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

|         |                                                                               |
|---------|-------------------------------------------------------------------------------|
| • | Q4 NOL OF $52M; NOI OF $171M EX LTC CHARGE & INVESTMENT ACCOUNTING CHANGE |

|         |                                                       |
|---------|-------------------------------------------------------|
| • | 2015 P&C COMBINED RATIO OF 95.4% VS 97.7% IN 2014 |

|         |                                                                          |
|---------|--------------------------------------------------------------------------|
| • | 12/31/2015 BVPS EX AOCI OF $44.66, UP 4% FOR 2015 ADJUSTED FOR DIVIDENDS |

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

|                                               |
|-----------------------------------------------|
|                                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                          | Results for the Three Months Ended December 31 |   | Results for the Year Ended December 31 |
| ($ millions, except per share data)           | 2015 |   | 2014 |   | 2015 |   | 2014 |
| Net operating (loss) income (a)               | $ | (52 | ) |   | $ | 205 |  |   | $ | 515 |  |   | $ | 849 |  |
| Net realized investment (losses) gains        | (18 | ) |   | (7 | ) |   | (36 | ) |   | 39 |  |
| Loss from discontinued operations, net of tax | — |  |   | — |  |   | — |  |   | (197 | ) |
| Net (loss) income                             | $ | (70 | ) |   | $ | 198 |  |   | $ | 479 |  |   | $ | 691 |  |
|                                          |   |   |   |   |   |   |   |
| Net operating (loss) income per diluted share | $ | (0.19 | ) |   | $ | 0.76 |  |   | $ | 1.90 |  |   | $ | 3.14 |  |
| Net (loss) income per diluted share      | (0.26 | ) |   | 0.73 |  |   | 1.77 |  |   | 2.55 |  |

|                                     |
|-------------------------------------|
|                                     |  |  |  |  |  |  |  |
|                                | December 31, 2015 |   | December 31, 2014 |
| Book value per share                | $ | 43.49 |   |   | $ | 47.39 |   |
| Book value per share excluding AOCI |   | 44.66 |   |   |   | 45.91 |   |

|     |                                                                                                                                                                                                                                                                |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (a) | Management utilizes the net operating income financial measure to monitor the Company's operations.  Please refer to Note J in the Condensed Consolidated Financial Statements within the September 30, 2015 Form 10-Q for further discussion of this measure. |

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|                                                       |
|-------------------------------------------------------|
|                                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                  | Results for the Three Months Ended December 31 |   | Results for the Year Ended December 31 |
| ($ millions)                                          | 2015 |   | 2014 |   | 2015 |   | 2014 |
| Net written premiums                                  | $ | 1,585 |  |   |   | $ | 1,555 |  |   |   | $ | 6,421 |  |   |   | $ | 6,536 |  |   |
| NWP change (% year over year)                         | 2 |  | % |   | (8 | ) | % |   | (2 | ) | % |   | (4 | ) | % |
| Net operating income                                  | $ | 202 |  |   |   | $ | 314 |  |   |   | $ | 966 |  |   |   | $ | 1,010 |  |   |
| Net income                                            | 176 |  |   |   | 322 |  |   |   | 914 |  |   |   | 1,030 |  |   |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |
| Loss ratio excluding catastrophes and development     | 61.7 |  | % |   | 61.4 |  | % |   | 61.9 |  | % |   | 62.8 |  | % |
| Effect of catastrophe impacts                         | 2.4 |  |   |   | 0.6 |  |   |   | 2.2 |  |   |   | 2.3 |  |   |
| Effect of development-related items                   | (1.2 | ) |   |   | (2.4 | ) |   |   | (3.1 | ) |   |   | (0.5 | ) |   |
| Loss ratio                                            | 62.9 |  | % |   | 59.6 |  | % |   | 61.0 |  | % |   | 64.6 |  | % |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |
| Combined ratio                                        | 98.9 |  | % |   | 91.8 |  | % |   | 95.4 |  | % |   | 97.7 |  | % |
| Combined ratio excluding catastrophes and development | 97.7 |  | % |   | 93.6 |  | % |   | 96.3 |  | % |   | 95.9 |  | % |

