |   | $ | 24,228 |  |   | $ | 24,696 |  |   | $ | 24,015 |  |   | $ | 23,271 |  |   | $ | 22,663 |  |
| Originally reported ceded recoverable                                             | 10,438 |  |   | 8,078 |  |   | 6,945 |  |   | 6,213 |  |   | 5,524 |  |   | 6,060 |  |   | 4,967 |  |   | 5,075 |  |   | 4,911 |  |   | 4,344 |  |   | 4,087 |  |
| Originally reported net reserves for unpaid claim and claim adjustment expenses   | $ | 20,256 |  |   | $ | 21,381 |  |   | $ | 21,470 |  |   | $ | 21,262 |  |   | $ | 21,188 |  |   | $ | 19,352 |  |   | $ | 19,261 |  |   | $ | 19,621 |  |   | $ | 19,104 |  |   | $ | 18,927 |  |   | $ | 18,576 |  |
| Cumulative net paid as of:                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| One year later                                                                    | $ | 3,442 |  |   | $ | 4,436 |  |   | $ | 4,308 |  |   | $ | 3,930 |  |   | $ | 3,762 |  |   | $ | 3,472 |  |   | $ | 4,277 |  |   | $ | 4,588 |  |   | $ | 4,352 |  |   | $ | 4,089 |  |   | $ | — |  |
| Two years later                                                                   | 7,022 |  |   | 7,676 |  |   | 7,127 |  |   | 6,746 |  |   | 6,174 |  |   | 6,504 |  |   | 7,459 |  |   | 7,788 |  |   | 7,375 |  |   | — |  |   | — |  |
| Three years later                                                                 | 9,620 |  |   | 9,822 |  |   | 9,102 |  |   | 8,340 |  |   | 8,374 |  |   | 8,822 |  |   | 9,834 |  |   | 9,957 |  |   | — |  |   | — |  |   | — |  |
| Four years later                                                                  | 11,289 |  |   | 11,312 |  |   | 10,121 |  |   | 9,863 |  |   | 10,038 |  |   | 10,548 |  |   | 11,316 |  |   | — |  |   | — |  |   | — |  |   | — |  |
| Five years later                                                                  | 12,465 |  |   | 11,973 |  |   | 11,262 |  |   | 11,115 |  |   | 11,296 |  |   | 11,627 |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
| Six years later                                                                   | 12,917 |  |   | 12,858 |  |   | 12,252 |  |   | 12,114 |  |   | 12,161 |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
| Seven years later                                                                 | 13,680 |  |   | 13,670 |  |   | 13,101 |  |   | 12,806 |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
| Eight years later                                                                 | 14,409 |  |   | 14,412 |  |   | 13,685 |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
| Nine years later                                                                  | 15,092 |  |   | 14,939 |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
| Ten years later                                                                   | 15,575 |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
| Net reserves re-estimated as of:                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| End of initial year                                                               | $ | 20,256 |  |   | $ | 21,381 |  |   | $ | 21,470 |  |   | $ | 21,262 |  |   | $ | 21,188 |  |   | $ | 19,352 |  |   | $ | 19,261 |  |   | $ | 19,621 |  |   | $ | 19,104 |  |   | $ | 18,927 |  |   | $ | 18,576 |  |
| One year later                                                                    | 20,588 |  |   | 21,601 |  |   | 21,463 |  |   | 21,021 |  |   | 20,643 |  |   | 18,923 |  |   | 19,081 |  |   | 19,506 |  |   | 19,065 |  |   | 18,672 |  |   | — |  |
| Two years later                                                                   | 20,975 |  |   | 21,706 |  |   | 21,259 |  |   | 20,472 |  |   | 20,237 |  |   | 18,734 |  |   | 18,946 |  |   | 19,502 |  |   | 18,807 |  |   | — |  |   | — |  |
| Three years later                                                                 | 21,408 |  |   | 21,609 |  |   | 20,752 |  |   | 20,014 |  |   | 20,012 |  |   | 18,514 |  |   | 18,908 |  |   | 19,214 |  |   | — |  |   | — |  |   | — |  |
| Four years later                                                                  | 21,432 |  |   | 21,286 |  |   | 20,350 |  |   | 19,784 |  |   | 19,758 |  |   | 18,378 |  |   | 18,658 |  |   | — |  |   | — |  |   | — |  |   | — |  |
| Five years later                                                                  | 21,326 |  |   | 20,982 |  |   | 20,155 |  |   | 19,597 |  |   | 19,563 |  |   | 18,202 |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
| Six years later                                                                   | 21,060 |  |   | 20,815 |  |   | 20,021 |  |   | 19,414 |  |   | 19,459 |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
| Seven years later                                                                 | 20,926 |  |   | 20,755 |  |   | 19,883 |  |   | 19,335 |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
| Eight years later                                                                 | 20,900 |  |   | 20,634 |  |   | 19,828 |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
| Nine years later                                                                  | 20,817 |  |   | 20,606 |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
| Ten years later                                                                   | 20,793 |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
| Total net (deficiency) redundancy                                                 | $ | (537 | ) |   | $ | 775 |  |   | $ | 1,642 |  |   | $ | 1,927 |  |   | $ | 1,729 |  |   | $ | 1,150 |  |   | $ | 603 |  |   | $ | 407 |  |   | $ | 297 |  |   | $ | 255 |  |   | $ | — |  |
| Reconciliation to gross re-estimated reserves:                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net reserves re-estimated                                                         | $ | 20,793 |  |   | $ | 20,606 |  |   | $ | 19,828 |  |   | $ | 19,335 |  |   | $ | 19,459 |  |   | $ | 18,202 |  |   | $ | 18,658 |  |   | $ | 19,214 |  |   | $ | 18,807 |  |   | $ | 18,672 |  |   | $ | — |  |
| Re-estimated ceded recoverable                                                    | 11,826 |  |   | 9,503 |  |   | 8,092 |  |   | 7,048 |  |   | 6,382 |  |   | 6,873 |  |   | 5,609 |  |   | 5,285 |  |   | 4,705 |  |   | 4,476 |  |   | — |  |
| Total gross re-estimated reserves                                                 | $ | 32,619 |  |   | $ | 30,109 |  |   | $ | 27,920 |  |   | $ | 26,383 |  |   | $ | 25,841 |  |   | $ | 25,075 |  |   | $ | 24,267 |  |   | $ | 24,499 |  |   | $ | 23,512 |  |   | $ | 23,148 |  |   | $ | — |  |
| Total gross (deficiency) redundancy                                               | $ | (1,925 | ) |   | $ | (650 | ) |   | $ | 495 |  |   | $ | 1,092 |  |   | $ | 871 |  |   | $ | 337 |  |   | $ | (39 | ) |   | $ | 197 |  |   | $ | 503 |  |   | $ | 123 |  |   | $ | — |  |
| Net (deficiency) redundancy related to:                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Asbestos                                                                          | $ | (113 | ) |   | $ | (112 | ) |   | $ | (107 | ) |   | $ | (79 | ) |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |
| Environmental pollution                                                           | (159 | ) |   | (159 | ) |   | (159 | ) |   | (76 | ) |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
| Total asbestos and environmental pollution                                        | (272 | ) |   | (271 | ) |   | (266 | ) |   | (155 | ) |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
| Core (Non-asbestos & environmental pollution)                                 | (265 | ) |   | 1,046 |  |   | 1,908 |  |   | 2,082 |  |   | 1,729 |  |   | 1,150 |  |   | 603 |  |   | 407 |  |   | 297 |  |   | 255 |  |   | — |  |
| Total net (deficiency) redundancy                                                 | $ | (537 | ) |   | $ | 775 |  |   | $ | 1,642 |  |   | $ | 1,927 |  |   | $ | 1,729 |  |   | $ | 1,150 |  |   | $ | 603 |  |   | $ | 407 |  |   | $ | 297 |  |   | $ | 255 |  |   | $ | — |  |

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|     |                                                                                                                                                                                                                                                                                       |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (a) | Effective January 1, 2010, we ceded our net asbestos and environmental pollution claim and allocated claim adjustment expense reserves  under a retroactive reinsurance agreement, as further discussed in Note E to the Consolidated Financial Statements included under Item 8. |

|     |                                                                                                                    |
|-----|--------------------------------------------------------------------------------------------------------------------|
| (b) | On July 2, 2012, we acquired Hardy.  As a result of this acquisition, net reserves were increased by $291 million. |

|     |                                                                                                                                                                                                                                              |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (c) | In the third quarter of 2014, the Company commuted a workers' compensation reinsurance pool which had the impact of $348 million of favorable gross loss reserve development and $324 million of unfavorable ceded loss reserve development. |

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|                                                        |
|--------------------------------------------------------|
|                                                        |  |  |  |  |
| Location                                               | Amount (Square Feet) of Building Owned and Occupied or Leased and Occupied by CNA | Principal Usage |
| 333 S. Wabash Avenue, Chicago, Illinois                | 608,388 |  |   | Principal executive offices of CNAF |
| 2405 Lucien Way, Maitland, Florida                | 113,169 |  |   | Property and casualty insurance offices |
| 125 S. Broad Street, New York, New York | 64,248 |  |   | Property and casualty insurance offices |
| 101 S. Reid Street, Sioux Falls, South Dakota          | 61,308 |  |   | Property and casualty insurance offices |
| 4150 N. Drinkwater Boulevard, Scottsdale, Arizona      | 56,281 |  |   | Property and casualty insurance offices |
| 1 Meridian Boulevard, Wyomissing, Pennsylvania         | 53,579 |  |   | Property and casualty insurance offices |
| 675 Placentia Avenue, Brea, California                 | 36,768 |  |   | Property and casualty insurance offices |
| 1249 S. River Road, Cranbury, New Jersey               | 36,676 |  |   | Property and casualty insurance offices |
| 700 N. Pearl Street, Dallas, Texas                     | 36,637 |  |   | Property and casualty insurance offices |
| 555 Mission Street, San Francisco, California          | 35,130 |  |   | Property and casualty insurance offices |

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|          |
|----------|
|          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|     | 2015 |   | 2014 |
| Quarter: | High |   | Low |   | DividendsDeclared |   | High |   | Low |   | Dividends Declared |
| First    | $ | 43.40 |  |   | $ | 36.61 |  |   | $ | 2.25 |  |   | $ | 42.79 |  |   | $ | 38.11 |  |   | $ | 1.25 |  |
| Second   | 41.82 |  |   | 37.91 |  |   | 0.25 |  |   | 43.08 |  |   | 39.45 |  |   | 0.25 |  |
| Third    | 40.43 |  |   | 34.29 |  |   | 0.25 |  |   | 40.74 |  |   | 37.07 |  |   | 0.25 |  |
| Fourth   | 37.05 |  |   | 34.24 |  |   | 0.25 |  |   | 39.53 |  |   | 36.29 |  |   | 0.25 |  |

|                                                     |
|-----------------------------------------------------|
|                                                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Company / Index                                     | Base Period |   | 2011 |   | 2012 |   | 2013 |   | 2014 |   | 2015 |
| CNA Financial Corporation                           | $ | 100.00 |  |   | $ | 100.34 |  |   | $ | 107.36 |  |   | $ | 168.16 |  |   | $ | 159.34 |  |   | $ | 155.57 |  |
| S&P 500 Index                                   | 100.00 |  |   | 102.11 |  |   | 118.45 |  |   | 156.82 |  |   | 178.28 |  |   | 180.75 |  |
| S&P 500 Property & Casualty Insurance Index | 100.00 |  |   | 99.75 |  |   | 119.81 |  |   | 165.69 |  |   | 191.78 |  |   | 210.05 |  |

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|                                                                        |
|------------------------------------------------------------------------|
|                                                                        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| As of or for the years ended December 31                               |   |   |   |   |   |   |   |   |   |
| (In millions, except per share data)                                   | 2015 |   | 2014 |   | 2013 |   | 2012 |   | 2011 |
| Results of Operations:                                                 |   |   |   |   |   |   |   |   |   |
| Revenues                                                               | $ | 9,101 |  |   | $ | 9,692 |  |   | $ | 9,932 |  |   | $ | 9,364 |  |   | $ | 8,767 |  |
| Income (loss) from continuing operations, net of tax                   | $ | 479 |  |   | $ | 888 |  |   | $ | 915 |  |   | $ | 620 |  |   | $ | 740 |  |
| (Loss) income from discontinued operations, net of tax                 | — |  |   | (197 | ) |   | 22 |  |   | 8 |  |   | (112 | ) |
| Net (income) loss attributable to noncontrolling interests, net of tax | — |  |   | — |  |   | — |  |   | — |  |   | (16 | ) |
| Net income (loss) attributable to CNA                                  | $ | 479 |  |   | $ | 691 |  |   | $ | 937 |  |   | $ | 628 |  |   | $ | 612 |  |
| Basic Earnings (Loss) Per Share:                                       |   |   |   |   |   |   |   |   |   |
| Income (loss) from continuing operations                               | $ | 1.77 |  |   | $ | 3.29 |  |   | $ | 3.39 |  |   | $ | 2.30 |  |   | $ | 2.69 |  |
| (Loss) income from discontinued operations                             | — |  |   | (0.73 | ) |   | 0.09 |  |   | 0.03 |  |   | (0.42 | ) |
| Basic earnings (loss) per share                                        | $ | 1.77 |  |   | $ | 2.56 |  |   | $ | 3.48 |  |   | $ | 2.33 |  |   | $ | 2.27 |  |
| Diluted Earnings (Loss) Per Share:                                     |   |   |   |   |   |   |   |   |   |
| Income (loss) from continuing operations                               | $ | 1.77 |  |   | $ | 3.28 |  |   | $ | 3.39 |  |   | $ | 2.30 |  |   | $ | 2.69 |  |
| (Loss) income from discontinued operations                             | — |  |   | (0.73 | ) |   | 0.08 |  |   | 0.03 |  |   | (0.42 | ) |
| Diluted earnings (loss) per share                                      | $ | 1.77 |  |   | $ | 2.55 |  |   | $ | 3.47 |  |   | $ | 2.33 |  |   | $ | 2.27 |  |
| Dividends declared per common share                                    | $ | 3.00 |  |   | $ | 2.00 |  |   | $ | 0.80 |  |   | $ | 0.60 |  |   | $ | 0.40 |  |
| Financial Condition:                                                   |   |   |   |   |   |   |   |   |   |
| Total investments                                                      | $ | 44,699 |  |   | $ | 46,262 |  |   | $ | 46,107 |  |   | $ | 47,636 |  |   | $ | 44,373 |  |
| Total assets                                                           | 55,047 |  |   | 55,566 |  |   | 57,194 |  |   | 58,522 |  |   | 55,110 |  |
| Insurance reserves                                                     | 36,486 |  |   | 36,380 |  |   | 38,394 |  |   | 40,005 |  |   | 37,554 |  |
| Long and short term debt                                               | 2,562 |  |   | 2,559 |  |   | 2,560 |  |   | 2,570 |  |   | 2,608 |  |
| Total CNA stockholders' equity                                         | 11,756 |  |   | 12,794 |  |   | 12,651 |  |   | 12,314 |  |   | 11,488 |  |
| Book value per common share                                            | $ | 43.49 |  |   | $ | 47.39 |  |   | $ | 46.91 |  |   | $ | 45.71 |  |   | $ | 42.66 |  |

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|                                           |
|-------------------------------------------|
|                                           |  |
|                                      | Page No. |
| Overview                                  | 18 |
| Consolidated Operations                   | 19 |
| Critical Accounting Estimates             | 21 |
| Reserves - Estimates and Uncertainties    | 24 |
| Segment Results                           | 31 |
| Specialty                                 | 32 |
| Commercial                                | 35 |
| International                             | 37 |
| Life & Group Non-Core                 | 40 |
| Corporate & Other Non-Core            | 42 |
| Investments                               | 43 |
| Net Investment Income                     | 43 |
| Net Realized Investment Gains (Losses)    | 44 |
| Portfolio Quality                         | 45 |
| Duration                                  | 46 |
| Short Term Investments                    | 46 |
| Liquidity and Capital Resources           | 47 |
| Cash Flows                                | 47 |
| Liquidity                                 | 47 |
| Common Stock Dividends                    | 48 |
| Commitments, Contingencies and Guarantees | 48 |
| Ratings                                   | 49 |
| Accounting Standards Updates              | 50 |
| Forward-Looking Statements                | 50 |

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|                                                                        |
|------------------------------------------------------------------------|
|                                                                        |  |  |  |  |  |  |  |  |  |  |  |
| Years ended December 31                                                |   |   |   |   |   |
| (In millions)                                                          | 2015 |   | 2014 |   | 2013 |
| Operating Revenues                                                     |   |   |   |   |   |
| Net earned premiums                                                    | $ | 6,921 |  |   | $ | 7,212 |  |   | $ | 7,271 |  |
| Net investment income                                                  | 1,840 |  |   | 2,067 |  |   | 2,282 |  |
| Other revenues                                                         | 407 |  |   | 356 |  |   | 359 |  |
| Total operating revenues                                               | 9,168 |  |   | 9,635 |  |   | 9,912 |  |
| Claims, Benefits and Expenses                                          |   |   |   |   |   |
| Net incurred claims and benefits                                       | 5,372 |  |   | 5,577 |  |   | 5,793 |  |
| Policyholders' dividends                                               | 12 |  |   | 14 |  |   | 13 |  |
| Amortization of deferred acquisition costs                             | 1,540 |  |   | 1,317 |  |   | 1,362 |  |
| Other insurance related expenses                                       | 1,093 |  |   | 1,029 |  |   | 1,013 |  |
| Other expenses                                                         | 535 |  |   | 548 |  |   | 475 |  |
| Total claims, benefits and expenses                                    | 8,552 |  |   | 8,485 |  |   | 8,656 |  |
| Operating income before income tax                                     | 616 |  |   | 1,150 |  |   | 1,256 |  |
| Income tax expense on operating income                                 | (101 | ) |   | (301 | ) |   | (355 | ) |
| Net operating income                                                   | 515 |  |   | 849 |  |   | 901 |  |
| Net realized investment (losses) gains                                 | (67 | ) |   | 57 |  |   | 20 |  |
| Income tax benefit (expense) on net realized investment (losses) gains | 31 |  |   | (18 | ) |   | (6 | ) |
| Net realized investment (losses) gains, after tax                      | (36 | ) |   | 39 |  |   | 14 |  |
| Income from continuing operations                                      | 479 |  |   | 888 |  |   | 915 |  |
| (Loss) income from discontinued operations, net of tax                 | — |  |   | (197 | ) |   | 22 |  |
| Net income                                                             | $ | 479 |  |   | $ | 691 |  |   | $ | 937 |  |

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|                                                                  |
|------------------------------------------------------------------|
|                                                                  |  |  |  |
| Long Term Care Active Life Reserve - Change in GPV (In millions) |   |
| December 31, 2014 Margin                                         | $ | 100 |  |
| Changes in underlying morbidity assumptions                      | (398 | ) |
| Changes in underlying persistency assumptions                    | (80 | ) |
| Changes in underlying discount rate assumptions                  | 47 |  |
| Changes in underlying premium rate action assumptions            | 50 |  |
| Changes in underlying expense and other assumptions              | (15 | ) |
| December 31, 2015 Premium Deficiency                             | $ | (296 | ) |

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|                                                           |
|-----------------------------------------------------------|
|                                                           |  |  |  |
| December 31, 2015                                    |   |
|                                                      | Estimated reduction to pretax income |
| Hypothetical revisions (In millions)                      |
| Morbidity:                                                |   |
| 5% increase in morbidity                                  | $ | 611 |  |
| 10% increase in morbidity                                 | 1,223 |  |
| Persistency:                                              |   |
| 5% decrease in active life mortality and lapse            | $ | 211 |  |
| 10% decrease in active life mortality and lapse           | 436 |  |
| Discount Rates:                                           |  |  |
| 50 basis point decline in future interest rates           | $ | 321 |  |
| 100 basis point decline in future interest rates          | 675 |  |
| Premium Rate Actions:                                     |   |
| 25% decrease in anticipated future rate increases premium | $ | 165 |  |
| 50% decrease in anticipated future rate increases premium | 329 |  |

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|                                                   |
|---------------------------------------------------|
|                                                   |  |  |  |  |  |  |  |  |  |  |  |
| Years ended December 31                           |   |   |   |   |   |
| (In millions, except ratios, rate and retention)  | 2015 |   | 2014 |   | 2013 |
| Net written premiums                              | $ | 2,781 |  |   | $ | 2,839 |  |   | $ | 2,880 |  |
| Net earned premiums                               | 2,782 |  |   | 2,838 |  |   | 2,795 |  |
| Net investment income                             | 474 |  |   | 560 |  |   | 629 |  |
| Net operating income                              | 560 |  |   | 634 |  |   | 668 |  |
| Net realized investment (losses) gains, after tax | (22 | ) |   | 10 |  |   | (3 | ) |
| Net income                                        | 538 |  |   | 644 |  |   | 665 |  |
|                                              |   |   |   |   |   |
| Other performance metrics:                        |   |   |   |   |   |
| Loss and loss adjustment expense ratio            | 57.4 | % |   | 57.3 | % |   | 57.0 | % |
| Expense ratio                                     | 31.1 |  |   | 30.1 |  |   | 29.9 |  |
| Dividend ratio                                    | 0.2 |  |   | 0.2 |  |   | 0.2 |  |
| Combined ratio                                    | 88.7 | % |   | 87.6 | % |   | 87.1 | % |
|                                              |   |   |   |   |   |
| Rate                                              | 1 | % |   | 3 | % |   | 6 | % |
| Retention                                         | 86 | % |   | 87 | % |   | 85 | % |
| New Business                                      | $ | 279 |  |   | $ | 309 |  |   | $ | 342 |  |

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|                                                                 |
|-----------------------------------------------------------------|
|                                                                 |  |  |  |  |  |  |  |
| December 31                                                     |   |   |   |
| (In millions)                                                   | 2015 |   | 2014 |
| Gross Case Reserves                                             | $ | 2,011 |  |   | $ | 2,136 |  |
| Gross IBNR Reserves                                             | 4,258 |  |   | 4,093 |  |
| Total Gross Carried Claim and Claim Adjustment Expense Reserves | $ | 6,269 |  |   | $ | 6,229 |  |
| Net Case Reserves                                               | $ | 1,810 |  |   | $ | 1,929 |  |
| Net IBNR Reserves                                               | 3,758 |  |   | 3,726 |  |
| Total Net Carried Claim and Claim Adjustment Expense Reserves   | $ | 5,568 |  |   | $ | 5,655 |  |

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|                                                   |
|---------------------------------------------------|
|                                                   |  |  |  |  |  |  |  |  |  |  |  |
| Years ended December 31                           |   |   |   |   |   |
| (In millions, except ratios, rate and retention)  | 2015 |   | 2014 |   | 2013 |
| Net written premiums                              | $ | 2,818 |  |   | $ | 2,817 |  |   | $ | 2,960 |  |
| Net earned premiums                               | 2,788 |  |   | 2,906 |  |   | 3,004 |  |
| Net investment income                             | 593 |  |   | 723 |  |   | 899 |  |
| Net operating income                              | 369 |  |   | 307 |  |   | 448 |  |
| Net realized investment (losses) gains, after tax | (31 | ) |   | 10 |  |   | (10 | ) |
| Net income                                        | 338 |  |   | 317 |  |   | 438 |  |
|                                              |   |   |   |  |   |   |  |
| Other performance metrics:                        |   |   |   |   |   |
| Loss and loss adjustment expense ratio            | 65.1 | % |   | 75.3 | % |   | 75.2 | % |
| Expense ratio                                     | 36.1 |  |   | 33.7 |  |   | 34.0 |  |
| Dividend ratio                                    | 0.3 |  |   | 0.3 |  |   | 0.3 |  |
| Combined ratio                                    | 101.5 | % |   | 109.3 | % |   | 109.5 | % |
|                                              |   |   |   |   |   |
| Rate                                              | 2 | % |   | 5 | % |   | 9 | % |
| Retention                                         | 79 | % |   | 73 | % |   | 74 | % |
| New Business                                      | $ | 552 |  |   | $ | 491 |  |   | $ | 622 |  |

