----

|                                                                                                          |
|----------------------------------------------------------------------------------------------------------|
|                                                                                                          |  |
|                                                                                                     | Page |
| Definitions and Presentation                                                                             | i |
| Statements of Operations                                                                                 | 1 |
| Components of Income (Loss) Attributable to CNA Common Stockholders, Per Share Data and Return on Equity | 2 |
| Selected Balance Sheets Data and Statements of Cash Flows Data                                           | 3 |
| Claim & Claim Adjustment Expense Reserve Rollforward                                                 | 4 |
| Investment Summary - Consolidated                                                                        | 5 |
| Investment Summary - Property & Casualty and Corporate & Other Non-Core                          | 6 |
| Investment Summary - Life & Group Non-Core                                                           | 7 |
| Investments - Fixed Maturity Securities by Credit Rating                                                 | 8 |
| Investments - European Exposure - Fair Value by Country of Risk                                          | 9 |
| Investments - European Exposure - Credit Rating by Country of Risk                                       | 10 |
| Property & Casualty Results of Operations                                                            | 11 |
| Life & Group Non-Core and Corporate & Other Non-Core Segments Results of Operations              | 12 |
| Components of Pretax Net Investment Income                                                               | 13 |
| Statutory Data - Preliminary                                                                             | 14 |
| Property & Casualty Operations Loss & LAE Ratio Analysis                                         | 15 |
| Net Carried Life & Group Non-Core Policyholder Reserves                                              | 16 |

----

|         |                                                                                                                       |
|---------|-----------------------------------------------------------------------------------------------------------------------|
| • | Collectively, CNA Financial Corporation (CNAF) and its controlled subsidiaries are referred to as CNA or the Company. |

|         |                                                                   |
|---------|-------------------------------------------------------------------|
| • | P&C Operations includes CNA Specialty and CNA Commercial. |

|         |                                                                                                                                   |
|---------|-----------------------------------------------------------------------------------------------------------------------------------|
| • | Life & Group Non-Core segment primarily includes the results of the life and group lines of business that are in run-off. |

|         |                                                                                                                                                                                                                                                                                                                                         |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Corporate & Other Non-Core segment primarily includes certain corporate expenses including interest on corporate debt and the results of certain property and casualty business in run-off, including CNA Re and asbestos and environmental pollution (A&EP).  Intersegment eliminations are also included in this segment. |

|         |                                                                                                                                                                                                                                              |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Management utilizes the net operating income financial measure to monitor the Company’s operations.  Please refer to Note N to the Consolidated Financial Statements within the 2011 Form 10-K for further discussion of this measure. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | In evaluating the results of CNA Specialty and CNA Commercial, management utilizes the combined ratio, the loss ratio, the expense ratio and the dividend ratio.  These ratios are calculated using financial results prepared in accordance with accounting principles generally accepted in the United States of America.  The loss ratio is the percentage of net incurred claim and claim adjustment expenses to net earned premiums.  The expense ratio is the percentage of insurance underwriting and acquisition expenses, including the amortization of deferred acquisition costs, to net earned premiums.  The dividend ratio is the ratio of policyholders' dividends incurred to net earned premiums.  The combined ratio is the sum of the loss, expense and dividend ratios.  The statutory expense ratio reported on page 14 is the percentage of acquisition and underwriting expenses to net written premiums in accordance with statutory accounting practices. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Limited partnerships are a relatively small portion of CNA's overall investment portfolio.  The majority of our limited partnership investments employ hedge fund strategies that generate returns through investing in securities that are marketable while engaging in various management techniques primarily in public fixed income and equity markets.  While the Company generally does not invest in highly leveraged partnerships, there are risks which may result in losses due to short-selling, derivatives or other speculative investment practices.  The use of leverage increases volatility generated by the underlying investment strategies. |

|         |                                                     |
|---------|-----------------------------------------------------|
| • | Certain immaterial differences are due to rounding. |

|         |                      |
|---------|----------------------|
| • | N/M = Not Meaningful |

|         |                |
|---------|----------------|
| • | FY = Full Year |

----

|                                                                                        |
|----------------------------------------------------------------------------------------|
|                                                                                        |  |  |  |  |  |  |  |  |  |  |  |
| THREE MONTHS ENDED MARCH 31                                                            |   |   |   |   | Fav / (Unfav) |   |
| (In millions)                                                                          | 2012 |   | 2011 |   | % Change |   |
| STATEMENTS OF OPERATIONS                                                               |   |   |   |   |   |   |
| Revenues:                                                                              |   |   |   |   |   |   |
| Net earned premiums                                                                    | $ | 1,649 |  |   | $ | 1,615 |  |   | 2 |  | % |
| Net investment income                                                                  | 648 |  |   | 620 |  |   | 5 |  |   |
| Net realized investment gains (losses), net of participating policyholders' interests: |   |   |   |   |   |   |
| Other-than-temporary impairment (OTTI) losses                                          | (15 | ) |   | (20 | ) |   | 25 |  |   |
| Portion of OTTI recognized in Other comprehensive income (loss)                        | (12 | ) |   | (21 | ) |   | 43 |  |   |
| Net OTTI losses recognized in earnings                                                 | (27 | ) |   | (41 | ) |   | 34 |  |   |
| Other net realized investment gains (losses)                                           | 63 |  |   | 54 |  |   | 17 |  |   |
| Net realized investment gains (losses), net of participating policyholders' interests  | 36 |  |   | 13 |  |   | 177 |  |   |
| Other revenues                                                                         | 68 |  |   | 67 |  |   | 1 |  |   |
| Total revenues                                                                         | 2,401 |  |   | 2,315 |  |   | 4 |  |   |
| Claims, Benefits and Expenses:                                                         |   |   |   |   |   |   |
| Insurance claims and policyholders' benefits                                           | 1,381 |  |   | 1,364 |  |   | (1 | ) |   |
| Amortization of deferred acquisition costs                                             | 295 |  |   | 297 |  |   | 1 |  |   |
| Other operating expenses                                                               | 319 |  |   | 277 |  |   | (15 | ) |   |
| Interest                                                                               | 42 |  |   | 46 |  |   | 9 |  |   |
| Total claims, benefits and expenses                                                    | 2,037 |  |   | 1,984 |  |   | (3 | ) |   |
| Income (loss) from continuing operations before income tax                             | 364 |  |   | 331 |  |   | 10 |  |   |
| Income tax (expense) benefit                                                           | (114 | ) |   | (101 | ) |   | (13 | ) |   |
| Income (loss) from continuing operations, net of tax                                   | 250 |  |   | 230 |  |   | 9 |  |   |
| Income (loss) from discontinued operations, net of tax                                 | — |  |   | (1 | ) |   | N/M |  |   |
| Net income (loss)                                                                      | 250 |  |   | 229 |  |   | 9 |  |   |
| Net (income) loss attributable to noncontrolling interests                             | — |  |   | (9 | ) |   | N/M |  |   |
| Net income (loss) attributable to CNA                                                  | $ | 250 |  |   | $ | 220 |  |   | 14 |  | % |