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|                                                       |
|-------------------------------------------------------|
|                                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                  | Results for the Three Months Ended December 31 |   | Results for the Year Ended December 31 |
| ($ millions)                                          | 2015 |   | 2014 |   | 2015 |   | 2014 |
| Net written premiums                                  | $ | 704 |  |   |   | $ | 689 |  |   |   | $ | 2,781 |  |   |   | $ | 2,839 |  |   |
| NWP change (% year over year)                         | 2 |  | % |   | (3) |  | % |   | (2 | ) | % |   | (1) |  | % |
| Net operating income                                  | $ | 109 |  |   |   | $ | 154 |  |   |   | $ | 560 |  |   |   | $ | 634 |  |   |
| Net income                                            | 98 |  |   |   | 158 |  |   |   | 538 |  |   |   | 644 |  |   |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |
| Loss ratio excluding catastrophes and development     | 63.5 |  | % |   | 60.1 |  | % |   | 62.3 |  | % |   | 61.7 |  | % |
| Effect of catastrophe impacts                         | (0.3 | ) |   |   | — |  |   |   | 0.4 |  |   |   | 0.7 |  |   |
| Effect of development-related items                   | (0.1 | ) |   |   | (2.0 | ) |   |   | (5.3 | ) |   |   | (5.1 | ) |   |
| Loss ratio                                            | 63.1 |  | % |   | 58.1 |  | % |   | 57.4 |  | % |   | 57.3 |  | % |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |
| Combined ratio                                        | 95.0 |  | % |   | 88.4 |  | % |   | 88.7 |  | % |   | 87.6 |  | % |
| Combined ratio excluding catastrophes and development | 95.4 |  | % |   | 90.4 |  | % |   | 93.6 |  | % |   | 92.0 |  | % |

|         |                                                                                                                                                                                                        |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Net operating income decreased $45 million for the fourth quarter of 2015 as compared with the prior year quarter, due to less favorable underwriting results and lower net investment income. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | The combined ratio increased 6.6 points for the fourth quarter of 2015 as compared with the prior year quarter.  The loss ratio increased 5.0 points, due to a higher current accident year loss ratio and less favorable net prior year development. The unfavorable quarter over quarter accident year comparison was driven by a re-evaluation of our 2015 loss ratio that increased the full year by 0.4 points, which resulted in a catch up impact of 1.6 points on the fourth quarter's loss ratio.  In 2014, our fourth quarter accident year loss ratio was favorably affected by the re-evaluation of our estimated 2014 full year loss ratio downward by 0.5 points, and the related positive four quarter catch up impact was 2.0 points on the fourth quarter loss ratio.  The expense ratio increased 1.5 points for the fourth quarter of 2015 as compared with the prior year quarter primarily driven by increased underwriting expenses. |

|         |                                                                                                                                                                                                               |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Net written premiums were consistent as compared with the prior year quarter.  Average rate was unchanged for the policies that renewed in the fourth quarter of 2015 while achieving a retention of 87%. |

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|                                                       |
|-------------------------------------------------------|
|                                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                  | Results for the Three Months Ended December 31 |   | Results for the Year Ended December 31 |
| ($ millions)                                          | 2015 |   | 2014 |   | 2015 |   | 2014 |
| Net written premiums                                  | $ | 700 |  |   |   | $ | 684 |  |   |   | $ | 2,818 |  |   |   | $ | 2,817 |  |   |
| NWP change (% year over year)                         | 2 |  | % |   | (5 | ) | % |   | — |  | % |   | (5 | ) | % |
| Net operating income                                  | $ | 96 |  |   |   | $ | 132 |  |   |   | $ | 369 |  |   |   | $ | 307 |  |   |
| Net income                                            | 81 |  |   |   | 136 |  |   |   | 338 |  |   |   | 317 |  |   |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |
| Loss ratio excluding catastrophes and development     | 59.3 |  | % |   | 63.0 |  | % |   | 61.6 |  | % |   | 64.6 |  | % |
| Effect of catastrophe impacts                         | 2.7 |  |   |   | 0.6 |  |   |   | 3.6 |  |   |   | 4.4 |  |   |
| Effect of development-related items                   | (1.4 | ) |   |   | 0.6 |  |   |   | (0.1 | ) |   |   | 6.3 |  |   |
| Loss ratio                                            | 60.6 |  | % |   | 64.2 |  | % |   | 65.1 |  | % |   | 75.3 |  | % |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |
| Combined ratio                                        | 99.6 |  | % |   | 96.8 |  | % |   | 101.5 |  | % |   | 109.3 |  | % |
| Combined ratio excluding catastrophes and development | 98.3 |  | % |   | 95.6 |  | % |   | 98.0 |  | % |   | 98.6 |  | % |

|         |                                                                                                                                                                                                                                                                                                         |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Net operating income decreased $36 million for the fourth quarter of 2015 as compared with the prior year quarter.  This decrease was primarily driven by lower net investment income and less favorable current accident year underwriting results, partially offset by favorable development. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | The combined ratio increased 2.8 points for the fourth quarter of 2015 as compared with the prior year quarter.  The loss ratio improved 3.6 points, due to an improved non-catastrophe current accident year loss ratio and favorable net prior year development, partially offset by higher catastrophe losses.  Catastrophe losses were $18 million, or 2.7 points of the loss ratio, for the fourth quarter of 2015 as compared with $4 million, or 0.6 points of the loss ratio, for the prior year quarter. The expense ratio increased 6.3 points for the fourth quarter of 2015 as compared with the prior year quarter.  The unfavorable comparison was primarily driven by the increase in loss-based assessment fees related to our prior Defense Based Act workers' compensation writings as well as increased contingent commissions and underwriting expenses.  Last year's fourth quarter was helped by the favorable impact of 2014 recoveries on insurance receivables written off in prior years. |

|         |                                                                                                                                                                                                                                                                                                                                    |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Net written premiums increased $16 million for the fourth quarter of 2015 as compared with the prior year quarter, driven by an increased level of new business and improved retention.  Average rate increased 1% for the policies that renewed in the fourth quarter of 2015 while achieving a retention of 84%. |

