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

|                                                                                               |
|-----------------------------------------------------------------------------------------------|
|                                                                                               |  |  |
| R QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THESECURITIES EXCHANGE ACT OF 1934 |

|                                                                                                |
|------------------------------------------------------------------------------------------------|
|                                                                                                |  |  |
| o 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) |

|                                |
|--------------------------------|
|                                |  |  |  |  |  |  |
| Large accelerated filer £ |   | Accelerated filer  R |   | Non-accelerated filer o(Do not check if a smaller reporting company) |   | Smaller reporting company o |

|                               |
|-------------------------------|
|                               |  |  |
| Class                         |   | Outstanding at October 28, 2011 |
| Common Stock, Par value $2.50 |   | 269,274,900 |

----

|             |
|-------------|
|             |  |  |
| Item Number |   | PageNumber |
|        | PART I. Financial Information |   |
|        |   |   |
| 1.          | Condensed Consolidated Financial Statements (Unaudited): |   |
|        | Condensed Consolidated Statements of Operations for the Three and Nine months ended September 30, 2011 and 2010 | 3 |
|        | Condensed Consolidated Statements of Comprehensive Income for the Three and Nine months ended September 30, 2011 and 2010 | 4 |
|        | Condensed Consolidated Balance Sheets at September 30, 2011 and December 31, 2010 | 5 |
|        | Condensed Consolidated Statements of Cash Flows for the Nine months ended September 30, 2011 and 2010 | 6 |
|        | Condensed Consolidated Statements of Equity for the Nine months ended September 30, 2011 and 2010 | 8 |
|        | Notes to Condensed Consolidated Financial Statements | 9 |
| 2.          | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 49 |
| 3.          | Quantitative and Qualitative Disclosures About Market Risk | 69 |
| 4.          | Controls and Procedures | 70 |
|        | PART II. Other Information |   |
| 1.          | Legal Proceedings | 71 |
| 6.          | Exhibits | 72 |

----

Table of Contents

|                                                                                                          |
|----------------------------------------------------------------------------------------------------------|
|                                                                                                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Periods ended September 30                                                                               | Three Months |   | Nine Months |
| (In millions, except per share data)                                                                     | 2011 |   | 2010 |   | 2011 |   | 2010 |
| Revenues                                                                                                 |   |   |   |   |   |   |   |
| Net earned premiums                                                                                      | $ | 1,732 |  |   | $ | 1,645 |  |   | $ | 4,942 |  |   | $ | 4,868 |  |
| Net investment income                                                                                    | 394 |  |   | 581 |  |   | 1,531 |  |   | 1,692 |  |
| Net realized investment gains (losses), net of participating policyholders’ interests:             |   |   |   |   |  |   |   |
| Other-than-temporary impairment losses                                                                   | (75 | ) |   | (41 | ) |   | (136 | ) |   | (189 | ) |
| Portion of other-than-temporary impairments recognized in Other comprehensive income                     | (2 | ) |   | (3 | ) |   | (44 | ) |   | 28 |  |
| Net other-than-temporary impairment losses recognized in earnings                                        | (77 | ) |   | (44 | ) |   | (180 | ) |   | (161 | ) |
| Other net realized investment gains                                                                      | 50 |  |   | 106 |  |   | 181 |  |   | 286 |  |
| Net realized investment gains (losses), net of participating policyholders’ interests              | (27 | ) |   | 62 |  |   | 1 |  |   | 125 |  |
| Other revenues                                                                                           | 76 |  |   | 75 |  |   | 214 |  |   | 226 |  |
| Total revenues                                                                                           | 2,175 |  |   | 2,363 |  |   | 6,688 |  |   | 6,911 |  |
| Claims, Benefits and Expenses                                                                            |   |   |   |   |   |   |   |
| Insurance claims and policyholders’ benefits                                                       | 1,400 |  |   | 1,344 |  |   | 4,131 |  |   | 3,799 |  |
| Amortization of deferred acquisition costs                                                               | 356 |  |   | 351 |  |   | 1,051 |  |   | 1,038 |  |
| Other operating expenses                                                                                 | 252 |  |   | 795 |  |   | 736 |  |   | 1,325 |  |
| Interest                                                                                                 | 43 |  |   | 40 |  |   | 132 |  |   | 113 |  |
| Total claims, benefits and expenses                                                                      | 2,051 |  |   | 2,530 |  |   | 6,050 |  |   | 6,275 |  |
| Income (loss) from continuing operations before income tax                                               | 124 |  |   | (167 | ) |   | 638 |  |   | 636 |  |
| Income tax (expense) benefit                                                                             | (49 | ) |   | 64 |  |   | (198 | ) |   | (183 | ) |
| Income (loss) from continuing operations                                                                 | 75 |  |   | (103 | ) |   | 440 |  |   | 453 |  |
| Income (loss) from discontinued operations, net of income tax (expense) benefit of -, $0, $0 and $0 | — |  |   | (22 | ) |   | (1 | ) |   | (21 | ) |
| Net income (loss)                                                                                        | 75 |  |   | (125 | ) |   | 439 |  |   | 432 |  |
| Net (income) loss attributable to noncontrolling interests                                          | — |  |   | (15 | ) |   | (15 | ) |   | (44 | ) |
| Net income (loss) attributable to CNA                                                                    | $ | 75 |  |   | $ | (140 | ) |   | $ | 424 |  |   | $ | 388 |  |
|                                                                                                     |   |   |   |   |   |   |   |
| Income (Loss) Attributable to CNA Common Stockholders                                                    |   |   |   |   |   |   |   |
| Income (loss) from continuing operations attributable to CNA                                             | $ | 75 |  |   | $ | (118 | ) |   | $ | 425 |  |   | $ | 409 |  |
| Dividends on 2008 Senior Preferred                                                                       | — |  |   | (18 | ) |   | — |  |   | (68 | ) |
| Income (loss) from continuing operations attributable to CNA common stockholders                         | 75 |  |   | (136 | ) |   | 425 |  |   | 341 |  |
| Income (loss) from discontinued operations attributable to CNA common stockholders                       | — |  |   | (22 | ) |   | (1 | ) |   | (21 | ) |
| Income (loss) attributable to CNA common stockholders                                                    | $ | 75 |  |   | $ | (158 | ) |   | $ | 424 |  |   | $ | 320 |  |
|                                                                                                     |   |   |   |   |   |   |   |
| Basic and Diluted Earnings (Loss) Per Share Attributable to CNA Common Stockholders                      |   |   |   |   |   |   |   |
| Income (loss) from continuing operations attributable to CNA common stockholders                         | $ | 0.28 |  |   | $ | (0.51 | ) |   | $ | 1.58 |  |   | $ | 1.27 |  |
| Income (loss) from discontinued operations attributable to CNA common stockholders                       | — |  |   | (0.08 | ) |   | — |  |   | (0.08 | ) |
| Basic and diluted earnings (loss) per share attributable to CNA common stockholders                      | $ | 0.28 |  |   | $ | (0.59 | ) |   | $ | 1.58 |  |   | $ | 1.19 |  |
| Weighted Average Outstanding Common Stock and Common Stock Equivalents                                   |   |   |   |   |   |   |   |
| Basic                                                                                                    | 269.3 |  |   | 269.2 |  |   | 269.3 |  |   | 269.1 |  |
| Diluted                                                                                                  | 269.6 |  |   | 269.2 |  |   | 269.6 |  |   | 269.4 |  |

----

Table of Contents

|                                                                                            |
|--------------------------------------------------------------------------------------------|
|                                                                                            |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Periods ended September 30                                                                 | Three Months |   | Nine Months |
| (In millions)                                                                              | 2011 |   | 2010 |   | 2011 |   | 2010 |
| Other Comprehensive Income, Net of Tax                                                     |   |   |   |   |   |   |   |
| Changes in:                                                                                |   |   |   |   |   |   |   |
| Net unrealized gains (losses) on investments with other-than-temporary impairments    | $ | (14 | ) |   | $ | 39 |  |   | $ | 25 |  |   | $ | 81 |  |
| Net unrealized gains on other investments                                                  | 227 |  |   | 726 |  |   | 549 |  |   | 1,426 |  |
| Net unrealized gains on investments                                                        | 213 |  |   | 765 |  |   | 574 |  |   | 1,507 |  |
| Net unrealized gains on discontinued operations and other                                  | — |  |   | 3 |  |   | 1 |  |   | 11 |  |
| Foreign currency translation adjustment                                                    | (52 | ) |   | 37 |  |   | (22 | ) |   | 44 |  |
| Pension and postretirement benefits                                                        | 1 |  |   | 2 |  |   | 3 |  |   | 5 |  |
| Allocation to participating policyholders                                                  | (6 | ) |   | (9 | ) |   | (7 | ) |   | (37 | ) |
| Other comprehensive income, net of tax                                                     | 156 |  |   | 798 |  |   | 549 |  |   | 1,530 |  |
| Net income                                                                                 | 75 |  |   | (125 | ) |   | 439 |  |   | 432 |  |
| Comprehensive income                                                                       | 231 |  |   | 673 |  |   | 988 |  |   | 1,962 |  |
| Changes in:                                                                                |   |   |   |   |   |   |   |
| Net unrealized (gains) losses on investments attributable to noncontrolling interests | — |  |   | (13 | ) |   | (8 | ) |   | (27 | ) |
| Pension and postretirement benefits attributable to noncontrolling interests               | — |  |   | — |  |   | — |  |   | (3 | ) |
| Other comprehensive (income) loss attributable to noncontrolling interests            | — |  |   | (13 | ) |   | (8 | ) |   | (30 | ) |
| Net (income) loss attributable to noncontrolling interests                            | — |  |   | (15 | ) |   | (15 | ) |   | (44 | ) |
| Comprehensive (income) loss attributable to noncontrolling interests                  | — |  |   | (28 | ) |   | (23 | ) |   | (74 | ) |
| Total comprehensive income attributable to CNA                                             | $ | 231 |  |   | $ | 645 |  |   | $ | 965 |  |   | $ | 1,888 |  |

----

Table of Contents

|                                                                                                                                          |
|------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                          |  |  |  |  |  |  |  |
| (In millions, except share data)                                                                                                         | September 30, 2011 |   | December 31, 2010 |
| Assets                                                                                                                                   |   |   |   |
| Investments:                                                                                                                             |   |   |   |
| Fixed maturity securities at fair value (amortized cost of $36,913 and $36,427)                                                          | $ | 39,456 |  |   | $ | 37,577 |  |
| Equity securities at fair value (cost of $316 and $422)                                                                                  | 327 |  |   | 440 |  |
| Limited partnership investments                                                                                                          | 2,371 |  |   | 2,309 |  |
| Other invested assets                                                                                                                    | 17 |  |   | 27 |  |
| Mortgage loans                                                                                                                           | 204 |  |   | 87 |  |
| Short term investments                                                                                                                   | 1,730 |  |   | 2,215 |  |
| Total investments                                                                                                                        | 44,105 |  |   | 42,655 |  |
| Cash                                                                                                                                     | 84 |  |   | 77 |  |
| Reinsurance receivables (less allowance for uncollectible receivables of $99 and $125)                                                   | 6,723 |  |   | 7,079 |  |
| Insurance receivables (less allowance for uncollectible receivables of $134 and $160)                                                    | 1,694 |  |   | 1,557 |  |
| Accrued investment income                                                                                                                | 467 |  |   | 425 |  |
| Deferred acquisition costs                                                                                                               | 783 |  |   | 1,079 |  |
| Deferred income taxes                                                                                                                    | 205 |  |   | 667 |  |
| Property and equipment at cost (less accumulated depreciation of $567 and $543)                                                          | 324 |  |   | 333 |  |
| Goodwill and other intangible assets                                                                                                     | 141 |  |   | 141 |  |
| Other assets (includes $120 and $139 due from Loews Corporation)                                                                         | 900 |  |   | 868 |  |
| Separate account business                                                                                                                | 418 |  |   | 450 |  |
| Total assets                                                                                                                             | $ | 55,844 |  |   | $ | 55,331 |  |
| Liabilities and Equity                                                                                                                   |   |   |   |
| Liabilities:                                                                                                                             |   |   |   |
| Insurance reserves:                                                                                                                      |   |   |   |
| Claim and claim adjustment expenses                                                                                                      | $ | 25,031 |  |   | $ | 25,496 |  |
| Unearned premiums                                                                                                                        | 3,386 |  |   | 3,203 |  |
| Future policy benefits                                                                                                                   | 9,258 |  |   | 8,718 |  |
| Policyholders’ funds                                                                                                               | 176 |  |   | 173 |  |
| Participating policyholders’ funds                                                                                                 | 66 |  |   | 60 |  |
| Short term debt                                                                                                                          | 100 |  |   | 400 |  |
| Long term debt                                                                                                                           | 2,538 |  |   | 2,251 |  |
| Other liabilities                                                                                                                        | 2,915 |  |   | 3,056 |  |
| Separate account business                                                                                                                | 418 |  |   | 450 |  |
| Total liabilities                                                                                                                        | 43,888 |  |   | 43,807 |  |
| Commitments and contingencies (Notes C, D, G, and I)                                                                                     |  |   |  |
| Equity:                                                                                                                                  |   |   |   |
| Common stock ($2.50 par value; 500,000,000 shares authorized; 273,040,243 shares issued; 269,274,900 and 269,139,198 shares outstanding) | 683 |  |   | 683 |  |
| Additional paid-in capital                                                                                                               | 2,144 |  |   | 2,200 |  |
| Retained earnings                                                                                                                        | 8,219 |  |   | 7,876 |  |
| Accumulated other comprehensive income                                                                                                   | 886 |  |   | 326 |  |
| Treasury stock (3,765,343 and 3,901,045 shares), at cost                                                                                 | (102 | ) |   | (105 | ) |
| Notes receivable for the issuance of common stock                                                                                        | (22 | ) |   | (26 | ) |
| Total CNA stockholders’ equity                                                                                                     | 11,808 |  |   | 10,954 |  |
| Noncontrolling interests                                                                                                                 | 148 |  |   | 570 |  |
| Total equity                                                                                                                             | 11,956 |  |   | 11,524 |  |
| Total liabilities and equity                                                                                                             | $ | 55,844 |  |   | $ | 55,331 |  |