----

|                                                                                                |
|------------------------------------------------------------------------------------------------|
|                                                                                                |  |  |  |  |  |  |  |  |
| THREE MONTHS ENDED MARCH 31                                                                    |   |   |   |   |
| (In millions, except per share data)                                                           | 2012 |   | 2011 |   |
| COMPONENTS OF INCOME (LOSS) ATTRIBUTABLE TO CNA COMMON STOCKHOLDERS                            |   |   |   |   |
| Net operating income (loss) from continuing operations attributable to CNA common stockholders | $ | 226 |  |   | $ | 213 |  |   |
| Net realized investment gains (losses) attributable to CNA common stockholders                 | 24 |  |   | 8 |  |   |
| Income (loss) from continuing operations attributable to CNA common stockholders               | 250 |  |   | 221 |  |   |
| Income (loss) from discontinued operations attributable to CNA common stockholders             | — |  |   | (1 | ) |   |
| Income (loss) attributable to CNA common stockholders                                          | $ | 250 |  |   | $ | 220 |  |   |
|                                                                                           |   |   |   |   |
| BASIC AND DILUTED EARNINGS (LOSS) PER COMMON SHARE                                             |   |   |   |   |
| Net operating income (loss) from continuing operations attributable to CNA common stockholders | $ | 0.84 |  |   | $ | 0.79 |  |   |
| Net realized investment gains (losses) attributable to CNA common stockholders                 | 0.09 |  |   | 0.03 |  |   |
| Income (loss) from continuing operations attributable to CNA common stockholders               | 0.93 |  |   | 0.82 |  |   |
| Income (loss) from discontinued operations attributable to CNA common stockholders             | — |  |   | — |  |   |
| Basic and diluted earnings (loss) per share attributable to CNA common stockholders            | $ | 0.93 |  |   | $ | 0.82 |  |   |
|                                                                                           |   |   |   |   |
| WEIGHTED AVERAGE OUTSTANDING COMMON STOCK AND COMMON STOCK EQUIVALENTS                         |   |   |   |   |
| Basic                                                                                          | 269.3 |  |   | 269.2 |  |   |
| Diluted                                                                                        | 269.7 |  |   | 269.5 |  |   |
|                                                                                           |   |   |   |   |
| RETURN ON EQUITY                                                                               |   |   |   |   |
| Net income (loss) attributable to CNA (1)                                                      | 8.5 |  | % | 8.0 |  | % |
| Net operating income (loss) from continuing operations attributable to CNA (2)                 | 8.1 |  |   | 8.0 |  |   |

----

|                                                            |
|------------------------------------------------------------|
|                                                            |  |  |  |  |  |  |  |
| (In millions, except share data)                           | March 31, 2012 |   | December 31, 2011 |
| Total assets                                               | $ | 56,007 |  |   | $ | 55,110 |  |
| Insurance reserves                                         | 37,714 |  |   | 37,554 |  |
| Debt                                                       | 2,609 |  |   | 2,608 |  |
| Total liabilities                                          | 44,026 |  |   | 43,622 |  |
| Accumulated other comprehensive income (loss)              | 764 |  |   | 480 |  |
| Total CNA stockholders' equity                             | 11,981 |  |   | 11,488 |  |
|                                                       |   |   |   |
| Book value per common share                                | $ | 44.48 |  |   | $ | 42.66 |  |
| Book value per common share excluding AOCI                 | $ | 41.64 |  |   | $ | 40.88 |  |
|                                                       |   |   |   |
| Outstanding shares of common stock (in millions of shares) | 269.4 |  |   | 269.3 |  |

|                                                                                 |
|---------------------------------------------------------------------------------|
|                                                                                 |  |  |  |  |  |  |  |
| THREE MONTHS ENDED MARCH 31(In millions)                                        | 2012 |   | 2011 |
| Net cash flows provided (used) by operating activities                          | $ | 312 |  |   | $ | 112 |  |
| Net cash flows provided (used) by investing activities                          | (287 | ) |   | (74 | ) |
| Net cash flows provided (used) by financing activities                          | (42 | ) |   | (36 | ) |
| Net cash flows provided (used) by operating, investing and financing activities | $ | (17 | ) |   | $ | 2 |  |

----

|                                                                    |
|--------------------------------------------------------------------|
|                                                                    |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| THREE MONTHS ENDED MARCH 31, 2012(In millions)                     | CNA Specialty |   | CNA Commercial |   | P&C Operations |   | Life & Group  Non-Core |   | Corporate & Other Non-Core |   | Total Operations |
| Claim & claim adjustment expense reserves, beginning of period |   |   |   |   |   |   |   |   |   |   |   |
| Gross                                                              | $ | 6,840 |  |   | $ | 11,509 |  |   | $ | 18,349 |  |   | $ | 2,825 |  |   | $ | 3,129 |  |   | $ | 24,303 |  |
| Ceded                                                              | 817 |  |   | 1,119 |  |   | 1,936 |  |   | 546 |  |   | 2,538 |  |   | 5,020 |  |
| Net                                                                | 6,023 |  |   | 10,390 |  |   | 16,413 |  |   | 2,279 |  |   | 591 |  |   | 19,283 |  |
|                                                               |   |   |   |   |   |   |   |   |   |   |   |
| Net incurred claim & claim adjustment expenses                 | 468 |  |   | 568 |  |   | 1,036 |  |   | 185 |  |   | 7 |  |   | 1,228 |  |
| Net claim & claim adjustment expense payments                  | (415 | ) |   | (672 | ) |   | (1,087 | ) |   | (137 | ) |   | (32 | ) |   | (1,256 | ) |
| Foreign currency translation adjustment and other                  | 14 |  |   | 12 |  |   | 26 |  |   | 11 |  |   | (2 | ) |   | 35 |  |
|                                                               |   |   |   |   |   |   |   |   |   |   |   |
| Claim & claim adjustment expense reserves, end of period       |   |   |   |   |   |   |   |   |   |   |   |
| Net                                                                | 6,090 |  |   | 10,298 |  |   | 16,388 |  |   | 2,338 |  |   | 564 |  |   | 19,290 |  |
| Ceded                                                              | 830 |  |   | 1,124 |  |   | 1,954 |  |   | 537 |  |   | 2,422 |  |   | 4,913 |  |
| Gross                                                              | $ | 6,920 |  |   | $ | 11,422 |  |   | $ | 18,342 |  |   | $ | 2,875 |  |   | $ | 2,986 |  |   | $ | 24,203 |  |

----

|                                                                   |
|-------------------------------------------------------------------|
|                                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                              | March 31, 2012 |   | December 31, 2011 |
| (In millions)                                                     | Carrying Value |   | Net Unrealized Gains (Losses) |   | Carrying Value |   | Net Unrealized Gains (Losses) |
| Fixed maturity securities:                                        |   |   |   |   |   |   |   |
| Corporate and other bonds                                         | $ | 21,288 |  |   | $ | 1,952 |  |   | $ | 20,884 |  |   | $ | 1,792 |  |
| States, municipalities and political subdivisions:                |   |   |   |   |   |   |   |
| Tax-exempt                                                        | 6,127 |  |   | 391 |  |   | 5,731 |  |   | 277 |  |
| Taxable                                                           | 4,056 |  |   | 558 |  |   | 4,051 |  |   | 487 |  |
| Total states, municipalities and political subdivisions           | 10,183 |  |   | 949 |  |   | 9,782 |  |   | 764 |  |
| Asset-backed: (1)(2)                                         |   |   |   |   |   |   |   |
| Agency RMBS                                                       | 4,341 |  |   | 119 |  |   | 4,185 |  |   | 130 |  |
| Prime RMBS                                                        | 844 |  |   | (41 | ) |   | 718 |  |   | (89 | ) |
| Sub-prime RMBS                                                    | 266 |  |   | (34 | ) |   | 330 |  |   | (34 | ) |
| Alt-A RMBS                                                        | 543 |  |   | (8 | ) |   | 542 |  |   | (18 | ) |
| Total RMBS                                                        | 5,994 |  |   | 36 |  |   | 5,775 |  |   | (11 | ) |
| Agency CMBS                                                       | 81 |  |   | 2 |  |   | 82 |  |   | 3 |  |
| Other CMBS                                                        | 1,248 |  |   | 30 |  |   | 1,272 |  |   | (14 | ) |
| Total CMBS                                                        | 1,329 |  |   | 32 |  |   | 1,354 |  |   | (11 | ) |
| Other ABS                                                         | 1,039 |  |   | 17 |  |   | 955 |  |   | 9 |  |
| Total asset-backed                                                | 8,362 |  |   | 85 |  |   | 8,084 |  |   | (13 | ) |
| U.S. Treasury and obligations of government-sponsored enterprises | 236 |  |   | 12 |  |   | 493 |  |   | 14 |  |
| Foreign government                                                | 655 |  |   | 21 |  |   | 636 |  |   | 28 |  |
| Redeemable preferred stock                                        | 113 |  |   | 8 |  |   | 58 |  |   | 7 |  |
| Total fixed maturity securities                                   | 40,837 |  |   | 3,027 |  |   | 39,937 |  |   | 2,592 |  |
| Equities                                                          | 298 |  |   | 20 |  |   | 304 |  |   | 16 |  |
| Limited partnership investments                                   | 2,400 |  |   | — |  |   | 2,245 |  |   | — |  |
| Other invested assets                                             | 11 |  |   | — |  |   | 12 |  |   | — |  |
| Mortgage loans                                                    | 281 |  |   | — |  |   | 234 |  |   | — |  |
| Short term investments                                            | 1,638 |  |   | — |  |   | 1,641 |  |   | — |  |
| Total investments                                                 | $ | 45,465 |  |   | $ | 3,047 |  |   | $ | 44,373 |  |   | $ | 2,608 |  |
|                                                              |   |   |   |   |   |   |   |
| Net receivable/(payable)                                          | $ | (175 | ) |   | $ | — |  |   | $ | 45 |  |   | $ | — |  |