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|                                                                 |
|-----------------------------------------------------------------|
|                                                                 |  |  |  |  |  |  |  |
| December 31                                                     |   |   |   |
| (In millions)                                                   | 2015 |   | 2014 |
| Gross Case Reserves                                             | $ | 4,975 |  |   | $ | 5,298 |  |
| Gross IBNR Reserves                                             | 4,208 |  |   | 4,216 |  |
| Total Gross Carried Claim and Claim Adjustment Expense Reserves | $ | 9,183 |  |   | $ | 9,514 |  |
| Net Case Reserves                                               | $ | 4,651 |  |   | $ | 4,947 |  |
| Net IBNR Reserves                                               | 3,925 |  |   | 3,906 |  |
| Total Net Carried Claim and Claim Adjustment Expense Reserves   | $ | 8,576 |  |   | $ | 8,853 |  |

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|                                                  |
|--------------------------------------------------|
|                                                  |  |  |  |  |  |  |  |  |  |  |  |
| Years ended December 31                          |   |   |   |   |   |
| (In millions, except ratios, rate and retention) | 2015 |   | 2014 |   | 2013 |
| Net written premiums                             | $ | 822 |  |   | $ | 880 |  |   | $ | 959 |  |
| Net earned premiums                              | 804 |  |   | 913 |  |   | 916 |  |
| Net investment income                            | 52 |  |   | 61 |  |   | 60 |  |
| Net operating income                             | 37 |  |   | 69 |  |   | 69 |  |
| Net realized investment gains, after tax         | 1 |  |   | — |  |   | 3 |  |
| Net income                                       | 38 |  |   | 69 |  |   | 72 |  |
|                                             |   |   |   |   |   |
| Other performance metrics:                       |   |   |   |   |   |
| Loss and loss adjustment expense ratio           | 59.5 |  % |   | 53.5 |  % |   | 53.4 | % |
| Expense ratio                                    | 38.1 |  |   | 38.9 |  |   | 39.7 |  |
| Dividend ratio                                   | — |  |   | — |  |   | — |  |
| Combined ratio                                   | 97.6 |  % |   | 92.4 |  % |   | 93.1 | % |
|                                             |   |   |   |   |   |
| Rate                                             | (1 | )% |   | (1 | )% |   | 1 | % |
| Retention                                        | 76 |  % |   | 74 |  % |   | 79 | % |
| New Business (a)                                 | $ | 111 |  |   | $ | 115 |  |   | $ | 117 |  |

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|                                                                 |
|-----------------------------------------------------------------|
|                                                                 |  |  |  |  |  |  |  |
| December 31                                                     |   |   |   |
| (In millions)                                                   | 2015 |   | 2014 |
| Gross Case Reserves                                             | $ | 622 |  |   | $ | 752 |  |
| Gross IBNR Reserves                                             | 725 |  |   | 689 |  |
| Total Gross Carried Claim and Claim Adjustment Expense Reserves | $ | 1,347 |  |   | $ | 1,441 |  |
| Net Case Reserves                                               | $ | 531 |  |   | $ | 598 |  |
| Net IBNR Reserves                                               | 688 |  |   | 663 |  |
| Total Net Carried Claim and Claim Adjustment Expense Reserves   | $ | 1,219 |  |   | $ | 1,261 |  |

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|                                          |
|------------------------------------------|
|                                          |  |  |  |  |  |  |  |  |  |  |  |
| Years ended December 31                  |   |   |   |   |   |
| (In millions)                            | 2015 |   | 2014 |   | 2013 |
| Net earned premiums                      | $ | 548 |  |   | $ | 556 |  |   | $ | 559 |  |
| Net investment income                    | 704 |  |   | 700 |  |   | 662 |  |
| Net operating loss                       | (314 | ) |   | (69 | ) |   | (74 | ) |
| Net realized investment gains, after tax | 8 |  |   | 7 |  |   | 18 |  |
| Net loss                                 | (306 | ) |   | (62 | ) |   | (56 | ) |

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|                                 |
|---------------------------------|
|                                 |  |  |  |  |  |  |  |  |  |  |  |
| December 31, 2015          |   |   |   |   |   |
| (In millions)                   | Claim and claim adjustment expenses |   | Future policy benefits |   | Total |
| Long term care                  | $ | 2,229 |  |   | $ | 8,335 |  |   | $ | 10,564 |  |
| Structured settlement annuities | 581 |  |   | — |  |   | 581 |  |
| Other                           | 21 |  |   | — |  |   | 21 |  |
| Total                           | 2,831 |  |   | 8,335 |  |   | 11,166 |  |
| Shadow adjustments (a)          | 99 |  |   | 1,610 |  |   | 1,709 |  |
| Ceded reserves                  | 290 |  |   | 207 |  |   | 497 |  |
| Total gross reserves            | $ | 3,220 |  |   | $ | 10,152 |  |   | $ | 13,372 |  |

|                                 |
|---------------------------------|
|                                 |  |  |  |  |  |  |  |  |  |  |  |
| December 31, 2014          |   |   |   |   |   |
| (In millions)                   | Claim and claim adjustment expenses |   | Future policy benefits |   | Total |
| Long term care                  | $ | 2,064 |  |   | $ | 7,782 |  |   | $ | 9,846 |  |
| Structured settlement annuities | 606 |  |   | — |  |   | 606 |  |
| Other                           | 28 |  |   | 1 |  |   | 29 |  |
| Total                           | 2,698 |  |   | 7,783 |  |   | 10,481 |  |
| Shadow adjustments (a)          | 145 |  |   | 1,522 |  |   | 1,667 |  |
| Ceded reserves                  | 340 |  |   | 185 |  |   | 525 |  |
| Total gross reserves            | $ | 3,183 |  |   | $ | 9,490 |  |   | $ | 12,673 |  |

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|                                          |
|------------------------------------------|
|                                          |  |  |  |  |  |  |  |  |  |  |  |
| Years ended December 31                  |   |   |   |   |   |
| (In millions)                            | 2015 |   | 2014 |   | 2013 |
| Net investment income                    | $ | 17 |  |   | $ | 23 |  |   | $ | 32 |  |
| Interest expense                         | 154 |  |   | 182 |  |   | 160 |  |
| Net operating loss                       | (137 | ) |   | (92 | ) |   | (210 | ) |
| Net realized investment gains, after tax | 8 |  |   | 12 |  |   | 6 |  |
| Net loss                                 | (129 | ) |   | (80 | ) |   | (204 | ) |

|                                                                 |
|-----------------------------------------------------------------|
|                                                                 |  |  |  |  |  |  |  |
| December 31                                                     |   |   |   |
| (In millions)                                                   | 2015 |   | 2014 |
| Gross Case Reserves                                             | $ | 1,521 |  |   | $ | 1,189 |  |
| Gross IBNR Reserves                                             | 1,123 |  |   | 1,715 |  |
| Total Gross Carried Claim and Claim Adjustment Expense Reserves | $ | 2,644 |  |   | $ | 2,904 |  |
| Net Case Reserves                                               | $ | 130 |  |   | $ | 144 |  |
| Net IBNR Reserves                                               | 153 |  |   | 171 |  |
| Total Net Carried Claim and Claim Adjustment Expense Reserves   | $ | 283 |  |   | $ | 315 |  |

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|                                                                               |  |  |  |  |  |  |  |  |  |  |  |
| Years ended December 31                                                       |   |   |   |   |   |
| (In millions)                                                                 | 2015 |   | 2014 |   | 2013 |
| Fixed maturity securities:                                                    |   |   |   |   |   |
|     Taxable                                               | $ | 1,375 |  |   | $ | 1,399 |  |   | $ | 1,510 |  |
|     Tax-Exempt                                            | 376 |  |   | 404 |  |   | 317 |  |
| Total fixed maturity securities                                               | 1,751 |  |   | 1,803 |  |   | 1,827 |  |
| Limited partnership investments                                               | 92 |  |   | 263 |  |   | 451 |  |
| Other, net of investment expense                                              | (3 | ) |   | 1 |  |   | 4 |  |
| Net investment income                                                         | $ | 1,840 |  |   | $ | 2,067 |  |   | $ | 2,282 |  |
| Net investment income, after tax                                              | $ | 1,329 |  |   | $ | 1,473 |  |   | $ | 1,578 |  |
|                                                                          |   |   |   |   |   |
| Effective income yield for the fixed maturity securities portfolio, pretax    | 4.7 | % |   | 4.8 | % |   | 5.0 | % |
| Effective income yield for the fixed maturity securities portfolio, after tax | 3.4 | % |   | 3.5 | % |   | 3.5 | % |

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|                                                                        |
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|                                                                        |  |  |  |  |  |  |  |  |  |  |  |
| Years ended December 31                                                |   |   |   |   |   |
| (In millions)                                                          | 2015 |   | 2014 |   | 2013 |
| Fixed maturity securities:                                             |   |   |   |   |   |
| Corporate and other bonds                                              | $ | (55 | ) |   | $ | 67 |  |   | $ | 42 |  |
| States, municipalities and political subdivisions                      | (22 | ) |   | (7 | ) |   | 36 |  |
| Asset-backed                                                           | 10 |  |   | (21 | ) |   | (40 | ) |
| Foreign government                                                     | 1 |  |   | 2 |  |   | 4 |  |
| Redeemable preferred stock                                             | — |  |   | — |  |   | (1 | ) |
| Total fixed maturity securities                                        | (66 | ) |   | 41 |  |   | 41 |  |
| Equity securities                                                      | (23 | ) |   | 1 |  |   | (22 | ) |
| Derivative securities                                                  | 10 |  |   | (1 | ) |   | (9 | ) |
| Short term investments and other                                       | 12 |  |   | 16 |  |   | 10 |  |
| Net realized investment (losses) gains                                 | (67 | ) |   | 57 |  |   | 20 |  |
| Income tax benefit (expense) on net realized investment (losses) gains | 31 |  |   | (18 | ) |   | (6 | ) |
| Net realized investment (losses) gains , after tax                     | $ | (36 | ) |   | $ | 39 |  |   | $ | 14 |  |

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|                                                                           |
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|                                                                           |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| December 31                                                               | 2015 |   | 2014 |
| (In millions)                                                             | Estimated Fair Value |   | Net Unrealized Gains (Losses) |   | Estimated Fair Value |   | Net Unrealized Gains (Losses) |
| U.S. Government, Government agencies and Government-sponsored enterprises | $ | 3,910 |  |   | $ | 101 |  |   | $ | 3,882 |  |   | $ | 144 |  |
| AAA                                                                       | 1,938 |  |   | 123 |  |   | 2,850 |  |   | 203 |  |
| AA                                                                        | 8,919 |  |   | 900 |  |   | 9,404 |  |   | 1,016 |  |
| A                                                                         | 10,044 |  |   | 904 |  |   | 10,594 |  |   | 1,064 |  |
| BBB                                                                       | 11,595 |  |   | 307 |  |   | 11,093 |  |   | 889 |  |
| Non-investment grade                                                      | 3,166 |  |   | (16 | ) |   | 2,945 |  |   | 117 |  |
| Total                                                                     | $ | 39,572 |  |   | $ | 2,319 |  |   | $ | 40,768 |  |   | $ | 3,433 |  |

|                                                                           |
|---------------------------------------------------------------------------|
|                                                                           |  |  |  |  |  |  |  |
|                                                                      | December 31, 2015 |
| (In millions)                                                             | Estimated Fair Value |   | Gross Unrealized Losses |
| U.S. Government, Government agencies and Government-sponsored enterprises | 684 |  |   | 4 |  |
| AAA                                                                       | 293 |  |   | 5 |  |
| AA                                                                        | 518 |  |   | 7 |  |
| A                                                                         | 1,015 |  |   | 20 |  |
| BBB                                                                       | 4,045 |  |   | 239 |  |
| Non-investment grade                                                      | 1,395 |  |   | 113 |  |
| Total                                                                     | $ | 7,950 |  |   | $ | 388 |  |

|                                        |
|----------------------------------------|
|                                        |  |  |  |  |  |  |  |
|                                   | December 31, 2015 |
| (In millions)                          | Estimated Fair Value |   | Gross Unrealized Losses |
| Due in one year or less                | $ | 252 |  |   | $ | 3 |  |
| Due after one year through five years  | 1,127 |  |   | 37 |  |
| Due after five years through ten years | 5,091 |  |   | 224 |  |
| Due after ten years                    | 1,480 |  |   | 124 |  |
| Total                                  | $ | 7,950 |  |   | $ | 388 |  |

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|                                                  |
|--------------------------------------------------|
|                                                  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| December 31                                      | 2015 |   | 2014 |
| (In millions)                                    | Estimated Fair Value |   | EffectiveDuration(In years) |   | Estimated Fair Value |   | EffectiveDuration(In years) |
| Investments supporting Life & Group Non-Core | $ | 14,879 |  |   | 9.6 |  |   | $ | 14,668 |  |   | 10.5 |  |
| Other interest sensitive investments             | 26,435 |  |   | 4.3 |  |   | 27,748 |  |   | 4.0 |  |
| Total                                            | $ | 41,314 |  |   | 6.2 |  |   | $ | 42,416 |  |   | 6.3 |  |

|                              |
|------------------------------|
|                              |  |  |  |  |  |  |  |
| December 31                  |   |   |   |
| (In millions)                | 2015 |   | 2014 |
| Short term investments:      |   |   |   |
| Commercial paper             | $ | 998 |  |   | $ | 922 |  |
| U.S. Treasury securities     | 411 |  |   | 466 |  |
| Money market funds           | 60 |  |   | 206 |  |
| Other                        | 191 |  |   | 112 |  |
| Total short term investments | $ | 1,660 |  |   | $ | 1,706 |  |

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|                                                 |
|-------------------------------------------------|
|                                                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| December 31, 2015                          |   |   |   |   |   |   |   |   |   |
| (In millions)                                   | Total |   | Less than 1 year |   | 1-3 years |   | 3-5 years |   | More than 5 years |
| Debt (a)                                        | $ | 3,306 |  |   | $ | 495 |  |   | $ | 399 |  |   | $ | 1,048 |  |   | $ | 1,364 |  |
| Lease obligations                               | 261 |  |   | 35 |  |   | 61 |  |   | 48 |  |   | 117 |  |
| Claim and claim adjustment expense reserves (b) | 24,056 |  |   | 5,256 |  |   | 6,563 |  |   | 3,303 |  |   | 8,934 |  |
| Future policy benefits reserves (c)             | 33,074 |  |   | (420 | ) |   | (216 | ) |   | 450 |  |   | 33,260 |  |
| Total (d), (e), (f)                        | $ | 60,697 |  |   | $ | 5,366 |  |   | $ | 6,807 |  |   | $ | 4,849 |  |   | $ | 43,675 |  |

|     |                                              |
|-----|----------------------------------------------|
| (a) | Includes estimated future interest payments. |

|     |                                                                                                                                                                                                                                                                                                                                                                           |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (b) | Claim and claim adjustment expense reserves are not discounted and represent our estimate of the amount and timing of the ultimate settlement and administration of gross claims based on our assessment of facts and circumstances known as of December 31, 2015.  See the Reserves - Estimates and Uncertainties section of this MD&A for further information. |

|     |                                                                                                                                                                                                                                                                                                                                        |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (c) | Future policy benefits reserves are not discounted and represent our estimate of the ultimate amount and timing of the settlement of benefits based on our assessment of facts and circumstances known as of December 31, 2015.  See the Reserves - Estimates and Uncertainties section of this MD&A for further information. |

|     |                                                                                                                  |
|-----|------------------------------------------------------------------------------------------------------------------|
| (d) | Does not include expected estimated contribution of $15 million to our pension and postretirement plans in 2016. |

|     |                                                                                                                                                                 |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (f) | Does not include commitments of $166 million related to the new lease agreements discussed in Note L to the Consolidated Financial Statements under Item 8. |

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|                        |
|------------------------|
|                        |  |  |  |  |  |
| December 31, 2015 | Insurance Financial Strength Ratings |   | Corporate Debt Ratings |
|                   | CCC Group |   | Western Surety Group |   | CNAF - Senior Debt |
| A.M. Best              | A |   | A |   | bbb |
| Moody's                | A3 |   | Not rated |   | Baa2 |
| S&P                | A |   | A |   | BBB |

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|         |                                                                                                                                                                                                                                                                                                                                                                                                       |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | the risks and uncertainties associated with our insurance reserves, as outlined in the Critical Accounting Estimates and the Reserves - Estimates and Uncertainties sections of this report, including the sufficiency of the reserves and the possibility for future increases, which would be reflected in the results of operations in the period that the need for such adjustment is determined; |

|         |                                                                                                                                                                                                                                                                                                                                                                                                    |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | the risk that the other parties to the transaction in which, subject to certain limitations, we ceded our legacy A&EP liabilities will not fully perform their obligations to CNA, the uncertainty in estimating loss reserves for A&EP liabilities and the possible continued exposure of CNA to liabilities for A&EP claims that are not covered under the terms of the transaction; |

|         |                                                                                   |
|---------|-----------------------------------------------------------------------------------|
| • | the performance of reinsurance companies under reinsurance contracts with us; and |

|         |                                                                                                                                                                                                                                                                       |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | the risks and uncertainties associated with potential acquisitions and divestitures, including the consummation of such transactions, the successful integration of acquired operations and the potential for subsequent impairment of goodwill or intangible assets. |

|         |                                                                                                                                                          |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | the impact of competitive products, policies and pricing and the competitive environment in which we operate, including changes in our book of business; |

|         |                                                                                                                                                                                                                                                                     |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | product and policy availability and demand and market responses, including the level of ability to obtain rate increases and decline or non-renew underpriced accounts, to achieve premium targets and profitability and to realize growth and retention estimates; |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | general economic and business conditions, including recessionary conditions that may decrease the size and number of our insurance customers and create additional losses to our lines of business, especially those that provide management and professional liability insurance, as well as surety bonds, to businesses engaged in real estate, financial services and professional services and inflationary pressures on medical care costs, construction costs and other economic sectors that increase the severity of claims; |

|         |                                                                                                                                                                                                                                                |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | conditions in the capital and credit markets, including continuing uncertainty and instability in these markets, as well as the overall economy, and their impact on the returns, types, liquidity and valuation of our investments; |

|         |                                                                                                                                         |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------|
| • | conditions in the capital and credit markets that may limit our ability to raise significant amounts of capital on favorable terms; and |

|         |                                                                                                                                                                                                                                                                                              |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | the possibility of changes in our ratings by ratings agencies, including the inability to access certain markets or distribution channels and the required collateralization of future payment obligations as a result of such changes, and changes in rating agency policies and practices. |

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|         |                                                                                                                                                                                                                                                                                                                                                                |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | regulatory initiatives and compliance with governmental regulations, judicial interpretations within the regulatory framework, including interpretation of policy provisions, decisions regarding coverage and theories of liability, trends in litigation and the outcome of any litigation involving us and rulings and changes in tax laws and regulations; |

|         |                                                                                                                                                                                                                                                                                                                               |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | regulatory limitations, impositions and restrictions upon us, including with respect to our ability to increase premium rates, and the effects of assessments and other surcharges for guaranty funds and second-injury funds, other mandatory pooling arrangements and future assessments levied on insurance companies; and |

|         |                                                                                                                                                                                                                           |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | regulatory limitations and restrictions, including limitations upon our ability to receive dividends from our insurance subsidiaries, imposed by regulatory authorities, including regulatory capital adequacy standards. |

|         |                                                                                                                                                                                                                                                                                                                                                          |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | weather and other natural physical events, including the severity and frequency of storms, hail, snowfall and other winter conditions, natural disasters such as hurricanes and earthquakes, as well as climate change, including effects on global weather patterns, greenhouse gases, sea, land and air temperatures, sea levels, rain, hail and snow; |

|         |                                                                                                                                                                                                                                                                                                                                                                             |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | regulatory requirements imposed by coastal state regulators in the wake of hurricanes or other natural disasters, including limitations on the ability to exit markets or to non-renew, cancel or change terms and conditions in policies, as well as mandatory assessments to fund any shortfalls arising from the inability of quasi-governmental insurers to pay claims; |

|         |                                                                                                                                                                                                                                                                     |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | man-made disasters, including the possible occurrence of terrorist attacks, the unpredictability of the nature, targets, severity or frequency of such events, and the effect of the absence or insufficiency of applicable terrorism legislation on coverages; and |

|         |                              |
|---------|------------------------------|
| • | the occurrence of epidemics. |

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|-------------------------------------------------------------------|
|                                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| December 31, 2015                                            |   |   | Increase (Decrease) |
| (In millions)                                                     | Estimated Fair Value |   | Interest Rate Risk |   | Foreign Currency Risk |   | Equity Price Risk |
| Assets:                                                           |   |   |   |   |   |   |   |
| Fixed maturity securities available-for-sale:                     |   |   |   |   |   |   |   |
| Corporate and other bonds                                         | $ | 17,757 |  |   | $ | (1,051 | ) |   | $ | (153 | ) |   | $ | — |  |
| States, municipalities and political subdivisions                 | 13,174 |  |   | (1,137 | ) |   | — |  |   | — |  |
| Asset-backed                                                      | 8,190 |  |   | (355 | ) |   | (2 | ) |   | — |  |
| U.S. Treasury and obligations of government-sponsored enterprises | 67 |  |   | (2 | ) |   | — |  |   | — |  |
| Foreign government                                                | 346 |  |   | (16 | ) |   | (31 | ) |   | — |  |
| Redeemable preferred stock                                        | 35 |  |   | — |  |   | — |  |   | (1 | ) |
| Total fixed maturity securities available-for-sale                | 39,569 |  |   | (2,561 | ) |   | (186 | ) |   | (1 | ) |
| Fixed maturity securities trading                                 | 3 |  |   | — |  |   | — |  |   | — |  |
| Equity securities available-for-sale                              | 197 |  |   | (8 | ) |   | (1 | ) |   | (20 | ) |
| Limited partnership investments                                   | 2,548 |  |   | — |  |   | — |  |   | (115 | ) |
| Other invested assets                                             | 44 |  |   | — |  |   | — |  |   | — |  |
| Mortgage loans (a)                                                | 688 |  |   | (31 | ) |   | — |  |   | — |  |
| Short term investments                                            | 1,660 |  |   | (2 | ) |   | (5 | ) |   | — |  |
| Total assets                                                      | 44,709 |  |   | (2,602 | ) |   | (192 | ) |   | (136 | ) |
| Derivative financial instruments, included in Other liabilities   | 5 |  |   | 13 |  |   | — |  |   | — |  |
| Total securities                                                  | $ | 44,714 |  |   | $ | (2,589 | ) |   | $ | (192 | ) |   | $ | (136 | ) |
| Long term debt (a)                                                | $ | 2,433 |  |   | $ | (117 | ) |   | $ | — |  |   | $ | — |  |

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|-------------------------------------------------------------------|
|                                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| December 31, 2014                                            |   |   | Increase (Decrease) |
| (In millions)                                                     | Estimated Fair Value |   | Interest Rate Risk |   | Foreign Currency Risk |   | Equity Price Risk |
| General account:                                                  |   |   |   |   |   |   |   |
| Fixed maturity securities available-for-sale:                     |   |   |   |   |   |   |   |
| Corporate and other bonds                                         | $ | 18,870 |  |   | $ | (1,116 | ) |   | $ | (173 | ) |   | $ | — |  |
| States, municipalities and political subdivisions                 | 12,740 |  |   | (1,188 | ) |   | — |  |   | — |  |
| Asset-backed                                                      | 8,612 |  |   | (329 | ) |   | (6 | ) |   | — |  |
| U.S. Treasury and obligations of government-sponsored enterprises | 31 |  |   | (1 | ) |   | — |  |   | — |  |
| Foreign government                                                | 454 |  |   | (15 | ) |   | (38 | ) |   | — |  |
| Redeemable preferred stock                                        | 42 |  |   | (1 | ) |   | — |  |   | (2 | ) |
| Total fixed maturity securities available-for-sale                | 40,749 |  |   | (2,650 | ) |   | (217 | ) |   | (2 | ) |
| Fixed maturity securities trading                                 | 19 |  |   | — |  |   | — |  |   | — |  |
| Equity securities available-for-sale                              | 222 |  |   | (9 | ) |   | (1 | ) |   | (22 | ) |
| Limited partnership investments                                   | 2,937 |  |   | — |  |   | — |  |   | (132 | ) |
| Other invested assets                                             | 41 |  |   | — |  |   | (3 | ) |   | — |  |
| Mortgage loans (a)                                                | 608 |  |   | (30 | ) |   | — |  |   | — |  |
| Short term investments                                            | 1,706 |  |   | (2 | ) |   | (22 | ) |   | — |  |
| Total assets                                                      | 46,282 |  |   | (2,691 | ) |   | (243 | ) |   | (156 | ) |
| Derivative financial instruments, included in Other liabilities   | (3 | ) |   | 17 |  |   | — |  |   | — |  |
| Total securities                                                  | $ | 46,279 |  |   | $ | (2,674 | ) |   | $ | (243 | ) |   | $ | (156 | ) |
| Long term debt (a)                                                | $ | 2,883 |  |   | $ | (144 | ) |   | $ | — |  |   | $ | — |  |

