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|---------------------------------|
|                                 |  |  |
| MEDIA:                          |   | ANALYSTS: |
| Katrina W. Parker, 312/822-5167 |   | Marie Hotza, 312/822-4278 |
| Sarah J. Pang, 312/822-6394     |   | David C. Adams, 312/822-2183 |

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|---------------------------------------|
|                                       |  |  |  |  |  |  |  |
|                                  | Results for the Three Months Ended March 31 (a) |
| ($ millions)                          | 2012 |   | 2011 (b) |
| Net operating income                  | $ | 226 |  |   | $ | 213 |  |
| Net realized investment gains         | 24 |  |   | 8 |  |
| Net income from continuing operations | 250 |  |   | 221 |  |
| Net loss from discontinued operations | — |  |   | (1 | ) |
| Net income                            | $ | 250 |  |   | $ | 220 |  |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (a) | References to net operating income (loss), net realized investment gains (losses), net income (loss) from continuing operations and net income (loss) used in this press release reflect amounts attributable to CNA, unless otherwise noted.  Management utilizes the net operating income financial measure to monitor the Company's operations.  Please refer to Note N of the Consolidated Financial Statements within CNA's Annual Report on Form 10-K for the year ended December 31, 2011 for further discussion of this measure. |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (b) | The Company has adjusted its previously reported financial information to reflect a retrospective change in accounting guidance for deferred acquisition costs.  Financial information included herein gives effect to this adjustment.  For the first quarter of 2011, the impacts of adopting the new accounting standard were a $3 million decrease in Net operating income and Net income, a $0.01 decrease in Earnings per share and a $0.26 decrease in Book value per share. |

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|                                                        |
|--------------------------------------------------------|
|                                                        |  |  |  |  |  |  |  |
| Earnings Per Share Attributable to Common Stockholders |
|                                                   | Results for the Three Months Ended March 31 (a) |
|                                                   | 2012 |   | 2011 |
| Net operating income                                   | $ | 0.84 |  |   | $ | 0.79 |  |
| Net realized investment gains                          | 0.09 |  |   | 0.03 |  |
| Net income from continuing operations                  | 0.93 |  |   | 0.82 |  |
| Net loss from discontinued operations                  | — |  |   | — |  |
| Net income                                             | $ | 0.93 |  |   | $ | 0.82 |  |

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|         |                                                                                                                                                                                                                                                                                                                                                                                                   |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Net written premiums increased $26 million, or 4%, for the first quarter of 2012 as compared with the same period in 2011, primarily driven by increased rate.  Average rate increased 3% for the first quarter of 2012, as compared to a decrease of 1% for the same period in 2011 for the policies that renewed in each period.  Retention of 87% and 86% was achieved in each period. |

|         |                                                                                                                                                                                                                                                                                                                                                                                        |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Net income increased $5 million and net operating income increased $4 million for the first quarter of 2012 as compared with the same period in 2011.  The increase in net operating income was primarily due to increased net investment income, partially offset by lower favorable net prior year development and decreased current accident year underwriting results. |

|         |                                                                                                                                                                                                                                              |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | The combined ratio increased 2.2 points for the first quarter of 2012 as compared with the same period in 2011.  The loss ratio increased 2.1 points, primarily due to the impact of lower favorable net prior year development. |

|         |                                                                                                                                                                                                                                                           |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | CNA Specialty produced first quarter combined ratios of 97.3% and 95.1% in 2012 and 2011.  Excluding the impacts of catastrophe losses and development, our combined ratios were 98.8% and 97.8% for the same comparable periods. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Net written premiums increased $15 million, or 2% (6% excluding the impact of a subsidiary sold in the fourth quarter of 2011), for the first quarter of 2012 as compared with the same period in 2011.  This increase was primarily driven by new business and increased rate.  Average rate increased 5% for the first quarter of 2012, as compared to an increase of 1% for the first quarter of 2011 for the policies that renewed in each period.  Retention of 78% and 79% was achieved in each period. |

|         |                                                                                                                                                                                                                                                                                                                                                   |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Net income increased $6 million and net operating income increased $9 million for the first quarter of 2012 as compared with the same period in 2011.  The increase in net operating income was primarily due to lower catastrophe losses and increased favorable net prior year development, partially offset by increased expenses. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | The combined ratio improved 1.8 points for the first quarter of 2012 as compared with the same period in 2011.  The loss ratio improved 4.6 points, primarily due to the impacts of lower catastrophe losses and increased favorable net prior year development.  The expense ratio increased 2.2 points, primarily due to the favorable impact in 2011 of recoveries on insurance receivables written off in prior years. |

|         |                                                                                                                                                                                                                                                                |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | CNA Commercial produced first quarter combined ratios of 106.2% and 108.0% in 2012 and 2011.  Excluding the impacts of catastrophe losses and development, our combined ratios were 105.4% and 102.6% for the same comparable periods. |

|         |                                                                                                                                                                                              |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Net loss decreased $10 million for the first quarter of 2012 as compared with the same period in 2011.  This decrease was primarily due to improved net realized investment results. |

|         |                                                                                                                                                                                                                                                                                                                                        |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Net loss decreased $8 million for the first quarter of 2012 as compared with the same period in 2011, primarily due to improved net realized investment results.  Net operating income in 2012 was helped by lower interest expense, as a result of the issuance of debt on more favorable terms in the first quarter of 2011. |