----

|                                                                   |
|-------------------------------------------------------------------|
|                                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                              | March 31, 2012 |   | December 31, 2011 |   |
| (In millions)                                                     | Carrying Value |   | Net Unrealized Gains (Losses) |   | Carrying Value |   | Net Unrealized Gains (Losses) |   |
| Fixed maturity securities:                                        |   |   |   |   |   |   |   |   |
| Corporate and other bonds                                         | $ | 13,591 |  |   | $ | 792 |  |   | $ | 13,190 |  |   | $ | 620 |  |   |
| States, municipalities and political subdivisions:                |   |   |   |   |   |   |   |   |
| Tax-exempt                                                        | 2,289 |  |   | 122 |  |   | 2,204 |  |   | 116 |  |   |
| Taxable                                                           | 2,443 |  |   | 286 |  |   | 2,445 |  |   | 236 |  |   |
| Total states, municipalities and political subdivisions           | 4,732 |  |   | 408 |  |   | 4,649 |  |   | 352 |  |   |
| Asset-backed:                                                     |   |   |   |   |   |   |   |   |
| Agency RMBS                                                       | 4,093 |  |   | 112 |  |   | 3,981 |  |   | 122 |  |   |
| Prime RMBS                                                        | 766 |  |   | (39 | ) |   | 635 |  |   | (78 | ) |   |
| Sub-prime RMBS                                                    | 252 |  |   | (33 | ) |   | 316 |  |   | (32 | ) |   |
| Alt-A RMBS                                                        | 484 |  |   | (6 | ) |   | 483 |  |   | (15 | ) |   |
| Total RMBS                                                        | 5,595 |  |   | 34 |  |   | 5,415 |  |   | (3 | ) |   |
| Agency CMBS                                                       | 81 |  |   | 2 |  |   | 82 |  |   | 3 |  |   |
| Other CMBS                                                        | 1,059 |  |   | 19 |  |   | 1,087 |  |   | (21 | ) |   |
| Total CMBS                                                        | 1,140 |  |   | 21 |  |   | 1,169 |  |   | (18 | ) |   |
| Other ABS                                                         | 1,001 |  |   | 14 |  |   | 913 |  |   | 6 |  |   |
| Total asset-backed                                                | 7,736 |  |   | 69 |  |   | 7,497 |  |   | (15 | ) |   |
| U.S. Treasury and obligations of government-sponsored enterprises | 213 |  |   | 4 |  |   | 469 |  |   | 5 |  |   |
| Foreign government                                                | 650 |  |   | 20 |  |   | 631 |  |   | 27 |  |   |
| Redeemable preferred stock                                        | 61 |  |   | 1 |  |   | 7 |  |   | 1 |  |   |
| Total fixed maturity securities                                   | 26,983 |  |   | 1,294 |  |   | 26,443 |  |   | 990 |  |   |
| Equities                                                          | 111 |  |   | 18 |  |   | 105 |  |   | 18 |  |   |
| Limited partnership investments                                   | 2,400 |  |   | — |  |   | 2,245 |  |   | — |  |   |
| Other invested assets                                             | 11 |  |   | — |  |   | 12 |  |   | — |  |   |
| Mortgage loans                                                    | 261 |  |   | — |  |   | 214 |  |   | — |  |   |
| Short term investments                                            | 1,450 |  |   | — |  |   | 1,509 |  |   | — |  |   |
| Total investments                                                 | $ | 31,216 |  |   | $ | 1,312 |  |   | $ | 30,528 |  |   | $ | 1,008 |  |   |
|                                                              |   |   |   |   |   |   |   |   |
| Net receivable/(payable)                                          | $ | (136 | ) |   | $ | — |  |   | $ | 50 |  |   | $ | — |  |   |

----

|                                                                   |
|-------------------------------------------------------------------|
|                                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                              | March 31, 2012 |   | December 31, 2011 |   |
| (In millions)                                                     | Carrying Value |   | Net Unrealized Gains (Losses) |   | Carrying Value |   | Net Unrealized Gains (Losses) |   |
| Fixed maturity securities:                                        |   |   |   |   |   |   |   |   |
| Corporate and other bonds                                         | $ | 7,697 |  |   | $ | 1,160 |  |   | $ | 7,694 |  |   | $ | 1,172 |  |   |
| States, municipalities and political subdivisions:                |   |   |   |   |   |   |   |   |
| Tax-exempt                                                        | 3,838 |  |   | 269 |  |   | 3,527 |  |   | 161 |  |   |
| Taxable                                                           | 1,613 |  |   | 272 |  |   | 1,606 |  |   | 251 |  |   |
| Total states, municipalities and political subdivisions           | 5,451 |  |   | 541 |  |   | 5,133 |  |   | 412 |  |   |
| Asset-backed:                                                     |   |   |   |   |   |   |   |   |
| Agency RMBS                                                       | 248 |  |   | 7 |  |   | 204 |  |   | 8 |  |   |
| Prime RMBS                                                        | 78 |  |   | (2 | ) |   | 83 |  |   | (11 | ) |   |
| Sub-prime RMBS                                                    | 14 |  |   | (1 | ) |   | 14 |  |   | (2 | ) |   |
| Alt-A RMBS                                                        | 59 |  |   | (2 | ) |   | 59 |  |   | (3 | ) |   |
| Total RMBS                                                        | 399 |  |   | 2 |  |   | 360 |  |   | (8 | ) |   |
| Agency CMBS                                                       | — |  |   | — |  |   | — |  |   | — |  |   |
| Other CMBS                                                        | 189 |  |   | 11 |  |   | 185 |  |   | 7 |  |   |
| Total CMBS                                                        | 189 |  |   | 11 |  |   | 185 |  |   | 7 |  |   |
| Other ABS                                                         | 38 |  |   | 3 |  |   | 42 |  |   | 3 |  |   |
| Total asset-backed                                                | 626 |  |   | 16 |  |   | 587 |  |   | 2 |  |   |
| U.S. Treasury and obligations of government-sponsored enterprises | 23 |  |   | 8 |  |   | 24 |  |   | 9 |  |   |
| Foreign government                                                | 5 |  |   | 1 |  |   | 5 |  |   | 1 |  |   |
| Redeemable preferred stock                                        | 52 |  |   | 7 |  |   | 51 |  |   | 6 |  |   |
| Total fixed maturity securities                                   | 13,854 |  |   | 1,733 |  |   | 13,494 |  |   | 1,602 |  |   |
| Equities                                                          | 187 |  |   | 2 |  |   | 199 |  |   | (2 | ) |   |
| Limited partnership investments                                   | — |  |   | — |  |   | — |  |   | — |  |   |
| Other invested assets                                             | — |  |   | — |  |   | — |  |   | — |  |   |
| Mortgage loans                                                    | 20 |  |   | — |  |   | 20 |  |   | — |  |   |
| Short term investments                                            | 188 |  |   | — |  |   | 132 |  |   | — |  |   |
| Total investments                                                 | $ | 14,249 |  |   | $ | 1,735 |  |   | $ | 13,845 |  |   | $ | 1,600 |  |   |
|                                                              |   |   |   |   |   |   |   |   |
| Net receivable/(payable)                                          | $ | (39 | ) |   | $ | — |  |   | $ | (5 | ) |   | $ | — |  |   |