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|-------------------------------------------------------------------|
|                                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| December 31, 2015                                            |   |   | Increase (Decrease) |
| (In millions)                                                     | Estimated Fair Value |   | Interest Rate Risk |   | Foreign Currency Risk |   | Equity Price Risk |
| Assets:                                                           |   |   |   |   |   |   |   |
| Fixed maturity securities available-for-sale:                     |   |   |   |   |   |   |   |
| Corporate and other bonds                                         | $ | 17,757 |  |   | $ | (1,575 | ) |   | $ | (307 | ) |   | $ | — |  |
| States, municipalities and political subdivisions                 | 13,174 |  |   | (1,707 | ) |   | — |  |   | — |  |
| Asset-backed                                                      | 8,190 |  |   | (533 | ) |   | (3 | ) |   | — |  |
| U.S. Treasury and obligations of government-sponsored enterprises | 67 |  |   | (3 | ) |   | — |  |   | — |  |
| Foreign government                                                | 346 |  |   | (24 | ) |   | (61 | ) |   | — |  |
| Redeemable preferred stock                                        | 35 |  |   | (1 | ) |   | — |  |   | (4 | ) |
| Total fixed maturity securities available-for-sale                | 39,569 |  |   | (3,843 | ) |   | (371 | ) |   | (4 | ) |
| Fixed maturity securities trading                                 | 3 |  |   | — |  |   | — |  |   | — |  |
| Equity securities available-for-sale                              | 197 |  |   | (11 | ) |   | (3 | ) |   | (49 | ) |
| Limited partnership investments                                   | 2,548 |  |   | — |  |   | — |  |   | (287 | ) |
| Other invested assets                                             | 44 |  |   | — |  |   | — |  |   | — |  |
| Mortgage loans (a)                                                | 688 |  |   | (47 | ) |   | — |  |   | — |  |
| Short term investments                                            | 1,660 |  |   | (3 | ) |   | (9 | ) |   | — |  |
| Total assets                                                      | 44,709 |  |   | (3,904 | ) |   | (383 | ) |   | (340 | ) |
| Derivative financial instruments, included in Other liabilities   | 5 |  |   | 20 |  |   | — |  |   | — |  |
| Total securities                                                  | $ | 44,714 |  |   | $ | (3,884 | ) |   | $ | (383 | ) |   | $ | (340 | ) |
| Long term debt (a)                                                | $ | 2,433 |  |   | $ | (175 | ) |   | $ | — |  |   | $ | — |  |

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|-------------------------------------------------------------------|
|                                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| December 31, 2014                                            |   |   | Increase (Decrease) |
| (In millions)                                                     | Estimated Fair Value |   | Interest Rate Risk |   | Foreign Currency Risk |   | Equity Price Risk |
| General account:                                                  |   |   |   |   |   |   |   |
| Fixed maturity securities available-for-sale:                     |   |   |   |   |   |   |   |
| Corporate and other bonds                                         | $ | 18,870 |  |   | $ | (1,673 | ) |   | $ | (348 | ) |   | $ | — |  |
| States, municipalities and political subdivisions                 | 12,740 |  |   | (1,783 | ) |   | — |  |   | — |  |
| Asset-backed                                                      | 8,612 |  |   | (493 | ) |   | (11 | ) |   | — |  |
| U.S. Treasury and obligations of government-sponsored enterprises | 31 |  |   | (2 | ) |   | — |  |   | — |  |
| Foreign government                                                | 454 |  |   | (22 | ) |   | (75 | ) |   | — |  |
| Redeemable preferred stock                                        | 42 |  |   | (1 | ) |   | — |  |   | (4 | ) |
| Total fixed maturity securities available-for-sale                | 40,749 |  |   | (3,974 | ) |   | (434 | ) |   | (4 | ) |
| Fixed maturity securities trading                                 | 19 |  |   | — |  |   | — |  |   | — |  |
| Equity securities available-for-sale                              | 222 |  |   | (13 | ) |   | (3 | ) |   | (56 | ) |
| Limited partnership investments                                   | 2,937 |  |   | — |  |   | — |  |   | (330 | ) |
| Other invested assets                                             | 41 |  |   | — |  |   | (5 | ) |   | — |  |
| Mortgage loans (a)                                                | 608 |  |   | (45 | ) |   | — |  |   | — |  |
| Short term investments                                            | 1,706 |  |   | (5 | ) |   | (44 | ) |   | — |  |
| Total general account                                             | 46,282 |  |   | (4,037 | ) |   | (486 | ) |   | (390 | ) |
| Derivative financial instruments, included in Other liabilities   | (3 | ) |   | 26 |  |   | — |  |   | — |  |
| Total securities                                                  | $ | 46,279 |  |   | $ | (4,011 | ) |   | $ | (486 | ) |   | $ | (390 | ) |
| Long term debt (a)                                                | $ | 2,883 |  |   | $ | (216 | ) |   | $ | — |  |   | $ | — |  |

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|----------------------------------------------------------------------------------------------------------------|
|                                                                                                                |  |  |  |  |  |  |  |  |  |  |  |
| Years ended December 31                                                                                        |   |   |   |   |   |
| (In millions, except per share data)                                                                           | 2015 |   | 2014 |   | 2013 |
| Revenues                                                                                                       |   |   |   |   |   |
| Net earned premiums                                                                                            | $ | 6,921 |  |   | $ | 7,212 |  |   | $ | 7,271 |  |
| Net investment income                                                                                          | 1,840 |  |   | 2,067 |  |   | 2,282 |  |
| Net realized investment (losses) gains:                                                                        |   |   |   |  |   |   |
| Other-than-temporary impairment losses                                                                         | (156 | ) |   | (77 | ) |   | (74 | ) |
| Portion of other-than-temporary impairments recognized in Other comprehensive income                           | — |  |   | — |  |   | (2 | ) |
| Net other-than-temporary impairment losses recognized in earnings                                              | (156 | ) |   | (77 | ) |   | (76 | ) |
| Other net realized investment gains                                                                            | 89 |  |   | 134 |  |   | 96 |  |
| Net realized investment (losses) gains                                                                         | (67 | ) |   | 57 |  |   | 20 |  |
| Other revenues                                                                                                 | 407 |  |   | 356 |  |   | 359 |  |
| Total revenues                                                                                                 | 9,101 |  |   | 9,692 |  |   | 9,932 |  |
| Claims, Benefits and Expenses                                                                                  |   |   |   |   |   |
| Insurance claims and policyholders’ benefits                                                             | 5,384 |  |   | 5,591 |  |   | 5,806 |  |
| Amortization of deferred acquisition costs                                                                     | 1,540 |  |   | 1,317 |  |   | 1,362 |  |
| Other operating expenses                                                                                       | 1,473 |  |   | 1,394 |  |   | 1,322 |  |
| Interest                                                                                                       | 155 |  |   | 183 |  |   | 166 |  |
| Total claims, benefits and expenses                                                                            | 8,552 |  |   | 8,485 |  |   | 8,656 |  |
| Income from continuing operations before income tax                                                            | 549 |  |   | 1,207 |  |   | 1,276 |  |
| Income tax expense                                                                                             | (70 | ) |   | (319 | ) |   | (361 | ) |
| Income from continuing operations                                                                              | 479 |  |   | 888 |  |   | 915 |  |
| (Loss) income from discontinued operations, net of income tax benefit (expense) of $-, $34 and $(15) | — |  |   | (197 | ) |   | 22 |  |
| Net income                                                                                                     | $ | 479 |  |   | $ | 691 |  |   | $ | 937 |  |
|                                                                                                           |   |   |   |   |   |
| Basic Earnings Per Share                                                                                       |   |   |   |   |   |
| Income from continuing operations                                                                              | $ | 1.77 |  |   | $ | 3.29 |  |   | $ | 3.39 |  |
| (Loss) income from discontinued operations                                                                     | — |  |   | (0.73 | ) |   | 0.09 |  |
| Basic earnings per share                                                                                       | $ | 1.77 |  |   | $ | 2.56 |  |   | $ | 3.48 |  |
|                                                                                                           |   |   |   |   |   |
| Diluted Earnings Per Share                                                                                     |   |   |   |   |   |
| Income from continuing operations                                                                              | $ | 1.77 |  |   | $ | 3.28 |  |   | $ | 3.39 |  |
| (Loss) income from discontinued operations                                                                     | — |  |   | (0.73 | ) |   | 0.08 |  |
| Diluted earnings per share                                                                                     | $ | 1.77 |  |   | $ | 2.55 |  |   | $ | 3.47 |  |
|                                                                                                           |   |   |   |   |   |
| Dividends declared per share                                                                                   | $ | 3.00 |  |   | $ | 2.00 |  |   | $ | 0.80 |  |
|                                                                                                           |   |   |   |   |   |
| Weighted Average Outstanding Common Stock and Common Stock Equivalents                                         |   |   |   |   |   |
| Basic                                                                                                          | 270.2 |  |   | 269.9 |  |   | 269.7 |  |
| Diluted                                                                                                        | 270.7 |  |   | 270.6 |  |   | 270.2 |  |

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|                                                                           |  |  |  |  |  |  |  |  |  |  |  |
| Years ended December 31                                                   |   |   |   |   |   |
| (In millions)                                                             | 2015 |   | 2014 |   | 2013 |
| Comprehensive (Loss) Income                                               |   |   |   |   |   |
| Net income                                                                | $ | 479 |  |   | $ | 691 |  |   | $ | 937 |  |
| Other Comprehensive (Loss) Income, Net of Tax                             |   |   |   |   |   |
| Changes in:                                                               |   |   |   |   |   |
| Net unrealized gains on investments with other-than-temporary impairments | (9 | ) |   | 15 |  |   | 6 |  |
| Net unrealized gains on other investments                                 | (552 | ) |   | 267 |  |   | (679 | ) |
| Net unrealized gains on investments                                       | (561 | ) |   | 282 |  |   | (673 | ) |
| Net unrealized losses on discontinued operations                          | — |  |   | (22 | ) |   | — |  |
| Foreign currency translation adjustment                                   | (139 | ) |   | (95 | ) |   | (11 | ) |
| Pension and postretirement benefits                                       | (15 | ) |   | (207 | ) |   | 295 |  |
| Other comprehensive (loss), net of tax                                    | (715 | ) |   | (42 | ) |   | (389 | ) |
| Total comprehensive (loss) income                                         | $ | (236 | ) |   | $ | 649 |  |   | $ | 548 |  |

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|                                                                                                                                          |
|------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                          |  |  |  |  |  |  |  |
| December 31                                                                                                                              |   |   |   |
| (In millions, except share data)                                                                                                         | 2015 |   | 2014 |
| Assets                                                                                                                                   |   |   |   |
| Investments:                                                                                                                             |   |   |   |
| Fixed maturity securities at fair value (amortized cost of $37,253 and $37,335)                                                          | $ | 39,572 |  |   | $ | 40,768 |  |
| Equity securities at fair value (cost of $191 and $210)                                                                                  | 197 |  |   | 222 |  |
| Limited partnership investments                                                                                                          | 2,548 |  |   | 2,937 |  |
| Other invested assets                                                                                                                    | 44 |  |   | 41 |  |
| Mortgage loans                                                                                                                           | 678 |  |   | 588 |  |
| Short term investments                                                                                                                   | 1,660 |  |   | 1,706 |  |
| Total investments                                                                                                                        | 44,699 |  |   | 46,262 |  |
| Cash                                                                                                                                     | 387 |  |   | 190 |  |
| Reinsurance receivables (less allowance for uncollectible receivables of $38 and $48)                                                    | 4,453 |  |   | 4,694 |  |
| Insurance receivables (less allowance for uncollectible receivables of $51 and $61)                                                      | 2,078 |  |   | 1,936 |  |
| Accrued investment income                                                                                                                | 404 |  |   | 405 |  |
| Deferred acquisition costs                                                                                                               | 598 |  |   | 600 |  |
| Deferred income taxes                                                                                                                    | 638 |  |   | 191 |  |
| Property and equipment at cost (less accumulated depreciation of $382 and $364)                                                          | 343 |  |   | 295 |  |
| Goodwill                                                                                                                                 | 150 |  |   | 152 |  |
| Other assets                                                                                                                             | 1,297 |  |   | 841 |  |
| Total assets                                                                                                                             | $ | 55,047 |  |   | $ | 55,566 |  |
| Liabilities                                                                                                                              |   |  |   |   |  |
| Insurance reserves:                                                                                                                      |   |   |   |  |
| Claim and claim adjustment expenses                                                                                                      | $ | 22,663 |  |   | $ | 23,271 |  |
| Unearned premiums                                                                                                                        | 3,671 |  |   | 3,592 |  |
| Future policy benefits                                                                                                                   | 10,152 |  |   | 9,490 |  |
| Policyholders’ funds                                                                                                               | — |  |   | 27 |  |
| Short term debt                                                                                                                          | 350 |  |   | — |  |
| Long term debt                                                                                                                           | 2,212 |  |   | 2,559 |  |
| Other liabilities (includes $82 and $153 due to Loews Corporation)                                                                       | 4,243 |  |   | 3,833 |  |
| Total liabilities                                                                                                                        | 43,291 |  |   | 42,772 |  |
| Commitments and contingencies (Notes B, F and L)                                                                                         |   |   |   |
| Stockholders' Equity                                                                                                                     |   |  |   |   |  |
| Common stock ($2.50 par value; 500,000,000 shares authorized; 273,040,243 shares issued; 270,274,361 and 269,980,202 shares outstanding) | 683 |  |   | 683 |  |
| Additional paid-in capital                                                                                                               | 2,153 |  |   | 2,151 |  |
| Retained earnings                                                                                                                        | 9,313 |  |   | 9,645 |  |
| Accumulated other comprehensive income                                                                                                   | (315 | ) |   | 400 |  |
| Treasury stock (2,765,882 and 3,060,041 shares), at cost                                                                                 | (78 | ) |   | (84 | ) |
| Notes receivable for the issuance of common stock                                                                                        | — |  |   | (1 | ) |
| Total stockholders’ equity                                                                                                         | 11,756 |  |   | 12,794 |  |
| Total liabilities and stockholders' equity                                                                                               | $ | 55,047 |  |   | $ | 55,566 |  |

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|                                                                                         |  |  |  |  |  |  |  |  |  |  |  |
| Years ended December 31                                                                 |   |   |   |   |   |
| (In millions)                                                                           | 2015 |   | 2014 |   | 2013 |
| Cash Flows from Operating Activities                                                    |   |   |   |   |   |
| Net income                                                                              | $ | 479 |  |   | $ | 691 |  |   | $ | 937 |  |
| Adjustments to reconcile net income to net cash flows provided by operating activities: |   |   |   |   |   |
| Loss on sale of subsidiaries                                                            | — |  |   | 251 |  |   | — |  |
| Deferred income tax (benefit) expense                                                   | (150 | ) |   | 3 |  |   | 77 |  |
| Trading portfolio activity                                                              | 17 |  |   | 16 |  |   | (10 | ) |
| Net realized investment losses (gains)                                                  | 67 |  |   | (60 | ) |   | (31 | ) |
| Equity method investees                                                                 | 195 |  |   | 83 |  |   | (323 | ) |
| Net amortization of investments                                                         | 17 |  |   | 3 |  |   | (24 | ) |
| Depreciation and amortization                                                           | 84 |  |   | 83 |  |   | 101 |  |
| Changes in:                                                                             |   |   |   |   |   |
| Receivables, net                                                                        | 82 |  |   | 731 |  |   | 44 |  |
| Accrued investment income                                                               | (1 | ) |   | — |  |   | (9 | ) |
| Deferred acquisition costs                                                              | 311 |  |   | 44 |  |   | 2 |  |
| Insurance reserves                                                                      | 241 |  |   | (363 | ) |   | (68 | ) |
| Other assets                                                                            | (79 | ) |   | (48 | ) |   | (27 | ) |
| Other liabilities                                                                       | 126 |  |   | (48 | ) |   | 525 |  |
| Other, net                                                                              | (2 | ) |   | 54 |  |   | 10 |  |
| Total adjustments                                                                       | 908 |  |   | 749 |  |   | 267 |  |
| Net cash flows provided by operating activities                                         | 1,387 |  |   | 1,440 |  |   | 1,204 |  |
| Cash Flows from Investing Activities                                                    |   |  |   |   |  |   |   |
| Dispositions:                                                                           |   |   |   |   |   |
| Fixed maturity securities - sales                                                       | 4,390 |  |   | 4,914 |  |   | 6,869 |  |
| Fixed maturity securities - maturities, calls and redemptions                           | 4,095 |  |   | 3,983 |  |   | 3,271 |  |
| Equity securities                                                                       | 57 |  |   | 31 |  |   | 103 |  |
| Limited partnerships                                                                    | 174 |  |   | 167 |  |   | 108 |  |
| Mortgage loans                                                                          | 26 |  |   | 57 |  |   | 22 |  |
| Purchases:                                                                              |   |   |   |   |   |
| Fixed maturity securities                                                               | (8,675 | ) |   | (9,365 | ) |   | (11,197 | ) |
| Equity securities                                                                       | (62 | ) |   | (67 | ) |   | (77 | ) |
| Limited partnerships                                                                    | (188 | ) |   | (271 | ) |   | (223 | ) |
| Mortgage loans                                                                          | (123 | ) |   | (137 | ) |   | (129 | ) |
| Change in other investments                                                             | 4 |  |   | 15 |  |   | (22 | ) |
| Change in short term investments                                                        | 34 |  |   | (388 | ) |   | 425 |  |
| Purchases of property and equipment                                                     | (125 | ) |   | (71 | ) |   | (91 | ) |
| Proceeds from sale of subsidiaries                                                      | — |  |   | 198 |  |   | — |  |
| Other dispositions                                                                      | — |  |   | — |  |   | 32 |  |
| Other, net                                                                              | 21 |  |   | 16 |  |   | 11 |  |
| Net cash flows used by investing activities                                             | $ | (372 | ) |   | $ | (918 | ) |   | $ | (898 | ) |

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|-------------------------------------------------|
|                                                 |  |  |  |  |  |  |  |  |  |  |  |
| Years ended December 31                         |   |   |   |   |   |
| (In millions)                                   | 2015 |   | 2014 |   | 2013 |
| Cash Flows from Financing Activities            |   |   |   |   |   |
| Dividends paid to common stockholders           | $ | (811 | ) |   | $ | (541 | ) |   | $ | (216 | ) |
| Proceeds from the issuance of debt              | — |  |   | 546 |  |   | — |  |
| Repayment of debt                               | — |  |   | (549 | ) |   | (13 | ) |
| Other, net                                      | 4 |  |   | 25 |  |   | (35 | ) |
| Net cash flows used by financing activities     | (807 | ) |  | (519 | ) |   | (264 | ) |
| Effect of foreign exchange rate changes on cash | (11 | ) |   | (8 | ) |   | (3 | ) |
| Net change in cash                              | 197 |  |   | (5 | ) |   | 39 |  |
| Cash, beginning of year                         | 190 |  |   | 195 |  |   | 156 |  |
| Cash, end of year                               | $ | 387 |  |   | $ | 190 |  |   | $ | 195 |  |

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|                                                               |
|---------------------------------------------------------------|
|                                                               |  |  |  |  |  |  |  |  |  |  |  |
| Years ended December 31                                       |   |   |   |   |   |
| (In millions)                                                 | 2015 |   | 2014 |   | 2013 |
| Common Stock                                                  |   |   |   |   |   |
| Balance, beginning of year                                    | $ | 683 |  |   | $ | 683 |  |   | $ | 683 |  |
| Balance, end of year                                          | 683 |  |   | 683 |  |   | 683 |  |
| Additional Paid-in Capital                                    |   |   |   |   |   |
| Balance, beginning of year                                    | 2,151 |  |   | 2,145 |  |   | 2,146 |  |
| Stock-based compensation                                      | 2 |  |   | 6 |  |   | (1 | ) |
| Balance, end of year                                          | 2,153 |  |   | 2,151 |  |   | 2,145 |  |
| Retained Earnings                                             |   |   |   |   |   |
| Balance, beginning of year                                    | 9,645 |  |   | 9,495 |  |   | 8,774 |  |
| Dividends paid to common stockholders                         | (811 | ) |   | (541 | ) |   | (216 | ) |
| Net income                                                    | 479 |  |   | 691 |  |   | 937 |  |
| Balance, end of year                                          | 9,313 |  |   | 9,645 |  |   | 9,495 |  |
| Accumulated Other Comprehensive Income                        |   |   |   |   |   |
| Balance, beginning of year                                    | 400 |  |   | 442 |  |   | 831 |  |
| Other comprehensive income (loss)                             | (715 | ) |   | (42 | ) |   | (389 | ) |
| Balance, end of year                                          | (315 | ) |   | 400 |  |   | 442 |  |
| Treasury Stock                                                |   |   |   |   |   |
| Balance, beginning of year                                    | (84 | ) |   | (91 | ) |   | (99 | ) |
| Stock-based compensation                                      | 6 |  |   | 7 |  |   | 8 |  |
| Balance, end of year                                          | (78 | ) |   | (84 | ) |   | (91 | ) |
| Notes Receivable for the Issuance of Common Stock             |   |   |   |   |   |
| Balance, beginning of year                                    | (1 | ) |   | (23 | ) |   | (21 | ) |
| Decrease (increase) in notes receivable for common stock | 1 |  |   | 22 |  |   | (2 | ) |
| Balance, end of year                                          | — |  |   | (1 | ) |   | (23 | ) |
| Total stockholders' equity                                    | $ | 11,756 |  |   | $ | 12,794 |  |   | $ | 12,651 |  |

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|                            |
|----------------------------|
|                            |  |  |  |  |  |  |  |  |  |  |
| December 31, 2015     | Number of Life Settlement Contracts |   | Fair Value of Life Settlement  Contracts(In millions) |   | Face Amount of Life Insurance Policies(In millions) |
| Estimated maturity during: |   |   |   |   |   |
| 2016                       | 60 |  |   | $ | 11 |  |   | $ | 35 |  |
| 2017                       | 60 |  |   | 10 |  |   | 31 |  |
| 2018                       | 50 |  |   | 8 |  |   | 27 |  |
| 2019                       | 40 |  |   | 6 |  |   | 24 |  |
| 2020                       | 40 |  |   | 5 |  |   | 21 |  |
| Thereafter                 | 300 |  |   | 34 |  |   | 167 |  |
| Total                      | 550 |  |   | $ | 74 |  |   | $ | 305 |  |

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|                                 |
|---------------------------------|
|                                 |  |  |  |  |  |  |  |  |  |  |  |
| Years ended December 31         |   |   |   |   |   |
| (In millions)                   | 2015 |   | 2014 |   | 2013 |
| Fixed maturity securities       | $ | 1,751 |  |   | $ | 1,803 |  |   | $ | 1,827 |  |
| Equity securities               | 12 |  |   | 12 |  |   | 12 |  |
| Limited partnership investments | 92 |  |   | 263 |  |   | 451 |  |
| Mortgage loans                  | 33 |  |   | 31 |  |   | 23 |  |
| Short term investments          | 6 |  |   | 3 |  |   | 3 |  |
| Trading portfolio               | 8 |  |   | 10 |  |   | 17 |  |
| Other                           | 1 |  |   | 3 |  |   | 2 |  |
| Gross investment income         | 1,903 |  |   | 2,125 |  |   | 2,335 |  |
| Investment expense              | (63 | ) |   | (58 | ) |   | (53 | ) |
| Net investment income           | $ | 1,840 |  |   | $ | 2,067 |  |   | $ | 2,282 |  |

|                                                                     |
|---------------------------------------------------------------------|
|                                                                     |  |  |  |  |  |  |  |  |  |  |  |
| Years ended December 31                                             |   |   |   |   |   |
| (In millions)                                                       | 2015 |   | 2014 |   | 2013 |
| Net realized investment gains (losses):                             |   |   |   |   |   |
| Fixed maturity securities:                                          |   |   |   |   |   |
| Gross realized gains                                                | $ | 131 |  |   | $ | 170 |  |   | $ | 185 |  |
| Gross realized losses                                               | (197 | ) |   | (129 | ) |   | (144 | ) |
| Net realized investment gains (losses) on fixed maturity securities | (66 | ) |   | 41 |  |   | 41 |  |
| Equity securities:                                                  |   |   |   |  |   |   |  |
| Gross realized gains                                                | 2 |  |   | 8 |  |   | 13 |  |
| Gross realized losses                                               | (25 | ) |   | (7 | ) |   | (35 | ) |
| Net realized investment gains (losses) on equity securities    | (23 | ) |   | 1 |  |   | (22 | ) |
| Derivatives                                                         | 10 |  |   | (1 | ) |   | (9 | ) |
| Short term investments and other                                    | 12 |  |   | 16 |  |   | 10 |  |
| Net realized investment gains (losses)                              | $ | (67 | ) |   | $ | 57 |  |   | $ | 20 |  |