----

Table of Contents

|                                                                                                     |
|-----------------------------------------------------------------------------------------------------|
|                                                                                                     |  |  |  |  |  |  |  |
| Nine months ended September 30                                                                 |   |   |   |
| (In millions)                                                                                       | 2011 |   | 2010 |
| Cash Flows from Operating Activities                                                                |   |   |   |
| Net income                                                                                          | $ | 439 |  |   | $ | 432 |  |
| Adjustments to reconcile net income to net cash flows provided (used) by operating activities: |   |   |   |
| Loss from discontinued operations                                                                   | 1 |  |   | 21 |  |
| Loss on disposal of property and equipment                                                          | 8 |  |   | — |  |
| Deferred income tax expense                                                                         | 153 |  |   | 163 |  |
| Trading portfolio activity                                                                          | (8 | ) |   | 125 |  |
| Net realized investment gains, net of participating policyholders’ interests                  | (1 | ) |   | (125 | ) |
| Equity method investees                                                                             | 80 |  |   | (25 | ) |
| Amortization of investments                                                                         | (47 | ) |   | (84 | ) |
| Depreciation                                                                                        | 59 |  |   | 60 |  |
| Changes in:                                                                                         |   |   |   |
| Receivables, net                                                                                    | 267 |  |   | (709 | ) |
| Accrued investment income                                                                           | (42 | ) |   | (51 | ) |
| Deferred acquisition costs                                                                          | (28 | ) |   | 12 |  |
| Insurance reserves                                                                                  | (5 | ) |   | (563 | ) |
| Other assets                                                                                        | 110 |  |   | 168 |  |
| Other liabilities                                                                                   | (181 | ) |   | (11 | ) |
| Other, net                                                                                          | 10 |  |   | 3 |  |
| Total adjustments                                                                                   | 376 |  |   | (1,016 | ) |
| Net cash flows provided (used) by operating activities-continuing operations                        | $ | 815 |  |   | $ | (584 | ) |
| Net cash flows used by operating activities-discontinued operations                                 | $ | (2 | ) |   | $ | (89 | ) |
| Net cash flows provided (used) by operating activities-total                              | $ | 813 |  |   | $ | (673 | ) |
| Cash Flows from Investing Activities                                                                |   |   |   |
| Purchases of fixed maturity securities                                                              | $ | (8,854 | ) |   | $ | (12,981 | ) |
| Proceeds from fixed maturity securities:                                                            |   |   |   |
| Sales                                                                                               | 5,900 |  |   | 9,263 |  |
| Maturities, calls and redemptions                                                                   | 2,434 |  |   | 2,891 |  |
| Purchases of equity securities                                                                      | (51 | ) |   | (92 | ) |
| Proceeds from sales of equity securities                                                            | 171 |  |   | 215 |  |
| Origination of mortgage loans                                                                       | (118 | ) |   | (70 | ) |
| Change in short term investments                                                                    | 499 |  |   | 1,752 |  |
| Change in other investments                                                                         | (137 | ) |   | (227 | ) |
| Purchases of property and equipment                                                                 | (67 | ) |   | (38 | ) |
| Dispositions                                                                                        | — |  |   | 65 |  |
| Other, net                                                                                          | 4 |  |   | 7 |  |
| Net cash flows provided (used) by investing activities-continuing operations                   | $ | (219 | ) |   | $ | 785 |  |
| Net cash flows provided by investing activities-discontinued operations                             | $ | 2 |  |   | $ | 75 |  |
| Net cash flows provided (used) by investing activities-total                                   | $ | (217 | ) |   | $ | 860 |  |

----

Table of Contents

|                                                                                     |
|-------------------------------------------------------------------------------------|
|                                                                                     |  |  |  |  |  |  |  |
| Nine months ended September 30                                                 |   |   |   |
| (In millions)                                                                       | 2011 |   | 2010 |
| Cash Flows from Financing Activities                                                |   |   |   |
| Acquisition of CNA Surety noncontrolling interest                                   | $ | (475 | ) |   | $ | — |  |
| Dividends paid to common stockholders                                               | (81 | ) |   | — |  |
| Dividends paid to Loews Corporation for 2008 Senior Preferred                       | — |  |   | (68 | ) |
| Payment to redeem 2008 Senior Preferred                                             | — |  |   | (500 | ) |
| Proceeds from the issuance of debt                                                  | 396 |  |   | 495 |  |
| Repayment of debt                                                                   | (420 | ) |   | (150 | ) |
| Stock options exercised                                                             | 2 |  |   | 4 |  |
| Other, net                                                                          | (10 | ) |   | (26 | ) |
| Net cash flows used by financing activities-continuing operations                   | $ | (588 | ) |   | $ | (245 | ) |
| Net cash flows provided (used) by financing activities-discontinued operations | $ | — |  |   | $ | — |  |
| Net cash flows used by financing activities-total                                   | $ | (588 | ) |   | $ | (245 | ) |
| Effect of foreign exchange rate changes on cash-continuing operations               | (1 | ) |   | — |  |
| Net change in cash                                                                  | $ | 7 |  |   | $ | (58 | ) |
| Net cash transactions from continuing operations to discontinued operations         | — |  |   | (14 | ) |
| Net cash transactions to discontinued operations from continuing operations         | — |  |   | 14 |  |
| Cash, beginning of year                                                             | 77 |  |   | 140 |  |
| Cash, end of period                                                                 | $ | 84 |  |   | $ | 82 |  |
|                                                                                |   |   |   |
| Cash-continuing operations                                                          | $ | 84 |  |   | $ | 82 |  |
| Cash-discontinued operations                                                        | — |  |   | — |  |
| Cash-total                                                                          | $ | 84 |  |   | $ | 82 |  |

----

Table of Contents

|                                                                                                                   |
|-------------------------------------------------------------------------------------------------------------------|
|                                                                                                                   |  |  |  |  |  |  |  |
| Nine months ended September 30                                                                               |   |   |   |
| (In millions)                                                                                                     | 2011 |   | 2010 |
| Preferred Stock                                                                                                   |   |   |   |
| Balance, beginning of period                                                                                      | $ | — |  |   | $ | 1,000 |  |
| Redemption of 2008 Senior Preferred                                                                               | — |  |   | (500 | ) |
| Balance, end of period                                                                                            | — |  |   | 500 |  |
| Common Stock                                                                                                      |   |   |   |
| Balance, beginning of period                                                                                      | 683 |  |   | 683 |  |
| Balance, end of period                                                                                            | 683 |  |   | 683 |  |
| Additional Paid-in Capital                                                                                        |   |   |   |
| Balance, beginning of period                                                                                      | 2,200 |  |   | 2,177 |  |
| Stock-based compensation                                                                                          | 3 |  |   | 1 |  |
| Acquisition of CNA Surety noncontrolling interest                                                                 | (60 | ) |   | — |  |
| Other                                                                                                             | 1 |  |   | 23 |  |
| Balance, end of period                                                                                            | 2,144 |  |   | 2,201 |  |
| Retained Earnings                                                                                                 |   |   |   |
| Balance, beginning of period                                                                                      | 7,876 |  |   | 7,264 |  |
| Cumulative effect adjustment from change in credit derivatives accounting guidance as of July 1, 2010, net of tax | — |  |   | (2 | ) |
| Dividends paid to common stockholders                                                                             | (81 | ) |   | — |  |
| Dividends paid to Loews Corporation for 2008 Senior Preferred                                                     | — |  |   | (68 | ) |
| Net income attributable to CNA                                                                                    | 424 |  |   | 388 |  |
| Balance, end of period                                                                                            | 8,219 |  |   | 7,582 |  |
| Accumulated Other Comprehensive Income (Loss)                                                                     |   |   |   |
| Balance, beginning of period                                                                                      | 326 |  |   | (325 | ) |
| Cumulative effect adjustment from change in credit derivatives accounting guidance as of July 1, 2010, net of tax | — |  |   | 2 |  |
| Other comprehensive income attributable to CNA                                                                    | 541 |  |   | 1,500 |  |
| Acquisition of CNA Surety noncontrolling interest                                                                 | 19 |  |   | — |  |
| Balance, end of period                                                                                            | 886 |  |   | 1,177 |  |
| Treasury Stock                                                                                                    |   |   |   |
| Balance, beginning of period                                                                                      | (105 | ) |   | (109 | ) |
| Stock-based compensation                                                                                          | 3 |  |   | 6 |  |
| Balance, end of period                                                                                            | (102 | ) |   | (103 | ) |
| Notes Receivable for the Issuance of Common Stock                                                                 |   |   |   |
| Balance, beginning of period                                                                                      | (26 | ) |   | (30 | ) |
| Decrease in notes receivable for the issuance of common stock                                                     | 4 |  |   | — |  |
| Balance, end of period                                                                                            | (22 | ) |   | (30 | ) |
| Total CNA Stockholders’ Equity                                                                              | 11,808 |  |   | 12,010 |  |
| Noncontrolling Interests                                                                                          |   |   |   |
| Balance, beginning of period                                                                                      | 570 |  |   | 506 |  |
| Net income (loss)                                                                                                 | 15 |  |   | 44 |  |
| Other comprehensive income (loss)                                                                                 | 8 |  |   | 30 |  |
| Acquisition of CNA Surety noncontrolling interest                                                                 | (434 | ) |   | — |  |
| Other                                                                                                             | (11 | ) |   | (25 | ) |
| Balance, end of period                                                                                            | 148 |  |   | 555 |  |
| Total Equity                                                                                                      | $ | 11,956 |  |   | $ | 12,565 |  |

----

Table of Contents

----

Table of Contents

----

Table of Contents

----

Table of Contents

|                                 |
|---------------------------------|
|                                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Periods ended September 30      | Three Months |   | Nine Months |
| (In millions)                   | 2011 |   | 2010 |   | 2011 |   | 2010 |
| Fixed maturity securities       | $ | 494 |  |   | $ | 511 |  |   | $ | 1,505 |  |   | $ | 1,540 |  |
| Short term investments          | 2 |  |   | 2 |  |   | 6 |  |   | 13 |  |
| Limited partnership investments | (93 | ) |   | 68 |  |   | 32 |  |   | 136 |  |
| Equity securities               | 4 |  |   | 7 |  |   | 16 |  |   | 26 |  |
| Mortgage loans                  | 2 |  |   | 1 |  |   | 6 |  |   | 1 |  |
| Trading portfolio (a)           | (1 | ) |   | 4 |  |   | 5 |  |   | 10 |  |
| Other                           | 1 |  |   | 2 |  |   | 6 |  |   | 7 |  |
| Gross investment income         | 409 |  |   | 595 |  |   | 1,576 |  |   | 1,733 |  |
| Investment expense              | (15 | ) |   | (14 | ) |   | (45 | ) |   | (41 | ) |
| Net investment income           | $ | 394 |  |   | $ | 581 |  |   | $ | 1,531 |  |   | $ | 1,692 |  |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                      |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (a) | The net unrealized losses related to changes in fair value on trading securities still held included in net investment income were $1 million for the three and nine months ended September 30, 2011. The net unrealized gains related to changes in fair value on trading securities still held included in net investment income were $1 million for the three and nine months ended September 30, 2010. |

|                                                                                             |
|---------------------------------------------------------------------------------------------|
|                                                                                             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Periods ended September 30                                                                  | Three Months |   | Nine Months |
| (In millions)                                                                               | 2011 |   | 2010 |   | 2011 |   | 2010 |
| Net realized investment gains (losses):                                                     |   |   |   |   |   |   |   |
| Fixed maturity securities:                                                                  |   |   |   |   |   |   |   |
| Gross realized gains                                                                        | $ | 56 |  |   | $ | 121 |  |   | $ | 233 |  |   | $ | 352 |  |
| Gross realized losses                                                                       | (85 | ) |   | (45 | ) |   | (222 | ) |   | (183 | ) |
| Net realized investment gains (losses) on fixed maturity securities                         | (29 | ) |   | 76 |  |   | 11 |  |   | 169 |  |
| Equity securities:                                                                          |   |   |   |   |   |   |   |
| Gross realized gains                                                                        | 1 |  |   | 3 |  |   | 7 |  |   | 7 |  |
| Gross realized losses                                                                       | (2 | ) |   | (20 | ) |   | (10 | ) |   | (49 | ) |
| Net realized investment losses on equity securities                                         | (1 | ) |   | (17 | ) |   | (3 | ) |   | (42 | ) |
| Derivatives                                                                                 | 1 |  |   | (1 | ) |   | — |  |   | (1 | ) |
| Short term investments and other (a) (b)                                                    | 2 |  |   | 4 |  |   | (7 | ) |   | (1 | ) |
| Net realized investment gains (losses), net of participating policyholders’ interests | $ | (27 | ) |   | $ | 62 |  |   | $ | 1 |  |   | $ | 125 |  |

|     |                                                                                                                                                                              |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (a) | The nine months ended September 30, 2011 includes a $9 million loss related to the early extinguishment of $400 million of senior notes originally due August 15, 2011. |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (b) | Includes net unrealized gains (losses) related to changes in the fair value of securities for which the fair value option has been elected.  There were no net unrealized gains (losses) included in the three months ended September 30, 2011, $1 million of net unrealized gains for the nine months ended September 30, 2011 and $2 million of net unrealized gains for the three and nine months ended September 30, 2010. |

----

Table of Contents

|                                                    |
|----------------------------------------------------|
|                                                    |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Periods ended September 30                         | Three Months |   | Nine Months |
| (In millions)                                      | 2011 |   | 2010 |   | 2011 |   | 2010 |
| Fixed maturity securities available-for-sale:      |   |   |   |   |   |   |   |
| Corporate and other bonds                          | $ | 49 |  |   | $ | 17 |  |   | $ | 73 |  |   | $ | 59 |  |
| States, municipalities and political subdivisions  | — |  |   | — |  |   | — |  |   | 20 |  |
| Asset-backed:                                      |   |   |   |   |   |   |   |
| Residential mortgage-backed                        | 21 |  |   | 18 |  |   | 95 |  |   | 55 |  |
| Commercial mortgage-backed                         | — |  |   | — |  |   | — |  |   | 2 |  |
| Other asset-backed                                 | 4 |  |   | — |  |   | 4 |  |   | 2 |  |
| Total asset-backed                                 | 25 |  |   | 18 |  |   | 99 |  |   | 59 |  |
| Total fixed maturity securities available-for-sale | 74 |  |   | 35 |  |   | 172 |  |   | 138 |  |
| Equity securities available-for-sale:              |   |   |   |   |   |   |   |
| Common stock                                       | 3 |  |   | 5 |  |   | 7 |  |   | 10 |  |
| Preferred stock                                    | — |  |   | 4 |  |   | 1 |  |   | 13 |  |
| Total equity securities available-for-sale         | 3 |  |   | 9 |  |   | 8 |  |   | 23 |  |
| Net OTTI losses recognized in earnings             | $ | 77 |  |   | $ | 44 |  |   | $ | 180 |  |   | $ | 161 |  |