----

|                                                                   |
|-------------------------------------------------------------------|
|                                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                              | U.S. Government, Government agencies and Government-sponsored enterprises |   | AAA |   | AA |   | A |   | BBB |   | Non-investment grade |   |  Total |
| (In millions)                                                     | Fair Value |   | Net Unrealized Gains (Losses) |   | Fair Value |   | Net Unrealized Gains (Losses) |   | Fair Value |   | Net Unrealized Gains (Losses) |   | Fair Value |   | Net Unrealized Gains (Losses) |   | Fair Value |   | Net Unrealized Gains (Losses) |   | Fair Value |   | Net Unrealized Gains (Losses) |   | Fair Value |   | Net Unrealized Gains (Losses) |
| Corporate and other bonds                                         | $ | — |  |   | $ | — |  |   | $ | 290 |  |   | $ | 15 |  |   | $ | 1,205 |  |   | $ | 99 |  |   | $ | 7,192 |  |   | $ | 775 |  |   | $ | 10,593 |  |   | $ | 939 |  |   | $ | 2,008 |  |   | $ | 124 |  |   | $ | 21,288 |  |   | $ | 1,952 |  |
| States, municipalities and political subdivisions:                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Tax-exempt                                                        | — |  |   | — |  |   | 1,063 |  |   | 80 |  |   | 3,711 |  |   | 248 |  |   | 1,156 |  |   | 57 |  |   | 197 |  |   | 6 |  |   | — |  |   | — |  |   | 6,127 |  |   | 391 |  |
| Taxable                                                           | — |  |   | — |  |   | 613 |  |   | 76 |  |   | 2,669 |  |   | 364 |  |   | 774 |  |   | 118 |  |   | — |  |   | — |  |   | — |  |   | — |  |   | 4,056 |  |   | 558 |  |
| Total states, municipalities and political subdivisions           | — |  |   | — |  |   | 1,676 |  |   | 156 |  |   | 6,380 |  |   | 612 |  |   | 1,930 |  |   | 175 |  |   | 197 |  |   | 6 |  |   | — |  |   | — |  |   | 10,183 |  |   | 949 |  |
| Asset-backed:                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Agency RMBS                                                       | 4,341 |  |   | 119 |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | 4,341 |  |   | 119 |  |
| Prime RMBS                                                        | — |  |   | — |  |   | 51 |  |   | — |  |   | 84 |  |   | (2 | ) |   | 39 |  |   | — |  |   | 101 |  |   | (10 | ) |   | 569 |  |   | (29 | ) |   | 844 |  |   | (41 | ) |
| Sub-prime RMBS                                                    | — |  |   | — |  |   | 48 |  |   | (3 | ) |   | 62 |  |   | (8 | ) |   | 33 |  |   | — |  |   | 19 |  |   | (3 | ) |   | 104 |  |   | (20 | ) |   | 266 |  |   | (34 | ) |
| Alt-A RMBS                                                        | — |  |   | — |  |   | 137 |  |   | — |  |   | 32 |  |   | — |  |   | 138 |  |   | — |  |   | 67 |  |   | (1 | ) |   | 169 |  |   | (7 | ) |   | 543 |  |   | (8 | ) |
| Total RMBS                                                        | 4,341 |  |   | 119 |  |   | 236 |  |   | (3 | ) |   | 178 |  |   | (10 | ) |   | 210 |  |   | — |  |   | 187 |  |   | (14 | ) |   | 842 |  |   | (56 | ) |   | 5,994 |  |   | 36 |  |
| Agency CMBS                                                       | 81 |  |   | 2 |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | 81 |  |   | 2 |  |
| Other CMBS                                                        | — |  |   | — |  |   | 403 |  |   | 21 |  |   | 163 |  |   | 8 |  |   | 259 |  |   | 11 |  |   | 170 |  |   | 5 |  |   | 253 |  |   | (15 | ) |   | 1,248 |  |   | 30 |  |
| Total CMBS                                                        | 81 |  |   | 2 |  |   | 403 |  |   | 21 |  |   | 163 |  |   | 8 |  |   | 259 |  |   | 11 |  |   | 170 |  |   | 5 |  |   | 253 |  |   | (15 | ) |   | 1,329 |  |   | 32 |  |
| Other ABS                                                         | — |  |   | — |  |   | 504 |  |   | 13 |  |   | 318 |  |   | 3 |  |   | 181 |  |   | 1 |  |   | 35 |  |   | — |  |   | 1 |  |   | — |  |   | 1,039 |  |   | 17 |  |
| Total asset-backed                                                | 4,422 |  |   | 121 |  |   | 1,143 |  |   | 31 |  |   | 659 |  |   | 1 |  |   | 650 |  |   | 12 |  |   | 392 |  |   | (9 | ) |   | 1,096 |  |   | (71 | ) |   | 8,362 |  |   | 85 |  |
| U.S. Treasury and obligations of government-sponsored enterprises | 236 |  |   | 12 |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | 236 |  |   | 12 |  |
| Foreign government                                                | — |  |   | — |  |   | 394 |  |   | 12 |  |   | 156 |  |   | 5 |  |   | 105 |  |   | 4 |  |   | — |  |   | — |  |   | — |  |   | — |  |   | 655 |  |   | 21 |  |
| Redeemable preferred stock                                        | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | 110 |  |   | 8 |  |   | 3 |  |   | — |  |   | 113 |  |   | 8 |  |
| Total fixed maturity securities                                   | $ | 4,658 |  |   | $ | 133 |  |   | $ | 3,503 |  |   | $ | 214 |  |   | $ | 8,400 |  |   | $ | 717 |  |   | $ | 9,877 |  |   | $ | 966 |  |   | $ | 11,292 |  |   | $ | 944 |  |   | $ | 3,107 |  |   | $ | 53 |  |   | $ | 40,837 |  |   | $ | 3,027 |  |
|                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Percentage of total fixed maturity securities                     | 11 | % |   |   |   | 8 | % |   |   |   | 21 | % |   |   |   | 24 | % |   |   |   | 28 | % |   |   |   | 8 | % |   |   |   | 100 | % |   |   |

----

|                      |
|----------------------|
|                      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                 |   | Corporate |   | Sovereign |   | Total |
| (In millions)        |   | Financial Sector |   | Other Sectors |   |   |   |   |
| European exposure:   |   |   |   |   |   |   |   |   |
| United Kingdom       |   | $ | 705 |  |   | $ | 735 |  |   | $ | 99 |  |   | $ | 1,539 |  |
| France               |   | 230 |  |   | 212 |  |   | 39 |  |   | 481 |  |
| Netherlands          |   | 234 |  |   | 149 |  |   | 33 |  |   | 416 |  |
| Germany              |   | 107 |  |   | 283 |  |   | — |  |   | 390 |  |
| Sweden               |   | 155 |  |   | 36 |  |   | — |  |   | 191 |  |
| Spain                |   | 32 |  |   | 154 |  |   | 1 |  |   | 187 |  |
| Belgium              |   | 6 |  |   | 171 |  |   | — |  |   | 177 |  |
| Italy                |   | 13 |  |   | 135 |  |   | 7 |  |   | 155 |  |
| Switzerland          |   | 80 |  |   | 38 |  |   | 2 |  |   | 120 |  |
| Luxembourg           |   | — |  |   | 94 |  |   | — |  |   | 94 |  |
| Norway               |   | 2 |  |   | 36 |  |   | — |  |   | 38 |  |
| Russian Federation   |   | — |  |   | 35 |  |   | — |  |   | 35 |  |
| Greece               |   | — |  |   | 32 |  |   | — |  |   | 32 |  |
| Finland              |   | — |  |   | 24 |  |   | 5 |  |   | 29 |  |
| Austria              |   | 4 |  |   | 4 |  |   | 7 |  |   | 15 |  |
| Ireland              |   | 5 |  |   | — |  |   | — |  |   | 5 |  |
| Czech Republic       |   | — |  |   | 4 |  |   | — |  |   | 4 |  |
| Total fair value     |   | $ | 1,573 |  |   | $ | 2,142 |  |   | $ | 193 |  |   | $ | 3,908 |  |
| Total amortized cost |   | $ | 1,540 |  |   | $ | 1,932 |  |   | $ | 191 |  |   | $ | 3,663 |  |