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|                                                     |
|-----------------------------------------------------|
|                                                     |  |  |  |  |  |  |  |  |  |  |  |
| Years ended December 31                             |   |   |   |   |   |
| (In millions)                                       | 2015 |   | 2014 |   | 2013 |
| Net change in unrealized gains on investments:      |   |   |   |   |   |
| Fixed maturity securities                           | $ | (1,114 | ) |   | $ | 1,511 |  |   | $ | (2,541 | ) |
| Equity securities                                   | (6 | ) |   | 6 |  |   | (15 | ) |
| Other                                               | 1 |  |   | — |  |   | — |  |
| Total net change in unrealized gains on investments | $ | (1,119 | ) |   | $ | 1,517 |  |   | $ | (2,556 | ) |

|                                                    |
|----------------------------------------------------|
|                                                    |  |  |  |  |  |  |  |  |  |  |  |
| Years ended December 31                            |   |   |   |   |   |
| (In millions)                                      | 2015 |   | 2014 |   | 2013 |
| Fixed maturity securities available-for-sale:      |  |   |   |   |   |
| Corporate and other bonds                          | $ | 104 |  |   | $ | 18 |  |   | $ | 20 |  |
| States, municipalities and political subdivisions  | 18 |  |   | 46 |  |   | — |  |
| Asset-backed:                                      |   |   |   |  |   |   |  |
| Residential mortgage-backed                        | 8 |  |   | 5 |  |   | 19 |  |
| Other asset-backed                                 | 1 |  |   | 1 |  |   | 2 |  |
| Total asset-backed                                 | 9 |  |   | 6 |  |   | 21 |  |
| Total fixed maturity securities available-for-sale | 131 |  |   | 70 |  |   | 41 |  |
| Equity securities available-for-sale:              |   |   |   |   |   |
| Common stock                                       | 25 |  |   | 7 |  |   | 8 |  |
| Preferred stock                                    | — |  |   | — |  |   | 26 |  |
| Total equity securities available-for-sale         | 25 |  |   | 7 |  |   | 34 |  |
| Short term investments                             | — |  |   | — |  |   | 1 |  |
| OTTI losses recognized in earnings                 | $ | 156 |  |   | $ | 77 |  |   | $ | 76 |  |

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|                                                                   |
|-------------------------------------------------------------------|
|                                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| December 31, 2015                                            | Cost orAmortizedCost |   | GrossUnrealizedGains |   | GrossUnrealizedLosses |   | EstimatedFairValue |   | UnrealizedOTTILosses (Gains) |
| (In millions)                                                     |   |   |   |   |
| Fixed maturity securities available-for-sale:                     |   |   |   |   |   |   |   |   |   |
| Corporate and other bonds                                         | $ | 17,080 |  |   | $ | 1,019 |  |   | $ | 342 |  |   | $ | 17,757 |  |   | $ | — |  |
| States, municipalities and political subdivisions                 | 11,729 |  |   | 1,453 |  |   | 8 |  |   | 13,174 |  |   | (4 | ) |
| Asset-backed:                                                     |   |   |   |   |   |   |   |   |   |
| Residential mortgage-backed                                       | 4,935 |  |   | 154 |  |   | 17 |  |   | 5,072 |  |   | (37 | ) |
| Commercial mortgage-backed                                        | 2,154 |  |   | 55 |  |   | 12 |  |   | 2,197 |  |   | — |  |
| Other asset-backed                                                | 923 |  |   | 6 |  |   | 8 |  |   | 921 |  |   | — |  |
| Total asset-backed                                                | 8,012 |  |   | 215 |  |   | 37 |  |   | 8,190 |  |   | (37 | ) |
| U.S. Treasury and obligations of government-sponsored enterprises | 62 |  |   | 5 |  |   | — |  |   | 67 |  |   | — |  |
| Foreign government                                                | 334 |  |   | 13 |  |   | 1 |  |   | 346 |  |   | — |  |
| Redeemable preferred stock                                        | 33 |  |   | 2 |  |   | — |  |   | 35 |  |   | — |  |
| Total fixed maturity securities available-for-sale                | 37,250 |  |   | 2,707 |  |   | 388 |  |   | 39,569 |  |   | $ | (41 | ) |
| Total fixed maturity securities trading                           | 3 |  |   |  |  |   |  |  |   | 3 |  |   |   |
| Equity securities available-for-sale:                             |   |   |   |   |   |   |   |   |   |
| Common stock                                                      | 46 |  |   | 3 |  |   | 1 |  |   | 48 |  |   |   |
| Preferred stock                                                   | 145 |  |   | 7 |  |   | 3 |  |   | 149 |  |   |   |
| Total equity securities available-for-sale                        | 191 |  |   | 10 |  |   | 4 |  |   | 197 |  |   |   |
| Total                                                             | $ | 37,444 |  |   | $ | 2,717 |  |   | $ | 392 |  |   | $ | 39,769 |  |   |   |

|                                                                   |
|-------------------------------------------------------------------|
|                                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| December 31, 2014                                            | Cost orAmortizedCost |   | GrossUnrealizedGains |   | GrossUnrealizedLosses |   | EstimatedFairValue |   | UnrealizedOTTILosses (Gains) |
| (In millions)                                                     |   |   |   |   |
| Fixed maturity securities available-for-sale:                     |   |   |   |   |   |   |   |   |   |
| Corporate and other bonds                                         | $ | 17,210 |  |   | $ | 1,721 |  |   | $ | 61 |  |   | $ | 18,870 |  |   | $ | — |  |
| States, municipalities and political subdivisions                 | 11,285 |  |   | 1,463 |  |   | 8 |  |   | 12,740 |  |   | — |  |
| Asset-backed:                                                     |   |   |   |   |   |   |   |   |   |
| Residential mortgage-backed                                       | 5,028 |  |   | 218 |  |   | 13 |  |   | 5,233 |  |   | (53 | ) |
| Commercial mortgage-backed                                        | 2,056 |  |   | 93 |  |   | 5 |  |   | 2,144 |  |   | (2 | ) |
| Other asset-backed                                                | 1,234 |  |   | 11 |  |   | 10 |  |   | 1,235 |  |   | — |  |
| Total asset-backed                                                | 8,318 |  |   | 322 |  |   | 28 |  |   | 8,612 |  |   | (55 | ) |
| U.S. Treasury and obligations of government-sponsored enterprises | 26 |  |   | 5 |  |   | — |  |   | 31 |  |   | — |  |
| Foreign government                                                | 438 |  |   | 16 |  |   | — |  |   | 454 |  |   | — |  |
| Redeemable preferred stock                                        | 39 |  |   | 3 |  |   | — |  |   | 42 |  |   | — |  |
| Total fixed maturity securities available-for-sale                | 37,316 |  |   | 3,530 |  |   | 97 |  |   | 40,749 |  |   | $ | (55 | ) |
| Total fixed maturity securities trading                           | 19 |  |   |  |  |   |  |  |   | 19 |  |   |   |
| Equity securities available-for-sale:                             |   |   |   |   |   |   |   |   |   |
| Common stock                                                      | 38 |  |   | 9 |  |   | — |  |   | 47 |  |   |   |
| Preferred stock                                                   | 172 |  |   | 5 |  |   | 2 |  |   | 175 |  |   |   |
| Total equity securities available-for-sale                        | 210 |  |   | 14 |  |   | 2 |  |   | 222 |  |   |   |
| Total                                                             | $ | 37,545 |  |   | $ | 3,544 |  |   | $ | 99 |  |   | $ | 40,990 |  |   |   |

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|                                                                   |
|-------------------------------------------------------------------|
|                                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                              | Less than 12 Months |   | 12 Months or Longer |   | Total |
| December 31, 2015                                            | EstimatedFair Value |   | GrossUnrealizedLosses |   | EstimatedFair Value |   | GrossUnrealizedLosses |   | EstimatedFair Value |   | GrossUnrealizedLosses |
| (In millions)                                                     |   |   |   |   |   |
| Fixed maturity securities available-for-sale:                     |   |   |   |   |   |   |   |   |   |   |   |
| Corporate and other bonds                                         | $ | 4,882 |  |   | $ | 302 |  |   | $ | 162 |  |   | $ | 40 |  |   | $ | 5,044 |  |   | $ | 342 |  |
| States, municipalities and political subdivisions                 | 338 |  |   | 8 |  |   | 75 |  |   | — |  |   | 413 |  |   | 8 |  |
| Asset-backed:                                                     |   |   |   |   |   |   |   |   |   |   |   |
| Residential mortgage-backed                                       | 963 |  |   | 9 |  |   | 164 |  |   | 8 |  |   | 1,127 |  |   | 17 |  |
| Commercial mortgage-backed                                        | 652 |  |   | 10 |  |   | 96 |  |   | 2 |  |   | 748 |  |   | 12 |  |
| Other asset-backed                                                | 552 |  |   | 8 |  |   | 5 |  |   | — |  |   | 557 |  |   | 8 |  |
| Total asset-backed                                                | 2,167 |  |   | 27 |  |   | 265 |  |   | 10 |  |   | 2,432 |  |   | 37 |  |
| U.S. Treasury and obligations of government-sponsored enterprises | 4 |  |   | — |  |   | — |  |   | — |  |   | 4 |  |   | — |  |
| Foreign government                                                | 54 |  |   | 1 |  |   | — |  |   | — |  |   | 54 |  |   | 1 |  |
| Redeemable preferred stock                                        | 3 |  |   | — |  |   | — |  |   | — |  |   | 3 |  |   | — |  |
| Total fixed maturity securities available-for-sale                | 7,448 |  |   | 338 |  |   | 502 |  |   | 50 |  |   | 7,950 |  |   | 388 |  |
| Equity securities available-for-sale:                             |   |   |   |   |   |   |   |   |   |   |   |
| Common Stock                                                      | 3 |  |   | 1 |  |   | — |  |   | — |  |   | 3 |  |   | 1 |  |
| Preferred stock                                                   | 13 |  |   | 3 |  |   | — |  |   | — |  |   | 13 |  |   | 3 |  |
| Total equity securities available-for-sale                        | 16 |  |   | 4 |  |   | — |  |   | — |  |   | 16 |  |   | 4 |  |
| Total                                                             | $ | 7,464 |  |   | $ | 342 |  |   | $ | 502 |  |   | $ | 50 |  |   | $ | 7,966 |  |   | $ | 392 |  |

|                                                                   |
|-------------------------------------------------------------------|
|                                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                              | Less than 12 Months |   | 12 Months or Longer |   | Total |
| December 31, 2014                                            | EstimatedFair Value |   | GrossUnrealizedLosses |   | EstimatedFair Value |   | GrossUnrealizedLosses |   | EstimatedFair Value |   | GrossUnrealizedLosses |
| (In millions)                                                     |   |   |   |   |   |
| Fixed maturity securities available-for-sale:                     |   |   |   |   |   |   |   |   |   |   |   |
| Corporate and other bonds                                         | $ | 1,330 |  |   | $ | 46 |  |   | $ | 277 |  |   | $ | 15 |  |   | $ | 1,607 |  |   | $ | 61 |  |
| States, municipalities and political subdivisions                 | 335 |  |   | 5 |  |   | 127 |  |   | 3 |  |   | 462 |  |   | 8 |  |
| Asset-backed:                                                     |   |   |   |   |   |   |   |   |   |   |   |
| Residential mortgage-backed                                       | 293 |  |   | 5 |  |   | 189 |  |   | 8 |  |   | 482 |  |   | 13 |  |
| Commercial mortgage-backed                                        | 264 |  |   | 2 |  |   | 99 |  |   | 3 |  |   | 363 |  |   | 5 |  |
| Other asset-backed                                                | 607 |  |   | 10 |  |   | 7 |  |   | — |  |   | 614 |  |   | 10 |  |
| Total asset-backed                                                | 1,164 |  |   | 17 |  |   | 295 |  |   | 11 |  |   | 1,459 |  |   | 28 |  |
| U.S. Treasury and obligations of government-sponsored enterprises | 3 |  |   | — |  |   | 4 |  |   | — |  |   | 7 |  |   | — |  |
|    Foreign government                              | 3 |  |   | — |  |   | 3 |  |   | — |  |   | 6 |  |   | — |  |
| Redeemable preferred stock                                        | 3 |  |   | — |  |   | — |  |   | — |  |   | 3 |  |   | — |  |
| Total fixed maturity securities available-for-sale                | 2,838 |  |   | 68 |  |   | 706 |  |   | 29 |  |   | 3,544 |  |   | 97 |  |
| Equity securities available-for-sale:                             |   |   |   |   |   |   |   |   |   |   |   |
|    Preferred stock                                 | 17 |  |   | 2 |  |   | 1 |  |   | — |  |   | 18 |  |   | 2 |  |
| Total                                                             | $ | 2,855 |  |   | $ | 70 |  |   | $ | 707 |  |   | $ | 29 |  |   | $ | 3,562 |  |   | $ | 99 |  |

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|                                                                                                        |
|--------------------------------------------------------------------------------------------------------|
|                                                                                                        |  |  |  |  |  |  |  |  |  |  |  |
| Years ended December 31                                                                                |   |   |   |   |   |
| (In millions)                                                                                          | 2015 |   | 2014 |   | 2013 |
| Beginning balance of credit losses on fixed maturity securities                                        | $ | 62 |  |   | $ | 74 |  |   | $ | 95 |  |
| Additional credit losses for securities for which an OTTI loss was previously recognized               | — |  |   | — |  |   | 2 |  |
| Reductions for securities sold during the period                                                       | (9 | ) |   | (9 | ) |   | (23 | ) |
| Reductions for securities the Company intends to sell or more likely than not will be required to sell | — |  |   | (3 | ) |   | — |  |
| Ending balance of credit losses on fixed maturity securities                                           | $ | 53 |  |   | $ | 62 |  |   | $ | 74 |  |

|                                        |
|----------------------------------------|
|                                        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| December 31                            | 2015 |   | 2014 |
| (In millions)                          | Cost orAmortizedCost |   | EstimatedFairValue |   | Cost orAmortizedCost |   | EstimatedFairValue |
| Due in one year or less                | $ | 1,574 |  |   | $ | 1,595 |  |   | $ | 2,479 |  |   | $ | 2,511 |  |
| Due after one year through five years  | 7,721 |  |   | 8,070 |  |   | 9,054 |  |   | 9,605 |  |
| Due after five years through ten years | 14,652 |  |   | 14,915 |  |   | 12,055 |  |   | 12,584 |  |
| Due after ten years                    | 13,303 |  |   | 14,989 |  |   | 13,728 |  |   | 16,049 |  |
| Total                                  | $ | 37,250 |  |   | $ | 39,569 |  |   | $ | 37,316 |  |   | $ | 40,749 |  |

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|                                                 |
|-------------------------------------------------|
|                                                 |  |  |  |  |  |  |  |  |  |  |  |
| December 31, 2015                          | Contractual/NotionalAmount |   | Estimated Fair Value |
| (In millions)                                   |   | Asset |   | Liability |
| Without hedge designation                       |   |   |   |   |   |
| Equity warrants                                 | $ | 5 |  |   | $ | — |  |   | $ | — |  |
| Embedded derivative on funds withheld liability | 179 |  |   | — |  |   | (5 | ) |
| Total                                           |   |   | $ | — |  |   | $ | (5 | ) |

|                                                 |
|-------------------------------------------------|
|                                                 |  |  |  |  |  |  |  |  |  |  |  |
| December 31, 2014                          | Contractual/NotionalAmount |   | Estimated Fair Value |
| (In millions)                                   |   | Asset |   | Liability |
| Without hedge designation                       |   |   |   |   |   |
| Currency forwards                               | $ | 9 |  |   | $ | — |  |   | $ | — |  |
| Equity warrants                                 | 5 |  |   | — |  |   | — |  |
| Embedded derivative on funds withheld liability | 184 |  |   | — |  |   | 3 |  |
| Total                                           |   |   | $ | — |  |   | $ | 3 |  |

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|                                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| December 31, 2015                                            |   |   |   |   |   |   | TotalAssets/Liabilitiesat Fair Value |
| (In millions)                                                     | Level 1 |   | Level 2 |   | Level 3 |   |
| Assets                                                            |   |   |   |   |   |   |   |
| Fixed maturity securities:                                        |   |   |   |   |   |   |   |
| Corporate and other bonds                                         | $ | — |  |   | $ | 17,592 |  |   | $ | 168 |  |   | $ | 17,760 |  |
| States, municipalities and political subdivisions                 | — |  |   | 13,172 |  |   | 2 |  |   | 13,174 |  |
| Asset-backed:                                                     |   |   |   |   |   |   |   |
| Residential mortgage-backed                                       | — |  |   | 4,938 |  |   | 134 |  |   | 5,072 |  |
| Commercial mortgage-backed                                        | — |  |   | 2,175 |  |   | 22 |  |   | 2,197 |  |
| Other asset-backed                                                | — |  |   | 868 |  |   | 53 |  |   | 921 |  |
| Total asset-backed                                                | — |  |   | 7,981 |  |   | 209 |  |   | 8,190 |  |
| U.S. Treasury and obligations of government-sponsored enterprises | 66 |  |   | 1 |  |   | — |  |   | 67 |  |
| Foreign government                                                | — |  |   | 346 |  |   | — |  |   | 346 |  |
| Redeemable preferred stock                                        | 35 |  |   | — |  |   | — |  |   | 35 |  |
| Total fixed maturity securities                                   | 101 |  |   | 39,092 |  |   | 379 |  |   | 39,572 |  |
| Equity securities                                                 | 177 |  |   | — |  |   | 20 |  |   | 197 |  |
| Other invested assets                                             | — |  |   | 44 |  |   | — |  |   | 44 |  |
| Short term investments                                            | 448 |  |   | 1,134 |  |   | — |  |   | 1,582 |  |
| Life settlement contracts, included in Other assets               | — |  |   | — |  |   | 74 |  |   | 74 |  |
| Total assets                                                      | $ | 726 |  |   | $ | 40,270 |  |   | $ | 473 |  |   | $ | 41,469 |  |
| Liabilities                                                       |   |   |   |   |   |  |   |   |  |
| Other liabilities                                                 | $ | — |  |   | $ | (5 | ) |   | $ | — |  |   | $ | (5 | ) |
| Total liabilities                                                 | $ | — |  |   | $ | (5 | ) |   | $ | — |  |   | $ | (5 | ) |

|                                                                   |
|-------------------------------------------------------------------|
|                                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| December 31, 2014                                            |   |   |   |   |   |   | TotalAssets/Liabilitiesat Fair Value |
| (In millions)                                                     | Level 1 |   | Level 2 |   | Level 3 |   |
| Assets                                                            |   |   |   |   |   |   |   |
| Fixed maturity securities:                                        |   |   |   |   |   |   |   |
| Corporate and other bonds                                         | $ | 32 |  |   | $ | 18,695 |  |   | $ | 162 |  |   | $ | 18,889 |  |
| States, municipalities and political subdivisions                 | — |  |   | 12,646 |  |   | 94 |  |   | 12,740 |  |
| Asset-backed:                                                     |   |   |   |   |   |   |   |  |
| Residential mortgage-backed                                       | — |  |   | 5,044 |  |   | 189 |  |   | 5,233 |  |
| Commercial mortgage-backed                                        | — |  |   | 2,061 |  |   | 83 |  |   | 2,144 |  |
| Other asset-backed                                                | — |  |   | 580 |  |   | 655 |  |   | 1,235 |  |
| Total asset-backed                                                | — |  |   | 7,685 |  |   | 927 |  |   | 8,612 |  |
| U.S. Treasury and obligations of government-sponsored enterprises | 28 |  |   | 3 |  |   | — |  |   | 31 |  |
| Foreign government                                                | 41 |  |   | 413 |  |   | — |  |   | 454 |  |
| Redeemable preferred stock                                        | 30 |  |   | 12 |  |   | — |  |   | 42 |  |
| Total fixed maturity securities                                   | 131 |  |   | 39,454 |  |   | 1,183 |  |   | 40,768 |  |
| Equity securities                                                 | 145 |  |   | 61 |  |   | 16 |  |   | 222 |  |
| Other invested assets                                             | — |  |   | 41 |  |   | — |  |   | 41 |  |
| Short term investments                                            | 681 |  |   | 963 |  |   | — |  |   | 1,644 |  |
| Life settlement contracts, included in Other assets               | — |  |   | — |  |   | 82 |  |   | 82 |  |
| Total assets                                                      | $ | 957 |  |   | $ | 40,519 |  |   | $ | 1,281 |  |   | $ | 42,757 |  |
| Liabilities                                                       |   |   |   |   |   |  |   |   |  |
| Other liabilities                                                 | $ | — |  |   | $ | 3 |  |   | $ | — |  |   | $ | 3 |  |
| Total liabilities                                                 | $ | — |  |   | $ | 3 |  |   | $ | — |  |   | $ | 3 |  |

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|                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Level 3(In millions)                              | Balance as ofJanuary 1,2015 |   | Net realized investment gains (losses) and net change in unrealized appreciation (depreciation) included in net income (loss) |   | Net change in unrealized appreciation (depreciation) included in other comprehensive income (loss) |   | Purchases |   | Sales |   | Settlements |   | Transfers intoLevel 3 |   | Transfers out of Level 3 |   | Balance as ofDecember 31,2015 |   | Unrealized gains (losses) on Level 3 assets and liabilities held as of December 31, 2015 recognized in net income (loss) |
| Fixed maturity securities:                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Corporate and other bonds                         | $ | 162 |  |   | $ | (2 | ) |   | $ | (3 | ) |   | $ | 65 |  |   | $ | (13 | ) |   | $ | (35 | ) |   | $ | 40 |  |   | $ | (46 | ) |   | $ | 168 |  |   | $ | (2 | ) |
| States, municipalities and political subdivisions | 94 |  |   | 1 |  |   | — |  |   | — |  |   | — |  |   | (10 | ) |   | — |  |   | (83 | ) |   | 2 |  |   | — |  |
| Asset-backed:                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |  |   |   |
| Residential mortgage-backed                       | 189 |  |   | 5 |  |   | (3 | ) |   | 81 |  |   | — |  |   | (35 | ) |   | 14 |  |   | (117 | ) |   | 134 |  |   | — |  |
| Commercial mortgage-backed                        | 83 |  |   | 7 |  |   | (4 | ) |   | 23 |  |   | — |  |   | (17 | ) |   | 17 |  |   | (87 | ) |   | 22 |  |   | — |  |
| Other asset-backed                                | 655 |  |   | 3 |  |   | 3 |  |   | 130 |  |   | (263 | ) |   | (52 | ) |   | 7 |  |   | (430 | ) |   | 53 |  |   | — |  |
| Total asset-backed                                | 927 |  |   | 15 |  |   | (4 | ) |   | 234 |  |   | (263 | ) |   | (104 | ) |   | 38 |  |   | (634 | ) |   | 209 |  |   | — |  |
| Total fixed maturity securities                   | 1,183 |  |   | 14 |  |   | (7 | ) |   | 299 |  |   | (276 | ) |   | (149 | ) |   | 78 |  |   | (763 | ) |   | 379 |  |   | (2 | ) |
| Equity securities                                 | 16 |  |   | — |  |   | (1 | ) |   | 4 |  |   | — |  |   | — |  |   | 1 |  |   | — |  |   | 20 |  |   | — |  |
| Life settlement contracts                         | 82 |  |   | 25 |  |   | — |  |   | — |  |   | — |  |   | (33 | ) |   | — |  |   | — |  |   | 74 |  |   | 1 |  |
| Total                                             | $ | 1,281 |  |   | $ | 39 |  |   | $ | (8 | ) |   | $ | 303 |  |   | $ | (276 | ) |   | $ | (182 | ) |   | $ | 79 |  |   | $ | (763 | ) |   | $ | 473 |  |   | $ | (1 | ) |