----

Table of Contents

|                                                                   |
|-------------------------------------------------------------------|
|                                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| September 30, 2011                                           | Cost orAmortizedCost |   | GrossUnrealizedGains |   | GrossUnrealizedLosses |   | EstimatedFairValue |   | UnrealizedOTTILosses (Gains) |
| (In millions)                                                     |   |   |   |   |
| Fixed maturity securities available-for-sale:                     |   |   |   |   |   |   |   |   |   |
| Corporate and other bonds                                         | $ | 19,141 |  |   | $ | 1,918 |  |   | $ | 160 |  |   | $ | 20,899 |  |   | $ | — |  |
| States, municipalities and political subdivisions                 | 8,834 |  |   | 853 |  |   | 150 |  |   | 9,537 |  |   | — |  |
| Asset-backed:                                                     |   |  |   |   |  |   |   |  |   |   |  |   |   |  |
| Residential mortgage-backed                                       | 5,812 |  |   | 199 |  |   | 161 |  |   | 5,850 |  |   | 82 |  |
| Commercial mortgage-backed                                        | 1,255 |  |   | 55 |  |   | 61 |  |   | 1,249 |  |   | (8 | ) |
| Other asset-backed                                                | 1,035 |  |   | 15 |  |   | 14 |  |   | 1,036 |  |   | — |  |
| Total asset-backed                                                | 8,102 |  |   | 269 |  |   | 236 |  |   | 8,135 |  |   | 74 |  |
| U.S. Treasury and obligations of government-sponsored enterprises | 221 |  |   | 16 |  |   | — |  |   | 237 |  |   | — |  |
| Foreign government                                                | 557 |  |   | 25 |  |   | — |  |   | 582 |  |   | — |  |
| Redeemable preferred stock                                        | 49 |  |   | 8 |  |   | — |  |   | 57 |  |   | — |  |
| Total fixed maturity securities available-for-sale                | 36,904 |  |   | 3,089 |  |   | 546 |  |   | 39,447 |  |   | $ | 74 |  |
| Total fixed maturity securities trading                           | 9 |  |   | — |  |   | — |  |   | 9 |  |   |   |
| Equity securities available-for-sale:                             |   |   |   |   |   |   |   |   |   |
| Common stock                                                      | 103 |  |   | 19 |  |   | 2 |  |   | 120 |  |   |   |
| Preferred stock                                                   | 213 |  |   | 2 |  |   | 8 |  |   | 207 |  |   |   |
| Total equity securities available-for-sale                        | 316 |  |   | 21 |  |   | 10 |  |   | 327 |  |   |   |
| Total                                                             | $ | 37,229 |  |   | $ | 3,110 |  |   | $ | 556 |  |   | $ | 39,783 |  |   |   |

----

Table of Contents

|                                                                   |
|-------------------------------------------------------------------|
|                                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| December 31, 2010                                            | Cost orAmortizedCost |   | GrossUnrealizedGains |   | GrossUnrealizedLosses |   | EstimatedFairValue |   | UnrealizedOTTILosses (Gains) |
| (In millions)                                                     |   |   |   |   |
| Fixed maturity securities available-for-sale:                     |   |   |   |   |   |   |   |   |   |
| Corporate and other bonds                                         | $ | 19,492 |  |   | $ | 1,603 |  |   | $ | 70 |  |   | $ | 21,025 |  |   | $ | — |  |
| States, municipalities and political subdivisions                 | 8,157 |  |   | 142 |  |   | 410 |  |   | 7,889 |  |   | — |  |
| Asset-backed:                                                     |   |  |   |   |  |   |   |  |   |   |  |   |   |  |
| Residential mortgage-backed                                       | 6,254 |  |   | 101 |  |   | 265 |  |   | 6,090 |  |   | 114 |  |
| Commercial mortgage-backed                                        | 994 |  |   | 40 |  |   | 41 |  |   | 993 |  |   | (2 | ) |
| Other asset-backed                                                | 753 |  |   | 18 |  |   | 8 |  |   | 763 |  |   | — |  |
| Total asset-backed                                                | 8,001 |  |   | 159 |  |   | 314 |  |   | 7,846 |  |   | 112 |  |
| U.S. Treasury and obligations of government-sponsored enterprises | 122 |  |   | 16 |  |   | 1 |  |   | 137 |  |   | — |  |
| Foreign government                                                | 602 |  |   | 18 |  |   | — |  |   | 620 |  |   | — |  |
| Redeemable preferred stock                                        | 47 |  |   | 7 |  |   | — |  |   | 54 |  |   | — |  |
| Total fixed maturity securities available-for-sale                | 36,421 |  |   | 1,945 |  |   | 795 |  |   | 37,571 |  |   | $ | 112 |  |
| Total fixed maturity securities trading                           | 6 |  |   | — |  |   | — |  |   | 6 |  |   |   |
| Equity securities available-for-sale:                             |   |   |   |   |   |   |   |   |   |
| Common stock                                                      | 90 |  |   | 25 |  |   | — |  |   | 115 |  |   |   |
| Preferred stock                                                   | 332 |  |   | 2 |  |   | 9 |  |   | 325 |  |   |   |
| Total equity securities available-for-sale                        | 422 |  |   | 27 |  |   | 9 |  |   | 440 |  |   |   |
| Total                                                             | $ | 36,849 |  |   | $ | 1,972 |  |   | $ | 804 |  |   | $ | 38,017 |  |   |   |

----

Table of Contents

|                                                    |
|----------------------------------------------------|
|                                                    |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                               | Less than 12 Months |   | Greater than 12 Months |   | Total |
| September 30, 2011                            | EstimatedFair Value |   | GrossUnrealizedLosses |   | EstimatedFair Value |   | GrossUnrealizedLosses |   | EstimatedFair Value |   | GrossUnrealizedLosses |
| (In millions)                                      |   |   |   |   |   |
| Fixed maturity securities available-for-sale:      |   |   |   |   |   |   |   |   |   |   |   |
| Corporate and other bonds                          | $ | 3,143 |  |   | $ | 134 |  |   | $ | 142 |  |   | $ | 26 |  |   | $ | 3,285 |  |   | $ | 160 |  |
| States, municipalities and political subdivisions  | 270 |  |   | 4 |  |   | 716 |  |   | 146 |  |   | 986 |  |   | 150 |  |
| Asset-backed:                                      |   |   |   |   |   |   |   |   |   |   |   |
| Residential mortgage-backed                        | 789 |  |   | 20 |  |   | 978 |  |   | 141 |  |   | 1,767 |  |   | 161 |  |
| Commercial mortgage-backed                         | 474 |  |   | 42 |  |   | 179 |  |   | 19 |  |   | 653 |  |   | 61 |  |
| Other asset-backed                                 | 377 |  |   | 4 |  |   | 77 |  |   | 10 |  |   | 454 |  |   | 14 |  |
| Total asset-backed                                 | 1,640 |  |   | 66 |  |   | 1,234 |  |   | 170 |  |   | 2,874 |  |   | 236 |  |
| Total fixed maturity securities available-for-sale | 5,053 |  |   | 204 |  |   | 2,092 |  |   | 342 |  |   | 7,145 |  |   | 546 |  |
| Equity securities available-for-sale:              |   |   |   |   |   |   |   |   |   |   |   |
| Common stock                                       | 36 |  |   | 2 |  |   | — |  |   | — |  |   | 36 |  |   | 2 |  |
| Preferred stock                                    | 129 |  |   | 7 |  |   | 19 |  |   | 1 |  |   | 148 |  |   | 8 |  |
| Total equity securities available-for-sale         | 165 |  |   | 9 |  |   | 19 |  |   | 1 |  |   | 184 |  |   | 10 |  |
| Total                                              | $ | 5,218 |  |   | $ | 213 |  |   | $ | 2,111 |  |   | $ | 343 |  |   | $ | 7,329 |  |   | $ | 556 |  |

|                                                                   |
|-------------------------------------------------------------------|
|                                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                              | Less than 12 Months |   | Greater than 12 Months |   | Total |
| December 31, 2010                                            | EstimatedFair Value |   | GrossUnrealizedLosses |   | EstimatedFair Value |   | GrossUnrealizedLosses |   | EstimatedFair Value |   | GrossUnrealizedLosses |
| (In millions)                                                     |   |   |   |   |   |
| Fixed maturity securities available-for-sale:                     |   |   |   |   |   |   |   |   |   |   |   |
| Corporate and other bonds                                         | $ | 1,719 |  |   | $ | 34 |  |   | $ | 405 |  |   | $ | 36 |  |   | $ | 2,124 |  |   | $ | 70 |  |
| States, municipalities and political subdivisions                 | 3,339 |  |   | 164 |  |   | 745 |  |   | 246 |  |   | 4,084 |  |   | 410 |  |
| Asset-backed:                                                     |   |   |   |   |   |   |   |   |   |  |   |   |  |
| Residential mortgage-backed                                       | 1,800 |  |   | 52 |  |   | 1,801 |  |   | 213 |  |   | 3,601 |  |   | 265 |  |
| Commercial mortgage-backed                                        | 164 |  |   | 3 |  |   | 333 |  |   | 38 |  |   | 497 |  |   | 41 |  |
| Other asset-backed                                                | 122 |  |   | 1 |  |   | 60 |  |   | 7 |  |   | 182 |  |   | 8 |  |
| Total asset-backed                                                | 2,086 |  |   | 56 |  |   | 2,194 |  |   | 258 |  |   | 4,280 |  |   | 314 |  |
| U.S. Treasury and obligations of government-sponsored enterprises | 8 |  |   | 1 |  |   | — |  |   | — |  |   | 8 |  |   | 1 |  |
| Total fixed maturity securities available-for-sale                | 7,152 |  |   | 255 |  |   | 3,344 |  |   | 540 |  |   | 10,496 |  |   | 795 |  |
| Equity securities available-for-sale:                             |   |   |   |   |   |   |   |   |   |   |   |
| Preferred stock                                                   | 175 |  |   | 5 |  |   | 70 |  |   | 4 |  |   | 245 |  |   | 9 |  |
| Total equity securities available-for-sale                        | 175 |  |   | 5 |  |   | 70 |  |   | 4 |  |   | 245 |  |   | 9 |  |
| Total                                                             | $ | 7,327 |  |   | $ | 260 |  |   | $ | 3,414 |  |   | $ | 544 |  |   | $ | 10,741 |  |   | $ | 804 |  |

----

Table of Contents

|                                                                                                        |
|--------------------------------------------------------------------------------------------------------|
|                                                                                                        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Periods ended September 30                                                                             | Three Months |   | Nine Months |
| (In millions)                                                                                          | 2011 |   | 2010 |   | 2011 |   | 2010 |
| Beginning balance of credit losses on fixed maturity securities                                        | $ | 82 |  |   | $ | 171 |  |   | $ | 141 |  |   | $ | 164 |  |
| Additional credit losses for securities for which an OTTI loss was previously recognized               | 11 |  |   | 4 |  |   | 29 |  |   | 26 |  |
| Credit losses for securities for which an OTTI loss was not previously recognized                      | 10 |  |   | 1 |  |   | 11 |  |   | 9 |  |
| Reductions for securities sold during the period                                                       | (4 | ) |   | (27 | ) |   | (50 | ) |   | (50 | ) |
| Reductions for securities the Company intends to sell or more likely than not will be required to sell | — |  |   | (8 | ) |   | (32 | ) |   | (8 | ) |
| Ending balance of credit losses on fixed maturity securities                                           | $ | 99 |  |   | $ | 141 |  |   | $ | 99 |  |   | $ | 141 |  |

|                         |
|-------------------------|
|                         |  |  |  |  |  |  |  |  |  |  |  |
| September 30, 2011 | AmortizedCost |   | EstimatedFair Value |   | GrossUnrealizedLosses |
| (In millions)           |   |   |
| AAA                     | $ | 58 |  |   | $ | 57 |  |   | $ | 1 |  |
| AA                      | 202 |  |   | 196 |  |   | 6 |  |
| A                       | 1,018 |  |   | 975 |  |   | 43 |  |
| BBB                     | 1,280 |  |   | 1,219 |  |   | 61 |  |
| Non-investment grade    | 887 |  |   | 838 |  |   | 49 |  |
| Total                   | $ | 3,445 |  |   | $ | 3,285 |  |   | $ | 160 |  |

----

Table of Contents

|                         |
|-------------------------|
|                         |  |  |  |  |  |  |  |  |  |  |  |
| September 30, 2011 | AmortizedCost |   | EstimatedFair Value |   | GrossUnrealizedLosses |
| (In millions)           |   |   |
| AAA                     | $ | 198 |  |   | $ | 190 |  |   | $ | 8 |  |
| AA                      | 485 |  |   | 378 |  |   | 107 |  |
| A                       | 370 |  |   | 340 |  |   | 30 |  |
| BBB                     | 67 |  |   | 63 |  |   | 4 |  |
| Non-investment grade    | 16 |  |   | 15 |  |   | 1 |  |
| Total                   | $ | 1,136 |  |   | $ | 986 |  |   | $ | 150 |  |

----

Table of Contents

|                                                                            |
|----------------------------------------------------------------------------|
|                                                                            |  |  |  |  |  |  |  |  |  |  |  |
| September 30, 2011                                                    | AmortizedCost |   | EstimatedFair Value |   | GrossUnrealizedLosses |
| (In millions)                                                              |   |   |
| U.S. Government, Government Agencies, and Government-Sponsored Enterprises | $ | 481 |  |   | $ | 465 |  |   | $ | 16 |  |
| AAA                                                                        | 762 |  |   | 734 |  |   | 28 |  |
| AA                                                                         | 441 |  |   | 415 |  |   | 26 |  |
| A                                                                          | 213 |  |   | 203 |  |   | 10 |  |
| BBB                                                                        | 316 |  |   | 278 |  |   | 38 |  |
| Non-investment grade                                                       | 897 |  |   | 779 |  |   | 118 |  |
| Total                                                                      | $ | 3,110 |  |   | $ | 2,874 |  |   | $ | 236 |  |

|                                        |
|----------------------------------------|
|                                        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                   | September 30, 2011 |   | December 31, 2010 |
| (In millions)                          | Cost orAmortizedCost |   | EstimatedFairValue |   | Cost orAmortizedCost |   | EstimatedFairValue |
| Due in one year or less                | $ | 1,658 |  |   | $ | 1,662 |  |   | $ | 1,515 |  |   | $ | 1,506 |  |
| Due after one year through five years  | 12,947 |  |   | 13,407 |  |   | 11,198 |  |   | 11,653 |  |
| Due after five years through ten years | 8,447 |  |   | 8,941 |  |   | 10,022 |  |   | 10,425 |  |
| Due after ten years                    | 13,852 |  |   | 15,437 |  |   | 13,686 |  |   | 13,987 |  |
| Total                                  | $ | 36,904 |  |   | $ | 39,447 |  |   | $ | 36,421 |  |   | $ | 37,571 |  |