----

|                      |
|----------------------|
|                      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| (In millions)        |   | AAA |   | AA |   | A |   | BBB |   | Non-investment grade |   |  Total |
| United Kingdom       |   | $ | 135 |  |   | $ | 53 |  |   | $ | 821 |  |   | $ | 489 |  |   | $ | 41 |  |   | $ | 1,539 |  |
| France               |   | 62 |  |   | 25 |  |   | 180 |  |   | 196 |  |   | 18 |  |   | 481 |  |
| Netherlands          |   | 69 |  |   | 73 |  |   | 147 |  |   | 82 |  |   | 45 |  |   | 416 |  |
| Germany              |   | 78 |  |   | 3 |  |   | 235 |  |   | 61 |  |   | 13 |  |   | 390 |  |
| Sweden               |   | — |  |   | 113 |  |   | 46 |  |   | 32 |  |   | — |  |   | 191 |  |
| Spain                |   | — |  |   | — |  |   | 66 |  |   | 109 |  |   | 12 |  |   | 187 |  |
| Belgium              |   | — |  |   | — |  |   | 84 |  |   | 93 |  |   | — |  |   | 177 |  |
| Italy                |   | — |  |   | 9 |  |   | 6 |  |   | 137 |  |   | 3 |  |   | 155 |  |
| Switzerland          |   | 2 |  |   | 31 |  |   | 56 |  |   | 24 |  |   | 7 |  |   | 120 |  |
| Luxembourg           |   | — |  |   | — |  |   | 5 |  |   | 75 |  |   | 14 |  |   | 94 |  |
| Norway               |   | 2 |  |   | 2 |  |   | — |  |   | 29 |  |   | 5 |  |   | 38 |  |
| Russian Federation   |   | — |  |   | — |  |   | — |  |   | 28 |  |   | 7 |  |   | 35 |  |
| Greece               |   | — |  |   | — |  |   | 32 |  |   | — |  |   | — |  |   | 32 |  |
| Finland              |   | 5 |  |   | — |  |   | — |  |   | 24 |  |   | — |  |   | 29 |  |
| Austria              |   | — |  |   | 11 |  |   | 4 |  |   | — |  |   | — |  |   | 15 |  |
| Ireland              |   | — |  |   | — |  |   | — |  |   | 5 |  |   | — |  |   | 5 |  |
| Czech Republic       |   | — |  |   | — |  |   | 4 |  |   | — |  |   | — |  |   | 4 |  |
| Total fair value     |   | $ | 353 |  |   | $ | 320 |  |   | $ | 1,686 |  |   | $ | 1,384 |  |   | $ | 165 |  |   | $ | 3,908 |  |
| Total amortized cost |   | $ | 347 |  |   | $ | 297 |  |   | $ | 1,560 |  |   | $ | 1,305 |  |   | $ | 154 |  |   | $ | 3,663 |  |

