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

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

|                               |
|-------------------------------|
|                               |  |  |
| Class                         |   | Outstanding at April 27, 2012 |
| Common Stock, Par value $2.50 |   | 269,359,109 |

----

|             |
|-------------|
|             |  |  |
| Item Number | PART I. Financial Information | PageNumber |
| 1.          | Condensed Consolidated Financial Statements (Unaudited): |   |
|             | Condensed Consolidated Statements of Operations for the Three months ended March 31, 2012 and 2011 | 3 |
|             | Condensed Consolidated Statements of Comprehensive Income for the Three months ended March 31, 2012 and 2011 | 4 |
|             | Condensed Consolidated Balance Sheets at March 31, 2012 and December 31, 2011 | 5 |
|             | Condensed Consolidated Statements of Cash Flows for the Three months ended March 31, 2012 and 2011 | 6 |
|             | Condensed Consolidated Statements of Equity for the Three months ended March 31, 2012 and 2011 | 8 |
|        | Notes to Condensed Consolidated Financial Statements | 9 |
| 2.          | Management's Discussion and Analysis of Financial Condition and Results of Operations | 39 |
| 3.          | Quantitative and Qualitative Disclosures About Market Risk | 58 |
| 4.          | Controls and Procedures | 58 |
|        | PART II. Other Information |   |
| 1.          | Legal Proceedings | 59 |
| 4.          | Mine Safety Disclosures | 59 |
| 6.          | Exhibits | 59 |

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Table of Contents

|                                                                                              |
|----------------------------------------------------------------------------------------------|
|                                                                                              |  |  |  |  |  |  |  |
| Three months ended March 31                                                                  |   |   |   |
| (In millions, except per share data)                                                         | 2012 |   | 2011 |
| Revenues                                                                                     |   |   |   |
| Net earned premiums                                                                          | $ | 1,649 |  |   | $ | 1,615 |  |
| Net investment income                                                                        | 648 |  |   | 620 |  |
| Net realized investment gains (losses), net of participating policyholders’ interests: |   |  |   |   |  |
| Other-than-temporary impairment losses                                                       | (15 | ) |   | (20 | ) |
| Portion of other-than-temporary impairments recognized in Other comprehensive income         | (12 | ) |   | (21 | ) |
| Net other-than-temporary impairment losses recognized in earnings                            | (27 | ) |   | (41 | ) |
| Other net realized investment gains                                                          | 63 |  |   | 54 |  |
| Net realized investment gains, net of participating policyholders’ interests           | 36 |  |   | 13 |  |
| Other revenues                                                                               | 68 |  |   | 67 |  |
| Total revenues                                                                               | 2,401 |  |   | 2,315 |  |
| Claims, Benefits and Expenses                                                                |   |   |   |
| Insurance claims and policyholders’ benefits                                           | 1,381 |  |   | 1,364 |  |
| Amortization of deferred acquisition costs                                                   | 295 |  |   | 297 |  |
| Other operating expenses                                                                     | 319 |  |   | 277 |  |
| Interest                                                                                     | 42 |  |   | 46 |  |
| Total claims, benefits and expenses                                                          | 2,037 |  |   | 1,984 |  |
| Income from continuing operations before income tax                                          | 364 |  |   | 331 |  |
| Income tax expense                                                                           | (114 | ) |   | (101 | ) |
| Income from continuing operations                                                            | 250 |  |   | 230 |  |
| Loss from discontinued operations, net of income tax benefit of - and $0                     | — |  |   | (1 | ) |
| Net income                                                                                   | 250 |  |   | 229 |  |
| Net (income) loss attributable to noncontrolling interests                              | — |  |   | (9 | ) |
| Net income attributable to CNA                                                               | $ | 250 |  |   | $ | 220 |  |
|                                                                                         |   |   |   |
| Income Attributable to CNA Common Stockholders                                               |   |   |   |
| Income from continuing operations attributable to CNA common stockholders                    | $ | 250 |  |   | $ | 221 |  |
| Income (loss) from discontinued operations attributable to CNA common stockholders           | — |  |   | (1 | ) |
| Income attributable to CNA common stockholders                                               | $ | 250 |  |   | $ | 220 |  |
|                                                                                         |   |   |   |
| Basic and Diluted Earnings Per Share Attributable to CNA Common Stockholders                 |   |   |   |
| Income from continuing operations attributable to CNA common stockholders                    | $ | 0.93 |  |   | $ | 0.82 |  |
| Loss from discontinued operations attributable to CNA common stockholders                    | — |  |   | — |  |
| Basic and diluted earnings per share attributable to CNA common stockholders                 | $ | 0.93 |  |   | $ | 0.82 |  |
|                                                                                         |   |   |   |
| Dividends per share                                                                          | $ | 0.15 |  |   | $ | 0.10 |  |
|                                                                                         |   |   |   |
| Weighted Average Outstanding Common Stock and Common Stock Equivalents                       |   |   |   |
| Basic                                                                                        | 269.3 |  |   | 269.2 |  |
| Diluted                                                                                      | 269.7 |  |   | 269.5 |  |

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|                                                                                       |
|---------------------------------------------------------------------------------------|
|                                                                                       |  |  |  |  |  |  |  |
| Three months ended March 31                                                           |   |   |   |
| (In millions)                                                                         | 2012 |   | 2011 |
| Other Comprehensive Income, Net of Tax                                                |   |   |   |
| Changes in:                                                                           |   |   |   |
| Net unrealized gains on investments with other-than-temporary impairments             | $ | 40 |  |   | $ | 38 |  |
| Net unrealized gains on other investments                                             | 218 |  |   | 22 |  |
| Net unrealized gains on investments                                                   | 258 |  |   | 60 |  |
| Foreign currency translation adjustment                                               | 21 |  |   | 25 |  |
| Pension and postretirement benefits                                                   | 6 |  |   | 1 |  |
| Net unrealized gains on discontinued operations and other                             | — |  |   | 1 |  |
| Allocation to participating policyholders                                             | (1 | ) |   | — |  |
| Other comprehensive income, net of tax                                                | 284 |  |   | 87 |  |
| Net income                                                                            | 250 |  |   | 229 |  |
| Comprehensive income                                                                  | 534 |  |   | 316 |  |
| Change in:                                                                            |   |   |   |
| Net unrealized (gains) losses on investments attributable to noncontrolling interests | — |  |   | 2 |  |
| Other comprehensive (income) loss attributable to noncontrolling interests            | — |  |   | 2 |  |
| Net (income) loss attributable to noncontrolling interests                            | — |  |   | (9 | ) |
| Comprehensive (income) loss attributable to noncontrolling interests                  | — |  |   | (7 | ) |
| Total comprehensive income attributable to CNA                                        | $ | 534 |  |   | $ | 309 |  |

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|                                                                                                                                          |
|------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                          |  |  |  |  |  |  |  |
|                                                                                                                                     | March 31, 2012 |   | December 31, 2011 |
| (In millions, except share data)                                                                                                         |   |
| Assets                                                                                                                                   |   |   |   |
| Investments:                                                                                                                             |   |   |   |
| Fixed maturity securities at fair value (amortized cost of $37,810 and $37,345)                                                          | $ | 40,837 |  |   | $ | 39,937 |  |
| Equity securities at fair value (cost of $278 and $288)                                                                                  | 298 |  |   | 304 |  |
| 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 |  |   | 44,373 |  |
| Cash                                                                                                                                     | 59 |  |   | 75 |  |
| Reinsurance receivables (less allowance for uncollectible receivables of $91 and $91)                                                    | 5,898 |  |   | 6,001 |  |
| Insurance receivables (less allowance for uncollectible receivables of $113 and $112)                                                    | 1,664 |  |   | 1,614 |  |
| Accrued investment income                                                                                                                | 478 |  |   | 436 |  |
| Deferred acquisition costs                                                                                                               | 576 |  |   | 552 |  |
| Deferred income taxes                                                                                                                    | 201 |  |   | 415 |  |
| Property and equipment at cost (less accumulated depreciation of $425 and $420)                                                          | 307 |  |   | 309 |  |
| Goodwill and other intangible assets                                                                                                     | 139 |  |   | 139 |  |
| Other assets (includes $12 and $130 due from Loews Corporation)                                                                          | 818 |  |   | 779 |  |
| Separate account business                                                                                                                | 402 |  |   | 417 |  |
| Total assets                                                                                                                             | $ | 56,007 |  |   | $ | 55,110 |  |
| Liabilities and Equity                                                                                                                   |   |  |   |   |  |
| Liabilities:                                                                                                                             |   |  |   |   |  |
| Insurance reserves:                                                                                                                      |   |  |   |   |  |
| Claim and claim adjustment expenses                                                                                                      | $ | 24,203 |  |   | $ | 24,303 |  |
| Unearned premiums                                                                                                                        | 3,383 |  |   | 3,250 |  |
| Future policy benefits                                                                                                                   | 9,959 |  |   | 9,810 |  |
| Policyholders’ funds                                                                                                               | 169 |  |   | 191 |  |
| Participating policyholders’ funds                                                                                                 | 68 |  |   | 68 |  |
| Short term debt                                                                                                                          | 83 |  |   | 83 |  |
| Long term debt                                                                                                                           | 2,526 |  |   | 2,525 |  |
| Other liabilities                                                                                                                        | 3,233 |  |   | 2,975 |  |
| Separate account business                                                                                                                | 402 |  |   | 417 |  |
| Total liabilities                                                                                                                        | 44,026 |  |   | 43,622 |  |
| Commitments and contingencies (Notes C, G and I)                                                                                         |  |  |   |  |  |
| Equity:                                                                                                                                  |   |  |   |   |  |
| Common stock ($2.50 par value; 500,000,000 shares authorized; 273,040,243 shares issued; 269,356,268 and 269,274,900 shares outstanding) | 683 |  |   | 683 |  |
| Additional paid-in capital                                                                                                               | 2,140 |  |   | 2,141 |  |
| Retained earnings                                                                                                                        | 8,517 |  |   | 8,308 |  |
| Accumulated other comprehensive income                                                                                                   | 764 |  |   | 480 |  |
| Treasury stock (3,683,975 and 3,765,343 shares), at cost                                                                                 | (100 | ) |   | (102 | ) |
| Notes receivable for the issuance of common stock                                                                                        | (23 | ) |   | (22 | ) |
| Total CNA stockholders’ equity                                                                                                     | 11,981 |  |   | 11,488 |  |
| Total liabilities and equity                                                                                                             | $ | 56,007 |  |   | $ | 55,110 |  |