----

Table of Contents

----

Table of Contents

----

Table of Contents

|                         |
|-------------------------|
|                         |  |  |  |  |  |  |  |  |  |  |
| September 30, 2011 | Fair Value of Credit DefaultSwaps |   | Maximum Amount ofFuture Payments under Credit Default Swaps |   | WeightedAverage Yearsto Maturity |
| (In millions)           |   |   |
| BB rated                | $ | — |  |   | $ | 5 |  |   | 1.7 |  |
| B rated                 | — |  |   | 3 |  |   | 0.7 |  |
| Total                   | $ | — |  |   | $ | 8 |  |   | 1.4 |  |

|                        |
|------------------------|
|                        |  |  |  |  |  |  |  |  |  |  |
| December 31, 2010 | Fair Value of Credit DefaultSwaps |   | Maximum Amount ofFuture Payments under Credit Default Swaps |   | WeightedAverage Yearsto Maturity |
| (In millions)          |   |   |
| BB rated               | $ | 1 |  |   | $ | 5 |  |   | 2.5 |  |
| B rated                | — |  |   | 3 |  |   | 1.5 |  |
| Total                  | $ | 1 |  |   | $ | 8 |  |   | 2.1 |  |

|                                                    |
|----------------------------------------------------|
|                                                    |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Periods ended September 30                         | Three Months |   | Nine Months |
| (In millions)                                      | 2011 |   | 2010 |   | 2011 |   | 2010 |
| Without hedge designation                          |   |   |   |   |   |   |   |
| Credit default swaps - purchased protection        | $ | — |  |   | $ | (1 | ) |   | $ | — |  |   | $ | (1 | ) |
| Currency forwards                                  | — |  |   | — |  |   | (1 | ) |   | — |  |
| Forward commitments for mortgage-backed securities | 1 |  |   | — |  |   | 1 |  |   | — |  |
| Total without hedge designation                    | 1 |  |   | (1 | ) |   | — |  |   | (1 | ) |
| Trading activities                                 |   |   |   |   |   |   |   |
| Futures sold, not yet purchased                    | — |  |   | (4 | ) |   | — |  |   | (3 | ) |
| Total                                              | $ | 1 |  |   | $ | (5 | ) |   | $ | — |  |   | $ | (4 | ) |

----

Table of Contents

|                                                    |
|----------------------------------------------------|
|                                                    |  |  |  |  |  |  |  |  |  |  |  |
| September 30, 2011                            | Contractual/NotionalAmount |   | Estimated Fair Value |
| (In millions)                                      |   | Asset |   | (Liability) |
| Without hedge designation                          |   |   |   |   |   |
| Credit default swaps - purchased protection        | $ | 20 |  |   | $ | — |  |   | $ | (2 | ) |
| Credit default swaps - sold protection             | 8 |  |   | — |  |   | — |  |
| Forward commitments for mortgage-backed securities | 62 |  |   | 1 |  |   | — |  |
| Equity warrants                                    | — |  |   | 1 |  |   | — |  |
| Options written                                    | 1 |  |   | — |  |   | — |  |
| Total without hedge designation                    | 91 |  |   | 2 |  |   | (2 | ) |
| Trading activities                                 |   |   |   |   |   |
| Futures sold, not yet purchased                    | 13 |  |   | — |  |   | — |  |
| Total                                              | $ | 104 |  |   | $ | 2 |  |   | $ | (2 | ) |

|                                             |
|---------------------------------------------|
|                                             |  |  |  |  |  |  |  |  |  |  |  |
| December 31, 2010                      | Contractual/NotionalAmount |   | Estimated Fair Value |
| (In millions)                               |   | Asset |   | (Liability) |
| Without hedge designation                   |   |   |   |   |   |
| Credit default swaps - purchased protection | $ | 20 |  |   | $ | — |  |   | $ | (2 | ) |
| Credit default swaps - sold protection      | 8 |  |   | 1 |  |   | — |  |
| Currency forwards                           | 18 |  |   | — |  |   | — |  |
| Equity warrants                             | 3 |  |   | — |  |   | — |  |
| Total                                       | $ | 49 |  |   | $ | 1 |  |   | $ | (2 | ) |

----

Table of Contents

----

Table of Contents

|                                                                               |
|-------------------------------------------------------------------------------|
|                                                                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| September 30, 2011                                                       |   |   |   |   |   |   | TotalAssets/(Liabilities)at Fair Value |
| (In millions)                                                                 | Level 1 |   | Level 2 |   | Level 3 |   |
| Assets                                                                        |   |   |   |   |   |   |   |
| Fixed maturity securities:                                                    |   |   |   |   |   |   |   |
| Corporate and other bonds                                                     | $ | — |  |   | $ | 20,289 |  |   | $ | 619 |  |   | $ | 20,908 |  |
| States, municipalities and political subdivisions                             | — |  |   | 9,355 |  |   | 182 |  |   | 9,537 |  |
| Asset-backed:                                                                 |   |   |   |   |   |   |   |
| Residential mortgage-backed                                                   | — |  |   | 5,219 |  |   | 631 |  |   | 5,850 |  |
| Commercial mortgage-backed                                                    | — |  |   | 1,090 |  |   | 159 |  |   | 1,249 |  |
| Other asset-backed                                                            | — |  |   | 607 |  |   | 429 |  |   | 1,036 |  |
| Total asset-backed                                                            | — |  |   | 6,916 |  |   | 1,219 |  |   | 8,135 |  |
| U.S. Treasury and obligations of government-sponsored enterprises             | 176 |  |   | 61 |  |   | — |  |   | 237 |  |
| Foreign government                                                            | 92 |  |   | 490 |  |   | — |  |   | 582 |  |
| Redeemable preferred stock                                                    | 3 |  |   | 54 |  |   | — |  |   | 57 |  |
| Total fixed maturity securities                                               | 271 |  |   | 37,165 |  |   | 2,020 |  |   | 39,456 |  |
| Equity securities                                                             | 179 |  |   | 116 |  |   | 32 |  |   | 327 |  |
| Derivative and other financial instruments, included in Other invested assets | — |  |   | 6 |  |   | 11 |  |   | 17 |  |
| Short term investments                                                        | 1,158 |  |   | 566 |  |   | 6 |  |   | 1,730 |  |
| Life settlement contracts, included in Other assets                           | — |  |   | — |  |   | 125 |  |   | 125 |  |
| Separate account business                                                     | 23 |  |   | 360 |  |   | 35 |  |   | 418 |  |
| Total assets                                                                  | $ | 1,631 |  |   | $ | 38,213 |  |   | $ | 2,229 |  |   | $ | 42,073 |  |
| Liabilities                                                                   |   |   |   |   |   |   |   |
| Derivative financial instruments, included in Other liabilities               | $ | — |  |   | $ | — |  |   | $ | (2 | ) |   | $ | (2 | ) |
| Total liabilities                                                             | $ | — |  |   | $ | — |  |   | $ | (2 | ) |   | $ | (2 | ) |

----

Table of Contents

|                                                                               |
|-------------------------------------------------------------------------------|
|                                                                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| December 31, 2010                                                        |   |   |   |   |   |   | TotalAssets/(Liabilities)at Fair Value |
| (In millions)                                                                 | Level 1 |   | Level 2 |   | Level 3 |   |
| Assets                                                                        |   |   |   |   |   |   |   |
| Fixed maturity securities:                                                    |   |   |   |   |   |   |   |
| Corporate and other bonds                                                     | $ | — |  |   | $ | 20,407 |  |   | $ | 624 |  |   | $ | 21,031 |  |
| States, municipalities and political subdivisions                             | — |  |   | 7,623 |  |   | 266 |  |   | 7,889 |  |
| Asset-backed:                                                                 |   |   |   |   |   |   |   |
| Residential mortgage-backed                                                   | — |  |   | 5,323 |  |   | 767 |  |   | 6,090 |  |
| Commercial mortgage-backed                                                    | — |  |   | 920 |  |   | 73 |  |   | 993 |  |
| Other asset-backed                                                            | — |  |   | 404 |  |   | 359 |  |   | 763 |  |
| Total asset-backed                                                            | — |  |   | 6,647 |  |   | 1,199 |  |   | 7,846 |  |
| U.S. Treasury and obligations of government-sponsored enterprises             | 76 |  |   | 61 |  |   | — |  |   | 137 |  |
| Foreign government                                                            | 115 |  |   | 505 |  |   | — |  |   | 620 |  |
| Redeemable preferred stock                                                    | 3 |  |   | 48 |  |   | 3 |  |   | 54 |  |
| Total fixed maturity securities                                               | 194 |  |   | 35,291 |  |   | 2,092 |  |   | 37,577 |  |
| Equity securities                                                             | 288 |  |   | 126 |  |   | 26 |  |   | 440 |  |
| Derivative and other financial instruments, included in Other invested assets | — |  |   | — |  |   | 27 |  |   | 27 |  |
| Short term investments                                                        | 1,214 |  |   | 974 |  |   | 27 |  |   | 2,215 |  |
| Life settlement contracts, included in Other assets                           | — |  |   | — |  |   | 129 |  |   | 129 |  |
| Discontinued operations investments, included in Other liabilities            | 11 |  |   | 60 |  |   | — |  |   | 71 |  |
| Separate account business                                                     | 28 |  |   | 381 |  |   | 41 |  |   | 450 |  |
| Total assets                                                                  | $ | 1,735 |  |   | $ | 36,832 |  |   | $ | 2,342 |  |   | $ | 40,909 |  |
| Liabilities                                                                   |   |   |   |   |   |   |   |
| Derivative financial instruments, included in Other liabilities               | $ | — |  |   | $ | — |  |   | $ | (2 | ) |   | $ | (2 | ) |
| Total liabilities                                                             | $ | — |  |   | $ | — |  |   | $ | (2 | ) |   | $ | (2 | ) |

----

Table of Contents

|                                                   |
|---------------------------------------------------|
|                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Level 3(In millions)                              | Balance atJuly 1,2011 |   | 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 atSeptember 30,2011 |  |   | Unrealized gains (losses) on Level 3 assets and liabilities held at September 30, 2011 recognized in net income (loss)* |
| Fixed maturity securities:                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Corporate and other bonds                         | $ | 812 |  |   | $ | (7 | ) |   | $ | (3 | ) |   | $ | 113 |  |   | $ | (107 | ) |   | $ | (47 | ) |   | $ | 12 |  |   | $ | (154 | ) |   | $ | 619 |  |   | $ | (10 | ) |
| States, municipalities and political subdivisions | 179 |  |   | — |  |   | — |  |   | 3 |  |   | — |  |   | — |  |   | — |  |   | — |  |   | 182 |  |   | — |  |
| Asset-backed:                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Residential mortgage-backed                       | 687 |  |   | 1 |  |   | (5 | ) |   | 73 |  |   | (81 | ) |   | (13 | ) |   | — |  |   | (31 | ) |   | 631 |  |   | — |  |
| Commercial mortgage-backed                        | 95 |  |   | — |  |   | (7 | ) |   | 76 |  |   | — |  |   | — |  |   | — |  |   | (5 | ) |   | 159 |  |   | — |  |
| Other asset-backed                                | 491 |  |   | (5 | ) |   | (6 | ) |   | 114 |  |   | (105 | ) |   | (25 | ) |   | 2 |  |   | (37 | ) |   | 429 |  |   | (4 | ) |
| Total asset-backed                                | 1,273 |  |   | (4 | ) |   | (18 | ) |   | 263 |  |   | (186 | ) |   | (38 | ) |   | 2 |  |   | (73 | ) |   | 1,219 |  |   | (4 | ) |
| Total fixed maturity securities                   | 2,264 |  |   | (11 | ) |   | (21 | ) |   | 379 |  |   | (293 | ) |   | (85 | ) |   | 14 |  |   | (227 | ) |   | 2,020 |  |   | (14 | ) |
| Equity securities                                 | 36 |  |   | — |  |   | — |  |   | — |  |   | (1 | ) |   | — |  |   | — |  |   | (3 | ) |   | 32 |  |   | — |  |
| Derivative and other financial instruments, net   | 9 |  |   | (1 | ) |   | — |  |   | 1 |  |   | — |  |   | — |  |   | — |  |   | — |  |   | 9 |  |   | — |  |
| Short term investments                            | 6 |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | 6 |  |   | — |  |
| Life settlement contracts                         | 129 |  |   | 11 |  |   | — |  |   | — |  |   | — |  |   | (15 | ) |   | — |  |   | — |  |   | 125 |  |   | (1 | ) |
| Separate account business                         | 37 |  |   | — |  |   | — |  |   | — |  |   | (2 | ) |   | — |  |   | — |  |   | — |  |   | 35 |  |   | — |  |
| Total                                             | $ | 2,481 |  |   | $ | (1 | ) |   | $ | (21 | ) |   | $ | 380 |  |   | $ | (296 | ) |   | $ | (100 | ) |   | $ | 14 |  |   | $ | (230 | ) |   | $ | 2,227 |  |   | $ | (15 | ) |

----

Table of Contents

|                                                   |
|---------------------------------------------------|
|                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Level 3(In millions)                              | Balance atJuly 1,2010 |   | 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,issuancesandsettlements |   | Transfers intoLevel 3 |   | Transfers out of Level 3 |   | Balance atSeptember 30,2010 |   | Unrealized gains (losses) on Level 3 assets and liabilities held at September 30, 2010 recognized in net income (loss)* |
| Fixed maturity securities:                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Corporate and other bonds                         | $ | 718 |  |   | $ | 1 |  |   | $ | 18 |  |   | $ | (83 | ) |   | $ | — |  |   | $ | (54 | ) |   | $ | 600 |  |   | $ | (1 | ) |
| States, municipalities and political subdivisions | 539 |  |   | — |  |   | 3 |  |   | (84 | ) |   | — |  |   | — |  |   | 458 |  |   | — |  |
| Asset-backed:                                     |   |   |  |   |   |   |   |   |  |   |  |   |   |   |  |
| Residential mortgage-backed                       | 659 |  |   | 1 |  |   | (9 | ) |   | (5 | ) |   | — |  |   | — |  |   | 646 |  |   | — |  |
| Commercial mortgage-backed                        | 95 |  |   | — |  |   | 3 |  |   | — |  |   | — |  |   | (20 | ) |   | 78 |  |   | — |  |
| Other asset-backed                                | 306 |  |   | (1 | ) |   | 7 |  |   | (66 | ) |   | — |  |   | — |  |   | 246 |  |   | — |  |
| Total asset-backed                                | 1,060 |  |   | — |  |   | 1 |  |   | (71 | ) |   | — |  |   | (20 | ) |   | 970 |  |   | — |  |
| Redeemable preferred stock                        | 1 |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | 1 |  |   | — |  |
| Total fixed maturity securities                   | 2,318 |  |   | 1 |  |   | 22 |  |   | (238 | ) |   | — |  |   | (74 | ) |   | 2,029 |  |   | (1 | ) |
| Equity securities                                 | 4 |  |   | (3 | ) |   | — |  |   | 15 |  |   | 6 |  |   | — |  |   | 22 |  |   | (4 | ) |
| Derivative financial instruments, net             | (2 | ) |   | 2 |  |   | — |  |   | 25 |  |   | — |  |   | — |  |   | 25 |  |   | 2 |  |
| Short term investments                            | 11 |  |   | — |  |   | — |  |   | 2 |  |   | — |  |   | (11 | ) |   | 2 |  |   | — |  |
| Life settlement contracts                         | 134 |  |   | 8 |  |   | — |  |   | (6 | ) |   | — |  |   | — |  |   | 136 |  |   | 4 |  |
| Separate account business                         | 37 |  |   | — |  |   | — |  |   | 4 |  |   | — |  |   | — |  |   | 41 |  |   | — |  |
| Total                                             | $ | 2,502 |  |   | $ | 8 |  |   | $ | 22 |  |   | $ | (198 | ) |   | $ | 6 |  |   | $ | (85 | ) |   | $ | 2,255 |  |   | $ | 1 |  |