----

|                                                                                             |
|---------------------------------------------------------------------------------------------|
|                                                                                             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                        | CNA Specialty |   | CNA Commercial |   | P&C Operations |
| THREE MONTHS ENDED MARCH 31(In millions)                                                    | 2012 |   | 2011 |   | Fav / (Unfav)% Change |   |   | 2012 |   | 2011 |   | Fav / (Unfav)% Change |   |   | 2012 |   | 2011 |   | Fav / (Unfav)% Change |   |
| Gross written premiums                                                                      | $ | 1,273 |  |   | $ | 1,130 |  |   | 13 |  | % |   | $ | 887 |  |   | $ | 893 |  |   | (1 | ) | % |   | $ | 2,160 |  |   | $ | 2,023 |  |   | 7 |  | % |
| Net written premiums (1)                                                                    | 765 |  |   | 739 |  |   | 4 |  |   |   | 843 |  |   | 828 |  |   | 2 |  |   |   | 1,608 |  |   | 1,567 |  |   | 3 |  |   |
| Operating revenues:                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net earned premiums                                                                         | 706 |  |   | 669 |  |   | 6 |  |   |   | 803 |  |   | 802 |  |   | — |  |   |   | 1,509 |  |   | 1,471 |  |   | 3 |  |   |
| Net investment income                                                                       | 175 |  |   | 160 |  |   | 9 |  |   |   | 265 |  |   | 261 |  |   | 2 |  |   |   | 440 |  |   | 421 |  |   | 5 |  |   |
| Other revenues                                                                              | 56 |  |   | 54 |  |   | 4 |  |   |   | 9 |  |   | 14 |  |   | (36 | ) |   |   | 65 |  |   | 68 |  |   | (4 | ) |   |
| Total operating revenues                                                                    | 937 |  |   | 883 |  |   | 6 |  |   |   | 1,077 |  |   | 1,077 |  |   | — |  |   |   | 2,014 |  |   | 1,960 |  |   | 3 |  |   |
| Claims, Benefits and Expenses:                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net incurred claims and benefits                                                            | 468 |  |   | 430 |  |   | (9 | ) |   |   | 567 |  |   | 603 |  |   | 6 |  |   |   | 1,035 |  |   | 1,033 |  |   | — |  |   |
| Policyholders' dividends                                                                    | (2 | ) |   | — |  |   | N/M |  |   |   | 3 |  |   | — |  |   | N/M |  |   |   | 1 |  |   | — |  |   | N/M |  |   |
| Amortization of deferred acquisition costs                                                  | 148 |  |   | 143 |  |   | (3 | ) |   |   | 139 |  |   | 148 |  |   | 6 |  |   |   | 287 |  |   | 291 |  |   | 1 |  |   |
| Other insurance related expenses                                                            | 72 |  |   | 64 |  |   | (13 | ) |   |   | 144 |  |   | 115 |  |   | (25 | ) |   |   | 216 |  |   | 179 |  |   | (21 | ) |   |
| Other expenses                                                                              | 50 |  |   | 40 |  |   | (25 | ) |   |   | 7 |  |   | 16 |  |   | 56 |  |   |   | 57 |  |   | 56 |  |   | (2 | ) |   |
| Total claims, benefits and expenses                                                         | 736 |  |   | 677 |  |   | (9 | ) |   |   | 860 |  |   | 882 |  |   | 2 |  |   |   | 1,596 |  |   | 1,559 |  |   | (2 | ) |   |
| Operating income (loss) from continuing operations before income tax                        | 201 |  |   | 206 |  |   | (2 | ) |   |   | 217 |  |   | 195 |  |   | 11 |  |   |   | 418 |  |   | 401 |  |   | 4 |  |   |
| Income tax (expense) benefit on operating income (loss)                                     | (69 | ) |   | (70 | ) |   | 1 |  |   |   | (78 | ) |   | (65 | ) |   | (20 | ) |   |   | (147 | ) |   | (135 | ) |   | (9 | ) |   |
| Net operating (income) loss, after-tax, attributable to noncontrolling interests            | — |  |   | (8 | ) |   | N/M |  |   |   | — |  |   | — |  |   | N/M |  |   |   | — |  |   | (8 | ) |   | N/M |  |   |
| Net operating income (loss) from continuing operations attributable to CNA                  | 132 |  |   | 128 |  |   | 3 |  |   |   | 139 |  |   | 130 |  |   | 7 |  |   |   | 271 |  |   | 258 |  |   | 5 |  |   |
| Net realized investment gains (losses), net of participating policyholders' interests       | 8 |  |   | 8 |  |   | — |  |   |   | 11 |  |   | 17 |  |   | (35 | ) |   |   | 19 |  |   | 25 |  |   | (24 | ) |   |
| Income tax (expense) benefit on net realized investment gains (losses)                      | (2 | ) |   | (3 | ) |   | 33 |  |   |   | (4 | ) |   | (6 | ) |   | 33 |  |   |   | (6 | ) |   | (9 | ) |   | 33 |  |   |
| Net realized investment (gains) losses, after-tax, attributable to noncontrolling interests | — |  |   | — |  |   | N/M |  |   |   | — |  |   | (1 | ) |   | N/M |  |   |   | — |  |   | (1 | ) |   | N/M |  |   |
| Net realized investment gains (losses) attributable to CNA                                  | 6 |  |   | 5 |  |   | 20 |  |   |   | 7 |  |   | 10 |  |   | (30 | ) |   |   | 13 |  |   | 15 |  |   | (13 | ) |   |
| Net income (loss) from continuing operations attributable to CNA                            | $ | 138 |  |   | $ | 133 |  |   | 4 |  | % |   | $ | 146 |  |   | $ | 140 |  |   | 4 |  | % |   | $ | 284 |  |   | $ | 273 |  |   | 4 |  | % |
|                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| FINANCIAL RATIOS                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Loss & LAE                                                                              | 66.3 |  | % | 64.2 |  | % |   |   |   | 70.7 |  | % | 75.3 |  | % |   |   |   | 68.6 |  | % | 70.3 |  | % |   |   |
| Acquisition expense                                                                         | 19.6 |  |   | 19.4 |  |   |   |   |   | 18.3 |  |   | 15.9 |  |   |   |   |   | 18.9 |  |   | 17.5 |  |   |   |   |
| Underwriting expense                                                                        | 11.7 |  |   | 11.4 |  |   |   |   |   | 16.8 |  |   | 17.0 |  |   |   |   |   | 14.4 |  |   | 14.4 |  |   |   |   |
| Expense                                                                                     | 31.3 |  |   | 30.8 |  |   |   |   |   | 35.1 |  |   | 32.9 |  |   |   |   |   | 33.3 |  |   | 31.9 |  |   |   |   |
| Dividend                                                                                    | (0.3 | ) |   | 0.1 |  |   |   |   |   | 0.4 |  |   | (0.2 | ) |   |   |   |   | 0.1 |  |   | (0.1 | ) |   |   |   |
| Combined ratio                                                                              | 97.3 |  | % | 95.1 |  | % |   |   |   | 106.2 |  | % | 108.0 |  | % |   |   |   | 102.0 |  | % | 102.1 |  | % |   |   |
|                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| RATIO IMPACTS                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Impact of catastrophes                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Pretax net accident year catastrophe losses incurred                                        | $ | 2 |  |   | $ | 2 |  |   |   |   |   | $ | 26 |  |   | $ | 53 |  |   |   |   |   | $ | 28 |  |   | $ | 55 |  |   |   |   |
| Impact on loss & LAE ratio                                                              | 0.2 |  | % | 0.3 |  | % |   |   |   | 3.3 |  | % | 6.6 |  | % |   |   |   | 1.9 |  | % | 3.7 |  | % |   |   |
|                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Impact of development & other                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Pretax net prior year development: (favorable) / unfavorable                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Prior year loss & ALAE reserve development                                              | $ | (6 | ) |   | $ | (15 | ) |   |   |   |   | $ | (14 | ) |   | $ | (7 | ) |   |   |   |   | $ | (20 | ) |   | $ | (22 | ) |   |   |   |
| Prior year premium development                                                              | (9 | ) |   | (7 | ) |   |   |   |   | (17 | ) |   | (8 | ) |   |   |   |   | (26 | ) |   | (15 | ) |   |   |   |
| Other (2)                                                                                   | — |  |   | — |  |   |   |   |   | 6 |  |   | 3 |  |   |   |   |   | 6 |  |   | 3 |  |   |   |   |
| Total development & other                                                               | $ | (15 | ) |   | $ | (22 | ) |   |   |   |   | $ | (25 | ) |   | $ | (12 | ) |   |   |   |   | $ | (40 | ) |   | $ | (34 | ) |   |   |   |
| Impact of development & other on loss & LAE ratio                                   | (1.7 | ) | % | (3.0 | ) | % |   |   |   | (2.5 | ) | % | (1.2 | ) | % |   |   |   | (2.1 | ) | % | (2.0 | ) | % |   |   |

----

|                                                                                             |
|---------------------------------------------------------------------------------------------|
|                                                                                             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                        | P&C Operations |   | Life & Group Non-Core |   |   | Corporate & Other Non-Core |   |   | Total Operations |   |
| THREE MONTHS ENDED MARCH 31(In millions)                                                    | 2012 |   | 2011 |   |   | 2012 |   | 2011 |   | Fav / (Unfav)% Change |   |   | 2012 |   | 2011 |   | Fav / (Unfav)% Change |   |   | 2012 |   | 2011 |   | Fav / (Unfav)% Change |   |
| Operating revenue:                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net earned premiums                                                                         | $ | 1,509 |  |   | $ | 1,471 |  |   |   | $ | 141 |  |   | $ | 144 |  |   | (2 | ) | % |   | $ | (1 | ) |   | $ | — |  |   | N/M |  | % |   | $ | 1,649 |  |   | $ | 1,615 |  |   | 2 |  | % |
| Net investment income                                                                       | 440 |  |   | 421 |  |   |   | 198 |  |   | 188 |  |   | 5 |  |   |   | 10 |  |   | 11 |  |   | (9 | ) |   |   | 648 |  |   | 620 |  |   | 5 |  |   |
| Other revenues                                                                              | 65 |  |   | 68 |  |   |   | (2 | ) |   | (2 | ) |   | — |  |   |   | 5 |  |   | 1 |  |   | N/M |  |   |   | 68 |  |   | 67 |  |   | 1 |  |   |
| Total operating revenues                                                                    | 2,014 |  |   | 1,960 |  |   |   | 337 |  |   | 330 |  |   | 2 |  |   |   | 14 |  |   | 12 |  |   | 17 |  |   |   | 2,365 |  |   | 2,302 |  |   | 3 |  |   |
| Claims, Benefits and Expenses:                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net incurred claims and benefits                                                            | 1,035 |  |   | 1,033 |  |   |   | 336 |  |   | 323 |  |   | (4 | ) |   |   | 7 |  |   | 7 |  |   | — |  |   |   | 1,378 |  |   | 1,363 |  |   | (1 | ) |   |
| Policyholders' dividends                                                                    | 1 |  |   | — |  |   |   | 2 |  |   | 1 |  |   | (100 | ) |   |   | — |  |   | — |  |   | N/M |  |   |   | 3 |  |   | 1 |  |   | N/M |  |   |
| Amortization of deferred acquisition costs                                                  | 287 |  |   | 291 |  |   |   | 8 |  |   | 6 |  |   | (33 | ) |   |   | — |  |   | — |  |   | N/M |  |   |   | 295 |  |   | 297 |  |   | 1 |  |   |
| Other insurance related expenses                                                            | 216 |  |   | 179 |  |   |   | 35 |  |   | 38 |  |   | 8 |  |   |   | (1 | ) |   | — |  |   | N/M |  |   |   | 250 |  |   | 217 |  |   | (15 | ) |   |
| Other expenses                                                                              | 57 |  |   | 56 |  |   |   | 6 |  |   | 6 |  |   | — |  |   |   | 48 |  |   | 44 |  |   | (9 | ) |   |   | 111 |  |   | 106 |  |   | (5 | ) |   |
| Total claims, benefits and expenses                                                         | 1,596 |  |   | 1,559 |  |   |   | 387 |  |   | 374 |  |   | (3 | ) |   |   | 54 |  |   | 51 |  |   | (6 | ) |   |   | 2,037 |  |   | 1,984 |  |   | (3 | ) |   |
| Operating income (loss) from continuing operations before income tax                        | 418 |  |   | 401 |  |   |   | (50 | ) |   | (44 | ) |   | (14 | ) |   |   | (40 | ) |   | (39 | ) |   | (3 | ) |   |   | 328 |  |   | 318 |  |   | 3 |  |   |
| Income tax (expense) benefit on operating income (loss)                                     | (147 | ) |   | (135 | ) |   |   | 31 |  |   | 26 |  |   | 19 |  |   |   | 14 |  |   | 12 |  |   | 17 |  |   |   | (102 | ) |   | (97 | ) |   | (5 | ) |   |
| Net operating (income) loss, after-tax, attributable to noncontrolling interests            | — |  |   | (8 | ) |   |   | — |  |   | — |  |   | N/M |  |   |   | — |  |   | — |  |   | N/M |  |   |   | — |  |   | (8 | ) |   | N/M |  |   |
| Net operating income (loss) from continuing operations attributable to CNA                  | 271 |  |   | 258 |  |   |   | (19 | ) |   | (18 | ) |   | (6 | ) |   |   | (26 | ) |   | (27 | ) |   | 4 |  |   |   | 226 |  |   | 213 |  |   | 6 |  |   |
| Net realized investment gains (losses), net of participating policyholders' interests       | 19 |  |   | 25 |  |   |   | 13 |  |   | (4 | ) |   | N/M |  |   |   | 4 |  |   | (8 | ) |   | 150 |  |   |   | 36 |  |   | 13 |  |   | 177 |  |   |
| Income tax (expense) benefit on net realized investment gains (losses)                      | (6 | ) |   | (9 | ) |   |   | (5 | ) |   | 1 |  |   | N/M |  |   |   | (1 | ) |   | 4 |  |   | (125 | ) |   |   | (12 | ) |   | (4 | ) |   | N/M |  |   |
| Net realized investment (gains) losses, after-tax, attributable to noncontrolling interests | — |  |   | (1 | ) |   |   | — |  |   | — |  |   | N/M |  |   |   | — |  |   | — |  |   | N/M |  |   |   | — |  |   | (1 | ) |   | N/M |  |   |
| Net realized investment gains (losses) attributable to CNA                                  | 13 |  |   | 15 |  |   |   | 8 |  |   | (3 | ) |   | N/M |  |   |   | 3 |  |   | (4 | ) |   | 175 |  |   |   | 24 |  |   | 8 |  |   | N/M |  |   |
| Net income (loss) from continuing operations attributable to CNA                            | $ | 284 |  |   | $ | 273 |  |   |   | $ | (11 | ) |   | $ | (21 | ) |   | 48 |  | % |   | $ | (23 | ) |   | $ | (31 | ) |   | 26 |  | % |   | $ | 250 |  |   | $ | 221 |  |   | 13 |  | % |