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|                                                                                         |
|-----------------------------------------------------------------------------------------|
|                                                                                         |  |  |  |  |  |  |  |
| Three months ended March 31                                                             |   |   |   |
| (In millions)                                                                           | 2012 |   | 2011 |
| Cash Flows from Operating Activities                                                    |   |   |   |
| Net income                                                                              | $ | 250 |  |   | $ | 229 |  |
| Adjustments to reconcile net income to net cash flows provided by operating activities: |   |   |   |
| Loss from discontinued operations                                                       | — |  |   | 1 |  |
| Loss on disposal of property and equipment                                              | 1 |  |   | 9 |  |
| Deferred income tax expense                                                             | 73 |  |   | 89 |  |
| Trading portfolio activity                                                              | (6 | ) |   | 6 |  |
| Net realized investment gains, net of participating policyholders’ interests      | (36 | ) |   | (13 | ) |
| Equity method investees                                                                 | (69 | ) |   | (104 | ) |
| Amortization of investments                                                             | (23 | ) |   | (21 | ) |
| Depreciation                                                                            | 20 |  |   | 19 |  |
| Changes in:                                                                             |   |   |   |
| Receivables, net                                                                        | 53 |  |   | 71 |  |
| Accrued investment income                                                               | (42 | ) |   | (44 | ) |
| Deferred acquisition costs                                                              | (15 | ) |   | (15 | ) |
| Insurance reserves                                                                      | 99 |  |   | 45 |  |
| Other assets                                                                            | 73 |  |   | (4 | ) |
| Other liabilities                                                                       | (67 | ) |   | (155 | ) |
| Other, net                                                                              | 1 |  |   | 1 |  |
| Total adjustments                                                                       | 62 |  |   | (115 | ) |
| Net cash flows provided by operating activities-continuing operations                   | $ | 312 |  |   | $ | 114 |  |
| Net cash flows used by operating activities-discontinued operations                     | $ | — |  |   | $ | (2 | ) |
| Net cash flows provided by operating activities-total                              | $ | 312 |  |   | $ | 112 |  |
| Cash Flows from Investing Activities                                                    |   |  |   |   |  |
| Purchases of fixed maturity securities                                                  | $ | (2,842 | ) |   | $ | (3,480 | ) |
| Proceeds from fixed maturity securities:                                                |   |   |   |
| Sales                                                                                   | 1,929 |  |   | 1,881 |  |
| Maturities, calls and redemptions                                                       | 683 |  |   | 965 |  |
| Purchases of equity securities                                                          | (12 | ) |   | (34 | ) |
| Proceeds from sales of equity securities                                                | 19 |  |   | 128 |  |
| Origination of mortgage loans                                                           | (48 | ) |   | (31 | ) |
| Change in short term investments                                                        | (8 | ) |   | 548 |  |
| Change in other investments                                                             | 10 |  |   | (43 | ) |
| Purchases of property and equipment                                                     | (22 | ) |   | (11 | ) |
| Other, net                                                                              | 4 |  |   | 1 |  |
| Net cash flows used by investing activities-continuing operations                  | $ | (287 | ) |   | $ | (76 | ) |
| Net cash flows provided by investing activities-discontinued operations                 | $ | — |  |   | $ | 2 |  |
| Net cash flows used by investing activities-total                                  | $ | (287 | ) |   | $ | (74 | ) |

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|                                                                                     |
|-------------------------------------------------------------------------------------|
|                                                                                     |  |  |  |  |  |  |  |
| Three months ended March 31                                                         |   |   |   |
| (In millions)                                                                       | 2012 |   | 2011 |
| Cash Flows from Financing Activities                                                |   |   |   |
| Dividends paid to common stockholders                                               | $ | (41 | ) |   | $ | (27 | ) |
| Proceeds from the issuance of debt                                                  | — |  |   | 396 |  |
| Repayment of debt                                                                   | — |  |   | (409 | ) |
| Stock options exercised                                                             | — |  |   | 6 |  |
| Other, net                                                                          | (1 | ) |   | (2 | ) |
| Net cash flows used by financing activities-continuing operations                   | $ | (42 | ) |   | $ | (36 | ) |
| Net cash flows provided (used) by financing activities-discontinued operations | $ | — |  |   | $ | — |  |
| Net cash flows used by financing activities-total                                   | $ | (42 | ) |   | $ | (36 | ) |
| Effect of foreign exchange rate changes on cash                                     | $ | 1 |  |   | $ | 2 |  |
| Net change in cash                                                                  | $ | (16 | ) |   | $ | 4 |  |
| Cash, beginning of year                                                             | 75 |  |   | 77 |  |
| Cash, end of period                                                                 | $ | 59 |  |   | $ | 81 |  |
|                                                                                |   |   |   |
| Cash-continuing operations                                                          | $ | 59 |  |   | $ | 81 |  |
| Cash-discontinued operations                                                        | — |  |   | — |  |
| Cash-total                                                                          | $ | 59 |  |   | $ | 81 |  |

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|                                                                                                |
|------------------------------------------------------------------------------------------------|
|                                                                                                |  |  |  |  |  |  |  |
| Three months ended March 31                                                                    |   |   |   |
| (In millions)                                                                                  | 2012 |   | 2011 |
| Common Stock                                                                                   |   |   |   |
| Balance, beginning of period                                                                   | $ | 683 |  |   | $ | 683 |  |
| Balance, end of period                                                                         | 683 |  |   | 683 |  |
| Additional Paid-in Capital                                                                     |   |   |   |
| Balance, beginning of period, as previously reported                                           | 2,146 |  |   | 2,200 |  |
| Cumulative effect adjustment from accounting change for deferred acquisition costs, net of tax | (5 | ) |   | — |  |
| Balance, beginning of period, as adjusted                                                      | 2,141 |  |   | 2,200 |  |
| Stock-based compensation                                                                       | (1 | ) |   | (1 | ) |
| Other                                                                                          | — |  |   | (1 | ) |
| Balance, end of period                                                                         | 2,140 |  |   | 2,198 |  |
| Retained Earnings                                                                              |   |   |   |
| Balance, beginning of period, as previously reported                                           | 8,382 |  |   | 7,876 |  |
| Cumulative effect adjustment from accounting change for deferred acquisition costs, net of tax | (74 | ) |   | (72 | ) |
| Balance, beginning of period, as adjusted                                                      | 8,308 |  |   | 7,804 |  |
| Dividends paid to common stockholders                                                          | (41 | ) |   | (27 | ) |
| Net income attributable to CNA                                                                 | 250 |  |   | 220 |  |
| Balance, end of period                                                                         | 8,517 |  |   | 7,997 |  |
| Accumulated Other Comprehensive Income                                                         |   |   |   |
| Balance, beginning of period, as previously reported                                           | 470 |  |   | 326 |  |
| Cumulative effect adjustment from accounting change for deferred acquisition costs, net of tax | 10 |  |   | — |  |
| Balance, beginning of period, as adjusted                                                      | 480 |  |   | 326 |  |
| Other comprehensive income attributable to CNA                                                 | 284 |  |   | 89 |  |
| Balance, end of period                                                                         | 764 |  |   | 415 |  |
| Treasury Stock                                                                                 |   |   |   |
| Balance, beginning of period                                                                   | (102 | ) |   | (105 | ) |
| Stock-based compensation                                                                       | 2 |  |   | 4 |  |
| Balance, end of period                                                                         | (100 | ) |   | (101 | ) |
| Notes Receivable for the Issuance of Common Stock                                              |   |   |   |
| Balance, beginning of period                                                                   | (22 | ) |   | (26 | ) |
| (Increase) decrease in notes receivable for the issuance of common stock                       | (1 | ) |   | 1 |  |
| Balance, end of period                                                                         | (23 | ) |   | (25 | ) |
| Total CNA Stockholders’ Equity                                                           | 11,981 |  |   | 11,167 |  |
| Noncontrolling Interests                                                                       |   |   |   |
| Balance, beginning of period, as previously reported                                           | — |  |   | 570 |  |
| Cumulative effect adjustment from accounting change for deferred acquisition costs, net of tax | — |  |   | (7 | ) |
| Balance, beginning of period, as adjusted                                                      | — |  |   | 563 |  |
| Net income                                                                                     | — |  |   | 9 |  |
| Other comprehensive income (loss)                                                              | — |  |   | (2 | ) |
| Other                                                                                          | — |  |   | 3 |  |
| Balance, end of period                                                                         | — |  |   | 573 |  |
| Total Equity                                                                                   | $ | 11,981 |  |   | $ | 11,740 |  |

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|                                 |
|---------------------------------|
|                                 |  |  |  |  |  |  |  |
| Three months ended March 31     |   |   |   |
| (In millions)                   | 2012 |  | 2011 |
| Fixed maturity securities       | $ | 516 |  |   | $ | 506 |  |
| Short term investments          | 1 |  |   | 2 |  |
| Limited partnership investments | 130 |  |   | 114 |  |
| Equity securities               | 4 |  |   | 6 |  |
| Mortgage loans                  | 3 |  |   | 2 |  |
| Trading portfolio (a)           | 7 |  |   | 3 |  |
| Other                           | 1 |  |   | 2 |  |
| Gross investment income         | 662 |  |   | 635 |  |
| Investment expense              | (14 | ) |   | (15 | ) |
| Net investment income           | $ | 648 |  |   | $ | 620 |  |

|     |                                                                                                                                                                                                            |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (a) | There were no net unrealized gains (losses) related to changes in fair value of trading securities still held included in net investment income for the three months ended March 31, 2012 or 2011. |

|                                                                                             |
|---------------------------------------------------------------------------------------------|
|                                                                                             |  |  |  |  |  |  |  |
| Three months ended March 31                                                                 |   |   |   |
| (In millions)                                                                               | 2012 |   | 2011 |
| Net realized investment gains (losses):                                                     |   |   |   |
| Fixed maturity securities:                                                                  |   |   |   |
| Gross realized gains                                                                        | $ | 69 |  |   | $ | 88 |  |
| Gross realized losses                                                                       | (39 | ) |   | (68 | ) |
| Net realized investment gains (losses) on fixed maturity securities                         | 30 |  |   | 20 |  |
| Equity securities:                                                                          |   |   |   |  |
| Gross realized gains                                                                        | 3 |  |   | 5 |  |
| Gross realized losses                                                                       | (2 | ) |   | (5 | ) |
| Net realized investment gains (losses) on equity securities                            | 1 |  |   | — |  |
| Derivatives                                                                                 | (1 | ) |   | (1 | ) |
| Short term investments and other (a) (b)                                                    | 6 |  |   | (6 | ) |
| Net realized investment gains (losses), net of participating policyholders’ interests | $ | 36 |  |   | $ | 13 |  |

|     |                                                                                                                                                                                                                                                                                                         |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (a) | There were no net unrealized gains (losses) included in the three months ended March 31, 2012 and $1 million of net unrealized gains included in the three months ended March 31, 2011 related to changes in fair value of securities for which the fair value option has been elected. |

|     |                                                                                                                                                                              |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (b) | The three months ended March 31, 2011 includes a $9 million loss related to the early extinguishment of $400 million of senior notes originally due August 15, 2011. |