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|                                                       |
|-------------------------------------------------------|
|                                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                  | Results for the Three Months Ended December 31 |   | Results for the Year Ended December 31 |
| ($ millions)                                          | 2015 |   | 2014 |   | 2015 |   | 2014 |
| Net written premiums                                  | $ | 181 |  |   |   | $ | 182 |  |   |   | $ | 822 |  |   |   | $ | 880 |  |   |
| NWP change (% year over year)                         | (1 | ) | % |   | (30 | ) | % |   | (7 | ) | % |   | (8 | ) | % |
| Net operating (loss) income                           | $ | (3 | ) |   |   | $ | 28 |  |   |   | $ | 37 |  |   |   | $ | 69 |  |   |
| Net (loss) income                                     | (3 | ) |   |   | 28 |  |   |   | 38 |  |   |   | 69 |  |   |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |
| Loss ratio excluding catastrophes and development     | 63.5 |  | % |   | 60.3 |  | % |   | 61.7 |  | % |   | 60.3 |  | % |
| Effect of catastrophe impacts                         | 10.7 |  |   |   | 2.2 |  |   |   | 3.3 |  |   |   | 1.0 |  |   |
| Effect of development-related items                   | (3.9 | ) |   |   | (13.3 | ) |   |   | (5.5 | ) |   |   | (7.8 | ) |   |
| Loss ratio                                            | 70.3 |  | % |   | 49.2 |  | % |   | 59.5 |  | % |   | 53.5 |  | % |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |
| Combined ratio                                        | 109.9 |  | % |   | 86.9 |  | % |   | 97.6 |  | % |   | 92.4 |  | % |
| Combined ratio excluding catastrophes and development | 103.1 |  | % |   | 98.0 |  | % |   | 99.8 |  | % |   | 99.2 |  | % |

|         |                                                                                                                                                                                                                                                                                  |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Net operating results decreased $31 million for the fourth quarter of 2015 as compared with the prior year quarter.  This decrease was primarily due to decreased underwriting results, partially offset by less unfavorable effects of foreign currency exchange rates. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | The combined ratio increased 23.0 points for the fourth quarter of 2015 as compared with the prior year quarter.  The loss ratio increased 21.1 points, due to less favorable net prior year loss development, higher catastrophe losses and an increase in large losses.  Catastrophe losses were $22 million, or 10.7 points of the loss ratio, for the fourth quarter of 2015 as compared with $5 million, or 2.2 points of the loss ratio, for the prior year quarter.  The expense ratio increased 1.9 points, primarily due to the effect of lower net earned premiums. |

|         |                                                                                                                                                                                                                                                     |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Net written premiums were consistent for the fourth quarter of 2015 as compared with the prior year quarter.  Average rate decreased 1% for the policies that renewed in the fourth quarter of 2015 while achieving a retention of 73%. |

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|                          |
|--------------------------|
|                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                     | Results for the Three Months Ended December 31 |   | Results for the Year Ended December 31 |
| ($ millions)             | 2015 |   | 2014 |   | 2015 |   |   | 2014 |   |
| Total operating revenues | $ | 299 |  |   |   | $ | 324 |  |   |   | $ | 1,259 |  |   |   | $ | 1,272 |  |   |
| Net operating loss       | (243 | ) |   |   | (34 | ) |   |   | (314 | ) |   |   | (69 | ) |   |
| Net loss                 | (241 | ) |   |   | (55 | ) |   |   | (306 | ) |   |   | (62 | ) |   |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Net operating loss increased $209 million for the fourth quarter of 2015 as compared with the prior year quarter.  The increase was driven by a $296 million charge related to recognition of a premium deficiency and a $9 million deficiency in claim reserves in our long term care business.  The after-tax impact of both of these items was $198 million.  Excluding the effect of these items, results in 2015 were also negatively affected by higher morbidity in our long term care business. |

|                    |
|--------------------|
|                    |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|               | Results for the Three Months Ended December 31 |   | Results for the Year Ended December 31 |
| ($ millions)       | 2015 |   | 2014 |   | 2015 |   |   | 2014 |   |
| Interest expense   | $ | 37 |  |   |   | $ | 44 |  |   |   | $ | 154 |  |   |   | $ | 182 |  |   |
| Net operating loss | (11 | ) |   |   | (75 | ) |   |   | (137 | ) |   |   | (92 | ) |   |
| Net loss           | (5 | ) |   |   | (69 | ) |   |   | (129 | ) |   |   | (80 | ) |   |

|         |                                                                                                                                                                                                              |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Net operating loss decreased $64 million for the fourth quarter of 2015 as compared with the prior year quarter. The prior year quarter included a $55 million after-tax lump sum settlement charge. |

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