----

Table of Contents

|                                                   |
|---------------------------------------------------|
|                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Level 3(In millions)                              | Balance atJanuary 1,2011 |   | 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 atSeptember 30,2011 |   | Unrealized gains (losses) on Level 3 assets and liabilities held at September 30, 2011 recognized in net income (loss)* |
| Fixed maturity securities:                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Corporate and other bonds                         | $ | 624 |  |   | $ | (5 | ) |   | $ | (6 | ) |   | $ | 459 |  |   | $ | (157 | ) |   | $ | (144 | ) |   | $ | 52 |  |   | $ | (204 | ) |   | $ | 619 |  |   | $ | (11 | ) |
| States, municipalities and political subdivisions | 266 |  |   | — |  |   | — |  |   | 3 |  |   | — |  |   | (87 | ) |   | — |  |   | — |  |   | 182 |  |   | — |  |
| Asset-backed:                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Residential mortgage-backed                       | 767 |  |   | (11 | ) |   | 9 |  |   | 170 |  |   | (164 | ) |   | (54 | ) |   | — |  |   | (86 | ) |   | 631 |  |   | (15 | ) |
| Commercial mortgage-backed                        | 73 |  |   | 3 |  |   | 11 |  |   | 81 |  |   | (4 | ) |   | — |  |   | — |  |   | (5 | ) |   | 159 |  |   | — |  |
| Other asset-backed                                | 359 |  |   | — |  |   | (6 | ) |   | 441 |  |   | (236 | ) |   | (80 | ) |   | 2 |  |   | (51 | ) |   | 429 |  |   | (4 | ) |
| Total asset-backed                                | 1,199 |  |   | (8 | ) |   | 14 |  |   | 692 |  |   | (404 | ) |   | (134 | ) |   | 2 |  |   | (142 | ) |   | 1,219 |  |   | (19 | ) |
| Redeemable preferred stock                        | 3 |  |   | 3 |  |   | (3 | ) |   | — |  |   | (3 | ) |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
| Total fixed maturity securities                   | 2,092 |  |   | (10 | ) |   | 5 |  |   | 1,154 |  |   | (564 | ) |   | (365 | ) |   | 54 |  |   | (346 | ) |   | 2,020 |  |   | (30 | ) |
| Equity securities                                 | 26 |  |   | (2 | ) |   | (1 | ) |   | 19 |  |   | (12 | ) |   | — |  |   | 5 |  |   | (3 | ) |   | 32 |  |   | (3 | ) |
| Derivative and other financial instruments, net   | 25 |  |   | 2 |  |   | — |  |   | 1 |  |   | (19 | ) |   | — |  |   | — |  |   | — |  |   | 9 |  |   | 1 |  |
| Short term investments                            | 27 |  |   | — |  |   | — |  |   | 12 |  |   | — |  |   | (23 | ) |   | — |  |   | (10 | ) |   | 6 |  |   | — |  |
| Life settlement contracts                         | 129 |  |   | 20 |  |   | — |  |   | — |  |   | — |  |   | (24 | ) |   | — |  |   | — |  |   | 125 |  |   | 2 |  |
| Separate account business                         | 41 |  |   | — |  |   | — |  |   | — |  |   | (6 | ) |   | — |  |   | — |  |   | — |  |   | 35 |  |   | — |  |
| Total                                             | $ | 2,340 |  |   | $ | 10 |  |   | $ | 4 |  |   | $ | 1,186 |  |   | $ | (601 | ) |   | $ | (412 | ) |   | $ | 59 |  |   | $ | (359 | ) |   | $ | 2,227 |  |   | $ | (30 | ) |

----

Table of Contents

|                                                   |
|---------------------------------------------------|
|                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Level 3(In millions)                              | Balance atJanuary 1,2010 |   | 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,issuancesandsettlements |   | Transfers intoLevel 3 |   | Transfers out of Level 3 |   | Balance atSeptember 30,2010 |   | Unrealized gains (losses) on Level 3 assets and liabilities held at September 30, 2010 recognized in net income (loss)* |
| Fixed maturity securities:                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Corporate and other bonds                         | $ | 609 |  |   | $ | 10 |  |   | $ | 56 |  |   | $ | 29 |  |   | $ | 23 |  |   | $ | (127 | ) |   | $ | 600 |  |   | $ | (2 | ) |
| States, municipalities and political subdivisions | 756 |  |   | — |  |   | 9 |  |   | (307 | ) |   | — |  |   | — |  |   | 458 |  |   | — |  |
| Asset-backed:                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Residential mortgage-backed                       | 629 |  |   | (7 | ) |   | 20 |  |   | 50 |  |   | — |  |   | (46 | ) |   | 646 |  |   | (10 | ) |
| Commercial mortgage-backed                        | 123 |  |   | (1 | ) |   | 1 |  |   | 6 |  |   | 7 |  |   | (58 | ) |   | 78 |  |   | (2 | ) |
| Other asset-backed                                | 348 |  |   | 3 |  |   | 29 |  |   | (89 | ) |   | — |  |   | (45 | ) |   | 246 |  |   | (1 | ) |
| Total asset-backed                                | 1,100 |  |   | (5 | ) |   | 50 |  |   | (33 | ) |   | 7 |  |   | (149 | ) |   | 970 |  |   | (13 | ) |
| Redeemable preferred stock                        | 2 |  |   | 6 |  |   | — |  |   | (7 | ) |   | — |  |   | — |  |   | 1 |  |   | — |  |
| Total fixed maturity securities                   | 2,467 |  |   | 11 |  |   | 115 |  |   | (318 | ) |   | 30 |  |   | (276 | ) |   | 2,029 |  |   | (15 | ) |
| Equity securities                                 | 11 |  |   | (4 | ) |   | — |  |   | 14 |  |   | 8 |  |   | (7 | ) |   | 22 |  |   | (5 | ) |
| Derivative financial instruments, net             | (11 | ) |   | 1 |  |   | — |  |   | 35 |  |   | — |  |   | — |  |   | 25 |  |   | 2 |  |
| Short term investments                            | — |  |   | — |  |   | — |  |   | 12 |  |   | 1 |  |   | (11 | ) |   | 2 |  |   | — |  |
| Life settlement contracts                         | 130 |  |   | 25 |  |   | — |  |   | (19 | ) |   | — |  |   | — |  |   | 136 |  |   | 11 |  |
| Discontinued operations investments               | 16 |  |   | — |  |   | 1 |  |   | (2 | ) |   | — |  |   | (15 | ) |   | — |  |   | — |  |
| Separate account business                         | 38 |  |   | — |  |   | — |  |   | 3 |  |   | — |  |   | — |  |   | 41 |  |   | — |  |
| Total                                             | $ | 2,651 |  |   | $ | 33 |  |   | $ | 116 |  |   | $ | (275 | ) |   | $ | 39 |  |   | $ | (309 | ) |   | $ | 2,255 |  |   | $ | (7 | ) |

----

Table of Contents

|                                                                                                              |
|--------------------------------------------------------------------------------------------------------------|
|                                                                                                              |  |  |
| Major Category of Assets and Liabilities                                                                     |   | Condensed 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) |
| Derivative financial instruments held in a trading portfolio                                                 |   | Net investment income |
| Derivative financial instruments not held in a trading portfolio and fair value option financial instruments |   | Net realized investment gains (losses) |
| Life settlement contracts                                                                                    |   | Other revenues |

----

Table of Contents

|                                                   |
|---------------------------------------------------|
|                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                              | September 30, 2011 |   | December 31, 2010 |
| (In millions)                                     | CarryingAmount |   | EstimatedFair Value |   | CarryingAmount |   | EstimatedFair Value |
| Financial assets                                  |   |   |   |   |   |   |   |
| Notes receivable for the issuance of common stock | $ | 22 |  |   | $ | 20 |  |   | $ | 26 |  |   | $ | 26 |  |
| Mortgage loans                                    | 204 |  |   | 214 |  |   | 87 |  |   | 86 |  |
| Financial liabilities                             |   |   |   |   |   |   |   |
| Premium deposits and annuity contracts            | $ | 108 |  |   | $ | 110 |  |   | $ | 104 |  |   | $ | 105 |  |
| Short term debt                                   | 100 |  |   | 104 |  |   | 400 |  |   | 411 |  |
| Long term debt                                    | 2,538 |  |   | 2,690 |  |   | 2,251 |  |   | 2,376 |  |

----

Table of Contents

----

Table of Contents

|                                                                                         |
|-----------------------------------------------------------------------------------------|
|                                                                                         |  |  |  |
| (In millions)                                                                           | 2010 |
| Other operating expenses                                                                | $ | 529 |  |
| Income tax benefit                                                                      | 185 |  |
| Loss from continuing operations, included in the Corporate & Other Non-Core segment | (344 | ) |
| Loss from discontinued operations                                                       | (21 | ) |
| Net loss attributable to CNA                                                            | $ | (365 | ) |

----

Table of Contents

|                                                                                                                |
|----------------------------------------------------------------------------------------------------------------|
|                                                                                                                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Three months ended September 30, 2011                                                                          |   |   |   |   |   |   |   |
| (In millions)                                                                                                  | CNASpecialty |   | CNA Commercial |   | Corporate & OtherNon-Core |   | Total |
| Pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development | $ | (5 | ) |   | $ | (42 | ) |   | $ | 11 |  |   | $ | (36 | ) |
| Pretax (favorable) unfavorable premium development                                                             | (26 | ) |   | (11 | ) |   | 1 |  |   | (36 | ) |
| Total pretax (favorable) unfavorable net prior year development                                                | $ | (31 | ) |   | $ | (53 | ) |   | $ | 12 |  |   | $ | (72 | ) |

|                                                                                                                |
|----------------------------------------------------------------------------------------------------------------|
|                                                                                                                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Three months ended September 30, 2010                                                                          |   |   |   |   |   |   |   |
| (In millions)                                                                                                  | CNASpecialty |   | CNA Commercial |   | Corporate & Other Non-Core |   | Total |
| Pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development | $ | (65 | ) |   | $ | (26 | ) |   | $ | 2 |  |   | $ | (89 | ) |
| Pretax (favorable) unfavorable premium development                                                             | (2 | ) |   | (2 | ) |   | — |  |   | (4 | ) |
| Total pretax (favorable) unfavorable net prior year development                                                | $ | (67 | ) |   | $ | (28 | ) |   | $ | 2 |  |   | $ | (93 | ) |

|                                                                                                                |
|----------------------------------------------------------------------------------------------------------------|
|                                                                                                                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Nine months ended September 30, 2011                                                                           |   |   |   |   |   |   |   |
| (In millions)                                                                                                  | CNASpecialty |   | CNA Commercial |   | Corporate & OtherNon-Core |   | Total |
| Pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development | $ | (72 | ) |   | $ | (99 | ) |   | $ | 5 |  |   | $ | (166 | ) |
| Pretax (favorable) unfavorable premium development                                                             | (34 | ) |   | 21 |  |   | — |  |   | (13 | ) |
| Total pretax (favorable) unfavorable net prior year development                                                | $ | (106 | ) |   | $ | (78 | ) |   | $ | 5 |  |   | $ | (179 | ) |

|                                                                                                                |
|----------------------------------------------------------------------------------------------------------------|
|                                                                                                                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Nine months ended September 30, 2010                                                                           |   |   |   |   |   |   |   |
| (In millions)                                                                                                  | CNASpecialty |   | CNA Commercial |   | Corporate & Other Non-Core |   | Total |
| Pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development | $ | (215 | ) |   | $ | (229 | ) |   | $ | 5 |  |   | $ | (439 | ) |
| Pretax (favorable) unfavorable premium development                                                             | (5 | ) |   | 54 |  |   | (3 | ) |   | 46 |  |
| Total pretax (favorable) unfavorable net prior year development                                                | $ | (220 | ) |   | $ | (175 | ) |   | $ | 2 |  |   | $ | (393 | ) |

----

Table of Contents

|                                                                                                                      |
|----------------------------------------------------------------------------------------------------------------------|
|                                                                                                                      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Periods ended September 30                                                                                           | Three Months |   | Nine Months |
| (In millions)                                                                                                        | 2011 |   | 2010 |   | 2011 |   | 2010 |
| Pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development:      |   |   |   |   |   |   |   |
| Medical Professional Liability                                                                                       | $ | (18 | ) |   | $ | 4 |  |   | $ | (52 | ) |   | $ | (44 | ) |
| Other Professional Liability                                                                                         | 1 |  |   | (28 | ) |   | (20 | ) |   | (116 | ) |
| Surety                                                                                                               | 1 |  |   | (38 | ) |   | (2 | ) |   | (49 | ) |
| Warranty                                                                                                             | — |  |   | — |  |   | (12 | ) |   | — |  |
| Other                                                                                                                | 11 |  |   | (3 | ) |   | 14 |  |   | (6 | ) |
| Total pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development | $ | (5 | ) |   | $ | (65 | ) |   | $ | (72 | ) |   | $ | (215 | ) |

----

Table of Contents

----

Table of Contents

|                                                                                                                      |
|----------------------------------------------------------------------------------------------------------------------|
|                                                                                                                      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Periods ended September 30                                                                                           | Three Months |   | Nine Months |
| (In millions)                                                                                                        | 2011 |   | 2010 |   | 2011 |   | 2010 |
| Pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development:      |   |   |   |   |   |   |   |
| Commercial Auto                                                                                                      | $ | (2 | ) |   | $ | (1 | ) |   | $ | (36 | ) |   | $ | (71 | ) |
| General Liability                                                                                                    | 4 |  |   | (29 | ) |   | 26 |  |   | (71 | ) |
| Workers Compensation                                                                                                 | 3 |  |   | 39 |  |   | 39 |  |   | 39 |  |
| Property and Other                                                                                                   | (47 | ) |   | (35 | ) |   | (128 | ) |   | (126 | ) |
| Total pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development | $ | (42 | ) |   | $ | (26 | ) |   | $ | (99 | ) |   | $ | (229 | ) |