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|                                                                  |
|------------------------------------------------------------------|
|                                                                  |  |  |  |  |  |  |  |
| Three months ended March 31                                      |   |   |   |
| (In millions)                                                    | 2012 |   | 2011 |
| Fixed maturity securities available-for-sale:                    |   |   |   |
| Corporate and other bonds                                        | $ | 10 |  |   | $ | 9 |  |
| Asset-backed:                                                    |   |   |   |
| Residential mortgage-backed                                      | 14 |  |   | 28 |  |
| Total asset-backed                                               | 14 |  |   | 28 |  |
| U.S. Treasury and obligation of government-sponsored enterprises | 1 |  |   | — |  |
| Total fixed maturity securities available-for-sale               | 25 |  |   | 37 |  |
| Equity securities available-for-sale:                            |   |   |   |
| Common stock                                                     | 2 |  |   | 3 |  |
| Preferred stock                                                  | — |  |   | 1 |  |
| Total equity securities available-for-sale                       | 2 |  |   | 4 |  |
| Net OTTI losses recognized in earnings                           | $ | 27 |  |   | $ | 41 |  |

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|                                                                   |
|-------------------------------------------------------------------|
|                                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| March 31, 2012                                               | Cost orAmortizedCost |   | GrossUnrealizedGains |   | GrossUnrealizedLosses |   | EstimatedFairValue |   | UnrealizedOTTILosses (Gains) |
| (In millions)                                                     |   |   |   |   |
| Fixed maturity securities available-for-sale:                     |   |   |   |   |   |   |   |   |   |
| Corporate and other bonds                                         | $ | 19,324 |  |   | $ | 2,013 |  |   | $ | 61 |  |   | $ | 21,276 |  |   | $ | — |  |
| States, municipalities and political subdivisions                 | 9,234 |  |   | 1,042 |  |   | 93 |  |   | 10,183 |  |   | — |  |
| Asset-backed:                                                     |   |   |   |   |   |   |   |   |   |
| Residential mortgage-backed                                       | 5,958 |  |   | 175 |  |   | 139 |  |   | 5,994 |  |   | 37 |  |
| Commercial mortgage-backed                                        | 1,297 |  |   | 68 |  |   | 36 |  |   | 1,329 |  |   | (2 | ) |
| Other asset-backed                                                | 1,022 |  |   | 18 |  |   | 1 |  |   | 1,039 |  |   | — |  |
| Total asset-backed                                                | 8,277 |  |   | 261 |  |   | 176 |  |   | 8,362 |  |   | 35 |  |
| U.S. Treasury and obligations of government-sponsored enterprises | 224 |  |   | 12 |  |   | — |  |   | 236 |  |   | — |  |
| Foreign government                                                | 634 |  |   | 21 |  |   | — |  |   | 655 |  |   | — |  |
| Redeemable preferred stock                                        | 105 |  |   | 8 |  |   | — |  |   | 113 |  |   | — |  |
| Total fixed maturity securities available-for-sale                | 37,798 |  |   | 3,357 |  |   | 330 |  |   | 40,825 |  |   | $ | 35 |  |
| Total fixed maturity securities trading                           | 12 |  |   | — |  |   | — |  |   | 12 |  |   |   |
| Equity securities available-for-sale:                             |   |   |   |   |   |   |   |   |   |
| Common stock                                                      | 32 |  |   | 17 |  |   | 1 |  |   | 48 |  |   |   |
| Preferred stock                                                   | 246 |  |   | 4 |  |   | — |  |   | 250 |  |   |   |
| Total equity securities available-for-sale                        | 278 |  |   | 21 |  |   | 1 |  |   | 298 |  |   |   |
| Total                                                             | $ | 38,088 |  |   | $ | 3,378 |  |   | $ | 331 |  |   | $ | 41,135 |  |   |   |

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|                                                                   |
|-------------------------------------------------------------------|
|                                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| December 31, 2011                                            | Cost orAmortizedCost |   | GrossUnrealizedGains |   | GrossUnrealizedLosses |   | EstimatedFairValue |   | UnrealizedOTTILosses (Gains) |
| (In millions)                                                     |   |   |   |   |
| Fixed maturity securities available-for-sale:                     |   |   |   |   |   |   |   |   |   |
| Corporate and other bonds                                         | $ | 19,086 |  |   | $ | 1,946 |  |   | $ | 154 |  |   | $ | 20,878 |  |   | $ | — |  |
| States, municipalities and political subdivisions                 | 9,018 |  |   | 900 |  |   | 136 |  |   | 9,782 |  |   | — |  |
| Asset-backed:                                                     |   |   |   |   |   |   |   |   |   |
| Residential mortgage-backed                                       | 5,786 |  |   | 172 |  |   | 183 |  |   | 5,775 |  |   | 99 |  |
| Commercial mortgage-backed                                        | 1,365 |  |   | 48 |  |   | 59 |  |   | 1,354 |  |   | (2 | ) |
| Other asset-backed                                                | 946 |  |   | 13 |  |   | 4 |  |   | 955 |  |   | — |  |
| Total asset-backed                                                | 8,097 |  |   | 233 |  |   | 246 |  |   | 8,084 |  |   | 97 |  |
| U.S. Treasury and obligations of government-sponsored enterprises | 479 |  |   | 14 |  |   | — |  |   | 493 |  |   | — |  |
| Foreign government                                                | 608 |  |   | 28 |  |   | — |  |   | 636 |  |   | — |  |
| Redeemable preferred stock                                        | 51 |  |   | 7 |  |   | — |  |   | 58 |  |   | — |  |
| Total fixed maturity securities available-for-sale                | 37,339 |  |   | 3,128 |  |   | 536 |  |   | 39,931 |  |   | $ | 97 |  |
| Total fixed maturity securities trading                           | 6 |  |   | — |  |   | — |  |   | 6 |  |   |   |
| Equity securities available-for-sale:                             |   |   |   |   |   |   |   |   |   |
| Common stock                                                      | 30 |  |   | 17 |  |   | — |  |   | 47 |  |   |   |
| Preferred stock                                                   | 258 |  |   | 4 |  |   | 5 |  |   | 257 |  |   |   |
| Total equity securities available-for-sale                        | 288 |  |   | 21 |  |   | 5 |  |   | 304 |  |   |   |
| Total                                                             | $ | 37,633 |  |   | $ | 3,149 |  |   | $ | 541 |  |   | $ | 40,241 |  |   |   |

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|                                                    |
|----------------------------------------------------|
|                                                    |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                               | Less than 12 Months |   | 12 Months or Longer |   | Total |
| March 31, 2012                                | EstimatedFair Value |   | GrossUnrealizedLosses |   | EstimatedFair Value |   | GrossUnrealizedLosses |   | EstimatedFair Value |   | GrossUnrealizedLosses |
| (In millions)                                      |   |   |   |   |   |
| Fixed maturity securities available-for-sale:      |   |   |   |   |   |   |   |   |   |   |   |
| Corporate and other bonds                          | $ | 1,635 |  |   | $ | 43 |  |   | $ | 124 |  |   | $ | 18 |  |   | $ | 1,759 |  |   | $ | 61 |  |
| States, municipalities and political subdivisions  | 385 |  |   | 8 |  |   | 460 |  |   | 85 |  |   | 845 |  |   | 93 |  |
| Asset-backed:                                      |   |   |   |   |   |   |   |   |   |   |   |
| Residential mortgage-backed                        | 882 |  |   | 39 |  |   | 1,026 |  |   | 100 |  |   | 1,908 |  |   | 139 |  |
| Commercial mortgage-backed                         | 219 |  |   | 18 |  |   | 122 |  |   | 18 |  |   | 341 |  |   | 36 |  |
| Other asset-backed                                 | 297 |  |   | 1 |  |   | — |  |   | — |  |   | 297 |  |   | 1 |  |
| Total asset-backed                                 | 1,398 |  |   | 58 |  |   | 1,148 |  |   | 118 |  |   | 2,546 |  |   | 176 |  |
| Total fixed maturity securities available-for-sale | 3,418 |  |   | 109 |  |   | 1,732 |  |   | 221 |  |   | 5,150 |  |   | 330 |  |
| Equity securities available-for-sale:              |   |   |   |   |   |   |   |   |   |   |   |
| Common stock                                       | 4 |  |   | 1 |  |   | — |  |   | — |  |   | 4 |  |   | 1 |  |
| Total equity securities available-for-sale         | 4 |  |   | 1 |  |   | — |  |   | — |  |   | 4 |  |   | 1 |  |
| Total                                              | $ | 3,422 |  |   | $ | 110 |  |   | $ | 1,732 |  |   | $ | 221 |  |   | $ | 5,154 |  |   | $ | 331 |  |

|                                                    |
|----------------------------------------------------|
|                                                    |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                               | Less than 12 Months |   | 12 Months or Longer |   | Total |
| December 31, 2011                             | EstimatedFair Value |   | GrossUnrealizedLosses |   | EstimatedFair Value |   | GrossUnrealizedLosses |   | EstimatedFair Value |   | GrossUnrealizedLosses |
| (In millions)                                      |   |   |   |   |   |
| Fixed maturity securities available-for-sale:      |   |   |   |   |   |   |   |   |   |   |   |
| Corporate and other bonds                          | $ | 2,552 |  |   | $ | 126 |  |   | $ | 159 |  |   | $ | 28 |  |   | $ | 2,711 |  |   | $ | 154 |  |
| States, municipalities and political subdivisions  | 67 |  |   | 1 |  |   | 721 |  |   | 135 |  |   | 788 |  |   | 136 |  |
| Asset-backed:                                      |   |   |   |   |   |   |   |   |   |  |   |   |  |
| Residential mortgage-backed                        | 719 |  |   | 36 |  |   | 874 |  |   | 147 |  |   | 1,593 |  |   | 183 |  |
| Commercial mortgage-backed                         | 431 |  |   | 39 |  |   | 169 |  |   | 20 |  |   | 600 |  |   | 59 |  |
| Other asset-backed                                 | 389 |  |   | 4 |  |   | — |  |   | — |  |   | 389 |  |   | 4 |  |
| Total asset-backed                                 | 1,539 |  |   | 79 |  |   | 1,043 |  |   | 167 |  |   | 2,582 |  |   | 246 |  |
| Total fixed maturity securities available-for-sale | 4,158 |  |   | 206 |  |   | 1,923 |  |   | 330 |  |   | 6,081 |  |   | 536 |  |
| Equity securities available-for-sale:              |   |   |   |   |   |   |   |   |   |   |   |
| Preferred stock                                    | 117 |  |   | 5 |  |   | — |  |   | — |  |   | 117 |  |   | 5 |  |
| Total equity securities available-for-sale         | 117 |  |   | 5 |  |   | — |  |   | — |  |   | 117 |  |   | 5 |  |
| Total                                              | $ | 4,275 |  |   | $ | 211 |  |   | $ | 1,923 |  |   | $ | 330 |  |   | $ | 6,198 |  |   | $ | 541 |  |