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|                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Level 3(In millions)                              | Balance as ofJanuary 1,2014 |   | Net realized investment gains (losses) and net change in unrealized appreciation (depreciation) included in net income (loss) |   | Net change in unrealized appreciation (depreciation) included in other comprehensive income (loss) |   | Purchases |   | Sales |   | Settlements |   | Transfers intoLevel 3 |   | Transfers out of Level 3 |   | Balance as ofDecember 31,2014 |   | Unrealized gains (losses) on Level 3 assets and liabilities held as of December 31, 2014 recognized in net income (loss) |
| Fixed maturity securities:                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Corporate and other bonds                         | $ | 204 |  |   | $ | 2 |  |   | $ | (1 | ) |   | $ | 33 |  |   | $ | (23 | ) |   | $ | (16 | ) |   | $ | 18 |  |   | $ | (55 | ) |   | $ | 162 |  |   | $ | — |  |
| States, municipalities and political subdivisions | 71 |  |   | 1 |  |   | 4 |  |   | 14 |  |   | (10 | ) |   | — |  |   | 14 |  |   | — |  |   | 94 |  |   | — |  |
| Asset-backed:                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |  |   |   |
| Residential mortgage-backed                       | 331 |  |   | (21 | ) |   | 61 |  |   | 94 |  |   | (174 | ) |   | (72 | ) |   | 32 |  |   | (62 | ) |   | 189 |  |   | — |  |
| Commercial mortgage-backed                        | 151 |  |   | 7 |  |   | (6 | ) |   | 28 |  |   | (60 | ) |   | (29 | ) |   | 43 |  |   | (51 | ) |   | 83 |  |   | — |  |
| Other asset-backed                                | 446 |  |   | 2 |  |   | (6 | ) |   | 488 |  |   | (111 | ) |   | (117 | ) |   | — |  |   | (47 | ) |   | 655 |  |   | (1 | ) |
| Total asset-backed                                | 928 |  |   | (12 | ) |   | 49 |  |   | 610 |  |   | (345 | ) |   | (218 | ) |   | 75 |  |   | (160 | ) |   | 927 |  |   | (1 | ) |
| Total fixed maturity securities                   | 1,203 |  |   | (9 | ) |   | 52 |  |   | 657 |  |   | (378 | ) |   | (234 | ) |   | 107 |  |   | (215 | ) |   | 1,183 |  |   | (1 | ) |
| Equity securities                                 | 11 |  |   | 3 |  |   | (6 | ) |   | 16 |  |   | (8 | ) |   | — |  |   | — |  |   | — |  |   | 16 |  |   | — |  |
| Life settlement contracts                         | 88 |  |   | 33 |  |   | — |  |   | — |  |   | — |  |   | (39 | ) |   | — |  |   | — |  |   | 82 |  |   | 8 |  |
| Separate account business                         | 1 |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | (1 | ) |   | — |  |   | — |  |
| Total                                             | $ | 1,303 |  |   | $ | 27 |  |   | $ | 46 |  |   | $ | 673 |  |   | $ | (386 | ) |   | $ | (273 | ) |   | $ | 107 |  |   | $ | (216 | ) |   | $ | 1,281 |  |   | $ | 7 |  |

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|                                                                                          |
|------------------------------------------------------------------------------------------|
|                                                                                          |  |  |
| Major Category of Assets and Liabilities                                                 |   | Consolidated Statements of Operations Line Items |
| Fixed maturity securities available-for-sale                                             |   | Net realized investment gains (losses) |
| Fixed maturity securities trading                                                        |   | Net investment income |
| Equity securities                                                                        |   | Net realized investment gains (losses) |
| Other invested assets - Derivative financial instruments held in a trading portfolio     |   | Net investment income |
| Other invested assets - Derivative financial instruments not held in a trading portfolio |   | Net realized investment gains (losses) |
| Other invested assets - Overseas deposits                                                |   | Net investment income |
| Life settlement contracts                                                                |   | Other revenues |
| Other liabilities - Derivative financial instruments                                     |   | Net realized investment gains (losses) |

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|                           |
|---------------------------|
|                           |  |  |  |  |  |  |  |  |  |
| December 31, 2015         | Estimated Fair Value (In millions) |   | Valuation Technique(s) |   | Unobservable Input(s) |   | Range (Weighted Average) |
| Fixed maturity securities | $ | 138 |  |   | Discounted cash flow |   | Credit spread |   | 3% - 184% (6%) |
| Life settlement contracts | 74 |  |   | Discounted cash flow |   | Discount rate risk premium |   | 9% |
|                      |   |   |   |   | Mortality assumption |   | 55% - 1676% (164%) |

|                           |
|---------------------------|
|                           |  |  |  |  |  |  |  |  |  |
| December 31, 2014         | Estimated Fair Value (In millions) |   | Valuation Technique(s) |   | Unobservable Input(s) |   | Range (Weighted Average) |
| Fixed maturity securities | $ | 101 |  |   | Discounted cash flow |   | Credit spread |   | 2% - 13% (3%) |
| Equity securities         | 16 |  |   | Market approach |   | Private offering price |   | $12 - $4,391 per share ($600) |
| Life settlement contracts | 82 |  |   | Discounted cash flow |   | Discount rate risk premium |   | 9% |
|                      |   |   |   |   | Mortality assumption |   | 55% - 1676% (163%) |

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|------------------------|
|                        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| December 31, 2015 | CarryingAmount |   | Estimated Fair Value |
| (In millions)          |   | Level 1 |   | Level 2 |   | Level 3 |   | Total |
| Assets                 |   |   |   |   |   |   |   |   |   |
| Mortgage loans         | $ | 678 |  |   | $ | — |  |   | $ | — |  |   | $ | 688 |  |   | $ | 688 |  |
| Liabilities            |   |   |   |   |   |   |   |   |   |
| Short term debt        | $ | 350 |  |   | $ | — |  |   | $ | 360 |  |   | $ | — |  |   | $ | 360 |  |
| Long term debt         | 2,212 |  |   | — |  |   | 2,433 |  |   | — |  |   | 2,433 |  |

|                                                   |
|---------------------------------------------------|
|                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| December 31, 2014                            | CarryingAmount |   | Estimated Fair Value |
| (In millions)                                     |   | Level 1 |   | Level 2 |   | Level 3 |   | Total |
| Assets                                            |   |   |   |   |   |   |   |   |   |
| Notes receivable for the issuance of common stock | $ | 1 |  |   | $ | — |  |   | $ | — |  |   | $ | 1 |  |   | $ | 1 |  |
| Mortgage loans                                    | 588 |  |   | — |  |   | — |  |   | 608 |  |   | 608 |  |
| Liabilities                                       |   |   |   |   |   |   |   |   |   |
| Long term debt                                    | $ | 2,559 |  |   | $ | — |  |   | $ | 2,883 |  |   | $ | — |  |   | $ | 2,883 |  |

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|---------------------------------------|
|                                       |  |  |  |  |  |  |  |  |  |  |  |
| Years ended December 31               |   |   |   |   |   |
| (In millions)                         | 2015 |   | 2014 |   | 2013 |
| Income tax expense at statutory rates | $ | (192 | ) |   | $ | (423 | ) |   | $ | (447 | ) |
| Tax benefit from tax exempt income    | 123 |  |   | 119 |  |   | 97 |  |
| Foreign taxes and credits             | 9 |  |   | (6 | ) |   | (1 | ) |
| Other tax expense                     | (10 | ) |   | (9 | ) |   | (10 | ) |
| Income tax expense                    | $ | (70 | ) |  | $ | (319 | ) |   | $ | (361 | ) |

|                                |
|--------------------------------|
|                                |  |  |  |  |  |  |  |  |  |  |  |
| Years ended December 31        |   |   |   |   |   |
| (In millions)                  | 2015 |   | 2014 |   | 2013 |
| Current tax expense            | $ | (220 | ) |   | $ | (318 | ) |   | $ | (292 | ) |
| Deferred tax benefit (expense) | 150 |  |   | (1 | ) |   | (69 | ) |
| Total income tax expense       | $ | (70 | ) |   | $ | (319 | ) |   | $ | (361 | ) |

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|-------------------------------------------------------------------|
|                                                                   |  |  |  |  |  |  |  |
| December 31                                                       |   |   |   |
| (In millions)                                                     | 2015 |   | 2014 |
| Deferred Tax Assets:                                              |   |   |   |
| Insurance reserves:                                               |   |   |   |
| Property and casualty claim and claim adjustment expense reserves | $ | 178 |  |   | $ | 265 |  |
| Unearned premium reserves                                         | 230 |  |   | 187 |  |
| Receivables                                                       | 29 |  |   | 35 |  |
| Employee benefits                                                 | 281 |  |   | 289 |  |
| Life settlement contracts                                         | 48 |  |   | 46 |  |
| Deferred retroactive reinsurance benefit                          | 84 |  |   | 61 |  |
| Investment valuation differences                                  | 29 |  |   | — |  |
| Other assets                                                      | 142 |  |   | 138 |  |
| Gross deferred tax assets                                         | 1,021 |  |   | 1,021 |  |
| Deferred Tax Liabilities:                                         |   |   |   |
| Investment valuation differences                                  | — |  |   | 50 |  |
| Deferred acquisition costs                                        | 117 |  |   | 226 |  |
| Net unrealized gains                                              | 202 |  |   | 489 |  |
| Other liabilities                                                 | 64 |  |   | 65 |  |
| Gross deferred tax liabilities                                    | 383 |  |   | 830 |  |
| Net deferred tax asset                                            | $ | 638 |  |   | $ | 191 |  |

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|                                                                         |
|-------------------------------------------------------------------------|
|                                                                         |  |  |  |  |  |  |  |  |  |  |  |
| As of or for the years ended December 31                                |   |   |   |   |   |
| (In millions)                                                           | 2015 |   | 2014 |   | 2013 |
| Reserves, beginning of year:                                            |   |   |   |   |   |
| Gross                                                                   | $ | 23,271 |  |   | $ | 24,089 |  |   | $ | 24,763 |  |
| Ceded                                                                   | 4,344 |  |   | 4,972 |  |   | 5,126 |  |
| Net reserves, beginning of year                                         | 18,927 |  |   | 19,117 |  |   | 19,637 |  |
| Change in net reserves due to acquisition (disposition) of subsidiaries | — |  |   | (13 | ) |   | — |  |
| Net incurred claim and claim adjustment expenses:                       |   |   |   |   |   |
| Provision for insured events of current year                            | 4,934 |  |   | 5,043 |  |   | 5,114 |  |
| Decrease in provision for insured events of prior years                 | (255 | ) |   | (36 | ) |   | (115 | ) |
| Amortization of discount                                                | 166 |  |   | 161 |  |   | 154 |  |
| Total net incurred (a)                                                  | 4,845 |  |   | 5,168 |  |   | 5,153 |  |
| Net payments attributable to:                                           |   |   |   |   |   |
| Current year events                                                     | (856 | ) |   | (945 | ) |   | (981 | ) |
| Prior year events                                                       | (4,089 | ) |   | (4,355 | ) |   | (4,588 | ) |
| Total net payments                                                      | (4,945 | ) |   | (5,300 | ) |   | (5,569 | ) |
| Foreign currency translation adjustment and other                       | (251 | ) |   | (45 | ) |   | (104 | ) |
| Net reserves, end of year                                               | 18,576 |  |   | 18,927 |  |   | 19,117 |  |
| Ceded reserves, end of year                                             | 4,087 |  |   | 4,344 |  |   | 4,972 |  |
| Gross reserves, end of year                                             | $ | 22,663 |  |   | $ | 23,271 |  |   | $ | 24,089 |  |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                       |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (a) | Total net incurred above does not agree to Insurance claims and policyholders' benefits as reflected on the Consolidated Statements of Operations due to amounts related to retroactive reinsurance deferred gain accounting, uncollectible reinsurance and loss deductible receivables, and benefit expenses related to future policy benefits and policyholders' funds, which are not reflected in the table above. |

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|                                                                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| December 31, 2015                                          |  Specialty |   |  Commercial |   | International |   | Life &Group Non-Core |   | Corporate& Other Non-Core |   | Total |
| (In millions)                                                   |   |   |   |   |   |
| Gross Case Reserves                                             | $ | 2,011 |  |   | $ | 4,975 |  |   | $ | 622 |  |   | $ | 2,973 |  |   | $ | 1,521 |  |   | $ | 12,102 |  |
| Gross IBNR Reserves                                             | 4,258 |  |   | 4,208 |  |   | 725 |  |   | 247 |  |   | 1,123 |  |   | 10,561 |  |
| Total Gross Carried Claim and Claim Adjustment Expense Reserves | $ | 6,269 |  |   | $ | 9,183 |  |   | $ | 1,347 |  |   | $ | 3,220 |  |   | $ | 2,644 |  |   | $ | 22,663 |  |
| Net Case Reserves                                               | $ | 1,810 |  |   | $ | 4,651 |  |   | $ | 531 |  |   | $ | 2,714 |  |   | $ | 130 |  |   | $ | 9,836 |  |
| Net IBNR Reserves                                               | 3,758 |  |   | 3,925 |  |   | 688 |  |   | 216 |  |   | 153 |  |   | 8,740 |  |
| Total Net Carried Claim and Claim Adjustment Expense Reserves   | $ | 5,568 |  |   | $ | 8,576 |  |   | $ | 1,219 |  |   | $ | 2,930 |  |   | $ | 283 |  |   | $ | 18,576 |  |

|                                                                 |
|-----------------------------------------------------------------|
|                                                                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| December 31, 2014                                          |  Specialty |   |  Commercial |   | International |   | Life &Group Non-Core |   | Corporate& Other Non-Core |   | Total |
| (In millions)                                                   |   |   |   |   |   |
| Gross Case Reserves                                             | $ | 2,136 |  |   | $ | 5,298 |  |   | $ | 752 |  |   | $ | 2,881 |  |   | $ | 1,189 |  |   | $ | 12,256 |  |
| Gross IBNR Reserves                                             | 4,093 |  |   | 4,216 |  |   | 689 |  |   | 302 |  |   | 1,715 |  |   | 11,015 |  |
| Total Gross Carried Claim and Claim Adjustment Expense Reserves | $ | 6,229 |  |   | $ | 9,514 |  |   | $ | 1,441 |  |   | $ | 3,183 |  |   | $ | 2,904 |  |   | $ | 23,271 |  |
| Net Case Reserves                                               | $ | 1,929 |  |   | $ | 4,947 |  |   | $ | 598 |  |   | $ | 2,572 |  |   | $ | 144 |  |   | $ | 10,190 |  |
| Net IBNR Reserves                                               | 3,726 |  |   | 3,906 |  |   | 663 |  |   | 271 |  |   | 171 |  |   | 8,737 |  |
| Total Net Carried Claim and Claim Adjustment Expense Reserves   | $ | 5,655 |  |   | $ | 8,853 |  |   | $ | 1,261 |  |   | $ | 2,843 |  |   | $ | 315 |  |   | $ | 18,927 |  |

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|----------------------------------------------------------------------------------------------------------------|
|                                                                                                                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Year ended December 31, 2015                                                                                   |   |   |   |   |   |   |   |   |   |
| (In millions)                                                                                                  | Specialty |   |  Commercial |   | International |   | Corporate & OtherNon-Core |   | Total |
| Pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development | $ | (141 | ) |   | $ | (15 | ) |   | $ | (54 | ) |   | $ | — |  |   | $ | (210 | ) |
| Pretax (favorable) unfavorable premium development                                                             | (11 | ) |   | (15 | ) |   | 18 |  |   | — |  |   | (8 | ) |
| Total pretax (favorable) unfavorable net prior year development                                                | $ | (152 | ) |   | $ | (30 | ) |   | $ | (36 | ) |   | $ | — |  |   | $ | (218 | ) |

|                                                                                                                |
|----------------------------------------------------------------------------------------------------------------|
|                                                                                                                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Year ended December 31, 2014                                                                                   |   |   |   |   |   |   |   |   |   |
| (In millions)                                                                                                  | Specialty |   |  Commercial |   | International |   | Corporate & Other Non-Core |   | Total |
| Pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development | $ | (136 | ) |   | $ | 176 |  |   | $ | (59 | ) |   | $ | (2 | ) |   | $ | (21 | ) |
| Pretax (favorable) unfavorable premium development                                                             | (13 | ) |   | (20 | ) |   | 2 |  |   | (1 | ) |   | (32 | ) |
| Total pretax (favorable) unfavorable net prior year development                                                | $ | (149 | ) |   | $ | 156 |  |   | $ | (57 | ) |   | $ | (3 | ) |   | $ | (53 | ) |

|                                                                                                                |
|----------------------------------------------------------------------------------------------------------------|
|                                                                                                                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Year ended December 31, 2013                                                                                   |   |   |   |   |   |   |   |   |   |
| (In millions)                                                                                                  | Specialty |   |  Commercial |   | International |   | Corporate & OtherNon-Core |   | Total |
| Pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development | $ | (196 | ) |   | $ | 122 |  |   | $ | (38 | ) |   | $ | (6 | ) |   | $ | (118 | ) |
| Pretax (favorable) unfavorable premium development                                                             | (14 | ) |   | (8 | ) |   | (21 | ) |   | 1 |  |   | (42 | ) |
| Total pretax (favorable) unfavorable net prior year development                                                | $ | (210 | ) |   | $ | 114 |  |   | $ | (59 | ) |   | $ | (5 | ) |   | $ | (160 | ) |

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|                                                       |
|-------------------------------------------------------|
|                                                       |  |  |  |  |  |  |  |  |  |  |  |
| Years ended December 31                               |   |   |   |   |   |
| (In millions)                                         | 2015 |   | 2014 |   | 2013 |
| Pretax (favorable) unfavorable development:           |   |   |   |   |   |
| Medical Professional Liability                        | $ | (43 | ) |   | $ | 39 |  |   | $ | (27 | ) |
| Other Professional Liability and Management Liability | — |  |   | (87 | ) |   | (73 | ) |
| Surety                                                | (69 | ) |   | (82 | ) |   | (74 | ) |
| Warranty                                              | (2 | ) |   | (2 | ) |   | (3 | ) |
| Other                                                 | (27 | ) |   | (4 | ) |   | (19 | ) |
| Total pretax (favorable) unfavorable development      | $ | (141 | ) |   | $ | (136 | ) |   | $ | (196 | ) |

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|                                                  |
|--------------------------------------------------|
|                                                  |  |  |  |  |  |  |  |  |  |  |  |
| Years ended December 31                          |  |  |  |   |   |
| (In millions)                                    | 2015 |  | 2014 |   | 2013 |
| Pretax (favorable) unfavorable development:      |   |   |   |   |   |
| Commercial Auto                                  | $ | (22 | ) |   | $ | 31 |  |   | $ | 18 |  |
| General Liability                                | (33 | ) |   | 45 |  |   | 64 |  |
| Workers' Compensation                            | 80 |  |   | 139 |  |   | 91 |  |
| Property and Other                               | (40 | ) |   | (39 | ) |   | (51 | ) |
| Total pretax (favorable) unfavorable development | $ | (15 | ) |   | $ | 176 |  |   | $ | 122 |  |

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|                                                  |
|--------------------------------------------------|
|                                                  |  |  |  |  |  |  |  |  |  |  |  |
| Years ended December 31                          |   |   |   |   |   |
| (In millions)                                    | 2015 |   | 2014 |   | 2013 |
| Pretax (favorable) unfavorable development:      |   |   |   |   |   |
| Medical Professional Liability                   | $ | (9 | ) |   | $ | (7 | ) |   | $ | (7 | ) |
| Other Professional Liability                     | (16 | ) |   | (26 | ) |   | (30 | ) |
| Liability                                        | (17 | ) |   | (13 | ) |   | (8 | ) |
| Property & Marine                            | (29 | ) |   | (14 | ) |   | 13 |  |
| Other                                            | 17 |  |   | (9 | ) |   | (17 | ) |
| Commutations                                     | — |  |   | 10 |  |   | 11 |  |
| Total pretax (favorable) unfavorable development | $ | (54 | ) |   | $ | (59 | ) |   | $ | (38 | ) |

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|                                                                 |
|-----------------------------------------------------------------|
|                                                                 |  |  |  |  |  |  |  |  |  |  |  |
| Years ended December 31                                         |   |   |   |   |   |
| (In millions)                                                   | 2015 |   | 2014 |   | 2013 |
| Net A&EP adverse development before consideration of LPT    | $ | 150 |  |   | $ | — |  |   | $ | 363 |  |
| Provision for uncollectible third-party reinsurance on A&EP | — |  |   | — |  |   | 140 |  |
| Additional amounts ceded under LPT                              | 150 |  |   | — |  |   | 503 |  |
| Retroactive reinsurance benefit recognized                      | (85 | ) |   | (13 | ) |   | (314 | ) |
| Pretax impact of deferred retroactive reinsurance               | $ | 65 |  |   | $ | (13 | ) |   | $ | 189 |  |

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|-------------------------------------------------------------------------|
|                                                                         |  |  |  |  |  |  |  |
| December 31                                                             |   |   |   |
| (In millions)                                                           | 2015 |   | 2014 |
| Reinsurance receivables related to insurance reserves:                  |   |   |   |
| Ceded claim and claim adjustment expenses                               | $ | 4,087 |  |   | $ | 4,344 |  |
| Ceded future policy benefits                                            | 207 |  |   | 185 |  |
| Reinsurance receivables related to paid losses                          | 197 |  |   | 213 |  |
| Reinsurance receivables                                                 | 4,491 |  |   | 4,742 |  |
| Allowance for uncollectible reinsurance                                 | (38 | ) |   | (48 | ) |
| Reinsurance receivables, net of allowance for uncollectible reinsurance | $ | 4,453 |  |   | $ | 4,694 |  |

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|                       |
|-----------------------|
|                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| (In millions)         | Direct |   | Assumed |   | Ceded |   | Net |   | Assumed/Net % |
| 2015 Earned Premiums  |   |   |   |   |   |   |   |   |   |
| Property and casualty | $ | 9,853 |  |   | $ | 274 |  |   | $ | 3,754 |  |   | $ | 6,373 |  |   | 4.3 | % |
| Accident and health   | 498 |  |   | 50 |  |   | — |  |   | 548 |  |   | 9.1 | % |
| Total earned premiums | $ | 10,351 |  |   | $ | 324 |  |   | $ | 3,754 |  |   | $ | 6,921 |  |   | 4.7 | % |
|                  |   |   |   |   |   |   |   |   |   |
| 2014 Earned Premiums  |   |   |   |   |   |   |   |   |   |
| Property and casualty | $ | 9,452 |  |   | $ | 277 |  |   | $ | 3,073 |  |   | $ | 6,656 |  |   | 4.2 | % |
| Accident and health   | 508 |  |   | 48 |  |   | — |  |   | 556 |  |   | 8.6 | % |
| Total earned premiums | $ | 9,960 |  |   | $ | 325 |  |   | $ | 3,073 |  |   | $ | 7,212 |  |   | 4.5 | % |
|                  |   |   |   |   |   |   |   |   |   |
| 2013 Earned Premiums  |   |   |   |   |   |   |   |   |   |
| Property and casualty | $ | 9,063 |  |   | $ | 258 |  |   | $ | 2,609 |  |   | $ | 6,712 |  |   | 3.8 | % |
| Accident and health   | 511 |  |   | 48 |  |   | — |  |   | 559 |  |   | 8.6 | % |
| Total earned premiums | $ | 9,574 |  |   | $ | 306 |  |   | $ | 2,609 |  |   | $ | 7,271 |  |   | 4.2 | % |

|                        |
|------------------------|
|                        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| (In millions)          | Direct |   | Assumed |   | Ceded |   | Net |   | Assumed/Net % |
| 2015 Written Premiums  |   |   |   |   |   |   |   |   |   |
| Property and casualty  | $ | 9,852 |  |   | $ | 270 |  |   | $ | 3,702 |  |   | $ | 6,420 |  |   | 4.2 | % |
| Accident and health    | 493 |  |   | 49 |  |   | — |  |   | 542 |  |   | 9.0 | % |
| Total written premiums | $ | 10,345 |  |   | $ | 319 |  |   | $ | 3,702 |  |   | $ | 6,962 |  |   | 4.6 | % |
|                   |   |   |   |   |   |   |   |   |   |
| 2014 Written Premiums  |   |   |   |   |   |   |   |   |   |
| Property and casualty  | $ | 9,283 |  |   | $ | 276 |  |   | $ | 3,024 |  |   | $ | 6,535 |  |   | 4.2 | % |
| Accident and health    | 504 |  |   | 49 |  |   | — |  |   | 553 |  |   | 8.9 | % |
| Total written premiums | $ | 9,787 |  |   | $ | 325 |  |   | $ | 3,024 |  |   | $ | 7,088 |  |   | 4.6 | % |
|                   |   |   |   |   |   |   |   |   |   |
| 2013 Written Premiums  |   |   |   |   |   |   |   |   |   |
| Property and casualty  | $ | 9,103 |  |   | $ | 249 |  |   | $ | 2,556 |  |   | $ | 6,796 |  |   | 3.7 | % |
| Accident and health    | 505 |  |   | 47 |  |   | — |  |   | 552 |  |   | 8.5 | % |
| Total written premiums | $ | 9,608 |  |   | $ | 296 |  |   | $ | 2,556 |  |   | $ | 7,348 |  |   | 4.0 | % |