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

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

----

|                                         |
|-----------------------------------------|
|                                         |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                    | CNA Specialty |
|                                    | 1Q11 |   | 2Q11 |   | 3Q11 |   | 4Q11 |   | 2011 |   |   | 1Q12 |
| Income (loss) from limited partnerships | $ | 38 |  |   | $ | 4 |  |   | $ | (32 | ) |   | $ | 5 |  |   | $ | 15 |  |   |   | $ | 46 |  |
| Income (loss) from trading portfolio    | 1 |  |   | 1 |  |   | — |  |   | 1 |  |   | 3 |  |   |   | 3 |  |
| Other investment income                 | 121 |  |   | 121 |  |   | 117 |  |   | 123 |  |   | 482 |  |   |   | 126 |  |
| Net investment income                   | $ | 160 |  |   | $ | 126 |  |   | $ | 85 |  |   | $ | 129 |  |   | $ | 500 |  |   |   | $ | 175 |  |
|                                    |   |   |   |   |   |   |   |   |   |   |   |   |
|                                    |   |   |   |   |   |   |   |   |   |   |   |   |
|                                    | CNA Commercial |
|                                    | 1Q11 |   | 2Q11 |   | 3Q11 |   | 4Q11 |   | 2011 |   |   | 1Q12 |
| Income (loss) from limited partnerships | $ | 73 |  |   | $ | 6 |  |   | $ | (59 | ) |   | $ | 11 |  |   | $ | 31 |  |   |   | $ | 81 |  |
| Income (loss) from trading portfolio    | 2 |  |   | 2 |  |   | (1 | ) |   | 2 |  |   | 5 |  |   |   | 4 |  |
| Other investment income                 | 186 |  |   | 185 |  |   | 175 |  |   | 181 |  |   | 727 |  |   |   | 180 |  |
| Net investment income                   | $ | 261 |  |   | $ | 193 |  |   | $ | 115 |  |   | $ | 194 |  |   | $ | 763 |  |   |   | $ | 265 |  |
|                                    |   |   |   |   |   |   |   |   |   |   |   |   |
|                                    |   |   |   |   |   |   |   |   |   |   |   |   |
|                                    | P&C Operations |
|                                    | 1Q11 |   | 2Q11 |   | 3Q11 |   | 4Q11 |   | 2011 |   |   | 1Q12 |
| Income (loss) from limited partnerships | $ | 111 |  |   | $ | 10 |  |   | $ | (91 | ) |   | $ | 16 |  |   | $ | 46 |  |   |   | $ | 127 |  |
| Income (loss) from trading portfolio    | 3 |  |   | 3 |  |   | (1 | ) |   | 3 |  |   | 8 |  |   |   | 7 |  |
| Other investment income                 | 307 |  |   | 306 |  |   | 292 |  |   | 304 |  |   | 1,209 |  |   |   | 306 |  |
| Net investment income                   | $ | 421 |  |   | $ | 319 |  |   | $ | 200 |  |   | $ | 323 |  |   | $ | 1,263 |  |   |   | $ | 440 |  |
|                                    |   |   |   |   |   |   |   |   |   |   |   |   |
|                                    |   |   |   |   |   |   |   |   |   |   |   |   |
|                                    | Life & Group Non-Core |
|                                    | 1Q11 |   | 2Q11 |   | 3Q11 |   | 4Q11 |   | 2011 |   |   | 1Q12 |
| Income (loss) from limited partnerships | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   |   | $ | — |  |
| Income (loss) from trading portfolio    | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   |   | — |  |
| Other investment income                 | 188 |  |   | 189 |  |   | 190 |  |   | 192 |  |   | 759 |  |   |   | 198 |  |
| Net investment income                   | $ | 188 |  |   | $ | 189 |  |   | $ | 190 |  |   | $ | 192 |  |   | $ | 759 |  |   |   | $ | 198 |  |
|                                    |   |   |   |   |   |   |   |   |   |   |   |   |
|                                    |   |   |   |   |   |   |   |   |   |   |   |   |
|                                    | Corporate & Other Non-Core |
|                                    | 1Q11 |   | 2Q11 |   | 3Q11 |   | 4Q11 |   | 2011 |   |   | 1Q12 |
| Income (loss) from limited partnerships | $ | 3 |  |   | $ | 1 |  |   | $ | (2 | ) |   | $ | — |  |   | $ | 2 |  |   |   | $ | 3 |  |
| Income (loss) from trading portfolio    | — |  |   | — |  |   | — |  |   | 1 |  |   | 1 |  |   |   | — |  |
| Other investment income                 | 8 |  |   | 8 |  |   | 6 |  |   | 7 |  |   | 29 |  |   |   | 7 |  |
| Net investment income                   | $ | 11 |  |   | $ | 9 |  |   | $ | 4 |  |   | $ | 8 |  |   | $ | 32 |  |   |   | $ | 10 |  |
|                                    |   |   |   |   |   |   |   |   |   |   |   |   |
|                                    |   |   |   |   |   |   |   |   |   |   |   |   |
|                                    | Total Operations |
|                                    | 1Q11 |   | 2Q11 |   | 3Q11 |   | 4Q11 |   | 2011 |   |   | 1Q12 |
| Income (loss) from limited partnerships | $ | 114 |  |   | $ | 11 |  |   | $ | (93 | ) |   | $ | 16 |  |   | $ | 48 |  |   |   | $ | 130 |  |
| Income (loss) from trading portfolio    | 3 |  |   | 3 |  |   | (1 | ) |   | 4 |  |   | 9 |  |   |   | 7 |  |
| Other investment income                 | 503 |  |   | 503 |  |   | 488 |  |   | 503 |  |   | 1,997 |  |   |   | 511 |  |
| Net investment income                   | $ | 620 |  |   | $ | 517 |  |   | $ | 394 |  |   | $ | 523 |  |   | $ | 2,054 |  |   |   | $ | 648 |  |