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|                                                                                                        |
|--------------------------------------------------------------------------------------------------------|
|                                                                                                        |  |  |  |  |  |  |  |
| (In millions)                                                                                          | 2012 |   | 2011 |
| Beginning balance of credit losses on fixed maturity securities                                        | $ | 92 |  |   | $ | 141 |  |
| Additional credit losses for securities for which an OTTI loss was previously recognized               | 11 |  |   | 10 |  |
| Credit losses for securities for which an OTTI loss was not previously recognized                      | 1 |  |   | 1 |  |
| Reductions for securities sold during the period                                                       | (4 | ) |   | (25 | ) |
| Reductions for securities the Company intends to sell or more likely than not will be required to sell | — |  |   | (14 | ) |
| Ending balance of credit losses on fixed maturity securities                                           | $ | 100 |  |   | $ | 113 |  |

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|                                                                            |
|----------------------------------------------------------------------------|
|                                                                            |  |  |  |  |  |  |  |  |  |  |  |
| March 31, 2012                                                        | AmortizedCost |   | EstimatedFair Value |   | GrossUnrealizedLosses |
| (In millions)                                                              |   |   |
| U.S. Government, Government Agencies, and Government-Sponsored Enterprises | $ | 852 |  |   | $ | 810 |  |   | $ | 42 |  |
| AAA                                                                        | 246 |  |   | 239 |  |   | 7 |  |
| AA                                                                         | 226 |  |   | 215 |  |   | 11 |  |
| A                                                                          | 294 |  |   | 286 |  |   | 8 |  |
| BBB                                                                        | 209 |  |   | 193 |  |   | 16 |  |
| Non-investment grade                                                       | 895 |  |   | 803 |  |   | 92 |  |
| Total                                                                      | $ | 2,722 |  |   | $ | 2,546 |  |   | $ | 176 |  |

|                                        |
|----------------------------------------|
|                                        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                   | March 31, 2012 |   | December 31, 2011 |
| (In millions)                          | Cost orAmortizedCost |   | EstimatedFairValue |   | Cost orAmortizedCost |   | EstimatedFairValue |
| Due in one year or less                | $ | 1,842 |  |   | $ | 1,855 |  |   | $ | 1,802 |  |   | $ | 1,812 |  |
| Due after one year through five years  | 13,003 |  |   | 13,573 |  |   | 13,110 |  |   | 13,537 |  |
| Due after five years through ten years | 8,713 |  |   | 9,326 |  |   | 8,410 |  |   | 8,890 |  |
| Due after ten years                    | 14,240 |  |   | 16,071 |  |   | 14,017 |  |   | 15,692 |  |
| Total                                  | $ | 37,798 |  |   | $ | 40,825 |  |   | $ | 37,339 |  |   | $ | 39,931 |  |

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Table of Contents

|                                 |
|---------------------------------|
|                                 |  |  |  |  |  |  |  |
| Three months ended March 31     |   |   |   |
| (In millions)                   | 2012 |   | 2011 |
| Without hedge designation       |   |   |   |
| Currency forwards               | $ | (1 | ) |   | $ | (1 | ) |
| Total without hedge designation | (1 | ) |   | (1 | ) |
| Trading activities              |   |   |   |
| Futures sold, not yet purchased | 1 |  |   | — |  |
| Total                           | $ | — |  |   | $ | (1 | ) |

|                                             |
|---------------------------------------------|
|                                             |  |  |  |  |  |  |  |  |  |  |  |
| March 31, 2012                         | Contractual/NotionalAmount |   | Estimated Fair Value |
| (In millions)                               |   | Asset |   | (Liability) |
| Without hedge designation                   |   |   |   |   |   |
| Credit default swaps - purchased protection | $ | 20 |  |   | $ | — |  |   | $ | (1 | ) |
| Currency forwards                           | 33 |  |   | — |  |   | (1 | ) |
| Equity warrants                             | 4 |  |   | — |  |   | — |  |
| Total                                       | $ | 57 |  |   | $ | — |  |   | $ | (2 | ) |

|                                             |
|---------------------------------------------|
|                                             |  |  |  |  |  |  |  |  |  |  |  |
| December 31, 2011                      | Contractual/NotionalAmount |   | Estimated Fair Value |
| (In millions)                               |   | Asset |   | (Liability) |
| Without hedge designation                   |   |   |   |   |   |
| Credit default swaps - purchased protection | $ | 20 |  |   | $ | — |  |   | $ | (1 | ) |
| Currency forwards                           | 22 |  |   | 1 |  |   | — |  |
| Equity warrants                             | 4 |  |   | — |  |   | — |  |
| Total                                       | $ | 46 |  |   | $ | 1 |  |   | $ | (1 | ) |

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|                                                                               |
|-------------------------------------------------------------------------------|
|                                                                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| March 31, 2012                                                           |   |   |   |   |   |   | TotalAssets/(Liabilities)at Fair Value |
| (In millions)                                                                 | Level 1 |   | Level 2 |   | Level 3 |   |
| Assets                                                                        |   |   |   |   |   |   |   |
| Fixed maturity securities:                                                    |   |   |   |   |   |   |   |
| Corporate and other bonds                                                     | $ | — |  |   | $ | 20,802 |  |   | $ | 486 |  |   | $ | 21,288 |  |
| States, municipalities and political subdivisions                             | — |  |   | 10,010 |  |   | 173 |  |   | 10,183 |  |
| Asset-backed:                                                                 |   |   |   |   |   |   |   |
| Residential mortgage-backed                                                   | — |  |   | 5,547 |  |   | 447 |  |   | 5,994 |  |
| Commercial mortgage-backed                                                    | — |  |   | 1,224 |  |   | 105 |  |   | 1,329 |  |
| Other asset-backed                                                            | — |  |   | 655 |  |   | 384 |  |   | 1,039 |  |
| Total asset-backed                                                            | — |  |   | 7,426 |  |   | 936 |  |   | 8,362 |  |
| U.S. Treasury and obligations of government-sponsored enterprises             | 194 |  |   | 42 |  |   | — |  |   | 236 |  |
| Foreign government                                                            | 124 |  |   | 531 |  |   | — |  |   | 655 |  |
| Redeemable preferred stock                                                    | 5 |  |   | 55 |  |   | 53 |  |   | 113 |  |
| Total fixed maturity securities                                               | 323 |  |   | 38,866 |  |   | 1,648 |  |   | 40,837 |  |
| Equity securities                                                             | 115 |  |   | 109 |  |   | 74 |  |   | 298 |  |
| Derivative and other financial instruments, included in Other invested assets | — |  |   | — |  |   | 11 |  |   | 11 |  |
| Short term investments                                                        | 797 |  |   | 583 |  |   | — |  |   | 1,380 |  |
| Life settlement contracts, included in Other assets                           | — |  |   | — |  |   | 115 |  |   | 115 |  |
| Separate account business                                                     | 5 |  |   | 393 |  |   | 4 |  |   | 402 |  |
| Total assets                                                                  | $ | 1,240 |  |   | $ | 39,951 |  |   | $ | 1,852 |  |   | $ | 43,043 |  |
| Liabilities                                                                   |  |  |   |   |   |  |  |   |  |  |
| Derivative financial instruments, included in Other liabilities               | $ | — |  |   | $ | (1 | ) |   | $ | (1 | ) |   | $ | (2 | ) |
| Total liabilities                                                             | $ | — |  |   | $ | (1 | ) |   | $ | (1 | ) |   | $ | (2 | ) |

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|                                                                               |
|-------------------------------------------------------------------------------|
|                                                                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| December 31, 2011                                                        |   |   |   |   |   |   | TotalAssets/(Liabilities)at Fair Value |
| (In millions)                                                                 | Level 1 |   | Level 2 |   | Level 3 |   |
| Assets                                                                        |   |   |   |   |   |   |   |
| Fixed maturity securities:                                                    |   |   |   |   |   |   |   |
| Corporate and other bonds                                                     | $ | — |  |   | $ | 20,402 |  |   | $ | 482 |  |   | $ | 20,884 |  |
| States, municipalities and political subdivisions                             | — |  |   | 9,611 |  |   | 171 |  |   | 9,782 |  |
| Asset-backed:                                                                 |   |   |   |   |   |   |   |
| Residential mortgage-backed                                                   | — |  |   | 5,323 |  |   | 452 |  |   | 5,775 |  |
| Commercial mortgage-backed                                                    | — |  |   | 1,295 |  |   | 59 |  |   | 1,354 |  |
| Other asset-backed                                                            | — |  |   | 612 |  |   | 343 |  |   | 955 |  |
| Total asset-backed                                                            | — |  |   | 7,230 |  |   | 854 |  |   | 8,084 |  |
| U.S. Treasury and obligations of government-sponsored enterprises             | 451 |  |   | 42 |  |   | — |  |   | 493 |  |
| Foreign government                                                            | 92 |  |   | 544 |  |   | — |  |   | 636 |  |
| Redeemable preferred stock                                                    | 5 |  |   | 53 |  |   | — |  |   | 58 |  |
| Total fixed maturity securities                                               | 548 |  |   | 37,882 |  |   | 1,507 |  |   | 39,937 |  |
| Equity securities                                                             | 124 |  |   | 113 |  |   | 67 |  |   | 304 |  |
| Derivative and other financial instruments, included in Other invested assets | — |  |   | 1 |  |   | 11 |  |   | 12 |  |
| Short term investments                                                        | 1,106 |  |   | 508 |  |   | 27 |  |   | 1,641 |  |
| Life settlement contracts, included in Other assets                           | — |  |   | — |  |   | 117 |  |   | 117 |  |
| Separate account business                                                     | 21 |  |   | 373 |  |   | 23 |  |   | 417 |  |
| Total assets                                                                  | $ | 1,799 |  |   | $ | 38,877 |  |   | $ | 1,752 |  |   | $ | 42,428 |  |
| Liabilities                                                                   |   |   |   |   |   |   |   |
| Derivative financial instruments, included in Other liabilities               | $ | — |  |   | $ | — |  |   | $ | (1 | ) |   | $ | (1 | ) |
| Total liabilities                                                             | $ | — |  |   | $ | — |  |   | $ | (1 | ) |   | $ | (1 | ) |