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|                                                           |
|-----------------------------------------------------------|
|                                                           |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Segment Results for the Three Months Ended March 31, 2012 |
| ($ millions)                                              | CNA Specialty |   | CNA Commercial |   | Total P&C Operations |   | Life & Group Non-Core |   | Corporate & Other Non-Core |   | Total |
| Net operating income (loss)                               | $ | 132 |  |   | $ | 139 |  |   | $ | 271 |  |   | $ | (19 | ) |   | $ | (26 | ) |   | $ | 226 |  |
| Net realized investment gains                             | 6 |  |   | 7 |  |   | 13 |  |   | 8 |  |   | 3 |  |   | 24 |  |
| Net income (loss) from continuing operations              | $ | 138 |  |   | $ | 146 |  |   | $ | 284 |  |   | $ | (11 | ) |   | $ | (23 | ) |   | $ | 250 |  |

|                                                           |
|-----------------------------------------------------------|
|                                                           |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Segment Results for the Three Months Ended March 31, 2011 |
| ($ millions)                                              | CNA Specialty |   | CNA Commercial |   | Total P&C Operations |   | Life & Group Non-Core |   | Corporate & Other Non-Core |   | Total |
| Net operating income (loss)                               | $ | 128 |  |   | $ | 130 |  |   | $ | 258 |  |   | $ | (18 | ) |   | $ | (27 | ) |   | $ | 213 |  |
| Net realized investment gains (losses)                    | 5 |  |   | 10 |  |   | 15 |  |   | (3 | ) |   | (4 | ) |   | 8 |  |
| Net income (loss) from continuing operations              | $ | 133 |  |   | $ | 140 |  |   | $ | 273 |  |   | $ | (21 | ) |   | $ | (31 | ) |   | $ | 221 |  |

|                                                           |
|-----------------------------------------------------------|
|                                                           |  |  |  |  |  |  |  |
| Property & Casualty Operations Gross Written Premiums |
|                                                      | Three Months Ended March 31 |
| ($ millions)                                              | 2012 |   | 2011 |
| CNA Specialty                                             | $ | 1,273 |  |   | $ | 1,130 |  |
| CNA Commercial                                            | 887 |  |   | 893 |  |
| Total P&C Operations                                  | $ | 2,160 |  |   | $ | 2,023 |  |

|                                                         |
|---------------------------------------------------------|
|                                                         |  |  |  |  |  |  |  |
| Property & Casualty Operations Net Written Premiums |
|                                                    | Three Months Ended March 31 |
| ($ millions)                                            | 2012 |   | 2011 |
| CNA Specialty                                           | $ | 765 |  |   | $ | 739 |  |
| CNA Commercial                                          | 843 |  |   | 828 |  |
| Total P&C Operations                                | $ | 1,608 |  |   | $ | 1,567 |  |

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|                                                   |
|---------------------------------------------------|
|                                                   |  |  |  |  |  |
| Property & Casualty Calendar Year Loss Ratios |
|                                              | Three Months Ended March 31 |
|                                              | 2012 |   | 2011 |
| CNA Specialty                                     | 66.3 | % |   | 64.2 | % |
| CNA Commercial                                    | 70.7 | % |   | 75.3 | % |
| Total P&C Operations                          | 68.6 | % |   | 70.3 | % |

|                                                       |
|-------------------------------------------------------|
|                                                       |  |  |  |  |  |
| Property & Casualty Calendar Year Combined Ratios |
|                                                  | Three Months Ended March 31 |
|                                                  | 2012 |   | 2011 |
| CNA Specialty                                         | 97.3 | % |   | 95.1 | % |
| CNA Commercial                                        | 106.2 | % |   | 108.0 | % |
| Total P&C Operations                              | 102.0 | % |   | 102.1 | % |

|                                                                                          |
|------------------------------------------------------------------------------------------|
|                                                                                          |  |  |  |  |  |
| CNA Specialty Effect of Catastrophe Impacts and Development-Related Items                |
|                                                                                     | Three Months Ended March 31 |
|                                                                                     | 2012 |   | 2011 |
| Combined ratio excluding the effect of catastrophe impacts and development-related items | 98.8 |  % |   | 97.8 |  % |
| Effect of catastrophe impacts                                                            | 0.2 |  |   | 0.3 |  |
| Effect of development-related items                                                      | (1.7 | ) |   | (3.0 | ) |
| Combined ratio                                                                           | 97.3 |  % |   | 95.1 |  % |

|                                                                                          |
|------------------------------------------------------------------------------------------|
|                                                                                          |  |  |  |  |  |
| CNA Commercial Effect of Catastrophe Impacts and Development-Related Items               |
|                                                                                     | Three Months Ended March 31 |
|                                                                                     | 2012 |   | 2011 |
| Combined ratio excluding the effect of catastrophe impacts and development-related items | 105.4 |  % |   | 102.6 |  % |
| Effect of catastrophe impacts                                                            | 3.3 |  |   | 6.6 |  |
| Effect of development-related items                                                      | (2.5 | ) |   | (1.2 | ) |
| Combined ratio                                                                           | 106.2 |  % |   | 108.0 |  % |

|                                                                                                |
|------------------------------------------------------------------------------------------------|
|                                                                                                |  |  |  |  |  |
| Property & Casualty Operations Effect of Catastrophe Impacts and Development-Related Items |
|                                                                                           | Three Months Ended March 31 |
|                                                                                           | 2012 |   | 2011 |
| Combined ratio excluding the effect of catastrophe impacts and development-related items       | 102.2 |  % |   | 100.4 |  % |
| Effect of catastrophe impacts                                                                  | 1.9 |  |   | 3.7 |  |
| Effect of development-related items                                                            | (2.1 | ) |   | (2.0 | ) |
| Combined ratio                                                                                 | 102.0 |  % |   | 102.1 |  % |

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