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|                                                                                      |
|--------------------------------------------------------------------------------------|
|                                                                                      |  |  |  |  |  |  |  |
| December 31                                                                          |   |   |   |
| (In millions)                                                                        | 2015 |   | 2014 |
| Short term debt:                                                                     |   |   |   |
| Senior notes of CNAF, 6.500%, face amount of $350, due August 15, 2016               | $ | 350 |  |   | $ | — |  |
|                                                                                 |   |   |   |
| Long term debt:                                                                      |   |   |   |
| Senior notes of CNAF:                                                                |   |   |   |
| 6.500%, face amount of $350, due August 15, 2016                                     | — |  |   | 349 |  |
| 6.950%, face amount of $150, due January 15, 2018                                    | 150 |  |   | 150 |  |
| 7.350%, face amount of $350, due November 15, 2019                                   | 349 |  |   | 348 |  |
| 5.875%, face amount of $500, due August 15, 2020                                     | 497 |  |   | 497 |  |
| 5.750%, face amount of $400, due August 15, 2021                                     | 397 |  |   | 397 |  |
| 3.950%, face amount of $550, due May 15, 2024                                        | 547 |  |   | 547 |  |
| Debenture of CNAF, 7.250%, face amount of $243, due November 15, 2023                | 242 |  |   | 241 |  |
| Subordinated variable rate debt of Hardy, face amount of $30, due September 15, 2036 | 30 |  |   | 30 |  |
| Total long term debt                                                                 | 2,212 |  |   | 2,559 |  |
| Total debt                                                                           | $ | 2,562 |  |   | $ | 2,559 |  |

|               |
|---------------|
|               |  |  |  |
| (In millions) |   |
| 2016          | $ | 350 |  |
| 2017          | — |  |
| 2018          | 150 |  |
| 2019          | 350 |  |
| 2020          | 500 |  |
| Thereafter    | 1,223 |  |
| Less discount | (11 | ) |
| Total         | $ | 2,562 |  |

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|                                                                                                                  |
|------------------------------------------------------------------------------------------------------------------|
|                                                                                                                  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                                             | Pension Benefits |   | Postretirement Benefits |
| (In millions)                                                                                                    | 2015 |   | 2014 |   | 2015 |   | 2014 |
| Benefit obligation as of January 1                                                                               | $ | 3,019 |  |   | $ | 2,943 |  |   | $ | 29 |  |   | $ | 40 |  |
| Changes in benefit obligation:                                                                                   |   |   |   |   |   |   |   |
| Service cost                                                                                                     | 4 |  |   | 9 |  |   | — |  |   | — |  |
| Interest cost                                                                                                    | 112 |  |   | 132 |  |   | 1 |  |   | 1 |  |
| Participants' contributions                                                                                      | — |  |   | — |  |   | 4 |  |   | 5 |  |
| Plan amendments                                                                                                  | (55 | ) |   | (3 | ) |   | — |  |   | (7 | ) |
| Actuarial (gain) loss                                                                                            | (79 | ) |   | 367 |  |   | (3 | ) |   | 1 |  |
| Benefits paid                                                                                                    | (173 | ) |   | (165 | ) |   | (8 | ) |   | (11 | ) |
| Settlements                                                                                                      | — |  |   | (257 | ) |   | — |  |   | — |  |
| Foreign currency translation and other                                                                           | (7 | ) |   | (7 | ) |   | — |  |   | — |  |
| Benefit obligation as of December 31                                                                             | 2,821 |  |   | 3,019 |  |  | 23 |  |  | 29 |  |
| Fair value of plan assets as of January 1                                                                        | 2,456 |  |   | 2,656 |  |   | — |  |   | — |  |
| Change in plan assets:                                                                                           |   |   |   |   |   |   |   |
| Actual return on plan assets                                                                                     | (18 | ) |   | 216 |  |   | — |  |   | — |  |
| Company contributions                                                                                            | 10 |  |   | 12 |  |   | 4 |  |   | 6 |  |
| Participants' contributions                                                                                      | — |  |   | — |  |   | 4 |  |   | 5 |  |
| Benefits paid                                                                                                    | (173 | ) |   | (165 | ) |   | (8 | ) |   | (11 | ) |
| Settlements                                                                                                      | — |  |   | (257 | ) |   | — |  |   | — |  |
| Foreign currency translation and other                                                                           | (8 | ) |   | (6 | ) |   | — |  |   | — |  |
| Fair value of plan assets as of December 31                                                                      | 2,267 |  |   | 2,456 |  |   | — |  |   | — |  |
| Funded status                                                                                                    | $ | (554 | ) |   | $ | (563 | ) |   | $ | (23 | ) |   | $ | (29 | ) |
| Amounts recognized on the Consolidated Balance Sheets as of December 31:                                         |   |   |   |   |   |   |   |
| Other assets                                                                                                     | $ | 12 |  |   | $ | 9 |  |   | $ | — |  |   | $ | — |  |
| Other liabilities                                                                                                | (566 | ) |   | (572 | ) |   | (23 | ) |   | (29 | ) |
| Net amount recognized                                                                                            | $ | (554 | ) |   | $ | (563 | ) |   | $ | (23 | ) |   | $ | (29 | ) |
| Amounts recognized in Accumulated other comprehensive income, not yet recognized in net periodic cost (benefit): |   |   |   |   |   |   |   |
| Prior service credit                                                                                             | $ | — |  |   | $ | — |  |   | $ | (6 | ) |   | $ | (9 | ) |
| Net actuarial loss                                                                                               | 999 |  |   | 974 |  |   | 3 |  |   | 8 |  |
| Net amount recognized                                                                                            | $ | 999 |  |   | $ | 974 |  |   | $ | (3 | ) |   | $ | (1 | ) |

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|                                               |
|-----------------------------------------------|
|                                               |  |  |  |  |  |  |  |  |  |  |  |
| Years ended December 31                       |   |   |   |   |   |
| (In millions)                                 | 2015 |   | 2014 |   | 2013 |
| Pension cost (benefit)                        |   |   |   |   |   |
| Service cost                                  | $ | 4 |  |   | $ | 9 |  |   | $ | 12 |  |
| Interest cost on projected benefit obligation | 112 |  |   | 132 |  |   | 121 |  |
| Expected return on plan assets                | (174 | ) |   | (191 | ) |   | (181 | ) |
| Amortization of net actuarial loss            | 34 |  |   | 25 |  |   | 47 |  |
| Settlement loss                               | — |  |   | 84 |  |   | 3 |  |
| Net periodic pension cost (benefit)           | $ | (24 | ) |   | $ | 59 |  |   | $ | 2 |  |
|                                          |   |   |   |   |   |
| Postretirement cost (benefit)                 |   |   |   |   |   |
| Service cost                                  | $ | — |  |   | $ | — |  |   | $ | 1 |  |
| Interest cost on projected benefit obligation | 1 |  |   | 1 |  |   | 1 |  |
| Amortization of prior service credit          | (3 | ) |   | (10 | ) |   | (18 | ) |
| Amortization of net actuarial loss            | 1 |  |   | 1 |  |   | 2 |  |
| Curtailment gain                              | — |  |  | (86 | ) |  | — |  |
| Net periodic postretirement cost (benefit)    | $ | (1 | ) |   | $ | (94 | ) |   | $ | (14 | ) |

|                                                              |
|--------------------------------------------------------------|
|                                                              |  |  |  |  |  |  |  |  |  |  |  |
| Years ended December 31                                      |   |   |   |   |   |
| (In millions)                                                | 2015 |   | 2014 |   | 2013 |
| Pension and postretirement benefits                          |   |   |   |   |   |
| Amounts arising during the period                            | $ | (111 | ) |   | $ | (337 | ) |   | $ | 422 |  |
| Curtailment and other                                        | 56 |  |   | (81 | ) |   | — |  |
| Settlement                                                   | — |  |   | 84 |  |   | — |  |
| Reclassification adjustment relating to prior service credit | (3 | ) |   | (10 | ) |   | (18 | ) |
| Reclassification adjustment relating to actuarial loss       | 35 |  |   | 26 |  |   | 49 |  |
| Total increase (decrease) in Other comprehensive income      | $ | (23 | ) |   | $ | (318 | ) |   | $ | 453 |  |

|                                          |
|------------------------------------------|
|                                          |  |  |  |  |  |  |  |  |
| (In millions)                            |   | PensionBenefits |   | Postretirement Benefits |
| Amortization of prior service credit     |   | $ | — |  |   | $ | (2 | ) |
| Amortization of net actuarial loss       |   | 37 |  |   | — |  |
| Total estimated amounts to be recognized |   | $ | 37 |  |   | $ | (2 | ) |

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|                                   |
|-----------------------------------|
|                                   |  |  |  |  |  |
| December 31                       | 2015 |   | 2014 |
| Pension benefits                  |   |   |   |
| Discount rate                     | 4.150 | % |   | 3.850 | % |
| Expected long term rate of return | 7.500 |  |   | 7.500 |  |
| Rate of compensation increases    | N/A |  |   | 3.920 |  |
| Postretirement benefits           |   |   |   |
| Discount rate                     | 2.750 | % |   | 2.500 | % |

|                                   |
|-----------------------------------|
|                                   |  |  |  |  |  |  |  |  |
| Years ended December 31           | 2015 |   | 2014 |   | 2013 |
| Pension benefits                  |   |   |   |   |   |
| Discount rate                     | 3.850%/4.000% |  |   | 4.650 | % |   | 3.800 | % |
| Expected long term rate of return | 7.500 |  |   | 7.500 |  |   | 7.750 |  |
| Rate of compensation increases    | 3.920 |  |   | 3.990 |  |   | 4.066 |  |
| Postretirement benefits           |   |   |   |   |   |
| Discount rate                     | 2.500 | % |   | 3.600%/3.100% |  |   | 2.800 | % |

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|                                                                   |
|-------------------------------------------------------------------|
|                                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| December 31, 2015                                                 |   |   |   |   |   |   |   |   |
| (In millions)                                                     |   | Level 1 |   | Level 2 |   | Level 3 |   | Total Assets at Fair Value |
| Assets                                                            |   |   |   |   |   |   |   |   |
| Fixed maturity securities:                                        |   |   |   |   |   |   |   |   |
| Corporate and other bonds                                         |   | $ | — |  |   | $ | 455 |  |   | $ | 10 |  |   | $ | 465 |  |
| States, municipalities and political subdivisions                 |   | — |  |   | 106 |  |   | — |  |   | 106 |  |
| Asset-backed:                                                     |   |   |   |   |   |   |   |   |
| Residential mortgage-backed                                       |   | — |  |   | 133 |  |   | — |  |   | 133 |  |
| Commercial mortgage-backed                                        |   | — |  |   | 69 |  |   | — |  |   | 69 |  |
| Other asset-backed                                                |   | — |  |   | 11 |  |   | — |  |   | 11 |  |
| Total asset-backed                                                |   | — |  |   | 213 |  |   | — |  |   | 213 |  |
| U.S. Treasury and obligations of government-sponsored enterprises |   | — |  |   | — |  |   | — |  |   | — |  |
| Total fixed maturity securities                                   |   | — |  |   | 774 |  |   | 10 |  |   | 784 |  |
| Equity securities                                                 |   | 336 |  |   | 107 |  |   | — |  |   | 443 |  |
| Derivative financial instruments                                  |   | 1 |  |   | — |  |   | — |  |   | 1 |  |
| Short term investments                                            |   | 24 |  |   | 28 |  |   | — |  |   | 52 |  |
| Limited partnerships:                                             |   |   |   |   |   |   |   |   |
| Hedge funds                                                       |   | — |  |   | 516 |  |   | 296 |  |   | 812 |  |
| Private equity                                                    |   | — |  |   | — |  |   | 123 |  |   | 123 |  |
| Total limited partnerships                                        |   | — |  |   | 516 |  |   | 419 |  |   | 935 |  |
| Other assets                                                      |   | — |  |   | 52 |  |   | — |  |   | 52 |  |
| Total assets                                                      |   | $ | 361 |  |   | $ | 1,477 |  |   | $ | 429 |  |   | $ | 2,267 |  |

|                                                                   |
|-------------------------------------------------------------------|
|                                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| December 31, 2014                                            |   |   |   |   |   |   |   |   |
| (In millions)                                                     |   | Level 1 |   | Level 2 |   | Level 3 |   | Total Assets at Fair Value |
| Assets                                                            |   |   |   |   |   |   |   |   |
| Fixed maturity securities:                                        |   |   |   |   |   |   |   |   |
| Corporate and other bonds                                         |   | $ | — |  |   | $ | 463 |  |   | $ | 15 |  |   | $ | 478 |  |
| States, municipalities and political subdivisions                 |   | — |  |   | 80 |  |   | — |  |   | 80 |  |
| Asset-backed:                                                     |   |   |   |   |   |   |   |   |
| Residential mortgage-backed                                       |   | — |  |   | 123 |  |   | — |  |   | 123 |  |
| Commercial mortgage-backed                                        |   | — |  |   | 75 |  |   | — |  |   | 75 |  |
|    Other asset-backed                              |   | — |  |   | 12 |  |   | — |  |   | 12 |  |
| Total asset-backed                                                |   | — |  |   | 210 |  |   | — |  |   | 210 |  |
| U.S. Treasury and obligations of government-sponsored enterprises |   | 25 |  |   | — |  |   | — |  |   | 25 |  |
| Total fixed maturity securities                                   |   | 25 |  |   | 753 |  |   | 15 |  |   | 793 |  |
| Equity securities                                                 |   | 389 |  |   | 118 |  |   | — |  |   | 507 |  |
| Derivative financial instruments                                  |   | 1 |  |   | — |  |   | — |  |   | 1 |  |
| Short term investments                                            |   | 33 |  |   | 101 |  |   | — |  |   | 134 |  |
| Limited partnerships:                                             |   |   |   |   |   |   |   |  |  |
| Hedge funds                                                       |   | — |  |   | 562 |  |   | 303 |  |   | 865 |  |
| Private equity                                                    |   | — |  |   | — |  |   | 113 |  |   | 113 |  |
| Total limited partnerships                                        |   | — |  |   | 562 |  |   | 416 |  |   | 978 |  |
| Other assets                                                      |   | — |  |   | 30 |  |   | — |  |   | 30 |  |
| Cash                                                              |   | 13 |  |   | — |  |   | — |  |   | 13 |  |
| Total assets                                                      |   | $ | 461 |  |   | $ | 1,564 |  |   | $ | 431 |  |   | $ | 2,456 |  |

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|                            |
|----------------------------|
|                            |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Level 3(In millions)       | Balance as of January 1, 2015 |   | Actual return on assets still held as of December 31, 2015 |   | Actual return on assets sold during the year ended December 31, 2015 |   | Purchases, sales and settlements |   | Net transfers into (out of) Level 3 |   | Balance as of December 31, 2015 |
| Fixed maturity securities: |   |   |   |   |   |   |   |   |   |   |   |
| Corporate and other bonds  | $ | 15 |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | (5 | ) |   | $ | 10 |  |
| Limited partnerships:      |   |   |   |   |   |   |   |   |   |   |   |
| Hedge funds                | 303 |  |   | 18 |  |   | — |  |   | (25 | ) |   | — |  |   | 296 |  |
| Private equity             | 113 |  |   | 9 |  |   | — |  |   | 1 |  |   | — |  |   | 123 |  |
| Total limited partnerships | 416 |  |   | 27 |  |   | — |  |   | (24 | ) |   | — |  |   | 419 |  |
| Total                      | $ | 431 |  |   | $ | 27 |  |   | $ | — |  |   | $ | (24 | ) |   | $ | (5 | ) |   | $ | 429 |  |

|                            |
|----------------------------|
|                            |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Level 3(In millions)       | Balance as of January 1, 2014 |   | Actual return on assets still held as of December 31, 2014 |   | Actual return on assets sold during the year ended December 31, 2014 |   | Purchases, sales and settlements |   | Net transfers into (out of) Level 3 |   | Balance as of December 31, 2014 |
| Fixed maturity securities: |   |   |   |   |   |   |   |   |   |   |   |
| Corporate and other bonds  | $ | 15 |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | 15 |  |
| Equity securities          | 8 |  |   | — |  |   | — |  |   | (8 | ) |   | — |  |   | — |  |
| Limited partnerships:      |   |   |   |   |   |   |   |   |   |   |   |
| Hedge funds                | 322 |  |   | 19 |  |   | — |  |   | (38 | ) |   | — |  |   | 303 |  |
| Private equity             | 114 |  |   | 19 |  |   | — |  |   | (20 | ) |   | — |  |   | 113 |  |
| Total limited partnerships | 436 |  |   | 38 |  |   | — |  |   | (58 | ) |   | — |  |   | 416 |  |
| Total                      | $ | 459 |  |   | $ | 38 |  |   | $ | — |  |   | $ | (66 | ) |   | $ | — |  |   | $ | 431 |  |

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|               |
|---------------|
|               |  |  |  |  |  |  |  |
| (In millions) | Pension Benefits |   | Postretirement Benefits |
| 2016          | $ | 180 |  |   | $ | 4 |  |
| 2017          | 183 |  |   | 4 |  |
| 2018          | 184 |  |   | 3 |  |
| 2019          | 183 |  |   | 3 |  |
| 2020          | 185 |  |   | 2 |  |
| 2021-2025     | 915 |  |   | 7 |  |

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|                                       |
|---------------------------------------|
|                                       |  |  |  |  |  |  |
|                                       | Number of Awards |  | Weighted-Average Grant Date Fair Value |
| Balance as of January 1, 2015         | 914,181 |  |  | $ | 32.76 |  |
| Awards granted                        | 301,057 |  |  | 41.04 |  |
| Awards vested                         | (429,352 | ) |  | 29.54 |  |
| Awards forfeited, canceled or expired | (6,546 | ) |  | 37.53 |  |
| Performance-based adjustment          | (44,077 | ) |  | 37.47 |  |
| Balance as of December 31, 2015       | 735,263 |  |  | $ | 36.53 |  |

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|                                          |
|------------------------------------------|
|                                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| December 31                              |   |   | 2015 |   | 2014 |
| (In millions)                            | Economic Useful Life |   | Gross Carrying Amount |   | Accumulated Amortization |   | Gross Carrying Amount |   | Accumulated Amortization |
| Finite-lived intangible assets:          |   |   |   |   |   |   |   |   |   |
| Value of business acquired               | 1 - 4 years |   | $ | 57 |  |   | $ | 57 |  |   | $ | 60 |  |   | $ | 61 |  |
| Trade name                               | 8 years |   | 7 |  |   | 3 |  |   | 8 |  |   | 3 |  |
| Distribution channel                     | 15 years |   | 12 |  |   | 3 |  |   | 12 |  |   | 2 |  |
| Total finite-lived intangible assets     |   |   | 76 |  |   | 63 |  |   | 80 |  |   | 66 |  |
| Indefinite-lived intangible assets:      |   |   |   |   |   |   |   |   |   |
| Syndicate capacity                       |   |   | 52 |  |   |   |   | 55 |  |   |   |
| Agency force                             |   |   | 16 |  |   |   |   | 16 |  |   |   |
| Total indefinite-lived intangible assets |   |   | 68 |  |   |   |   | 71 |  |   |   |
| Total other intangible assets            |   |   | $ | 144 |  |   | $ | 63 |  |   | $ | 151 |  |   | $ | 66 |  |

|               |
|---------------|
|               |  |  |  |
| (In millions) | Future Minimum Lease Payments |
| 2016          | $ | 35 |  |
| 2017          | 31 |  |
| 2018          | 30 |  |
| 2019          | 25 |  |
| 2020          | 23 |  |
| Thereafter    | 117 |  |
| Total         | $ | 261 |  |

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|                                         |
|-----------------------------------------|
|                                         |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                    | Statutory Capital and Surplus |   | Statutory Net Income (Loss) |
|                                    | December 31 |   | Years ended December 31 |
| (In millions)                           | 2015 (a) |   | 2014 |   | 2015 (a) |   | 2014 |   | 2013 |
| Combined Continental Casualty Companies | $ | 10,723 |  |   | $ | 11,155 |  |   | $ | 1,148 |  |   | $ | 914 |  |   | $ | 913 |  |
| Life company                            |   |   |   |   |   |   | 37 |  |   | 48 |  |

|     |                                                                                                          |
|-----|----------------------------------------------------------------------------------------------------------|
| (a) | Information derived from the statutory-basis financial statements to be filed with insurance regulators. |

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|                                                                                                                                 |
|---------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| (In millions)                                                                                                                   | Net unrealized gains (losses) on investments with OTTI losses |   | Net unrealized gains (losses) on other investments |   | Pension and postretirement benefits |   | Cumulative foreign currency translation adjustment |   | Total |
| Balance as of December 31, 2014                                                                                                 | $ | 36 |  |   | $ | 942 |  |   | $ | (633 | ) |   | $ | 55 |  |   | $ | 400 |  |
| Other comprehensive income (loss) before reclassifications                                                                      | (23 | ) |   | (595 | ) |   | (36 | ) |   | (139 | ) |   | (793 | ) |
| Amounts reclassified from accumulated other comprehensive income (loss) after tax (expense) benefit of $8, $30, $11, $- and $49 | (14 | ) |   | (43 | ) |   | (21 | ) |   | — |  |   | (78 | ) |
| Other comprehensive income (loss) after tax (expense) benefit of $5, $282, $8, $- and $295                                      | (9 | ) |   | (552 | ) |   | (15 | ) |   | (139 | ) |   | (715 | ) |
| Balance as of December 31, 2015                                                                                                 | $ | 27 |  |   | $ | 390 |  |   | $ | (648 | ) |   | $ | (84 | ) |   | $ | (315 | ) |

|                                                                                                                                          |
|------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| (In millions)                                                                                                                            | Net unrealized gains (losses) on investments with OTTI losses |   | Net unrealized gains (losses) on other investments |   | Net unrealized gains (losses) on discontinued operations |   | Pension and postretirement benefits |   | Cumulative foreign currency translation adjustment |   | Total |
| Balance as of December 31, 2013                                                                                                          | $ | 26 |  |   | $ | 692 |  |   | $ | — |  |   | $ | (426 | ) |   | $ | 150 |  |   | 442 |  |
| Change due to sale of subsidiaries                                                                                                       | (5 | ) |   | (17 | ) |   | 22 |  |   | — |  |   | — |  |   | — |  |
| Other comprehensive income (loss) before reclassifications                                                                               | 15 |  |   | 295 |  |   | 12 |  |   | (219 | ) |   | (95 | ) |   | 8 |  |
| Amounts reclassified from accumulated other comprehensive income (loss) after tax (expense) benefit of $-, $(10), $(23),$7, $- and $(26) | — |  |   | 28 |  |   | 34 |  |   | (12 | ) |   | — |  |   | 50 |  |
| Other comprehensive income (loss) after tax (expense) benefit of $(8), $(122), $15, $111, $- and $(4)                                    | 15 |  |   | 267 |  |   | (22 | ) |   | (207 | ) |   | (95 | ) |   | (42 | ) |
| Balance as of December 31, 2014                                                                                                          | $ | 36 |  |   | $ | 942 |  |   | $ | — |  |   | $ | (633 | ) |   | $ | 55 |  |   | $ | 400 |  |

|                                                               |
|---------------------------------------------------------------|
|                                                               |  |  |
| Component of AOCI                                             |   | Consolidated Statements of Operations Line Item Affected by Reclassifications |
| Net unrealized gains (losses) on investments with OTTI losses |   | Net realized investment gains (losses) |
| Net unrealized gains (losses) on other investments            |   | Net realized investment gains (losses) |
| Net unrealized gains (losses) on discontinued operations      |   | Income (loss) from discontinued operations |
| Pension and postretirement benefits                           |   | Other operating expenses |