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|                                                   |
|---------------------------------------------------|
|                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Level 3(In millions)                              | Balance atJanuary 1,2012 |   | 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 atMarch 31,2012 |   | Unrealized gains (losses) on Level 3 assets and liabilities held at March 31, 2012 recognized in net income (loss)* |
| Fixed maturity securities:                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Corporate and other bonds                         | $ | 482 |  |   | $ | 3 |  |   | $ | 4 |  |   | $ | 79 |  |   | $ | (86 | ) |   | $ | (19 | ) |   | $ | 33 |  |   | $ | (10 | ) |   | $ | 486 |  |   | $ | — |  |
| States, municipalities and political subdivisions | 171 |  |   | — |  |   | 2 |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | 173 |  |   | — |  |
| Asset-backed:                                     |  |  |   |  |  |   |  |  |   |  |  |   |   |   |   |   |  |  |   |  |  |   |  |  |   |  |  |
| Residential mortgage-backed                       | 452 |  |   | 1 |  |   | (4 | ) |   | 38 |  |   | — |  |   | (7 | ) |   | — |  |   | (33 | ) |   | 447 |  |   | — |  |
| Commercial mortgage-backed                        | 59 |  |   | — |  |   | 4 |  |   | 42 |  |   | — |  |   | — |  |   | — |  |   | — |  |   | 105 |  |   | — |  |
| Other asset-backed                                | 343 |  |   | 4 |  |   | 4 |  |   | 176 |  |   | (77 | ) |   | (25 | ) |   | — |  |   | (41 | ) |   | 384 |  |   | — |  |
| Total asset-backed                                | 854 |  |   | 5 |  |   | 4 |  |   | 256 |  |   | (77 | ) |   | (32 | ) |   | — |  |   | (74 | ) |   | 936 |  |   | — |  |
| Redeemable preferred stock                        | — |  |   | — |  |   | — |  |   | 53 |  |   | — |  |   | — |  |   | — |  |   | — |  |   | 53 |  |   | — |  |
| Total fixed maturity securities                   | 1,507 |  |   | 8 |  |   | 10 |  |   | 388 |  |   | (163 | ) |   | (51 | ) |   | 33 |  |   | (84 | ) |   | 1,648 |  |   | — |  |
| Equity securities                                 | 67 |  |   | — |  |   | (3 | ) |   | 11 |  |   | (1 | ) |   | — |  |   | — |  |   | — |  |   | 74 |  |   | (2 | ) |
| Derivative and other financial instruments, net   | 10 |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | 10 |  |   | — |  |
| Short term investments                            | 27 |  |   | — |  |   | — |  |   | 12 |  |   | — |  |   | (39 | ) |   | — |  |   | — |  |   | — |  |   | — |  |
| Life settlement contracts                         | 117 |  |   | 3 |  |   | — |  |   | — |  |   | — |  |   | (5 | ) |   | — |  |   | — |  |   | 115 |  |   | (1 | ) |
| Separate account business                         | 23 |  |   | — |  |   | — |  |   | — |  |   | (19 | ) |   | — |  |   | — |  |   | — |  |   | 4 |  |   | — |  |
| Total                                             | $ | 1,751 |  |   | $ | 11 |  |   | $ | 7 |  |   | $ | 411 |  |   | $ | (183 | ) |   | $ | (95 | ) |   | $ | 33 |  |   | $ | (84 | ) |   | $ | 1,851 |  |   | $ | (3 | ) |

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|                                                   |
|---------------------------------------------------|
|                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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 atMarch 31,2011 |   | Unrealized gains (losses) on Level 3 assets and liabilities held at March 31, 2011 recognized in net income (loss)* |
| Fixed maturity securities:                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Corporate and other bonds                         | $ | 624 |  |   | $ | 4 |  |   | $ | (5 | ) |   | $ | 42 |  |   | $ | (20 | ) |   | $ | (27 | ) |   | $ | 9 |  |   | $ | (50 | ) |   | $ | 577 |  |   | $ | — |  |
| States, municipalities and political subdivisions | 266 |  |   | — |  |   | 1 |  |   | — |  |   | — |  |   | (79 | ) |   | — |  |   | — |  |   | 188 |  |   | — |  |
| Asset-backed:                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |  |   | — |  |
| Residential mortgage-backed                       | 767 |  |   | 1 |  |   | 2 |  |   | 47 |  |   | (26 | ) |   | (22 | ) |   | — |  |   | (31 | ) |   | 738 |  |   | — |  |
| Commercial mortgage-backed                        | 73 |  |   | 3 |  |   | 16 |  |   | — |  |   | (4 | ) |   | — |  |   | — |  |   | — |  |   | 88 |  |   | — |  |
| Other asset-backed                                | 359 |  |   | 4 |  |   | — |  |   | 200 |  |   | (87 | ) |   | (31 | ) |   | — |  |   | — |  |   | 445 |  |   | — |  |
| Total asset-backed                                | 1,199 |  |   | 8 |  |   | 18 |  |   | 247 |  |   | (117 | ) |   | (53 | ) |   | — |  |   | (31 | ) |   | 1,271 |  |   | — |  |
| Redeemable preferred stock                        | 3 |  |   | 3 |  |   | (3 | ) |   | — |  |   | (3 | ) |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
| Total fixed maturity securities                   | 2,092 |  |   | 15 |  |   | 11 |  |   | 289 |  |   | (140 | ) |   | (159 | ) |   | 9 |  |   | (81 | ) |   | 2,036 |  |   | — |  |
| Equity securities                                 | 26 |  |   | (1 | ) |   | (1 | ) |   | 15 |  |   | (9 | ) |   | — |  |   | — |  |   | — |  |   | 30 |  |   | (3 | ) |
| Derivative and other financial instruments, net   | 25 |  |   | 2 |  |   | — |  |   | — |  |   | (19 | ) |   | — |  |   | — |  |   | — |  |   | 8 |  |   | 1 |  |
| Short term investments                            | 27 |  |   | — |  |   | — |  |   | 12 |  |   | — |  |   | (2 | ) |   | — |  |   | (10 | ) |   | 27 |  |   | — |  |
| Life settlement contracts                         | 129 |  |   | 3 |  |   | — |  |   | — |  |   | — |  |   | (5 | ) |   | — |  |   | — |  |   | 127 |  |   | (1 | ) |
| Separate account business                         | 41 |  |   | — |  |   | — |  |   | — |  |   | (2 | ) |   | — |  |   | — |  |   | — |  |   | 39 |  |   | — |  |
| Total                                             | $ | 2,340 |  |   | $ | 19 |  |   | $ | 10 |  |   | $ | 316 |  |   | $ | (170 | ) |   | $ | (166 | ) |   | $ | 9 |  |   | $ | (91 | ) |   | $ | 2,267 |  |   | $ | (3 | ) |

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|                                                                                                              |
|--------------------------------------------------------------------------------------------------------------|
|                                                                                                              |  |  |
| Major Category of Assets and Liabilities                                                                     |   | Consolidated Statements of Operations Line Items |
| Fixed maturity securities available-for-sale                                                                 |   | Net realized investment gains (losses) |
| Fixed maturity securities trading                                                                            |   | Net investment income |
| Equity securities                                                                                            |   | Net realized investment gains (losses) |
| 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 |

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|                                      |
|--------------------------------------|
|                                      |  |  |  |  |  |  |  |  |  |
| (In millions, except per share data) | Fair Value at March 31, 2012 |   | Valuation Technique(s) |   | Unobservable Input(s) |   | Range (Weighted Average) |
| Assets                               |   |   |   |   |   |   |   |
| Fixed maturity securities            | $ | 204 |  |   | Discounted cash flow |   | Expected call date assumption |   |  0.5 - 5.5 years (2.2 years) |
|                                 | $ | 53 |  |   | Market approach |   | Private offering price |   | $26.5 million per unit |
| Equity securities                    | $ | 69 |  |   | Market approach |   | Private offering price |   | $0.10 - $4,023 per share($211.01 per share) |
| Life settlement contracts            | $ | 115 |  |   | Discounted cash flow |   | Discount rate risk premiumMortality assumption |   | 9%65% - 928% (181%) |

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|                                                   |
|---------------------------------------------------|
|                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| March 31, 2012                                    | CarryingAmount |   | Estimated Fair Value |
| (In millions)                                     |   | Level 1 |   | Level 2 |   | Level 3 |   | Total |
| Financial assets                                  |   |   |   |   |   |   |   |   |   |
| Notes receivable for the issuance of common stock | $ | 23 |  |   | $ | — |  |   | $ | — |  |   | $ | 23 |  |   | $ | 23 |  |
| Mortgage loans                                    | 281 |  |   | — |  |   | — |  |   | 295 |  |   | 295 |  |
| Financial liabilities                             |   |   |   |   |   |   |   |   |   |
| Premium deposits and annuity contracts            | $ | 108 |  |   | $ | — |  |   | $ | — |  |   | $ | 112 |  |   | $ | 112 |  |
| Short term debt                                   | 83 |  |   | — |  |   | 84 |  |   | — |  |   | 84 |  |
| Long term debt                                    | 2,526 |  |   | — |  |   | 2,794 |  |   | — |  |   | 2,794 |  |

|                                                   |
|---------------------------------------------------|
|                                                   |  |  |  |  |  |  |  |
| December 31, 2011                                 | CarryingAmount |   | EstimatedFair Value |
| (In millions)                                     |   |
| Financial assets                                  |   |   |   |
| Notes receivable for the issuance of common stock | $ | 22 |  |   | $ | 22 |  |
| Mortgage loans                                    | 234 |  |   | 247 |  |
| Financial liabilities                             |   |   |   |
| Premium deposits and annuity contracts            | $ | 109 |  |   | $ | 114 |  |
| Short term debt                                   | 83 |  |   | 84 |  |
| Long term debt                                    | 2,525 |  |   | 2,679 |  |