----

|                                         |
|-----------------------------------------|
|                                         |  |  |  |  |  |  |  |  |  |  |  |
| THREE MONTHS ENDED MARCH 31             |   |   |   |   |   |   |
| Income Statements                       | (Preliminary)2012 |   |   |   | Fav / (Unfav) % Change |   |
| (In millions)                           |   | 2011 |   |   |
| Combined Continental Casualty Companies |   |   |   |   |   |   |
| Gross written premiums                  | $ | 2,110 |  |   | $ | 1,952 |  |   | 8 |  | % |
| Net written premiums                    | 1,563 |  |   | 1,510 |  |   | 4 |  |   |
|                                    |   |   |   |   |   |   |
| Net earned premiums                     | 1,306 |  |   | 1,246 |  |   | 5 |  |   |
| Claim and claim adjustment expenses     | 1,146 |  |   | 1,109 |  |   | (3 | ) |   |
| Acquisition expenses                    | 270 |  |   | 256 |  |   | (5 | ) |   |
| Underwriting expenses                   | 211 |  |   | 194 |  |   | (9 | ) |   |
| Policyholders' dividends                | — |  |   | 3 |  |   | N/M |  |   |
| Underwriting income (loss)              | (321 | ) |   | (316 | ) |   | (2 | ) |   |
| Net investment income                   | 428 |  |   | 425 |  |   | 1 |  |   |
| Other income (loss)                     | 6 |  |   | 22 |  |   | (73 | ) |   |
| Income tax (expense) benefit            | (14 | ) |   | (9 | ) |   | (56 | ) |   |
| Net realized gains (losses)             | 31 |  |   | 27 |  |   | 15 |  |   |
| Net income (loss)                       | $ | 130 |  |   | $ | 149 |  |   | (13 | ) | % |
|                                    |   |   |   |   |   |   |
| Financial Ratios                        |   |   |   |   |   |   |
| Loss and LAE                            | 87.7 |  | % | 89.0 |  | % |   |   |
| Acquisition expense                     | 17.3 |  |   | 16.9 |  |   |   |   |
| Underwriting expense                    | 13.5 |  |   | 12.9 |  |   |   |   |
| Expense                                 | 30.8 |  |   | 29.8 |  |   |   |   |
| Dividend                                | — |  |   | 0.2 |  |   |   |   |
| Combined ratio                          | 118.5 |  | % | 119.0 |  | % |   |   |

|                                         |
|-----------------------------------------|
|                                         |  |  |  |  |  |  |  |  |  |  |
| SUPPLEMENTAL STATUTORY DATA             | (Preliminary)March 31, 2012 |   | December 31, 2011 |   |   |   |
| (In millions)                           |   |   |   |
| Combined Continental Casualty Companies |   |   |   |   |   |   |
| Statutory surplus (1)                   | $ | 9,956 |  |   | $ | 9,888 |  |   |   |   |
| Life Company                            |   |   |   |   |   |   |
| Statutory surplus                       | $ | 529 |  |   | $ | 519 |  |   |   |   |

----

|                                     |
|-------------------------------------|
|                                     |  |  |  |  |  |  |  |  |  |
|                                | CNA Specialty |
|                                | 2012 YTD Evaluatedat 3/31/12 |   | 2011 FY Evaluated at 12/31/11 |   | 2011 FY Evaluated at 3/31/12 |   |
| Gross Accident Year                 | 61.5 |  | % | 62.8 |  | % | 62.7 |  | % |
| Impact of Reinsurance               | 6.5 |  |   | 4.9 |  |   | 4.8 |  |   |
| Net Accident Year                   | 68.0 |  |   | 67.7 |  |   | 67.5 |  | % |
| Impact of Development and Other (1) | (1.7 | ) |   | (8.4 | ) |   |   |   |
| Net Calendar Year                   | 66.3 |  | % | 59.3 |  | % |   |   |

|                                          |
|------------------------------------------|
|                                          |  |  |  |  |  |  |  |  |  |
|                                     | CNA Commercial |
|                                     | 2012 YTD Evaluatedat 3/31/12 |   | 2011 FY Evaluated at 12/31/11 |   | 2011 FY Evaluated at 3/31/12 |   |
| Gross Accident Year                      | 70.7 |  | % | 72.9 |  | % | 73.8 |  | % |
| Impact of Reinsurance                    | 2.5 |  |   | 3.7 |  |   | 3.6 |  |   |
| Net Accident Year                        | 73.2 |  |   | 76.6 |  |   | 77.4 |  | % |
| Impact of Development and Other (1) | (2.5 | ) |   | (5.7 | ) |   |   |   |
| Net Calendar Year                        | 70.7 |  | % | 70.9 |  | % |   |   |

|                                     |
|-------------------------------------|
|                                     |  |  |  |  |  |  |  |  |  |
|                                | P&C Operations |
|                                | 2012 YTD Evaluatedat 3/31/12 |   | 2011 FY Evaluated at 12/31/11 |   | 2011 FY Evaluated at 3/31/12 |   |
| Gross Accident Year                 | 65.3 |  | % | 67.3 |  | % | 67.3 |  | % |
| Impact of Reinsurance               | 5.4 |  |   | 5.2 |  |   | 5.2 |  |   |
| Net Accident Year                   | 70.7 |  |   | 72.5 |  |   | 72.5 |  | % |
| Impact of Development and Other (1) | (2.1 | ) |   | (7.0 | ) |   |   |   |
| Net Calendar Year                   | 68.6 |  | % | 65.5 |  | % |   |   |

----

|                       |
|-----------------------|
|                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| March 31, 2012        |   |   |   |   |   |   |   |
| (In millions)         | Claim and claim adjustment expenses |   | Future policy benefits |   | Policyholders' funds |   | Separate account business |
| Long term care        | $ | 1,523 |  |   | $ | 6,497 |  |   | $ | — |  |   | $ | — |  |
| Payout annuities      | 656 |  |   | 1,992 |  |   | — |  |   | — |  |
| Institutional markets | 2 |  |   | 14 |  |   | 109 |  |   | 402 |  |
| Other                 | 52 |  |   | 5 |  |   | — |  |   | — |  |
| Total                 | $ | 2,233 |  |   | $ | 8,508 |  |   | $ | 109 |  |   | $ | 402 |  |

|                       |
|-----------------------|
|                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| December 31, 2011     |   |   |   |   |   |   |   |
| (In millions)         | Claim and claim adjustment expenses |   | Future policy benefits |   | Policyholders' funds |   | Separate account business |
| Long term care        | $ | 1,470 |  |   | $ | 6,374 |  |   | $ | — |  |   | $ | — |  |
| Payout annuities      | 660 |   | 1,997 |   | — |  |   | — |  |
| Institutional markets | 1 |  |   | 15 |   | 129 |   | 417 |  |
| Other                 | 53 |   | 5 |   | — |  |   | — |  |
| Total                 | $ | 2,184 |  |   | $ | 8,391 |  |   | $ | 129 |  |   | $ | 417 |  |