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|------------------------------------------------------------------------|
|                                                                        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Year ended December 31, 2015                                           | Specialty |   | Commercial |   | International |   | Life &GroupNon-Core |   | Corporate& OtherNon-Core |   |   |   |   |
| (In millions)                                                          |   |   |   |   |   | Eliminations |   | Total |
| Net written premiums                                                   | $ | 2,781 |  |   | $ | 2,818 |  |   | $ | 822 |  |   | $ | 542 |  |   | $ | 1 |  |   | $ | (2 | ) |   | $ | 6,962 |  |
| Operating revenues                                                     |   |  |   |   |  |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Net earned premiums                                                    | $ | 2,782 |  |   | $ | 2,788 |  |   | $ | 804 |  |   | $ | 548 |  |   | $ | 1 |  |   | $ | (2 | ) |   | $ | 6,921 |  |
| Net investment income                                                  | 474 |  |   | 593 |  |   | 52 |  |   | 704 |  |   | 17 |  |   | — |  |   | 1,840 |  |
| Other revenues                                                         | 356 |  |   | 37 |  |   | (1 | ) |   | 7 |  |   | 11 |  |   | (3 | ) |   | 407 |  |
| Total operating revenues                                               | 3,612 |  |   | 3,418 |  |   | 855 |  |   | 1,259 |  |   | 29 |  |   | (5 | ) |   | 9,168 |  |
| Claims, Benefits and Expenses                                          |   |  |   |   |  |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Net incurred claims and benefits                                       | 1,597 |  |   | 1,814 |  |   | 479 |  |   | 1,421 |  |   | 61 |  |   | — |  |   | 5,372 |  |
| Policyholders’ dividends                                         | 4 |  |   | 8 |  |   | — |  |   | — |  |   | — |  |   | — |  |   | 12 |  |
| Amortization of deferred acquisition costs                             | 589 |  |   | 469 |  |   | 168 |  |   | 314 |  |   | — |  |   | — |  |   | 1,540 |  |
| Other insurance related expenses                                       | 278 |  |   | 538 |  |   | 138 |  |   | 142 |  |   | (1 | ) |   | (2 | ) |   | 1,093 |  |
| Other expenses                                                         | 301 |  |   | 28 |  |   | 12 |  |   | 11 |  |   | 186 |  |   | (3 | ) |   | 535 |  |
| Total claims, benefits and expenses                                    | 2,769 |  |   | 2,857 |  |   | 797 |  |   | 1,888 |  |   | 246 |  |   | (5 | ) |   | 8,552 |  |
| Operating income (loss) before income tax                         | 843 |  |   | 561 |  |   | 58 |  |   | (629 | ) |   | (217 | ) |   | — |  |   | 616 |  |
| Income tax (expense) benefit on operating income (loss)                | (283 | ) |   | (192 | ) |   | (21 | ) |   | 315 |  |   | 80 |  |   | — |  |   | (101 | ) |
| Net operating income (loss)                                       | 560 |  |   | 369 |  |   | 37 |  |   | (314 | ) |   | (137 | ) |   | — |  |   | 515 |  |
| Net realized investment gains (losses)                                 | (33 | ) |   | (47 | ) |   | 1 |  |   | (1 | ) |   | 13 |  |   | — |  |   | (67 | ) |
| Income tax (expense) benefit on net realized investment gains (losses) | 11 |  |   | 16 |  |   | — |  |   | 9 |  |   | (5 | ) |   | — |  |   | 31 |  |
| Net realized investment gains (losses), after tax                      | (22 | ) |   | (31 | ) |   | 1 |  |   | 8 |  |   | 8 |  |   | — |  |   | (36 | ) |
| Net income (loss) from continuing operations                           | $ | 538 |  |   | $ | 338 |  |   | $ | 38 |  |   | $ | (306 | ) |   | $ | (129 | ) |   | $ | — |  |   | $ | 479 |  |

|                                     |
|-------------------------------------|
|                                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| December 31, 2015              |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (In millions)                       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Reinsurance receivables             | $ | 724 |  |   | $ | 639 |  |   | $ | 144 |  |   | $ | 497 |  |   | $ | 2,487 |  |   | $ | — |  |   | $ | 4,491 |  |
| Insurance receivables               | 890 |  |   | 993 |  |   | 233 |  |   | 11 |  |   | 2 |  |   | — |  |   | 2,129 |  |
| Deferred acquisition costs          | 307 |  |   | 213 |  |   | 78 |  |   | — |  |   | — |  |   | — |  |   | 598 |  |
| Goodwill                            | 117 |  |   | — |  |   | 33 |  |   | — |  |   | — |  |   | — |  |   | 150 |  |
| Insurance reserves                  |   |   |   |   |   |   |   |   |   |   |   |   |   |  |
| Claim and claim adjustment expenses | 6,269 |  |   | 9,183 |  |   | 1,347 |  |   | 3,220 |  |   | 2,644 |  |   | — |  |   | 22,663 |  |
| Unearned premiums                   | 1,839 |  |   | 1,297 |  |   | 415 |  |   | 120 |  |   | — |  |   | — |  |   | 3,671 |  |
| Future policy benefits              | — |  |   | — |  |   | — |  |   | 10,152 |  |   | — |  |   | — |  |   | 10,152 |  |

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|                                                                             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Year ended December 31, 2014                                                | Specialty |   | Commercial |   | International |   | Life &GroupNon-Core |   | Corporate& OtherNon-Core |   |   |   |   |
| (In millions)                                                               |   |   |   |   | Eliminations |   | Total |
| Net written premiums                                                        | $ | 2,839 |  |   | $ | 2,817 |  |   | $ | 880 |  |   | $ | 553 |  |   | $ | 1 |  |   | $ | (2 | ) |   | $ | 7,088 |  |
| Operating revenues                                                          |   |  |   |   |  |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Net earned premiums                                                         | $ | 2,838 |  |   | $ | 2,906 |  |   | $ | 913 |  |   | $ | 556 |  |   | $ | 1 |  |   | $ | (2 | ) |   | $ | 7,212 |  |
| Net investment income                                                       | 560 |  |   | 723 |  |   | 61 |  |   | 700 |  |   | 23 |  |   | — |  |   | 2,067 |  |
| Other revenues                                                              | 295 |  |   | 38 |  |   | — |  |   | 16 |  |   | 12 |  |   | (5 | ) |   | 356 |  |
| Total operating revenues                                                    | 3,693 |  |   | 3,667 |  |   | 974 |  |   | 1,272 |  |   | 36 |  |   | (7 | ) |   | 9,635 |  |
| Claims, Benefits and Expenses                                               |   |  |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Net incurred claims and benefits                                            | 1,627 |  |   | 2,187 |  |   | 488 |  |   | 1,304 |  |   | (29 | ) |   | — |  |   | 5,577 |  |
| Policyholders’ dividends                                              | 6 |  |   | 8 |  |   | — |  |   | — |  |   | — |  |   | — |  |   | 14 |  |
| Amortization of deferred acquisition costs                                  | 592 |  |   | 493 |  |   | 204 |  |   | 28 |  |   | — |  |   | — |  |   | 1,317 |  |
| Other insurance related expenses                                            | 262 |  |   | 487 |  |   | 151 |  |   | 130 |  |   | 1 |  |   | (2 | ) |   | 1,029 |  |
| Other expenses                                                              | 254 |  |   | 31 |  |   | 28 |  |   | 30 |  |   | 210 |  |   | (5 | ) |   | 548 |  |
| Total claims, benefits and expenses                                         | 2,741 |  |   | 3,206 |  |   | 871 |  |   | 1,492 |  |   | 182 |  |   | (7 | ) |   | 8,485 |  |
| Operating income (loss) before income tax                                   | 952 |  |   | 461 |  |   | 103 |  |   | (220 | ) |   | (146 | ) |   | — |  |   | 1,150 |  |
| Income tax (expense) benefit on operating income (loss)                     | (318 | ) |   | (154 | ) |   | (34 | ) |   | 151 |  |   | 54 |  |   | — |  |   | (301 | ) |
| Net operating income (loss)                                                 | 634 |  |   | 307 |  |   | 69 |  |   | (69 | ) |   | (92 | ) |   | — |  |   | 849 |  |
| Net realized investment gains (losses)                                      | 15 |  |   | 16 |  |   | (1 | ) |   | 7 |  |   | 20 |  |   | — |  |   | 57 |  |
| Income tax (expense) benefit on net realized investment gains (losses) | (5 | ) |   | (6 | ) |   | 1 |  |   | — |  |   | (8 | ) |   | — |  |   | (18 | ) |
| Net realized investment gains (losses), after tax                           | 10 |  |   | 10 |  |   | — |  |   | 7 |  |   | 12 |  |   | — |  |   | 39 |  |
| Net income (loss) from continuing operations                           | $ | 644 |  |   | $ | 317 |  |   | $ | 69 |  |   | $ | (62 | ) |   | $ | (80 | ) |   | $ | — |  |   | $ | 888 |  |

|                                     |
|-------------------------------------|
|                                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| December 31, 2014              |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (In millions)                       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Reinsurance receivables             | $ | 567 |  |   | $ | 690 |  |   | $ | 207 |  |   | $ | 525 |  |   | $ | 2,753 |  |   | $ | — |  |   | $ | 4,742 |  |
| Insurance receivables               | 778 |  |   | 954 |  |   | 250 |  |   | 13 |  |   | 2 |  |   | — |  |   | 1,997 |  |
| Deferred acquisition costs          | 304 |  |   | 213 |  |   | 83 |  |   | — |  |   | — |  |   | — |  |   | 600 |  |
| Goodwill                            | 117 |  |   | — |  |   | 35 |  |   | — |  |   | — |  |   | — |  |   | 152 |  |
| Insurance reserves                  |   |   |   |   |   |   |   |   |   |   |   |   |   |  |
| Claim and claim adjustment expenses | 6,229 |  |   | 9,514 |  |   | 1,441 |  |   | 3,183 |  |   | 2,904 |  |   | — |  |   | 23,271 |  |
| Unearned premiums                   | 1,763 |  |   | 1,273 |  |   | 431 |  |   | 125 |  |   | — |  |   | — |  |   | 3,592 |  |
| Future policy benefits              | — |  |   | — |  |   | — |  |   | 9,490 |  |   | — |  |   | — |  |   | 9,490 |  |
| Policyholders’ funds          | 9 |  |   | 18 |  |   | — |  |   | — |  |   | — |  |   | — |  |   | 27 |  |

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|                                                                             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Year ended December 31, 2013                                                | Specialty |   | Commercial |   |   |   | Life &GroupNon-Core |   | Corporate& OtherNon-Core |   |   |   |   |
| (In millions)                                                               |   |   | International |   |   |   | Eliminations |   | Total |
| Net written premiums                                                        | $ | 2,880 |  |   | $ | 2,960 |  |   | $ | 959 |  |   | $ | 552 |  |   | $ | (1 | ) |   | $ | (2 | ) |   | $ | 7,348 |  |
| Operating revenues                                                          |   |  |   |   |  |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Net earned premiums                                                         | $ | 2,795 |  |   | $ | 3,004 |  |   | $ | 916 |  |   | $ | 559 |  |   | $ | (1 | ) |   | $ | (2 | ) |   | $ | 7,271 |  |
| Net investment income                                                       | 629 |  |   | 899 |  |   | 60 |  |   | 662 |  |   | 32 |  |   | — |  |   | 2,282 |  |
| Other revenues                                                              | 257 |  |   | 96 |  |   | — |  |   | (4 | ) |   | 12 |  |   | (2 | ) |   | 359 |  |
| Total operating revenues                                                    | 3,681 |  |   | 3,999 |  |   | 976 |  |   | 1,217 |  |   | 43 |  |   | (4 | ) |   | 9,912 |  |
| Claims, Benefits and Expenses                                               |   |  |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Net incurred claims and benefits                                            | 1,593 |  |   | 2,259 |  |   | 489 |  |   | 1,261 |  |   | 191 |  |   | — |  |   | 5,793 |  |
| Policyholders’ dividends                                              | 6 |  |   | 7 |  |   | — |  |   | — |  |   | — |  |   | — |  |   | 13 |  |
| Amortization of deferred acquisition costs                                  | 585 |  |   | 526 |  |   | 223 |  |   | 28 |  |   | — |  |   | — |  |   | 1,362 |  |
| Other insurance related expenses                                            | 250 |  |   | 498 |  |   | 140 |  |   | 130 |  |   | (3 | ) |   | (2 | ) |   | 1,013 |  |
| Other expenses                                                              | 237 |  |   | 32 |  |   | 12 |  |   | 13 |  |   | 183 |  |   | (2 | ) |   | 475 |  |
| Total claims, benefits and expenses                                         | 2,671 |  |   | 3,322 |  |   | 864 |  |   | 1,432 |  |   | 371 |  |   | (4 | ) |   | 8,656 |  |
| Operating income (loss) before income tax                                   | 1,010 |  |   | 677 |  |   | 112 |  |   | (215 | ) |   | (328 | ) |   | — |  |   | 1,256 |  |
| Income tax (expense) benefit on operating income (loss)                     | (342 | ) |   | (229 | ) |   | (43 | ) |   | 141 |  |   | 118 |  |   | — |  |   | (355 | ) |
| Net operating income (loss)                                                 | 668 |  |   | 448 |  |   | 69 |  |   | (74 | ) |   | (210 | ) |   | — |  |   | 901 |  |
| Net realized investment gains (losses)                                      | (5 | ) |   | (15 | ) |   | 5 |  |   | 26 |  |   | 9 |  |   | — |  |   | 20 |  |
| Income tax (expense) benefit on net realized investment gains (losses) | 2 |  |   | 5 |  |   | (2 | ) |   | (8 | ) |   | (3 | ) |   | — |  |   | (6 | ) |
| Net realized investment gains (losses), after tax                           | (3 | ) |   | (10 | ) |   | 3 |  |   | 18 |  |   | 6 |  |   | — |  |   | 14 |  |
| Net income (loss) from continuing operations                           | $ | 665 |  |   | $ | 438 |  |   | $ | 72 |  |   | $ | (56 | ) |   | $ | (204 | ) |   | $ | — |  |   | $ | 915 |  |

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|                                         |
|-----------------------------------------|
|                                         |  |  |  |  |  |  |  |  |  |  |  |
| Years ended December 31                 |   |   |   |   |   |
| (In millions)                           | 2015 |   | 2014 |   | 2013 |
| Specialty                               |   |   |   |   |   |
| Management & Professional Liability | $ | 2,617 |  |   | $ | 2,818 |  |   | $ | 2,836 |  |
| Surety                                  | 502 |  |   | 509 |  |   | 490 |  |
| Warranty & Alternative Risks        | 460 |  |   | 381 |  |   | 350 |  |
| Specialty revenues                      | 3,579 |  |   | 3,708 |  |   | 3,676 |  |
| Commercial                              |   |  |   |   |  |   |   |  |
| Middle Market                           | 1,623 |  |   | 1,631 |  |   | 1,642 |  |
| Small Business                          | 616 |  |   | 709 |  |   | 754 |  |
| Other Commercial Insurance              | 1,132 |  |   | 1,343 |  |   | 1,588 |  |
| Commercial revenues                     | 3,371 |  |   | 3,683 |  |   | 3,984 |  |
| International                           |  |  |   |  |  |   |  |  |
| Canada                                  | 214 |  |   | 273 |  |   | 289 |  |
| CNA Europe                              | 309 |  |   | 335 |  |   | 326 |  |
| Hardy                                   | 333 |  |   | 365 |  |   | 366 |  |
| International revenues                  | 856 |  |   | 973 |  |   | 981 |  |
| Life & Group Non-Core revenues      | 1,258 |  |   | 1,279 |  |   | 1,243 |  |
| Corporate & Other Non-Core revenues | 42 |  |   | 56 |  |   | 52 |  |
| Eliminations                            | (5 | ) |   | (7 | ) |   | (4 | ) |
| Total revenues                          | $ | 9,101 |  |   | $ | 9,692 |  |   | $ | 9,932 |  |

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|                                                                      |
|----------------------------------------------------------------------|
|                                                                      |  |  |  |  |  |  |  |
| Years ended December 31                                              |   |   |   |
| (In millions)                                                        | 2014 |   | 2013 |
| Revenues                                                             |   |   |   |
| Net earned premiums                                                  | $ | — |  |   | $ | — |  |
| Net investment income                                                | 94 |  |   | 168 |  |
| Net realized investment gains                                        | 3 |  |   | 11 |  |
| Other revenues                                                       | — |  |   | 2 |  |
| Total revenues                                                       | 97 |  |   | 181 |  |
| Claims, Benefits and Expenses                                        |   |   |   |
| Insurance claims and policyholders' benefits                         | 75 |  |   | 141 |  |
| Other operating expenses                                             | 2 |  |   | 3 |  |
| Total claims, benefits and expenses                                  | 77 |  |   | 144 |  |
| Income before income tax                                             | 20 |  |   | 37 |  |
| Income tax expense                                                   | (6 | ) |   | (15 | ) |
| Income from operations of discontinued operations, net of income tax | 14 |  |   | 22 |  |
| Loss on sale, net of income tax benefit of $40 and $-                | (211 | ) |   | — |  |
| (Loss) income from discontinued operations                           | $ | (197 | ) |   | $ | 22 |  |

|                                      |
|--------------------------------------|
|                                      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2015                                 |   |   |   |   |   |   |   |   |   |
| (In millions, except per share data) | First |   | Second |   | Third |   | Fourth |   | Full Year |
| Revenues                             | $ | 2,352 |  |   | $ | 2,327 |  |   | $ | 2,153 |  |   | $ | 2,269 |  |   | $ | 9,101 |  |
| Net income (loss) (a)                | $ | 233 |  |   | $ | 138 |  |   | $ | 178 |  |   | $ | (70 | ) |   | $ | 479 |  |
| Basic earnings (loss) per share      | $ | 0.86 |  |   | $ | 0.51 |  |   | $ | 0.66 |  |   | $ | (0.26 | ) |   | $ | 1.77 |  |
| Diluted earnings (loss) per share    | $ | 0.86 |  |   | $ | 0.51 |  |   | $ | 0.66 |  |   | $ | (0.26 | ) |   | $ | 1.77 |  |

|                                      |
|--------------------------------------|
|                                      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2014                                 |   |   |   |   |   |   |   |   |   |
| (In millions, except per share data) | First |   | Second |   | Third |   | Fourth |   | Full Year |
| Revenues                             | $ | 2,463 |  |   | $ | 2,440 |  |   | $ | 2,411 |  |   | $ | 2,378 |  |   | $ | 9,692 |  |
| Net income (loss) (b)                | $ | 13 |  |   | $ | 267 |  |   | $ | 213 |  |   | $ | 198 |  |   | $ | 691 |  |
| Basic earnings (loss) per share      | $ | 0.05 |  |   | $ | 0.99 |  |   | $ | 0.79 |  |   | $ | 0.73 |  |   | $ | 2.56 |  |
| Diluted earnings (loss) per share    | $ | 0.05 |  |   | $ | 0.98 |  |   | $ | 0.79 |  |   | $ | 0.73 |  |   | $ | 2.55 |  |

|     |                                                                                                                                           |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------|
| (a) | Net income in the fourth quarter of 2015 included a charge related to recognition of a premium deficiency in our long term care business. |

|     |                                                                                          |
|-----|------------------------------------------------------------------------------------------|
| (b) | Net income in the first quarter of 2014 included the impairment loss on the sale of CAC. |

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|                     |
|---------------------|
|                     |  |  |  |  |
| NAME                | POSITION AND OFFICES HELD WITH REGISTRANT | AGE | FIRST BECAME EXECUTIVE OFFICER OF CNA | PRINCIPAL OCCUPATION DURING PAST FIVE YEARS |
| Thomas F. Motamed   | Chief Executive Officer, CNA Financial Corporation | 67 | 2009 | Chief Executive Officer of CNA Financial Corporation. |
| D. Craig Mense      | Executive Vice President & Chief Financial Officer, CNA Financial Corporation | 64 | 2004 | Executive Vice President and Chief Financial Officer of CNA Financial Corporation. |
| David Brosnan       | Chief Executive, CNA Europe and Hardy | 53 | 2015 | Chief Executive of CNA Europe since August 2014 and Chief Executive of Hardy since February 2014.  Senior Vice President, Commercial from May 2013 through February 2014.  President and CEO, ACE INA Insurance Canada and ACE INA Life Insurance Canada 2008 through May 2013. |
| Larry A. Haefner    | Executive Vice President & Chief Actuary of the CNA insurance companies | 59 | 2008 | Executive Vice President & Chief Actuary of the CNA insurance companies. |
| Mark I. Herman      | President and Chief Operating Officer, Specialty of the CNA insurance companies | 57 | 2013 | President and Chief Operating Officer, Specialty of the CNA insurance companies since January 1, 2013.  Insurance Industry Consultant from June 2011 to December 2012.  Chief Executive Officer at Everest National Insurance Company from July 2010 through May 2011. |
| Jonathan D. Kantor  | Executive Vice President, General Counsel and Secretary, CNA Financial Corporation | 60 | 1997 | Executive Vice President, General Counsel and Secretary of CNA Financial Corporation. |
| Kevin Leidwinger    | President and Chief Operating Officer, Commercial of the CNA insurance companies | 52 | 2015 | President and Chief Operating Officer, Commercial of the CNA insurance companies since June 2015.  Global Casualty Manager for Chubb Commercial Insurance from April 2013 to June 2015.  Global Liability Product Line Manager for Chubb Commercial Insurance from January 2002 to March 2013. |
| Albert J. Miralles  | President, Long Term Care of the CNA insurance companies | 46 | 2014 | President, Long Term Care of the CNA insurance companies since March 2014.  Senior Vice President and Treasurer of the CNA insurance companies from August 2011 to March 2014. Chief Financial Officer, Nationwide Investments, a division of Nationwide Mutual Insurance Company from August 2008 to August 2011. |
| Andrew J. Pinkes    | Executive Vice President, Worldwide Property & Casualty Claim of the CNA insurance companies | 53 | 2015* | Executive Vice President, Worldwide Property & Casualty Claim of the CNA insurance companies since May 2015. Executive Vice President, Global Head of Claims for the XL Group from May 2013 to May 2015. Executive Vice President, Claims for The Hartford Financial Services Group, Inc. and President, Heritage Holdings, Inc. for  Hartford from September 2008 to May 2013. Acting Head of Commercial Markets for Hartford from October 2010 to April 2011. |
| Thomas Pontarelli   | Executive Vice President & Chief Administration Officer of the CNA insurance companies | 66 | 2009 | Executive Vice President & Chief Administration Officer of the CNA insurance companies. |
| Timothy J. Szerlong | President, Worldwide Field Operations of the CNA insurance companies | 63 | 2010 | President, Worldwide Field Operations of the CNA insurance companies. |

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|                                                            |
|------------------------------------------------------------|
|                                                            |  |  |  |  |  |  |  |  |  |
| December 31, 2015                                     | Number of securities to be issued upon exercise of outstanding options, warrants and rights |   | Weighted average exercise price of outstanding options, warrants and rights |   | Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)) |
| Plan Category                                              | (a) |   | (b) |   | (c) |
| Equity compensation plans approved by security holders     | 1,768,829 |  |   | $ | 33.68 |  |   | 1,074,589 |  |
| Equity compensation plans not approved by security holders | — |  |   | — |  |   | — |  |
| Total                                                      | 1,768,829 |  |   | $ | 33.68 |  |   | 1,074,589 |  |