----

Table of Contents

----

Table of Contents

----

Table of Contents

|                                               |
|-----------------------------------------------|
|                                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Periods ended September 30                    | Three Months |   | Nine Months |
| (In millions)                                 | 2011 |   | 2010 |   | 2011 |   | 2010 |
| Pension cost                                  |   |   |   |   |   |   |   |
| Service cost                                  | $ | 3 |  |   | $ | 5 |  |   | $ | 10 |  |   | $ | 13 |  |
| Interest cost on projected benefit obligation | 37 |  |   | 38 |  |   | 110 |  |   | 112 |  |
| Expected return on plan assets                | (44 | ) |   | (41 | ) |   | (130 | ) |   | (122 | ) |
| Amortization of net actuarial loss            | 7 |  |   | 6 |  |   | 19 |  |   | 18 |  |
| Net periodic pension cost                     | $ | 3 |  |   | $ | 8 |  |   | $ | 9 |  |   | $ | 21 |  |
|                                          |   |   |   |   |   |   |   |
| Postretirement benefit                        |   |   |   |   |   |   |   |
| Service cost                                  | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | 1 |  |
| Interest cost on projected benefit obligation | 1 |  |   | 2 |  |   | 3 |  |   | 6 |  |
| Amortization of prior service credit          | (5 | ) |   | (4 | ) |   | (14 | ) |   | (12 | ) |
| Amortization of net actuarial loss            | — |  |   | — |  |   | — |  |   | 1 |  |
| Net periodic postretirement benefit           | $ | (4 | ) |   | $ | (2 | ) |   | $ | (11 | ) |   | $ | (4 | ) |

----

Table of Contents

----

Table of Contents

----

Table of Contents

|                                                                                                  |
|--------------------------------------------------------------------------------------------------|
|                                                                                                  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Three months ended                                                                               |   |   |   |   |   |   |   |   |   |   |   |
| September 30, 2011                                                                          | CNASpecialty |   | CNACommercial |   | Life &GroupNon-Core |   | Corporate& OtherNon-Core |   |   |   |   |
| (In millions)                                                                                    |   |   |   |   | Eliminations |   | Total |
| Operating revenues                                                                               |   |   |   |   |   |   |   |   |   |   |   |
| Net earned premiums                                                                              | $ | 741 |  |   | $ | 848 |  |   | $ | 142 |  |   | $ | 2 |  |   | $ | (1 | ) |   | $ | 1,732 |  |
| Net investment income                                                                            | 85 |  |   | 115 |  |   | 190 |  |   | 4 |  |   | — |  |   | 394 |  |
| Other revenues                                                                                   | 56 |  |   | 14 |  |   | 6 |  |   | — |  |   | — |  |   | 76 |  |
| Total operating revenues                                                                         | 882 |  |   | 977 |  |   | 338 |  |   | 6 |  |   | (1 | ) |   | 2,202 |  |
| Claims, Benefits and Expenses                                                                    |   |   |   |   |   |   |   |   |   |   |   |
| Net incurred claims and benefits                                                                 | 485 |  |   | 583 |  |   | 332 |  |   | (1 | ) |   | — |  |   | 1,399 |  |
| Policyholders’ dividends                                                                   | (4 | ) |   | 3 |  |   | 2 |  |   | — |  |   | — |  |   | 1 |  |
| Amortization of deferred acquisition costs                                                       | 170 |  |   | 181 |  |   | 5 |  |   | — |  |  | — |  |   | 356 |  |
| Other insurance related expenses                                                                 | 51 |  |   | 106 |  |   | 36 |  |   | 1 |  |   | (1 | ) |   | 193 |  |
| Other expenses                                                                                   | 48 |  |   | 10 |  |   | 2 |  |   | 42 |  |   | — |  |   | 102 |  |
| Total claims, benefits and expenses                                                              | 750 |  |   | 883 |  |   | 377 |  |   | 42 |  |   | (1 | ) |   | 2,051 |  |
| Operating income (loss) from continuing operations before income tax                        | 132 |  |   | 94 |  |   | (39 | ) |   | (36 | ) |   | — |  |   | 151 |  |
| Income tax (expense) benefit on operating income (loss)                                     | (48 | ) |   | (47 | ) |   | 25 |  |   | 11 |  |   | — |  |   | (59 | ) |
| Net operating (income) loss, after-tax, attributable to noncontrolling interests            | — |  |   | (1 | ) |   | — |  |   | — |  |   | — |  |   | (1 | ) |
| Net operating income (loss) from continuing operations attributable to CNA                  | 84 |  |   | 46 |  |   | (14 | ) |   | (25 | ) |   | — |  |   | 91 |  |
| Net realized investment losses, net of participating policyholders’ interests              | (8 | ) |   | (15 | ) |   | (4 | ) |   | — |  |   | — |  |   | (27 | ) |
| Income tax benefit on net realized investment losses                                             | 3 |  |   | 5 |  |   | 1 |  |   | 1 |  |   | — |  |   | 10 |  |
| Net realized investment (gains) losses, after-tax, attributable to noncontrolling interests | — |  |   | 1 |  |   | — |  |   | — |  |   | — |  |   | 1 |  |
| Net realized investment gains (losses) attributable to CNA                                       | (5 | ) |   | (9 | ) |   | (3 | ) |   | 1 |  |   | — |  |   | (16 | ) |
| Net income (loss) from continuing operations attributable to CNA                            | $ | 79 |  |   | $ | 37 |  |   | $ | (17 | ) |   | $ | (24 | ) |   | $ | — |  |   | $ | 75 |  |

----

Table of Contents

|                                                                                                  |
|--------------------------------------------------------------------------------------------------|
|                                                                                                  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Three months ended                                                                               |   |   |   |   |   |   |   |   |   |   |   |
| September 30, 2010                                                                          | CNASpecialty |   | CNACommercial |   | Life &GroupNon-Core |   | Corporate& OtherNon-Core |   |   |   |   |
| (In millions)                                                                                    |   |   |   |   | Eliminations |   | Total |
| Operating revenues                                                                               |   |   |   |   |   |   |   |   |   |   |   |
| Net earned premiums                                                                              | $ | 679 |  |   | $ | 819 |  |   | $ | 145 |  |   | $ | 3 |  |   | $ | (1 | ) |   | $ | 1,645 |  |
| Net investment income                                                                            | 148 |  |   | 216 |  |   | 182 |  |   | 35 |  |   | — |  |   | 581 |  |
| Other revenues                                                                                   | 57 |  |   | 15 |  |   | 4 |  |   | (1 | ) |   | — |  |   | 75 |  |
| Total operating revenues                                                                         | 884 |  |   | 1,050 |  |   | 331 |  |   | 37 |  |   | (1 | ) |   | 2,301 |  |
| Claims, Benefits and Expenses                                                                    |   |   |   |   |   |   |   |   |   |   |   |
| Net incurred claims and benefits                                                                 | 393 |  |   | 578 |  |   | 354 |  |   | 12 |  |   | — |  |   | 1,337 |  |
| Policyholders’ dividends                                                                   | 2 |  |   | 4 |  |   | 1 |  |   | — |  |   | — |  |   | 7 |  |
| Amortization of deferred acquisition costs                                                       | 162 |  |   | 183 |  |   | 6 |  |   | — |  |   | — |  |   | 351 |  |
| Other insurance related expenses                                                                 | 45 |  |   | 104 |  |   | 41 |  |   | 9 |  |   | (1 | ) |   | 198 |  |
| Other expenses                                                                                   | 47 |  |   | 14 |  |   | 7 |  |   | 569 |  |   | — |  |   | 637 |  |
| Total claims, benefits and expenses                                                              | 649 |  |   | 883 |  |   | 409 |  |   | 590 |  |   | (1 | ) |   | 2,530 |  |
| Operating income (loss) from continuing operations before income tax                             | 235 |  |   | 167 |  |   | (78 | ) |   | (553 | ) |   | — |  |   | (229 | ) |
| Income tax (expense) benefit on operating income (loss)                                          | (80 | ) |   | (54 | ) |   | 23 |  |   | 198 |  |   | — |  |   | 87 |  |
| Net operating (income) loss, after-tax, attributable to noncontrolling interests            | (11 | ) |   | (5 | ) |   | — |  |   | — |  |   | — |  |   | (16 | ) |
| Net operating income (loss) from continuing operations attributable to CNA                       | 144 |  |   | 108 |  |   | (55 | ) |   | (355 | ) |   | — |  |   | (158 | ) |
| Net realized investment gains, net of participating policyholders’ interests               | 15 |  |   | 21 |  |   | 20 |  |   | 6 |  |   | — |  |   | 62 |  |
| Income tax expense on net realized investment gains                                              | (6 | ) |   | (8 | ) |   | (7 | ) |   | (2 | ) |   | — |  |   | (23 | ) |
| Net realized investment (gains) losses, after-tax, attributable to noncontrolling interests | — |  |   | 1 |  |   | — |  |   | — |  |   | — |  |   | 1 |  |
| Net realized investment gains attributable to CNA                                                | 9 |  |   | 14 |  |   | 13 |  |   | 4 |  |   | — |  |   | 40 |  |
| Net income (loss) from continuing operations attributable to CNA                            | $ | 153 |  |   | $ | 122 |  |   | $ | (42 | ) |   | $ | (351 | ) |   | $ | — |  |   | $ | (118 | ) |

----

Table of Contents

|                                                                                                  |
|--------------------------------------------------------------------------------------------------|
|                                                                                                  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Nine months ended                                                                                |   |   |   |   |   |   |   |   |   |   |   |
| September 30, 2011                                                                          | CNASpecialty |   | CNACommercial |   | Life &GroupNon-Core |   | Corporate& OtherNon-Core |   |   |   |   |
| (In millions)                                                                                    |   |   |   |   | Eliminations |   | Total |
| Operating revenues                                                                               |   |   |   |   |   |   |   |   |   |   |   |
| Net earned premiums                                                                              | $ | 2,098 |  |   | $ | 2,418 |  |   | $ | 427 |  |   | $ | 1 |  |   | $ | (2 | ) |   | $ | 4,942 |  |
| Net investment income                                                                            | 371 |  |   | 569 |  |   | 567 |  |   | 24 |  |   | — |  |   | 1,531 |  |
| Other revenues                                                                                   | 164 |  |   | 40 |  |   | 6 |  |   | 4 |  |   | — |  |   | 214 |  |
| Total operating revenues                                                                         | 2,633 |  |   | 3,027 |  |   | 1,000 |  |   | 29 |  |   | (2 | ) |   | 6,687 |  |
| Claims, Benefits and Expenses                                                                    |   |   |   |   |   |   |   |   |   |   |   |
| Net incurred claims and benefits                                                                 | 1,333 |  |   | 1,807 |  |   | 985 |  |   | — |  |   | — |  |   | 4,125 |  |
| Policyholders’ dividends                                                                   | (4 | ) |   | 5 |  |   | 5 |  |   | — |  |   | — |  |   | 6 |  |
| Amortization of deferred acquisition costs                                                       | 495 |  |   | 539 |  |   | 17 |  |   | — |  |   | — |  |   | 1,051 |  |
| Other insurance related expenses                                                                 | 147 |  |   | 291 |  |   | 108 |  |   | 4 |  |   | (2 | ) |   | 548 |  |
| Other expenses                                                                                   | 140 |  |   | 37 |  |   | 14 |  |   | 129 |  |   | — |  |   | 320 |  |
| Total claims, benefits and expenses                                                              | 2,111 |  |   | 2,679 |  |   | 1,129 |  |   | 133 |  |   | (2 | ) |   | 6,050 |  |
| Operating income (loss) from continuing operations before income tax                        | 522 |  |   | 348 |  |   | (129 | ) |   | (104 | ) |   | — |  |   | 637 |  |
| Income tax (expense) benefit on operating income (loss)                                     | (182 | ) |   | (129 | ) |   | 78 |  |   | 34 |  |   | — |  |   | (199 | ) |
| Net operating (income) loss, after-tax, attributable to noncontrolling interests            | (12 | ) |   | (3 | ) |   | — |  |   | — |  |   | — |  |   | (15 | ) |
| Net operating income (loss) from continuing operations attributable to CNA                  | 328 |  |   | 216 |  |   | (51 | ) |   | (70 | ) |   | — |  |   | 423 |  |
| Net realized investment gains (losses), net of participating policyholders’ interests      | 7 |  |   | 13 |  |   | (7 | ) |   | (12 | ) |   | — |  |   | 1 |  |
| Income tax (expense) benefit on net realized investment gains (losses)                           | (2 | ) |   | (4 | ) |   | 2 |  |   | 5 |  |   | — |  |   | 1 |  |
| Net realized investment (gains) losses, after-tax, attributable to noncontrolling interests | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
| Net realized investment gains (losses) attributable to CNA                                       | 5 |  |   | 9 |  |   | (5 | ) |   | (7 | ) |   | — |  |   | 2 |  |
| Net income (loss) from continuing operations attributable to CNA                            | $ | 333 |  |   | $ | 225 |  |   | $ | (56 | ) |   | $ | (77 | ) |   | $ | — |  |   | $ | 425 |  |

|                                     |
|-------------------------------------|
|                                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| September 30, 2011             |   |   |   |   |   |   |   |   |   |   |   |
| (In millions)                       |   |   |   |   |   |   |   |   |   |   |   |
| Reinsurance receivables             | $ | 874 |  |   | $ | 1,850 |  |   | $ | 1,411 |  |   | $ | 2,687 |  |   | $ | — |  |   | $ | 6,822 |  |
| Insurance receivables               | $ | 650 |  |   | $ | 1,161 |  |   | $ | 8 |  |   | $ | 9 |  |   | $ | — |  |   | $ | 1,828 |  |
| Deferred acquisition costs          | $ | 351 |  |   | $ | 338 |  |   | $ | 94 |  |   | $ | — |  |   | $ | — |  |   | $ | 783 |  |
| Insurance reserves                  |   |   |   |   |   |   |   |   |   |   |   |
| Claim and claim adjustment expenses | $ | 7,000 |  |   | $ | 12,116 |  |   | $ | 2,748 |  |   | $ | 3,167 |  |   | $ | — |  |   | $ | 25,031 |  |
| Unearned premiums                   | 1,639 |  |   | 1,604 |  |   | 144 |  |   | — |  |   | (1 | ) |   | 3,386 |  |
| Future policy benefits              | — |  |   | — |  |   | 9,258 |  |   | — |  |   | — |  |   | 9,258 |  |
| Policyholders’ funds          | 16 |  |   | 10 |  |   | 150 |  |   | — |  |   | — |  |   | 176 |  |