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|                                                                                                                |
|----------------------------------------------------------------------------------------------------------------|
|                                                                                                                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Three months ended March 31, 2012                                                                              |   |   |   |   |   |   |   |
| (In millions)                                                                                                  | CNASpecialty |   | CNA Commercial |   | Corporate & OtherNon-Core |   | Total |
| Pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development | $ | (6 | ) |   | $ | (14 | ) |   | $ | 2 |  |   | $ | (18 | ) |
| Pretax (favorable) unfavorable premium development                                                             | (9 | ) |   | (17 | ) |   | 1 |  |   | (25 | ) |
| Total pretax (favorable) unfavorable net prior year development                                                | $ | (15 | ) |   | $ | (31 | ) |   | $ | 3 |  |   | $ | (43 | ) |

|                                                                                                                |
|----------------------------------------------------------------------------------------------------------------|
|                                                                                                                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Three months ended March 31, 2011                                                                              |   |   |   |   |   |   |   |
| (In millions)                                                                                                  | CNASpecialty |   | CNA Commercial |   | Corporate & Other Non-Core |   | Total |
| Pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development | $ | (15 | ) |   | $ | (7 | ) |   | $ | 3 |  |   | $ | (19 | ) |
| Pretax (favorable) unfavorable premium development                                                             | (7 | ) |   | (8 | ) |   | (1 | ) |   | (16 | ) |
| Total pretax (favorable) unfavorable net prior year development                                                | $ | (22 | ) |   | $ | (15 | ) |   | $ | 2 |  |   | $ | (35 | ) |

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|                                                                                                                      |
|----------------------------------------------------------------------------------------------------------------------|
|                                                                                                                      |  |  |  |  |  |  |  |
| Three months ended March 31                                                                                          |   |   |   |
| (In millions)                                                                                                        | 2012 |   | 2011 |
| Pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development:      |   |   |   |
| Medical Professional Liability                                                                                       | $ | (6 | ) |   | $ | (14 | ) |
| Other Professional Liability                                                                                         | 4 |  |   | 6 |  |
| Surety                                                                                                               | 1 |  |   | — |  |
| Warranty                                                                                                             | (1 | ) |   | (10 | ) |
| Other                                                                                                                | (4 | ) |   | 3 |  |
| Total pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development | $ | (6 | ) |   | $ | (15 | ) |

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|                                                                                                                      |
|----------------------------------------------------------------------------------------------------------------------|
|                                                                                                                      |  |  |  |  |  |  |  |
| Three months ended March 31                                                                                          |   |   |   |
| (In millions)                                                                                                        | 2012 |   | 2011 |
| Pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development:      |   |   |   |
| Commercial Auto                                                                                                      | $ | — |  |   | $ | 10 |  |
| General Liability                                                                                                    | 8 |  |   | 22 |  |
| Workers' Compensation                                                                                                | (19 | ) |   | 8 |  |
| Property and Other                                                                                                   | (3 | ) |   | (47 | ) |
| Total pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development | $ | (14 | ) |   | $ | (7 | ) |

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|                                               |
|-----------------------------------------------|
|                                               |  |  |  |  |  |  |  |  |
| Three months ended March 31                   |   |   |   |   |
| (In millions)                                 |   | 2012 |   | 2011 |
| Pension cost                                  |   |   |   |   |
| Service cost                                  |   | $ | 3 |  |   | $ | 4 |  |
| Interest cost on projected benefit obligation |   | 34 |  |   | 37 |  |
| Expected return on plan assets                |   | (43 | ) |   | (43 | ) |
| Amortization of net actuarial loss            |   | 10 |  |   | 6 |  |
| Net periodic pension cost                     |   | $ | 4 |  |   | $ | 4 |  |
|                                          |   |   |   |   |
| Postretirement benefit                        |   |   |   |   |
| Interest cost on projected benefit obligation |   | $ | — |  |   | $ | 1 |  |
| Amortization of prior service credit          |   | (4 | ) |   | (5 | ) |
| Amortization of net actuarial loss            |   | — |  |   | 1 |  |
| Net periodic postretirement benefit           |   | $ | (4 | ) |   | $ | (3 | ) |

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|                                                                                             |
|---------------------------------------------------------------------------------------------|
|                                                                                             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Three months ended                                                                          |   |   |   |   |   |   |   |   |   |   |   |
| March 31, 2012                                                                              | CNASpecialty |   | CNACommercial |   | Life &GroupNon-Core |   | Corporate& OtherNon-Core |   |   |   |   |
| (In millions)                                                                               |   |   |   |   | Eliminations |   | Total |
| Operating revenues                                                                          |   |  |   |   |  |   |   |  |   |   |  |   |   |  |   |   |  |
| Net earned premiums                                                                         | $ | 706 |  |   | $ | 803 |  |   | $ | 141 |  |   | $ | (1 | ) |   | $ | — |  |   | $ | 1,649 |  |
| Net investment income                                                                       | 175 |  |   | 265 |  |   | 198 |  |   | 10 |  |   | — |  |   | 648 |  |
| Other revenues                                                                              | 56 |  |   | 9 |  |   | (2 | ) |   | 5 |  |   | — |  |   | 68 |  |
| Total operating revenues                                                                    | 937 |  |   | 1,077 |  |   | 337 |  |   | 14 |  |   | — |  |   | 2,365 |  |
| Claims, Benefits and Expenses                                                               |   |  |   |   |  |   |   |  |   |   |  |   |   |  |   |   |  |
| Net incurred claims and benefits                                                            | 468 |  |   | 567 |  |   | 336 |  |   | 7 |  |   | — |  |   | 1,378 |  |
| Policyholders’ dividends                                                              | (2 | ) |   | 3 |  |   | 2 |  |   | — |  |   | — |  |   | 3 |  |
| Amortization of deferred acquisition costs                                                  | 148 |  |   | 139 |  |   | 8 |  |   | — |  |   | — |  |   | 295 |  |
| Other insurance related expenses                                                            | 72 |  |   | 144 |  |   | 35 |  |   | (1 | ) |   | — |  |   | 250 |  |
| Other expenses                                                                              | 50 |  |   | 7 |  |   | 6 |  |   | 48 |  |   | — |  |   | 111 |  |
| Total claims, benefits and expenses                                                         | 736 |  |   | 860 |  |   | 387 |  |   | 54 |  |   | — |  |   | 2,037 |  |
| Operating income (loss) from continuing operations before income tax                        | 201 |  |   | 217 |  |   | (50 | ) |   | (40 | ) |   | — |  |   | 328 |  |
| Income tax (expense) benefit on operating income (loss)                                     | (69 | ) |   | (78 | ) |   | 31 |  |   | 14 |  |   | — |  |   | (102 | ) |
| Net operating income (loss) from continuing operations attributable to CNA                  | 132 |  |   | 139 |  |   | (19 | ) |   | (26 | ) |   | — |  |   | 226 |  |
| Net realized investment gains (losses), net of participating policyholders’ interests | 8 |  |   | 11 |  |   | 13 |  |   | 4 |  |   | — |  |   | 36 |  |
| Income tax (expense) benefit on net realized investment gains (losses)                 | (2 | ) |   | (4 | ) |   | (5 | ) |   | (1 | ) |   | — |  |   | (12 | ) |
| Net realized investment gains (losses) attributable to CNA                             | 6 |  |   | 7 |  |   | 8 |  |   | 3 |  |   | — |  |   | 24 |  |
| Net income (loss) from continuing operations attributable to CNA                       | $ | 138 |  |   | $ | 146 |  |   | $ | (11 | ) |   | $ | (23 | ) |   | $ | — |  |   | $ | 250 |  |

|                                     |
|-------------------------------------|
|                                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| March 31, 2012                 |   |   |   |   |   |   |   |   |   |   |   |
| (In millions)                       |   |   |   |   |   |   |   |   |   |   |   |
| Reinsurance receivables             | $ | 863 |  |   | $ | 1,159 |  |   | $ | 1,359 |  |   | $ | 2,608 |  |   | $ | — |  |   | $ | 5,989 |  |
| Insurance receivables               | $ | 679 |  |   | $ | 1,086 |  |   | $ | 8 |  |   | $ | 4 |  |   | $ | — |  |   | $ | 1,777 |  |
| Deferred acquisition costs          | $ | 311 |  |   | $ | 265 |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | 576 |  |
| Insurance reserves                  |   |   |   |   |   |   |   |   |   |   |   |  |
| Claim and claim adjustment expenses | $ | 6,920 |  |   | $ | 11,422 |  |   | $ | 2,875 |  |   | $ | 2,986 |  |   | $ | — |  |   | $ | 24,203 |  |
| Unearned premiums                   | 1,705 |  |   | 1,529 |  |   | 150 |  |   | — |  |   | (1 | ) |   | 3,383 |  |
| Future policy benefits              | — |  |   | — |  |   | 9,959 |  |   | — |  |   | — |  |   | 9,959 |  |
| Policyholders’ funds          | 12 |  |   | 13 |  |   | 144 |  |   | — |  |   | — |  |   | 169 |  |