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|        |
|--------|
|        |  |  |  |
|   |   | Page Number |   |
|   | Consolidated Statements of Operations - Years ended December 31, 2015, 2014 and 2013 | 57 |   |
|   | Consolidated Statements of Comprehensive (Loss) Income - Years ended December 31, 2015, 2014 and 2013 | 58 |   |
|   | Consolidated Balance Sheets - December 31, 2015 and 2014 | 59 |   |
|   | Consolidated Statements of Cash Flows - Years ended December 31, 2015, 2014 and 2013 | 60 |   |
|   | Consolidated Statements of Stockholders' Equity - Years ended December 31, 2015, 2014 and 2013 | 62 |   |
|   | Notes to Consolidated Financial Statements | 63 |   |
|   | Report of Independent Registered Public Accounting Firm | 122 |   |
|   | Management's Report on Internal Control Over Financial Reporting | 124 |   |

|        |
|--------|
|        |  |  |  |  |
|   | Schedule I | Summary of Investments | 132 |   |
|   | Schedule II | Condensed Financial Information of Registrant (Parent Company) | 132 |   |
|   | Schedule III | Supplementary Insurance Information | 136 |   |
|   | Schedule IV | Reinsurance | 136 |   |
|   | Schedule V | Valuation and Qualifying Accounts | 136 |   |
|   | Schedule VI | Supplemental Information Concerning Property and Casualty Insurance Operations | 137 |   |

|        |
|--------|
|        |  |  |  |  |  |
|   | Description of Exhibit | Exhibit Number |   |
| (3     | ) | Articles of incorporation and by-laws: |   |   |
|   |   |   |   |
|   | Certificate of Incorporation of CNA Financial Corporation, as amended May 6, 1987 (Exhibit 3.1 to Form S-8 filed October 9, 1998 incorporated herein by reference) | 3.1 |  |   |
|   |   |   |   |
|   | Certificate of Amendment of Certificate of Incorporation, dated May 14, 1998 (Exhibit 3.1a to 2006 Form 10-K incorporated herein by reference) | 3.1.1 |  |   |
|   |   |   |   |
|   | Certificate of Amendment of Certificate of Incorporation, dated May 10, 1999 (Exhibit 3.1 to 1999 Form 10-K incorporated herein by reference) | 3.1.2 |  |   |
|   |   |   |   |
|   | By-Laws of CNA Financial Corporation, as amended October 24, 2012 (Exhibit 3.1 to Form 8-K filed October 24, 2012 incorporated herein by reference) | 3.2 |  |   |
|   |   |   |   |
|   |   |   |   |

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|        |
|--------|
|        |  |  |  |  |  |
| (4     | ) | Instruments defining the rights of security holders, including indentures:* |   |   |
|   |   |   |   |
|   | Registration Rights Agreement, dated August 8, 2006, between CNA Financial Corporation and Loews Corporation (Exhibit 10.1 to August 8, 2006 Form 8-K incorporated herein by reference) | 4.1 |  |   |
|   |   |   |   |
| (10    | ) | Material contracts: |   |   |
|   |   |   |   |
|   | Credit Agreement among CNA Financial Corporation, Wells Fargo Securities, LLC, J.P. Morgan Securities LLC, Wells Fargo Bank, National Association, JPMorgan Chase Bank, N.A., Citibank, N.A., The Northern Trust Company, U.S. Bank National Association and other lenders named therein, dated August 28, 2015 (Exhibit 99.1 to August 28, 2015 Form 8-K incorporated herein by reference) | 10.1 |  |   |
|   |   |   |   |
|   | Federal Income Tax Allocation Agreement, dated February 29, 1980 between CNA Financial Corporation and Loews Corporation (Exhibit 10.2 to 1987 Form 10-K incorporated herein by reference) | 10.2 |  |   |
|   |   |   |   |
|   | Investment Facilities and Services Agreement, dated January 1, 2006, by and among Loews/CNA Holdings, Inc., CNA Financial Corporation and the Participating Subsidiaries (Exhibit 10.3 to 2007 Form 10-K incorporated herein by reference) | 10.3 |  |   |
|   |   |   |   |
|   | Amendment to Investment Facilities and Services Agreement, dated January 1, 2007, by and among Loews/CNA Holdings, Inc. and CNA Financial Corporation (Exhibit 10.3.1 to 2007 Form 10-K incorporated herein by reference) | 10.3.1 |  |   |
|   |   |   |   |
|   | CNA Financial Corporation Incentive Compensation Plan, as amended and restated, effective as of January 1, 2010 (Exhibit A to Form DEF 14A, filed April 2, 2010, incorporated herein by reference) | 10.4 |  | +  |
|   |   |   |   |
|   | CNA Supplemental Executive Retirement Plan, restated as of January 1, 2015 (Exhibit 10.5 to June 30, 2015 Form 10-Q incorporated herein by reference) | 10.5 |  | +  |
|   |   |   |   |
|   | CNA Non-Qualified Savings Plan (formerly known as the CNA Supplemental Executive Savings and Capital Accumulation Plan), restated as of January 1, 2014 (Exhibit 10.6 to June 30, 2015 Form 10-Q incorporated herein by reference) | 10.6 |  | +  |
|   |   |   |   |
|   | First Amendment to the CNA Non-Qualified Savings Plan, dated May 28, 2015 (Exhibit 10.6.1 to June 30, 2015 Form 10-Q incorporated herein by reference) | 10.6.1 |  | +  |
|   |   |   |   |
|   | Second Amendment to the CNA Non-Qualified Savings Plan, dated July 22, 2015 (Exhibit 10.6.2 to September 30, 2015 Form 10-Q incorporated herein by reference) | 10.6.2 |  | +  |
|   |   |   |   |
|   | Award Letter and Award Terms to Thomas F. Motamed for Restricted Stock Units (Exhibit 10.10 to 2010 Form 10-K incorporated herein by reference) | 10.7 |  | +  |
|   |   |   |   |
|   | Form of Award Letter to Executive Officers, along with Form of Award Terms, for the Long-Term Incentive Cash Plan (Exhibit 10.1 to June 30, 2010 Form 10-Q incorporated herein by reference) | 10.8 |  | +  |
|   |   |   |   |
|   | Form of Award Letter to Executive Officers, along with Form of Award Terms, relating to Stock Appreciation Rights (Exhibit 10.11.2 to 2010 Form 10-K incorporated herein by reference) | 10.9 |  | +  |
|   |   |   |   |

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|        |
|--------|
|        |  |  |  |  |  |
|   | Employment Agreement, dated May 22, 2008, by and between CNA Financial Corporation and Thomas F. Motamed (Exhibit 10.1 to June 30, 2008 Form 10-Q incorporated herein by reference) | 10.10 |  | +  |
|   |   |   |   |
|   | First Amendment to Employment Agreement, dated October 24, 2008, by and between CNA Financial Corporation and Thomas F. Motamed (Exhibit 10.6 to September 30, 2008 Form 10-Q incorporated herein by reference) | 10.10.1 |  | +  |
|   |   |   |   |
|   | Second Amendment to Employment Agreement, dated March 3, 2010, by and between CNA Financial Corporation and Thomas F. Motamed (Exhibit 10.1 to March 31, 2010 Form 10-Q incorporated herein by reference) | 10.10.2 |  | +  |
|   |   |   |   |
|   | Third Amendment to Employment Agreement, dated September 8, 2011, by and between CNA Financial Corporation and Thomas F. Motamed (Exhibit 10.1 to Form 8-K filed September 8, 2011 incorporated herein by reference) | 10.10.3 |  | +  |
|   |   |   |   |
|   | Employment Agreement, dated November 13, 2015, between CNA Financial Corporation and Dino E. Robusto (Exhibit 10.1 to Form 8-K filed November 16, 2015 incorporated herein by reference) | 10.11 |  | +  |
|   |   |   |   |
|   | Retention Agreement, dated February 4, 2016, between Continental Casualty Company and D. Craig Mense (Exhibit 10.1 to Form 8-K filed February 9, 2016 incorporated herein by reference) | 10.12 |  | +  |
|   |   |   |   |
|   | General Release and Settlement Agreement, dated December 30, 2014, by and between Continental Casualty Company and Robert A. Lindemann (Exhibit 10.l to Form 8-K filed December 31, 2014 incorporated herein by reference) | 10.13 |  |   |
|   |   |   |   |
|   | Master Transaction Agreement, dated July 14, 2010, among Continental Casualty Company, The Continental Insurance Company, Continental Reinsurance Corporation International, Ltd., CNA Insurance Company Limited, National Indemnity Company and, solely for purposes of Sections 5.19 and 7.3(b) thereof, Berkshire Hathaway Inc. (Exhibit 10.1 to Form 8-K filed July 16, 2010 incorporated herein by reference) | 10.14 |  |   |
|   |   |   |   |
|   | Administrative Services Agreement, dated August 31, 2010, among Continental Casualty Company, The Continental Insurance Company, Continental Reinsurance Corporation International, Ltd., CNA Insurance Company Limited and National Indemnity Company (Exhibit 10.1 to Form 8-K filed September 1, 2010 incorporated herein by reference) | 10.15 |  |   |
|   |   |   |   |
|   | Collateral Trust Agreement, dated August 31, 2010, among Continental Casualty Company, The Continental Insurance Company, Continental Reinsurance Corporation International, Ltd., CNA Insurance Company Limited, National Indemnity Company and Wells Fargo Bank, National Association (Exhibit 10.2 to Form 8-K filed September 1, 2010 incorporated herein by reference) | 10.16 |  |   |
|   |   |   |   |
|   | Loss Portfolio Transfer Reinsurance Agreement, dated August 31, 2010, among Continental Casualty Company, The Continental Insurance Company, Continental Reinsurance Corporation International, Ltd., CNA Insurance Company Limited and National Indemnity Company (Exhibit 10.3 to Form 8-K filed September 1, 2010 incorporated herein by reference) | 10.17 |  |   |
|   |   |   |   |
|   | Amendment No. 1 to the Master Transaction Agreement, dated August 31, 2010, among Continental Casualty Company, The Continental Insurance Company, Continental Reinsurance Corporation International, Ltd., CNA Insurance Company Limited and National Indemnity Company (Exhibit 10.4 to Form 8-K filed September 1, 2010 incorporated herein by reference) | 10.18 |  |   |

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|        |
|--------|
|        |  |  |  |  |  |
|   |   |   |   |
|   | Parental Guarantee Agreement, dated August 31, 2010, made by Berkshire Hathaway Inc. in favor of Continental Casualty Company, The Continental Insurance Company, Continental Reinsurance Corporation International, Ltd. and CNA Insurance Company Limited  (Exhibit 10.5 to Form 8-K filed September 1, 2010 incorporated herein by reference) | 10.19 |  |   |
|   |   |   |   |
| (21    | ) | Subsidiaries of the Registrant |   |   |
|   |   |   |   |
|   | List of subsidiaries of the Registrant | 21.1 |  |   |
|   |   |   |   |
| (23    | ) | Consent of Experts and Counsel |   |   |
|   |   |   |   |
|   | Consent of Independent Registered Public Accounting Firm | 23.1 |  |   |
|   |   |   |   |
| (31    | ) | Rule 13a-14(a)/15d-14(a) Certifications |   |   |
|   |   |   |   |
|   | Certification of Chief Executive Officer | 31.1 |  |   |
|   |   |   |  |   |
|   | Certification of Chief Financial Officer | 31.2 |  |   |
|   |   |   |  |   |
| (32    | ) | Section 1350 Certifications |   |   |
|   |   |   |   |
|   | Written Statement of the Chief Executive Officer of CNA Financial Corporation Pursuant to 18 U.S.C. Section 1350 (As adopted by Section 906 of the Sarbanes-Oxley Act of 2002) | 32.1 |  |   |
|   |   |   |  |   |
|   | Written Statement of the Chief Financial Officer of CNA Financial Corporation Pursuant to 18 U.S.C. Section 1350 (As adopted by Section 906 of the Sarbanes-Oxley Act of 2002) | 32.2 |  |   |
|   |   |   |   |
| (101   | ) | XBRL - Interactive Data File |   |   |
|   |   |   |   |
|   | XBRL Instance Document | 101.INS |  |   |
|   |   |   |   |
|   | XBRL Taxonomy Extension Schema | 101.SCH |  |   |
|   |   |   |   |
|   | XBRL Taxonomy Extension Calculation Linkbase | 101.CAL |  |   |
|   |   |   |   |
|   | XBRL Taxonomy Extension Definition Linkbase | 101.DEF |  |   |
|   |   |   |   |
|   | XBRL Taxonomy Label Linkbase | 101.LAB |  |   |
|   |   |   |   |
|   | XBRL Taxonomy Extension Presentation Linkbase | 101.PRE |  |   |
|   |   |   |   |
|   | * CNA Financial Corporation hereby agrees to furnish to the Commission upon request copies of instruments with respect to long term debt, pursuant to Item 601(b)(4) (iii) of Regulation S-K. |   |
|   |   |   |   |
|   | + Management contract or compensatory plan or arrangement. |   |
|   |   |   |   |
|   | Except for Exhibits 21.1, 23.1, 31.1, 31.2, 32.1, 32.2 and the XBRL documents as discussed in the note above, the exhibits above are not included in this report, but are on file with the SEC. |   |

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|                                                                                   |
|-----------------------------------------------------------------------------------|
|                                                                                   |  |  |  |  |  |  |  |  |  |  |  |
| Years ended December 31                                                           |   |   |   |   |   |
| (In millions)                                                                     | 2015 |   | 2014 |   | 2013 |
| Revenues                                                                          |   |   |   |   |   |
| Net investment income                                                             | $ | 1 |  |   | $ | 1 |  |   | $ | 1 |  |
| Net realized investment gains                                                     | 5 |  |   | 4 |  |   | 4 |  |
| Total revenues                                                                    | 6 |  |   | 5 |  |   | 5 |  |
| Expenses                                                                          |   |   |   |   |   |
| Administrative and general                                                        | 1 |  |   | 5 |  |   | (7 | ) |
| Interest                                                                          | 154 |  |   | 182 |  |   | 165 |  |
| Total expenses                                                                    | 155 |  |   | 187 |  |   | 158 |  |
| Loss from operations before income taxes and equity in net income of subsidiaries | (149 | ) |   | (182 | ) |   | (153 | ) |
| Income tax benefit                                                                | 34 |  |   | 35 |  |   | 22 |  |
| Loss before equity in net income of subsidiaries                                  | (115 | ) |   | (147 | ) |   | (131 | ) |
| Equity in net income of subsidiaries                                              | 594 |  |   | 838 |  |   | 1,068 |  |
| Net income                                                                        | 479 |  |   | 691 |  |   | 937 |  |
| Equity in other comprehensive income of subsidiaries                              | (715 | ) |   | (42 | ) |   | (389 | ) |
| Total Comprehensive (Loss) Income                                                 | $ | (236 | ) |   | $ | 649 |  |   | $ | 548 |  |

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|                                                                                                                                           |
|-------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                           |  |  |  |  |  |  |  |
| December 31                                                                                                                               |   |   |   |
| (In millions, except share data)                                                                                                          | 2015 |   | 2014 |
| Assets                                                                                                                                    |   |   |   |
| Investment in subsidiaries                                                                                                                | $ | 13,851 |  |   | $ | 14,867 |  |
| Cash                                                                                                                                      | 4 |  |   | 1 |  |
| Fixed maturity securities available-for-sale, at fair value (amortized cost of $0 and $1)                                                 | — |  |   | 1 |  |
| Short term investments                                                                                                                    | 478 |  |   | 499 |  |
| Other assets                                                                                                                              | 3 |  |   | 3 |  |
| Total assets                                                                                                                              | $ | 14,336 |  |   | $ | 15,371 |  |
| Liabilities                                                                                                                               |   |   |   |
| Short term debt                                                                                                                           | $ | 350 |  |   | $ | — |  |
| Long term debt                                                                                                                            | 2,182 |  |   | 2,529 |  |
| Other liabilities                                                                                                                         | 48 |  |   | 48 |  |
| Total liabilities                                                                                                                         | 2,580 |  |   | 2,577 |  |
| Stockholders' Equity                                                                                                                      |   |   |   |
| Common stock ($2.50 par value; 500,000,000 shares authorized; 273,040,243 shares issued;  270,274,361 and 269,980,202 shares outstanding) | 683 |  |   | 683 |  |
| Additional paid-in capital                                                                                                                | 2,153 |  |   | 2,151 |  |
| Retained earnings                                                                                                                         | 9,313 |  |   | 9,645 |  |
| Accumulated other comprehensive income                                                                                                    | (315 | ) |   | 400 |  |
| Treasury stock (2,765,882 and 3,060,041 shares), at cost                                                                                  | (78 | ) |   | (84 | ) |
| Notes receivable for the issuance of common stock                                                                                         | — |  |   | (1 | ) |
| Total stockholders' equity                                                                                                                | 11,756 |  |   | 12,794 |  |
| Total liabilities and stockholders' equity                                                                                                | $ | 14,336 |  |   | $ | 15,371 |  |

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|                                                                                         |
|-----------------------------------------------------------------------------------------|
|                                                                                         |  |  |  |  |  |  |  |  |  |  |  |
| Years ended December 31                                                                 |   |   |   |   |   |
| (In millions)                                                                           | 2015 |   | 2014 |   | 2013 |
| Cash Flows from Operating Activities                                                    |   |   |   |   |   |
| Net income                                                                              | $ | 479 |  |   | $ | 691 |  |   | $ | 937 |  |
| Adjustments to reconcile net income to net cash flows provided by operating activities: |   |   |   |   |   |
| Equity in net income of subsidiaries                                                    | (594 | ) |   | (838 | ) |   | (1,068 | ) |
| Dividends received from subsidiaries                                                    | 900 |  |   | 650 |  |   | 400 |  |
| Net realized investment gains                                                           | (5 | ) |   | (4 | ) |   | (4 | ) |
| Other, net                                                                              | 4 |  |   | 14 |  |   | 8 |  |
| Total adjustments                                                                       | 305 |  |   | (178 | ) |   | (664 | ) |
| Net cash flows provided by operating activities                                         | 784 |  |   | 513 |  |   | 273 |  |
| Cash Flows from Investing Activities                                                    |   |   |   |   |   |
| Proceeds from fixed maturity securities                                                 | — |  |   | — |  |   | 1 |  |
| Change in short term investments                                                        | 21 |  |   | 6 |  |   | (57 | ) |
| Capital contributions to subsidiaries                                                   | — |  |   | (10 | ) |   | (12 | ) |
| Other, net                                                                              | 7 |  |   | 5 |  |   | 4 |  |
| Net cash flows provided (used) by investing activities                                  | 28 |  |   | 1 |  |   | (64 | ) |
| Cash Flows from Financing Activities                                                    |   |   |   |   |   |
| Dividends paid to common stockholders                                                   | (811 | ) |   | (541 | ) |   | (216 | ) |
| Proceeds from the issuance of debt                                                      | — |  |   | 546 |  |   | — |  |
| Repayment of debt                                                                       | — |  |   | (549 | ) |   | (3 | ) |
| Stock options exercised                                                                 | 1 |  |   | 5 |  |   | 2 |  |
| Other, net                                                                              | 1 |  |   | 25 |  |   | 9 |  |
| Net cash flows used by financing activities                                             | (809 | ) |   | (514 | ) |   | (208 | ) |
| Net change in cash                                                                      | 3 |  |   | — |  |   | 1 |  |
| Cash, beginning of year                                                                 | 1 |  |   | 1 |  |   | — |  |
| Cash, end of year                                                                       | $ | 4 |  |   | $ | 1 |  |   | $ | 1 |  |

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|                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| (In millions)                         | Balance at Beginning of Period |   | Charged to Costs and Expenses |   | Charged to Other Accounts (a) |   | Deductions |   | Balance at End of Period |
| Year ended December 31, 2015          |   |   |   |   |   |   |   |   |   |
| Deducted from assets:                 |   |   |   |   |   |   |   |   |   |
| Allowance for doubtful accounts:      |   |   |   |   |   |   |   |   |   |
| Insurance and reinsurance receivables | $ | 109 |  |   | $ | (12 | ) |   | $ | — |  |   | $ | (8 | ) |   | $ | 89 |  |
| Year ended December 31, 2014          |   |   |   |   |   |   |   |   |   |
| Deducted from assets:                 |   |   |   |   |   |   |   |   |   |
| Allowance for doubtful accounts:      |   |   |   |   |   |   |   |   |   |
| Insurance and reinsurance receivables | $ | 155 |  |   | $ | (40 | ) |   | $ | (1 | ) |   | $ | (5 | ) |   | $ | 109 |  |
| Year ended December 31, 2013          |   |   |   |   |   |   |   |   |   |
| Deducted from assets:                 |   |   |   |   |   |   |   |   |   |
| Allowance for doubtful accounts:      |   |   |   |   |   |   |   |   |   |
| Insurance and reinsurance receivables | $ | 174 |  |   | $ | (6 | ) |   | $ | (3 | ) |   | $ | (10 | ) |   | $ | 155 |  |

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|------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                              |  |  |  |  |  |  |  |  |  |  |  |
| As of and for the years ended December 31                                                                                    | Consolidated Property and Casualty Operations |
| (In millions)                                                                                                                | 2015 |   | 2014 |   | 2013 |
| Balance Sheet Data                                                                                                           |   |   |   |   |   |
| Deferred acquisition costs                                                                                                   | $ | 597 |  |   | $ | 600 |  |   |  |  |
| Reserves for unpaid claim and claim adjustment expenses                                                                      | 22,663 |  |   | 23,271 |  |   |  |  |
| Discount deducted from claim and claim adjustment expense reserves above (based on interest rates ranging from 3.5% to 8.0%) | 1,534 |  |   | 1,578 |  |   |  |  |
| Unearned premiums                                                                                                            | 3,671 |  |   | 3,592 |  |   |  |  |
| Statement of Operations Data                                                                                                 |   |   |   |   |   |
| Net written premiums                                                                                                         | $ | 6,962 |  |   | $ | 7,088 |  |   | $ | 7,348 |  |
| Net earned premiums                                                                                                          | 6,921 |  |   | 7,212 |  |   | 7,271 |  |
| Net investment income                                                                                                        | 1,807 |  |   | 2,031 |  |   | 2,240 |  |
| Incurred claim and claim adjustment expenses related to current year                                                         | 4,934 |  |   | 5,043 |  |   | 5,113 |  |
| Incurred claim and claim adjustment expenses related to prior years                                                          | (255 | ) |   | (39 | ) |   | (115 | ) |
| Amortization of deferred acquisition costs                                                                                   | 1,540 |  |   | 1,317 |  |   | 1,362 |  |
| Paid claim and claim adjustment expenses                                                                                     | 4,945 |  |   | 5,297 |  |   | 5,566 |  |

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|                           |
|---------------------------|
|                           |  |  |
|                      |   | CNA Financial Corporation |
|                      |   |   |
| Dated:  February 17, 2016 | By | /s/ Thomas F. Motamed |
|                      |   | Thomas F. MotamedChief Executive Officer(Principal Executive Officer) |
|                      |   |   |
| Dated:  February 17, 2016 | By | /s/ D. Craig Mense |
|                      |   | D. Craig MenseExecutive Vice President andChief Financial Officer(Principal Financial & Accounting Officer) |

|                           |
|---------------------------|
|                           |  |  |
| Dated:  February 17, 2016 | By | /s/ Thomas F. Motamed |
|                      |   | (Thomas F. Motamed, Chief Executive Officer and Chairman of the Board of Directors) |
|                      |   |   |
| Dated:  February 17, 2016 | By | /s/ Paul J. Liska |
|                      |   | (Paul J. Liska, Director) |
|                      |   |   |
| Dated:  February 17, 2016 | By | /s/ Jose O. Montemayor |
|                      |   | (Jose O. Montemayor, Director) |
|                      |   |   |
| Dated:  February 17, 2016 | By | /s/ Don M. Randel |
|                      |   | (Don M. Randel, Director) |
|                      |   |   |
| Dated:  February 17, 2016 | By | /s/ Joseph Rosenberg |
|                      |   | (Joseph Rosenberg, Director) |
|                      |   |   |
| Dated:  February 17, 2016 | By | /s/ Andrew H. Tisch |
|                      |   | (Andrew H. Tisch, Director) |
|                      |   |   |
| Dated:  February 17, 2016 | By | /s/ James S. Tisch |
|                      |   | (James S. Tisch, Director) |
|                      |   |   |
| Dated:  February 17, 2016 | By | /s/ Marvin Zonis |
|                      |   | (Marvin Zonis, Director) |