----

Table of Contents

|                                                                                                  |
|--------------------------------------------------------------------------------------------------|
|                                                                                                  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Nine months ended                                                                                |   |   |   |   |   |   |   |   |   |   |   |
| September 30, 2010                                                                          | CNASpecialty |   | CNACommercial |   | Life &GroupNon-Core |   | Corporate& OtherNon-Core |   |   |   |   |
| (In millions)                                                                                    |   |   |   |   | Eliminations |   | Total |
| Operating revenues                                                                               |   |   |   |   |   |   |   |   |   |   |   |
| Net earned premiums                                                                              | $ | 1,998 |  |   | $ | 2,432 |  |   | $ | 436 |  |   | $ | 5 |  |   | $ | (3 | ) |   | $ | 4,868 |  |
| Net investment income                                                                            | 420 |  |   | 621 |  |   | 531 |  |   | 120 |  |   | — |  |   | 1,692 |  |
| Other revenues                                                                                   | 162 |  |   | 49 |  |   | 10 |  |   | 5 |  |   | — |  |   | 226 |  |
| Total operating revenues                                                                         | 2,580 |  |   | 3,102 |  |   | 977 |  |   | 130 |  |   | (3 | ) |   | 6,786 |  |
| Claims, Benefits and Expenses                                                                    |   |   |   |   |   |   |   |   |   |   |   |
| Net incurred claims and benefits                                                                 | 1,115 |  |   | 1,668 |  |   | 949 |  |   | 48 |  |   | — |  |   | 3,780 |  |
| Policyholders’ dividends                                                                   | 6 |  |   | 11 |  |   | 2 |  |   | — |  |   | — |  |   | 19 |  |
| Amortization of deferred acquisition costs                                                       | 471 |  |   | 552 |  |   | 15 |  |   | — |  |   | — |  |   | 1,038 |  |
| Other insurance related expenses                                                                 | 139 |  |   | 318 |  |   | 137 |  |   | 10 |  |   | (3 | ) |   | 601 |  |
| Other expenses                                                                                   | 141 |  |   | 42 |  |   | 13 |  |   | 641 |  |   | — |  |   | 837 |  |
| Total claims, benefits and expenses                                                              | 1,872 |  |   | 2,591 |  |   | 1,116 |  |   | 699 |  |   | (3 | ) |   | 6,275 |  |
| Operating income (loss) from continuing operations before income tax                             | 708 |  |   | 511 |  |   | (139 | ) |   | (569 | ) |   | — |  |   | 511 |  |
| Income tax (expense) benefit on operating income (loss)                                          | (238 | ) |   | (165 | ) |   | 67 |  |   | 204 |  |   | — |  |   | (132 | ) |
| Net operating (income) loss, after-tax, attributable to noncontrolling interests            | (30 | ) |   | (15 | ) |   | — |  |   | — |  |   | — |  |   | (45 | ) |
| Net operating income (loss) from continuing operations attributable to CNA                       | 440 |  |   | 331 |  |   | (72 | ) |   | (365 | ) |   | — |  |   | 334 |  |
| Net realized investment gains, net of participating policyholders’ interests               | 60 |  |   | 30 |  |   | 15 |  |   | 20 |  |   | — |  |   | 125 |  |
| Income tax expense on net realized investment gains                                              | (21 | ) |   | (17 | ) |   | (7 | ) |   | (6 | ) |   | — |  |   | (51 | ) |
| Net realized investment (gains) losses, after-tax, attributable to noncontrolling interests | — |  |   | 1 |  |   | — |  |   | — |  |   | — |  |   | 1 |  |
| Net realized investment gains attributable to CNA                                           | 39 |  |   | 14 |  |   | 8 |  |   | 14 |  |   | — |  |   | 75 |  |
| Net income (loss) from continuing operations attributable to CNA                            | $ | 479 |  |   | $ | 345 |  |   | $ | (64 | ) |   | $ | (351 | ) |   | $ | — |  |   | $ | 409 |  |

|                                     |
|-------------------------------------|
|                                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| December 31, 2010                   |   |   |   |   |   |   |   |   |   |   |   |
| (In millions)                       |   |   |   |   |   |   |   |   |   |   |   |
| Reinsurance receivables             | $ | 906 |  |   | $ | 1,973 |  |   | $ | 1,502 |  |   | $ | 2,823 |  |   | $ | — |  |   | $ | 7,204 |  |
| Insurance receivables               | $ | 654 |  |   | $ | 1,050 |  |   | $ | 9 |  |   | $ | 4 |  |   | $ | — |  |   | $ | 1,717 |  |
| Deferred acquisition costs          | $ | 330 |  |   | $ | 315 |  |   | $ | 434 |  |   | $ | — |  |   | $ | — |  |   | $ | 1,079 |  |
| Insurance reserves                  |  |   |  |   |  |   |  |   |  |   |   |
| Claim and claim adjustment expenses | $ | 6,793 |  |   | $ | 12,522 |  |   | $ | 2,739 |  |   | $ | 3,442 |  |   | $ | — |  |   | $ | 25,496 |  |
| Unearned premiums                   | 1,543 |  |   | 1,526 |  |   | 132 |  |   | 2 |  |   | — |  |   | 3,203 |  |
| Future policy benefits              | — |  |   | — |  |   | 8,718 |  |   | — |  |   | — |  |   | 8,718 |  |
| Policyholders’ funds          | 16 |  |   | 13 |  |   | 144 |  |   | — |  |   | — |  |   | 173 |  |

----

Table of Contents

|                                         |
|-----------------------------------------|
|                                         |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Periods ended September 30              | Three Months |   | Nine Months |
| (In millions)                           | 2011 |   | 2010 |   | 2011 |   | 2010 |
| CNA Specialty                           |   |   |   |   |   |   |   |
| International                           | $ | 54 |  |   | $ | 51 |  |   | $ | 159 |  |   | $ | 150 |  |
| Professional & Management Liability | 623 |  |   | 650 |  |   | 1,909 |  |   | 1,915 |  |
| Surety                                  | 123 |  |   | 124 |  |   | 353 |  |   | 357 |  |
| Warranty & Alternative Risks        | 74 |  |   | 74 |  |   | 219 |  |   | 218 |  |
| CNA Specialty revenues                  | 874 |  |   | 899 |  |   | 2,640 |  |   | 2,640 |  |
| CNA Commercial                          |   |   |   |   |   |   |   |
| CNA Select Risk                         | 65 |  |   | 69 |  |   | 203 |  |   | 195 |  |
| Commercial Insurance                    | 622 |  |   | 737 |  |   | 2,015 |  |   | 2,147 |  |
| International                           | 133 |  |   | 123 |  |   | 390 |  |   | 367 |  |
| Small Business                          | 142 |  |   | 142 |  |   | 432 |  |   | 423 |  |
| CNA Commercial revenues                 | 962 |  |   | 1,071 |  |   | 3,040 |  |   | 3,132 |  |
| Life & Group Non-Core               |   |   |   |   |   |   |   |
| Health                                  | 274 |  |   | 276 |  |   | 818 |  |   | 796 |  |
| Life & Annuity                      | 55 |  |   | 69 |  |   | 170 |  |   | 185 |  |
| Other                                   | 5 |  |   | 6 |  |   | 5 |  |   | 11 |  |
| Life & Group Non-Core revenues      | 334 |  |   | 351 |  |   | 993 |  |   | 992 |  |
| Corporate & Other Non-Core revenues | 6 |  |   | 43 |  |   | 17 |  |   | 150 |  |
| Eliminations                            | (1 | ) |   | (1 | ) |   | (2 | ) |   | (3 | ) |
| Total revenues                          | $ | 2,175 |  |   | $ | 2,363 |  |   | $ | 6,688 |  |   | $ | 6,911 |  |

----

Table of Contents

----

Table of Contents

|                                                                                                  |
|--------------------------------------------------------------------------------------------------|
|                                                                                                  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Periods ended September 30                                                                       | Three Months |   | Nine Months |
| (In millions)                                                                                    | 2011 |   | 2010 |   | 2011 |   | 2010 |
| Operating Revenues                                                                               |   |   |   |   |   |   |   |
| Net earned premiums                                                                              | $ | 1,732 |  |   | $ | 1,645 |  |   | $ | 4,942 |  |   | $ | 4,868 |  |
| Net investment income                                                                            | 394 |  |   | 581 |  |   | 1,531 |  |   | 1,692 |  |
| Other revenues                                                                                   | 76 |  |   | 75 |  |   | 214 |  |   | 226 |  |
| Total operating revenues                                                                         | 2,202 |  |   | 2,301 |  |   | 6,687 |  |   | 6,786 |  |
| Claims, Benefits and Expenses                                                                    |   |   |   |   |   |   |   |
| Net incurred claims and benefits                                                                 | 1,399 |  |   | 1,337 |  |   | 4,125 |  |   | 3,780 |  |
| Policyholders’ dividends                                                                   | 1 |  |   | 7 |  |   | 6 |  |   | 19 |  |
| Amortization of deferred acquisition costs                                                       | 356 |  |   | 351 |  |   | 1,051 |  |   | 1,038 |  |
| Other insurance related expenses                                                                 | 193 |  |   | 198 |  |   | 548 |  |   | 601 |  |
| Other expenses                                                                                   | 102 |  |   | 637 |  |   | 320 |  |   | 837 |  |
| Total claims, benefits and expenses                                                              | 2,051 |  |   | 2,530 |  |   | 6,050 |  |   | 6,275 |  |
| Operating income (loss) from continuing operations before income tax                             | 151 |  |   | (229 | ) |   | 637 |  |   | 511 |  |
| Income tax (expense) benefit on operating income (loss)                                          | (59 | ) |   | 87 |  |   | (199 | ) |   | (132 | ) |
| Net operating (income) loss, after-tax, attributable to noncontrolling interests            | (1 | ) |   | (16 | ) |   | (15 | ) |   | (45 | ) |
| Net operating income (loss) from continuing operations attributable to CNA                       | 91 |  |   | (158 | ) |   | 423 |  |   | 334 |  |
| Net realized investment gains (losses), net of participating policyholders’ interests      | (27 | ) |   | 62 |  |   | 1 |  |   | 125 |  |
| Income tax (expense) benefit on net realized investment gains (losses)                           | 10 |  |   | (23 | ) |   | 1 |  |   | (51 | ) |
| Net realized investment (gains) losses, after-tax, attributable to noncontrolling interests | 1 |  |   | 1 |  |   | — |  |   | 1 |  |
| Net realized investment gains (losses) attributable to CNA                                       | (16 | ) |   | 40 |  |   | 2 |  |   | 75 |  |
| Income (loss) from continuing operations attributable to CNA                                     | 75 |  |   | (118 | ) |   | 425 |  |   | 409 |  |
| Income (loss) from discontinued operations attributable to CNA                                   | — |  |   | (22 | ) |   | (1 | ) |   | (21 | ) |
| Net income (loss) attributable to CNA                                                            | $ | 75 |  |   | $ | (140 | ) |   | $ | 424 |  |   | $ | 388 |  |

----

Table of Contents

|                                |
|--------------------------------|
|                                |  |  |  |
| Nine months ended September 30 |   |
| (In millions)                  | 2010 |
| CNA Specialty                  | $ | 7 |  |
| CNA Commercial                 | 15 |  |
| Life & Group Non-Core      | 9 |  |
| Corporate & Other Non-Core | 3 |  |
| Total IT Transformation Costs  | $ | 34 |  |

----

Table of Contents

----

Table of Contents

|         |                    |
|---------|--------------------|
| • | Insurance Reserves |

|         |                                       |
|---------|---------------------------------------|
| • | Reinsurance and Insurance Receivables |

|         |                                                       |
|---------|-------------------------------------------------------|
| • | Valuation of Investments and Impairment of Securities |

|         |                                                      |
|---------|------------------------------------------------------|
| • | Long Term Care Products and Payout Annuity Contracts |

|         |                                                |
|---------|------------------------------------------------|
| • | Pension and Postretirement Benefit Obligations |

|         |              |
|---------|--------------|
| • | Income Taxes |

----

Table of Contents

|                                                   |
|---------------------------------------------------|
|                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Periods ended September 30                        | Three Months |   | Nine Months |
| (In millions, except ratios)                      | 2011 |   | 2010 |   | 2011 |   | 2010 |
| Net written premiums                              | $ | 750 |  |   | $ | 706 |  |   | $ | 2,172 |  |   | $ | 2,009 |  |
| Net earned premiums                               | 741 |  |   | 679 |  |   | 2,098 |  |   | 1,998 |  |
| Net investment income                             | 85 |  |   | 148 |  |   | 371 |  |   | 420 |  |
| Net operating income                              | 84 |  |   | 144 |  |   | 328 |  |   | 440 |  |
| Net realized investment gains (losses), after-tax | (5 | ) |   | 9 |  |   | 5 |  |   | 39 |  |
| Net income                                        | 79 |  |   | 153 |  |   | 333 |  |   | 479 |  |
| Ratios                                            |   |   |   |   |   |   |   |
| Loss and loss adjustment expense                  | 65.5 |  % |   | 57.8 | % |   | 63.6 |  % |   | 55.8 | % |
| Expense                                           | 29.8 |  |   | 30.4 |  |   | 30.5 |  |   | 30.5 |  |
| Dividend                                          | (0.6 | ) |   | 0.3 |  |   | (0.2 | ) |   | 0.3 |  |
| Combined                                          | 94.7 |  % |   | 88.5 | % |   | 93.9 |  % |   | 86.6 | % |

----

Table of Contents

|                                                                 |
|-----------------------------------------------------------------|
|                                                                 |  |  |  |  |  |  |  |
| (In millions)                                                   | September 30, 2011 |   | December 31, 2010 |
| Gross Case Reserves                                             | $ | 2,472 |  |   | $ | 2,341 |  |
| Gross IBNR Reserves                                             | 4,528 |  |   | 4,452 |  |
| Total Gross Carried Claim and Claim Adjustment Expense Reserves | $ | 7,000 |  |   | $ | 6,793 |  |
| Net Case Reserves                                               | $ | 2,110 |  |   | $ | 1,992 |  |
| Net IBNR Reserves                                               | 4,039 |  |   | 3,926 |  |
| Total Net Carried Claim and Claim Adjustment Expense Reserves   | $ | 6,149 |  |   | $ | 5,918 |  |