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|                                                                                                  |
|--------------------------------------------------------------------------------------------------|
|                                                                                                  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Three months ended                                                                               |   |   |   |   |   |   |   |   |   |   |   |
| March 31, 2011                                                                              | CNASpecialty |   | CNACommercial |   | Life &GroupNon-Core |   | Corporate& OtherNon-Core |   |   |   | Total |
| (In millions)                                                                                    |   |   |   |   | Eliminations |   |
| Operating revenues                                                                               |   |  |   |   |  |   |   |  |   |   |  |   |   |  |   |   |  |
| Net earned premiums                                                                              | $ | 669 |  |   | $ | 802 |  |   | $ | 144 |  |   | $ | 1 |  |   | $ | (1 | ) |   | $ | 1,615 |  |
| Net investment income                                                                            | 160 |  |   | 261 |  |   | 188 |  |   | 11 |  |   | — |  |   | 620 |  |
| Other revenues                                                                                   | 54 |  |   | 14 |  |   | (2 | ) |   | 1 |  |   | — |  |   | 67 |  |
| Total operating revenues                                                                         | 883 |  |   | 1,077 |  |   | 330 |  |   | 13 |  |   | (1 | ) |   | 2,302 |  |
| Claims, Benefits and Expenses                                                                    |   |  |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Net incurred claims and benefits                                                                 | 430 |  |   | 603 |  |   | 323 |  |   | 7 |  |   | — |  |   | 1,363 |  |
| Policyholders’ dividends                                                                   | — |  |   | — |  |   | 1 |  |   | — |  |   | — |  |   | 1 |  |
| Amortization of deferred acquisition costs                                                       | 143 |  |   | 148 |  |   | 6 |  |   | — |  |   | — |  |   | 297 |  |
| Other insurance related expenses                                                                 | 64 |  |   | 115 |  |   | 38 |  |   | 1 |  |   | (1 | ) |   | 217 |  |
| Other expenses                                                                                   | 40 |  |   | 16 |  |   | 6 |  |   | 44 |  |   | — |  |   | 106 |  |
| Total claims, benefits and expenses                                                              | 677 |  |   | 882 |  |   | 374 |  |   | 52 |  |   | (1 | ) |   | 1,984 |  |
| Operating income (loss) from continuing operations before income tax                             | 206 |  |   | 195 |  |   | (44 | ) |   | (39 | ) |   | — |  |   | 318 |  |
| Income tax (expense) benefit on operating income (loss)                                          | (70 | ) |   | (65 | ) |   | 26 |  |   | 12 |  |   | — |  |   | (97 | ) |
| Net operating (income) loss, after-tax, attributable to noncontrolling interests            | (8 | ) |   | — |  |   | — |  |   | — |  |   | — |  |   | (8 | ) |
| Net operating income (loss) from continuing operations attributable to CNA                       | 128 |  |   | 130 |  |   | (18 | ) |   | (27 | ) |   | — |  |   | 213 |  |
| Net realized investment gains (losses), net of participating policyholders’ interests      | 8 |  |   | 17 |  |   | (4 | ) |   | (8 | ) |   | — |  |   | 13 |  |
| Income tax (expense) benefit on net realized investment gains (losses)                      | (3 | ) |   | (6 | ) |   | 1 |  |   | 4 |  |   | — |  |   | (4 | ) |
| Net realized investment (gains) losses, after-tax, attributable to noncontrolling interests | — |  |   | (1 | ) |   | — |  |   | — |  |   | — |  |   | (1 | ) |
| Net realized investment gains (losses) attributable to CNA                                  | 5 |  |   | 10 |  |   | (3 | ) |   | (4 | ) |   | — |  |   | 8 |  |
| Net income (loss) from continuing operations attributable to CNA                            | $ | 133 |  |   | $ | 140 |  |   | $ | (21 | ) |   | $ | (31 | ) |   | $ | — |  |   | $ | 221 |  |

|                                     |
|-------------------------------------|
|                                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| December 31, 2011              |   |   |   |   |   |   |   |   |   |   |   |
| (In millions)                       |   |   |   |   |   |   |   |   |   |   |   |
| Reinsurance receivables             | $ | 852 |  |   | $ | 1,188 |  |   | $ | 1,375 |  |   | $ | 2,677 |  |   | $ | — |  |   | $ | 6,092 |  |
| Insurance receivables               | $ | 670 |  |   | $ | 1,047 |  |   | $ | 8 |  |   | $ | 1 |  |   | $ | — |  |   | $ | 1,726 |  |
| Deferred acquisition costs          | $ | 300 |  |   | $ | 252 |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | 552 |  |
| Insurance reserves                  |   |   |   |   |   |   |   |   |   |   |   |  |
| Claim and claim adjustment expenses | $ | 6,840 |  |   | $ | 11,509 |  |   | $ | 2,825 |  |   | $ | 3,129 |  |   | $ | — |  |   | $ | 24,303 |  |
| Unearned premiums                   | 1,629 |  |   | 1,480 |  |   | 141 |  |   | — |  |   | — |  |   | 3,250 |  |
| Future policy benefits              | — |  |   | — |  |   | 9,810 |  |   | — |  |   | — |  |   | 9,810 |  |
| Policyholders’ funds          | 15 |  |   | 10 |  |   | 166 |  |   | — |  |   | — |  |   | 191 |  |

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|                                         |
|-----------------------------------------|
|                                         |  |  |  |  |  |  |  |
| Three months ended March 31             |   |   |   |
| (In millions)                           | 2012 |   | 2011 |
| CNA Specialty                           |   |   |   |
| International                           | $ | 57 |  |   | $ | 51 |  |
| Professional & Management Liability | 694 |  |   | 660 |  |
| Surety                                  | 119 |  |   | 111 |  |
| Warranty & Alternative Risks        | 75 |  |   | 69 |  |
| CNA Specialty revenues                  | 945 |  |   | 891 |  |
| CNA Commercial                          |   |  |   |   |  |
| CNA Select Risk                         | 73 |  |   | 71 |  |
| Commercial Insurance                    | 762 |  |   | 752 |  |
| International                           | 91 |  |   | 127 |  |
| Small Business                          | 162 |  |   | 144 |  |
| CNA Commercial revenues                 | 1,088 |  |   | 1,094 |  |
| Life & Group Non-Core               |   |  |   |   |  |
| Health                                  | 291 |  |   | 270 |  |
| Life & Annuity                      | 60 |  |   | 56 |  |
| Other                                   | (1 | ) |   | — |  |
| Life & Group Non-Core revenues      | 350 |  |   | 326 |  |
| Corporate & Other Non-Core revenues | 18 |  |   | 5 |  |
| Eliminations                            | — |  |   | (1 | ) |
| Total revenues                          | $ | 2,401 |  |   | $ | 2,315 |  |

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|                                                                                             |
|---------------------------------------------------------------------------------------------|
|                                                                                             |  |  |  |  |  |  |  |
| Three months ended March 31                                                                 | 2012 |   | 2011 |
| (In millions)                                                                               |   |
| Operating Revenues                                                                          |   |   |   |
| Net earned premiums                                                                         | $ | 1,649 |  |   | $ | 1,615 |  |
| Net investment income                                                                       | 648 |  |   | 620 |  |
| Other revenues                                                                              | 68 |  |   | 67 |  |
| Total operating revenues                                                                    | 2,365 |  |   | 2,302 |  |
| Claims, Benefits and Expenses                                                               |   |   |   |
| Net incurred claims and benefits                                                            | 1,378 |  |   | 1,363 |  |
| Policyholders' dividends                                                                    | 3 |  |   | 1 |  |
| Amortization of deferred acquisition costs                                                  | 295 |  |   | 297 |  |
| Other insurance related expenses                                                            | 250 |  |   | 217 |  |
| Other expenses                                                                              | 111 |  |   | 106 |  |
| Total claims, benefits and expenses                                                         | 2,037 |  |   | 1,984 |  |
| Operating income (loss) from continuing operations before income tax                        | 328 |  |   | 318 |  |
| Income tax (expense) benefit on operating income (loss)                                     | (102 | ) |   | (97 | ) |
| Net operating (income) loss, after-tax, attributable to noncontrolling interests            | — |  |   | (8 | ) |
| Net operating income (loss) from continuing operations attributable to CNA                  | 226 |  |   | 213 |  |
| Net realized investment gains (losses), net of participating policyholders' interests       | 36 |  |   | 13 |  |
| Income tax (expense) benefit on net realized investment gains (losses)                      | (12 | ) |   | (4 | ) |
| Net realized investment (gains) losses, after-tax, attributable to noncontrolling interests | — |  |   | (1 | ) |
| Net realized investment gains (losses) attributable to CNA                                  | 24 |  |   | 8 |  |
| Income (loss) from continuing operations attributable to CNA                                | 250 |  |   | 221 |  |
| Loss from discontinued operations attributable to CNA                                       | — |  |   | (1 | ) |
| Net income (loss) attributable to CNA                                                       | $ | 250 |  |   | $ | 220 |  |

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|         |                    |
|---------|--------------------|
| • | 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 |

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|                                                   |
|---------------------------------------------------|
|                                                   |  |  |  |  |  |  |  |
| Three months ended March 31                       | 2012 |   | 2011 |
| (In millions, except ratios)                      |   |
| Net written premiums                              | $ | 765 |  |   | $ | 739 |  |
| Net earned premiums                               | 706 |  |   | 669 |  |
| Net investment income                             | 175 |  |   | 160 |  |
| Net operating income (loss)                       | 132 |  |   | 128 |  |
| Net realized investment gains (losses), after-tax | 6 |  |   | 5 |  |
| Net income (loss)                                 | 138 |  |   | 133 |  |
| Ratios                                            |   |   |   |
| Loss and loss adjustment expense                  | 66.3 |  % |   | 64.2 | % |
| Expense                                           | 31.3 |  |   | 30.8 |  |
| Dividend                                          | (0.3 | ) |   | 0.1 |  |
| Combined                                          | 97.3 |  % |   | 95.1 | % |

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|                                                                 |
|-----------------------------------------------------------------|
|                                                                 |  |  |  |  |  |  |  |
| (In millions)                                                   | March 31,2012 |   | December 31,2011 |
| Gross Case Reserves                                             | $ | 2,427 |  |   | $ | 2,441 |  |
| Gross IBNR Reserves                                             | 4,493 |  |   | 4,399 |  |
| Total Gross Carried Claim and Claim Adjustment Expense Reserves | $ | 6,920 |  |   | $ | 6,840 |  |
| Net Case Reserves                                               | $ | 2,098 |  |   | $ | 2,086 |  |
| Net IBNR Reserves                                               | 3,992 |  |   | 3,937 |  |
| Total Net Carried Claim and Claim Adjustment Expense Reserves   | $ | 6,090 |  |   | $ | 6,023 |  |

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|                                                   |
|---------------------------------------------------|
|                                                   |  |  |  |  |  |  |  |
| Three months ended March 31                       |   |   | 2011 |
| (In millions, except ratios)                      | 2012 |   |
| Net written premiums                              | $ | 843 |  |   | $ | 828 |  |
| Net earned premiums                               | 803 |  |   | 802 |  |
| Net investment income                             | 265 |  |   | 261 |  |
| Net operating income (loss)                       | 139 |  |   | 130 |  |
| Net realized investment gains (losses), after-tax | 7 |  |   | 10 |  |
| Net income (loss)                                 | 146 |  |   | 140 |  |
| Ratios                                            |   |   |   |
| Loss and loss adjustment expense                  | 70.7 | % |   | 75.3 |  % |
| Expense                                           | 35.1 |  |   | 32.9 |  |
| Dividend                                          | 0.4 |  |   | (0.2 | ) |
| Combined                                          | 106.2 | % |   | 108.0 |  % |