----

Table of Contents

|                                                        |
|--------------------------------------------------------|
|                                                        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Periods ended September 30                             | Three Months |   | Nine Months |
| (In millions, except ratios)                           | 2011 |   | 2010 |   | 2011 |   | 2010 |
| Net written premiums                                   | $ | 836 |  |   | $ | 763 |  |   | $ | 2,544 |  |   | $ | 2,430 |  |
| Net earned premiums                                    | 848 |  |   | 819 |  |   | 2,418 |  |   | 2,432 |  |
| Net investment income                                  | 115 |  |   | 216 |  |   | 569 |  |   | 621 |  |
| Net operating income                                   | 46 |  |   | 108 |  |   | 216 |  |   | 331 |  |
| Net realized investment gains (losses), after-tax | (9 | ) |   | 14 |  |   | 9 |  |   | 14 |  |
| Net income                                             | 37 |  |   | 122 |  |   | 225 |  |   | 345 |  |
| Ratios                                                 |   |   |   |   |   |   |   |
| Loss and loss adjustment expense                       | 68.7 | % |   | 70.3 | % |   | 74.7 | % |   | 68.5 | % |
| Expense                                                | 33.9 |  |   | 35.1 |  |   | 34.4 |  |   | 35.8 |  |
| Dividend                                               | 0.4 |  |   | 0.4 |  |   | 0.2 |  |   | 0.4 |  |
| Combined                                               | 103.0 | % |   | 105.8 | % |   | 109.3 | % |   | 104.7 | % |

----

Table of Contents

|                                                                 |
|-----------------------------------------------------------------|
|                                                                 |  |  |  |  |  |  |  |
| (In millions)                                                   | September 30, 2011 |   | December 31, 2010 |
| Gross Case Reserves                                             | $ | 6,381 |  |   | $ | 6,390 |  |
| Gross IBNR Reserves                                             | 5,735 |  |   | 6,132 |  |
| Total Gross Carried Claim and Claim Adjustment Expense Reserves | $ | 12,116 |  |   | $ | 12,522 |  |
| Net Case Reserves                                               | $ | 5,445 |  |   | $ | 5,349 |  |
| Net IBNR Reserves                                               | 4,948 |  |   | 5,292 |  |
| Total Net Carried Claim and Claim Adjustment Expense Reserves   | $ | 10,393 |  |   | $ | 10,641 |  |

----

Table of Contents

|                                                   |
|---------------------------------------------------|
|                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Periods ended September 30                        | Three Months |   | Nine Months |
| (In millions)                                     | 2011 |   | 2010 |   | 2011 |   | 2010 |
| Net earned premiums                               | $ | 142 |  |   | $ | 145 |  |   | $ | 427 |  |   | $ | 436 |  |
| Net investment income                             | 190 |  |   | 182 |  |   | 567 |  |   | 531 |  |
| Net operating loss                                | (14 | ) |   | (55 | ) |   | (51 | ) |   | (72 | ) |
| Net realized investment gains (losses), after-tax | (3 | ) |   | 13 |  |   | (5 | ) |   | 8 |  |
| Net loss                                          | (17 | ) |   | (42 | ) |   | (56 | ) |   | (64 | ) |

----

Table of Contents

|                                                   |
|---------------------------------------------------|
|                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Periods ended September 30                        | Three Months |   | Nine Months |
| (In millions)                                     | 2011 |   | 2010 |   | 2011 |   | 2010 |
| Net investment income                             | $ | 4 |  |   | $ | 35 |  |   | $ | 24 |  |   | $ | 120 |  |
| Net operating loss                                | (25 | ) |   | (355 | ) |   | (70 | ) |   | (365 | ) |
| Net realized investment gains (losses), after-tax | 1 |  |   | 4 |  |   | (7 | ) |   | 14 |  |
| Net loss                                          | (24 | ) |   | (351 | ) |   | (77 | ) |   | (351 | ) |

|                                                                 |
|-----------------------------------------------------------------|
|                                                                 |  |  |  |  |  |  |  |
| (In millions)                                                   | September 30, 2011 |   | December 31, 2010 |
| Gross Case Reserves                                             | $ | 1,337 |  |   | $ | 1,430 |  |
| Gross IBNR Reserves                                             | 1,830 |  |   | 2,012 |  |
| Total Gross Carried Claim and Claim Adjustment Expense Reserves | $ | 3,167 |  |   | $ | 3,442 |  |
| Net Case Reserves                                               | $ | 356 |  |   | $ | 461 |  |
| Net IBNR Reserves                                               | 265 |  |   | 257 |  |
| Total Net Carried Claim and Claim Adjustment Expense Reserves   | $ | 621 |  |   | $ | 718 |  |

----

Table of Contents

|                                 |
|---------------------------------|
|                                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Periods ended September 30      | Three Months |   | Nine Months |
| (In millions)                   | 2011 |   | 2010 |   | 2011 |   | 2010 |
| Fixed maturity securities       | $ | 494 |  |   | $ | 511 |  |   | $ | 1,505 |  |   | $ | 1,540 |  |
| Short term investments          | 2 |  |   | 2 |  |   | 6 |  |   | 13 |  |
| Limited partnership investments | (93 | ) |   | 68 |  |   | 32 |  |   | 136 |  |
| Equity securities               | 4 |  |   | 7 |  |   | 16 |  |   | 26 |  |
| Mortgage loans                  | 2 |  |   | 1 |  |   | 6 |  |   | 1 |  |
| Trading portfolio               | (1 | ) |   | 4 |  |   | 5 |  |   | 10 |  |
| Other                           | 1 |  |   | 2 |  |   | 6 |  |   | 7 |  |
| Gross investment income         | 409 |  |   | 595 |  |   | 1,576 |  |   | 1,733 |  |
| Investment expense              | (15 | ) |   | (14 | ) |   | (45 | ) |   | (41 | ) |
| Net investment income           | $ | 394 |  |   | $ | 581 |  |   | $ | 1,531 |  |   | $ | 1,692 |  |

----

Table of Contents

|                                                                                             |
|---------------------------------------------------------------------------------------------|
|                                                                                             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Periods ended September 30                                                                  | Three Months |   | Nine Months |
| (In millions)                                                                               | 2011 |   | 2010 |   | 2011 |   | 2010 |
| Fixed maturity securities:                                                                  |   |   |   |   |   |   |   |
| Corporate and other bonds                                                                   | $ | (28 | ) |   | $ | 47 |  |   | $ | 63 |  |   | $ | 110 |  |
| States, municipalities and political subdivisions                                           | 13 |  |   | 7 |  |   | 3 |  |   | 15 |  |
| Asset-backed                                                                                | (15 | ) |   | 22 |  |   | (62 | ) |   | 32 |  |
| U.S. Treasury and obligations of government-sponsored enterprises                           | — |  |   | — |  |   | 1 |  |   | 4 |  |
| Foreign government                                                                          | 1 |  |   | — |  |   | 3 |  |   | 1 |  |
| Redeemable preferred stock                                                                  | — |  |   | — |  |   | 3 |  |   | 7 |  |
| Total fixed maturity securities                                                             | (29 | ) |   | 76 |  |   | 11 |  |   | 169 |  |
| Equity securities                                                                           | (1 | ) |   | (17 | ) |   | (3 | ) |   | (42 | ) |
| Derivative securities                                                                       | 1 |  |   | (1 | ) |   | — |  |   | (1 | ) |
| Short term investments and other                                                            | 2 |  |   | 4 |  |   | (7 | ) |   | (1 | ) |
| Net realized investment gains (losses), net of participating policyholders’ interests | (27 | ) |   | 62 |  |   | 1 |  |   | 125 |  |
| Income tax (expense) benefit on net realized investment gains (losses)                      | 10 |  |   | (23 | ) |   | 1 |  |   | (51 | ) |
| Net realized investment (gains) losses, after-tax, attributable to noncontrolling interests | 1 |  |   | 1 |  |   | — |  |   | 1 |  |
| Net realized investment gains (losses) attributable to CNA                                  | $ | (16 | ) |   | $ | 40 |  |   | $ | 2 |  |   | $ | 75 |  |

|                                                                           |
|---------------------------------------------------------------------------|
|                                                                           |  |  |  |  |  |  |  |  |  |  |  |  |  |
| (In millions)                                                             | September 30, 2011 |   | % |   | December 31, 2010 |   | % |
| U.S. Government, Government agencies and Government-sponsored enterprises | $ | 4,427 |  |   | 11 | % |   | $ | 4,003 |  |   | 11 | % |
| AAA rated                                                                 | 3,795 |  |   | 10 |  |   | 3,950 |  |   | 10 |  |
| AA and A rated                                                            | 17,663 |  |   | 45 |  |   | 15,665 |  |   | 42 |  |
| BBB rated                                                                 | 10,213 |  |   | 26 |  |   | 10,425 |  |   | 28 |  |
| Non-investment grade                                                      | 3,358 |  |   | 8 |  |   | 3,534 |  |   | 9 |  |
| Total                                                                     | $ | 39,456 |  |   | 100 | % |   | $ | 37,577 |  |   | 100 | % |

----

Table of Contents

|               |
|---------------|
|               |  |  |  |  |  |  |  |  |  |  |  |  |  |
| (In millions) | September 30, 2011 |   | % |   | December 31, 2010 |   | % |
| BB            | $ | 1,491 |  |   | 44 | % |   | $ | 1,492 |  |   | 42 | % |
| B             | 958 |  |   | 29 |  |   | 1,163 |  |   | 33 |  |
| CCC — C | 803 |  |   | 24 |  |   | 801 |  |   | 23 |  |
| D             | 106 |  |   | 3 |  |   | 78 |  |   | 2 |  |
| Total         | $ | 3,358 |  |   | 100 | % |   | $ | 3,534 |  |   | 100 | % |

|                                        |
|----------------------------------------|
|                                        |  |  |  |  |  |
|                                   | Percent ofFair Value |   | Percent ofUnrealized Loss |
| Due in one year or less                | 7 | % |   | 4 | % |
| Due after one year through five years  | 34 |  |   | 23 |  |
| Due after five years through ten years | 30 |  |   | 31 |  |
| Due after ten years                    | 29 |  |   | 42 |  |
| Total                                  | 100 | % |   | 100 | % |

----

Table of Contents

|                      |
|----------------------|
|                      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| September 30, 2011   | Corporate |   | Sovereign |   | Total |
| (In millions)        | Financial Sector |   | Other Sectors |   |   |   |   |
| AAA                  | $ | 233 |  |   | $ | — |  |   | $ | 172 |  |   | $ | 405 |  |
| AA                   | 295 |  |   | 161 |  |   | 13 |  |   | 469 |  |
| A                    | 851 |  |   | 697 |  |   | — |  |   | 1,548 |  |
| BBB                  | 105 |  |   | 1,019 |  |   | — |  |   | 1,124 |  |
| Non-investment grade | 5 |  |   | 171 |  |   | — |  |   | 176 |  |
| Total fair value     | $ | 1,489 |  |   | 2,048 |  |   | $ | 185 |  |   | $ | 3,722 |  |
| Total amortized cost | $ | 1,502 |  |   | $ | 1,858 |  |   | $ | 181 |  |   | $ | 3,541 |  |

|                                                  |
|--------------------------------------------------|
|                                                  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                             | September 30, 2011 |   | December 31, 2010 |
| (In millions)                                    | Fair Value |   | EffectiveDuration(In years) |   | Fair Value |   | EffectiveDuration(In years) |
| Investments supporting Life & Group Non-Core | $ | 13,283 |  |   | 11.4 |  |   | $ | 11,825 |  |   | 11.0 |  |
| Other interest sensitive investments             | 27,993 |  |   | 4.0 |  |   | 28,096 |  |   | 4.5 |  |
| Total                                            | $ | 41,276 |  |   | 6.4 |  |   | $ | 39,921 |  |   | 6.4 |  |

----

Table of Contents

|                              |
|------------------------------|
|                              |  |  |  |  |  |  |  |
|                         | September 30, 2011 |   | December 31, 2010 |
| (In millions)                |   |
| Short term investments:      |   |   |   |
| Commercial paper             | $ | 507 |  |   | $ | 686 |  |
| U.S. Treasury securities     | 877 |  |   | 903 |  |
| Money market funds           | 88 |  |   | 94 |  |
| Other                        | 258 |  |   | 532 |  |
| Total short term investments | $ | 1,730 |  |   | $ | 2,215 |  |

----

Table of Contents

----

Table of Contents

----

Table of Contents

|         |                                                                                                                                                                                                                                                                                                                                                                                                                     |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | the risks and uncertainties associated with our loss reserves, as outlined in the Critical Accounting Estimates and the Reserves - Estimates and Uncertainties sections of our Annual Report on Form 10-K, 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 consummation of contemplated transactions. |

|         |                                                                                                                                                          |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | 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 under priced 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, as well as restrictions on the ability or willingness of Loews to provide additional capital support to us; 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. |

|         |                                                                                                                                                                                                                                                                                                                                                                 |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | 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; |

----

Table of Contents

|         |                                                                                                                                                                                                                                                                                                                                                                                                                              |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | regulatory limitations, impositions and restrictions upon us, including 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 as well as the new federal financial regulatory reform of the insurance industry established by the Dodd-Frank Wall Street Reform and Consumer Protection Act; |

|         |                                                                                                                                                                                                                                                               |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | increased operating costs and underwriting losses arising from the Patient Protection and Affordable Care Act and the related amendments in the Health Care and Education Reconciliation Act, as well as health care reform proposals at the state level; and |

|         |                                                                                                                                                                                                                                                                                        |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | regulatory limitations and restrictions, including limitations upon our ability to receive dividends from our insurance subsidiaries imposed by state regulatory agencies and minimum risk-based capital standards established by the National Association of Insurance Commissioners. |

|         |                                                                                                                                                                                                                                                                                                                                             |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | 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 weather patterns, greenhouse gases, sea, land and air temperatures, sea levels, rain 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 and the effect of the absence or insufficiency of applicable terrorism legislation on coverages; |

|         |                                                                                                                                                                                                   |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | the unpredictability of the nature, targets, severity or frequency of potential terrorist events, as well as the uncertainty as to our ability to contain our terrorism exposure effectively; and |

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

----

Table of Contents

----

Table of Contents

----

Table of Contents

----

Table of Contents

----

Table of Contents

|        |
|--------|
|        |  |  |  |  |
|   |   | CNA Financial Corporation  |   |
| Dated: | November 1, 2011 | By   | /s/ D. Craig Mense   |   |
|   |   |   | D. Craig Mense  |   |
|   |   |   | Executive Vice President andChief Financial Officer  |   |

----

Table of Contents

|                                                                                                                                                                                          |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                          |  |  |
|                                                                                                                                                                                     |   |   |
| Description of Exhibit                                                                                                                                                                   | Exhibit Number |
|                                                                                                                                                                                     |   |   |
| Certification of Chief Executive Officer                                                                                                                                                 |   | 31.1 |
|                                                                                                                                                                                     |   |   |
| Certification of Chief Financial Officer                                                                                                                                                 |   | 31.2 |
|                                                                                                                                                                                     |   |   |
| 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 |
|                                                                                                                                                                                     |   |   |
| 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 |