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|                                                                 |
|-----------------------------------------------------------------|
|                                                                 |  |  |  |  |  |  |  |
|                                                            | March 31,2012 |   | December 31,2011 |
| (In millions)                                                   |   |
| Gross Case Reserves                                             | $ | 6,196 |  |   | $ | 6,266 |  |
| Gross IBNR Reserves                                             | 5,226 |  |   | 5,243 |  |
| Total Gross Carried Claim and Claim Adjustment Expense Reserves | $ | 11,422 |  |   | $ | 11,509 |  |
| Net Case Reserves                                               | $ | 5,662 |  |   | $ | 5,720 |  |
| Net IBNR Reserves                                               | 4,636 |  |   | 4,670 |  |
| Total Net Carried Claim and Claim Adjustment Expense Reserves   | $ | 10,298 |  |   | $ | 10,390 |  |

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|                                                   |
|---------------------------------------------------|
|                                                   |  |  |  |  |  |  |  |
| Three months ended March 31                       |   |   | 2011 |
| (In millions)                                     | 2012 |   |
| Net earned premiums                               | $ | 141 |  |   | $ | 144 |  |
| Net investment income                             | 198 |  |   | 188 |  |
| Net operating income (loss)                       | (19 | ) |   | (18 | ) |
| Net realized investment gains (losses), after-tax | 8 |  |   | (3 | ) |
| Net income (loss)                                 | (11 | ) |   | (21 | ) |

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|                                                   |
|---------------------------------------------------|
|                                                   |  |  |  |  |  |  |  |
| Three months ended March 31                       |   |   |   |
| (In millions)                                     | 2012 |   | 2011 |
| Net investment income                             | $ | 10 |  |   | $ | 11 |  |
| Net operating income (loss)                       | (26 | ) |   | (27 | ) |
| Net realized investment gains (losses), after-tax | 3 |  |   | (4 | ) |
| Net income (loss)                                 | (23 | ) |   | (31 | ) |

|                                                                 |
|-----------------------------------------------------------------|
|                                                                 |  |  |  |  |  |  |  |
|                                                            | March 31,2012 |   | December 31,2011 |
| (In millions)                                                   |   |
| Gross Case Reserves                                             | $ | 1,232 |  |   | $ | 1,321 |  |
| Gross IBNR Reserves                                             | 1,754 |  |   | 1,808 |  |
| Total Gross Carried Claim and Claim Adjustment Expense Reserves | $ | 2,986 |  |   | $ | 3,129 |  |
| Net Case Reserves                                               | $ | 317 |  |   | $ | 347 |  |
| Net IBNR Reserves                                               | 247 |  |   | 244 |  |
| Total Net Carried Claim and Claim Adjustment Expense Reserves   | $ | 564 |  |   | $ | 591 |  |

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|                                 |
|---------------------------------|
|                                 |  |  |  |  |  |  |  |
| Three months ended March 31     |   |   |   |
| (In millions)                   | 2012 |   | 2011 |
| Fixed maturity securities       | $ | 516 |  |   | $ | 506 |  |
| Short term investments          | 1 |  |   | 2 |  |
| Limited partnership investments | 130 |  |   | 114 |  |
| Equity securities               | 4 |  |   | 6 |  |
| Mortgage loans                  | 3 |  |   | 2 |  |
| Trading portfolio               | 7 |  |   | 3 |  |
| Other                           | 1 |  |   | 2 |  |
| Gross investment income         | 662 |  |   | 635 |  |
| Investment expense              | (14 | ) |   | (15 | ) |
| Net investment income           | $ | 648 |  |   | $ | 620 |  |

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|                                                                                                  |
|--------------------------------------------------------------------------------------------------|
|                                                                                                  |  |  |  |  |  |  |  |
| Three months ended March 31                                                                      |   |   |   |
| (In millions)                                                                                    | 2012 |   | 2011 |
| Fixed maturity securities:                                                                       |   |   |   |
| Corporate and other bonds                                                                        | $ | 23 |  |   | $ | 53 |  |
| States, municipalities and political subdivisions                                                | 15 |  |   | (21 | ) |
| Asset-backed                                                                                     | (12 | ) |   | (15 | ) |
| U.S. Treasury and obligations of government-sponsored enterprises                                | 1 |  |   | — |  |
| Foreign government                                                                               | 3 |  |   | — |  |
| Redeemable preferred stock                                                                       | — |  |   | 3 |  |
| Total fixed maturity securities                                                                  | 30 |  |   | 20 |  |
| Equity securities                                                                                | 1 |  |   | — |  |
| Derivative securities                                                                            | (1 | ) |   | (1 | ) |
| Short term investments and other                                                                 | 6 |  |   | (6 | ) |
| Net realized investment gains (losses), net of participating policyholders’ interests      | 36 |  |   | 13 |  |
| Income tax (expense) benefit on net realized investment gains (losses)                           | (12 | ) |   | (4 | ) |
| Net realized investment (gains) losses, after-tax, attributable to noncontrolling interests | — |  |   | (1 | ) |
| Net realized investment gains (losses) attributable to CNA                                       | $ | 24 |  |   | $ | 8 |  |

|                                                                           |
|---------------------------------------------------------------------------|
|                                                                           |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                      | March 31, 2012 |   |   |   | December 31, 2011 |   |   |
| (In millions)                                                             |   | % |   |   | % |
| U.S. Government, Government agencies and Government-sponsored enterprises | $ | 4,658 |  |   | 11 | % |   | $ | 4,760 |  |   | 12 | % |
| AAA rated                                                                 | 3,503 |  |   | 8 |  |   | 3,421 |  |   | 8 |  |
| AA and A rated                                                            | 18,277 |  |   | 45 |  |   | 17,807 |  |   | 45 |  |
| BBB rated                                                                 | 11,292 |  |   | 28 |  |   | 10,790 |  |   | 27 |  |
| Non-investment grade                                                      | 3,107 |  |   | 8 |  |   | 3,159 |  |   | 8 |  |
| Total                                                                     | $ | 40,837 |  |   | 100 | % |   | $ | 39,937 |  |   | 100 | % |

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|               |
|---------------|
|               |  |  |  |  |  |  |  |  |  |  |  |  |  |
|          | March 31, 2012 |   |   |   | December 31, 2011 |   |   |
| (In millions) |   | % |   |   | % |
| BB            | $ | 1,486 |  |   | 48 | % |   | $ | 1,484 |  |   | 47 | % |
| B             | 786 |  |   | 25 |  |   | 867 |  |   | 27 |  |
| CCC - C       | 709 |  |   | 23 |  |   | 689 |  |   | 22 |  |
| D             | 126 |  |   | 4 |  |   | 119 |  |   | 4 |  |
| Total         | $ | 3,107 |  |   | 100 | % |   | $ | 3,159 |  |   | 100 | % |

|                                        |
|----------------------------------------|
|                                        |  |  |  |  |  |
| March 31, 2012                    | Percent ofFair Value |   | Percent ofUnrealized Loss |
| Due in one year or less                | 5 | % |   | 5 | % |
| Due after one year through five years  | 33 |  |   | 18 |  |
| Due after five years through ten years | 32 |  |   | 34 |  |
| Due after ten years                    | 30 |  |   | 43 |  |
| Total                                  | 100 | % |   | 100 | % |

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|                                                  |
|--------------------------------------------------|
|                                                  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                             | March 31, 2012 |   | December 31, 2011 |
| (In millions)                                    | Fair Value |   | EffectiveDuration(In years) |   | Fair Value |   | EffectiveDuration(In years) |
| Investments supporting Life & Group Non-Core | $ | 14,003 |  |   | 11.7 |  |   | $ | 13,820 |  |   | 11.5 |  |
| Other interest sensitive investments             | 28,307 |  |   | 4.2 |  |   | 28,071 |  |   | 3.9 |  |
| Total                                            | $ | 42,310 |  |   | 6.7 |  |   | $ | 41,891 |  |   | 6.4 |  |

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|                      |
|----------------------|
|                      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| March 31, 2012  | Corporate |   | Sovereign |   | Total |
| (In millions)        | Financial Sector |   | Other Sectors |   |   |   |   |
| AAA                  | $ | 173 |  |   | $ | 23 |  |   | $ | 157 |  |   | $ | 353 |  |
| AA                   | 201 |  |   | 91 |  |   | 28 |  |   | 320 |  |
| A                    | 885 |  |   | 793 |  |   | 8 |  |   | 1,686 |  |
| BBB                  | 311 |  |   | 1,073 |  |   | — |  |   | 1,384 |  |
| Non-investment grade | 3 |  |   | 162 |  |   | — |  |   | 165 |  |
| Total fair value     | $ | 1,573 |  |   | $ | 2,142 |  |   | $ | 193 |  |   | $ | 3,908 |  |
| Total amortized cost | $ | 1,540 |  |   | $ | 1,932 |  |   | $ | 191 |  |   | $ | 3,663 |  |

|                              |
|------------------------------|
|                              |  |  |  |  |  |  |  |
|                         | March 31, 2012 |   | December 31, 2011 |
| (In millions)                |   |
| Short term investments:      |   |   |   |
| Commercial paper             | $ | 509 |  |   | $ | 411 |  |
| U.S. Treasury securities     | 632 |  |   | 903 |  |
| Money market funds           | 33 |  |   | 45 |  |
| Other                        | 464 |  |   | 282 |  |
| Total short term investments | $ | 1,638 |  |   | $ | 1,641 |  |

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|         |                                                                                                                                                                                                                                                                                                                                                                                                                     |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | 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. |

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

|         |                                                                                                                                                                                                                                                                                                                                                                                                                              |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | regulatory limitations, impositions and restrictions upon us, including 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 regulatory authorities, including regulatory capital adequacy standards. |

|         |                                                                                                                                                                                                                                                                                                                                             |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | weather and other natural physical events, including the severity and frequency of storms, hail, snowfall and other winter conditions, natural disasters such as hurricanes and earthquakes, as well as climate change, including effects on 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. |

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|                     |
|---------------------|
|                     |  |  |
|                |   | CNA Financial Corporation |
|                |   |   |
| Dated:  May 1, 2012 | By | /s/ D. Craig Mense |
|                |   | D. Craig MenseExecutive Vice President andChief Financial Officer |

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