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|                                 |
|---------------------------------|
|                                 |  |  |
| MEDIA:                          |   | ANALYSTS: |
| Jennifer Martinez, 312/822-5167 |   | James Anderson, 312/822-7757 |
| Sarah Pang, 312/822-6394        |   | Derek Smith, 312/822-6612 |
|                            |   | David Adams, 312/822-2183 |

|         |                                      |
|---------|--------------------------------------|
| • | NET OPERATING INCOME OF $190 MILLION |

|         |                                                                                 |
|---------|---------------------------------------------------------------------------------|
| • | 3.8 POINT IMPROVEMENT IN P&C COMBINED RATIO, EXCLUDING CATS AND DEVELOPMENT |

|         |                       |
|---------|-----------------------|
| • | OPERATING ROE OF 6.3% |

|         |                                       |
|---------|---------------------------------------|
| • | QUARTERLY DIVIDEND OF $0.25 PER SHARE |

|         |                                                                     |
|---------|---------------------------------------------------------------------|
| • | DISCONTINUED OPERATIONS IMPAIRMENT LOSS ON CAC SALE OF $214 MILLION |

|                                                        |
|--------------------------------------------------------|
|                                                        |  |  |  |  |  |  |  |
|                                                   | Results for the Three Months Ended March 31 (a) |
| ($ millions, except per share data)                    | 2014 |   | 2013 |
| Net operating income                                   | $ | 190 |  |   | $ | 225 |  |
| (Loss) income from discontinued operations, net of tax | (207 | ) |   | 9 |  |
| Net income                                             | 13 |  |   | 250 |  |
|                                                   |   |   |   |
| Net operating income per diluted share                 | $ | 0.70 |  |   | $ | 0.83 |  |
| Net income per diluted share                           | 0.05 |  |   | 0.93 |  |
|                                                   |   |   |   |
|                                                   | March 31, 2014 |   | December 31, 2013 |
| Book value per share                                   | $ | 46.61 |  |   | $ | 46.91 |  |
| Book value per share excluding AOCI                    | 44.05 |  |   | 45.26 |  |

|     |                                                                                                                                                                                                                                                                                            |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (a) | Management utilizes the net operating income financial measure to monitor the Company's operations.  Please refer to Note O in the  Consolidated Financial Statements within CNA's Annual Report on Form 10-K for the year ended December 31, 2013 for further discussion of this measure. |

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|                                                       |
|-------------------------------------------------------|
|                                                       |  |  |  |  |  |  |  |  |  |
|                                                  | Results for the Three Months Ended March 31 |
| ($ millions)                                          | 2014 |   | 2013 |
| Net written premiums                                  | $ | 1,767 |  |   |   | $ | 1,776 |  |   |
| NWP Growth (% year over year)                         | (1 | ) | % |   | 10 |  | % |
| Net operating income                                  | $ | 219 |  |   |   | $ | 257 |  |   |
|                                                  |   |   |   |   |   |
| Loss ratio excluding catastrophes and development     | 63.9 |  | % |   | 67.0 |  | % |
| Effect of catastrophe impacts                         | 4.5 |  |   |   | 2.4 |  |   |
| Effect of development-related items                   | (0.1 | ) |   |   | (1.9 | ) |   |
| Loss ratio                                            | 68.3 |  | % |   | 67.5 |  | % |
|                                                  |   |   |   |   |   |
| Combined ratio                                        | 101.6 |  | % |   | 101.5 |  | % |
| Combined ratio excluding catastrophes and development | 97.2 |  | % |   | 101.0 |  | % |

----

|                                                       |
|-------------------------------------------------------|
|                                                       |  |  |  |  |  |  |  |  |  |
|                                                  | Results for the Three Months Ended March 31 |
| ($ millions)                                          | 2014 |   | 2013 |
| Net written premiums                                  | $ | 796 |  |   |   | $ | 803 |  |   |
| NWP Growth (% year over year)                         | (1 | ) | % |   | 5 |  | % |
| Net operating income                                  | $ | 134 |  |   |   | $ | 140 |  |   |
|                                                  |   |   |   |   |   |
| Loss ratio excluding catastrophes and development     | 63.7 |  | % |   | 67.0 |  | % |
| Effect of catastrophe impacts                         | 1.4 |  |   |   | 0.2 |  |   |
| Effect of development-related items                   | (0.9 | ) |   |   | (2.9 | ) |   |
| Loss ratio                                            | 64.2 |  | % |   | 64.3 |  | % |
|                                                  |   |   |   |   |   |
| Combined ratio                                        | 94.4 |  | % |   | 95.0 |  | % |
| Combined ratio excluding catastrophes and development | 93.9 |  | % |   | 97.7 |  | % |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Net written premiums for CNA Specialty for the three months ended March 31, 2014 were consistent with the same period in 2013.  Average rate increased 4% for the three months ended March 31, 2014, as compared with an increase of 7% for the three months ended March 31, 2013, for the policies that renewed in each period.  Retention of 85% and 86% was achieved in each respective period. |

|         |                                                                                                                                                                                                                                                                |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Net operating income decreased $6 million for the three months ended March 31, 2014 as compared with the same period in 2013.  This decrease was primarily due to lower net investment income, partially offset by improved underwriting results. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | The combined ratio improved 0.6 points for the three months ended March 31, 2014 as compared with the same period in 2013.  The expense ratio decreased 0.4 points for the three months ended March 31, 2014 as compared with the same period in 2013, driven by a higher net earned premium base.  The loss ratio improved 0.1 points, due to an improved non-catastrophe current accident year loss ratio, substantially offset by lower favorable net prior year development and higher catastrophe losses.  Catastrophe losses were $11 million for the first quarter of 2014 as compared with $1 million for the prior year quarter. |

----

|                                                       |
|-------------------------------------------------------|
|                                                       |  |  |  |  |  |  |  |  |  |
|                                                  | Results for the Three Months Ended March 31 |
| ($ millions)                                          | 2014 |   | 2013 |
| Net written premiums                                  | $ | 899 |  |   |   | $ | 918 |  |   |
| NWP Growth (% year over year)                         | (2 | ) | % |   | 9 |  | % |
| Net operating income                                  | $ | 78 |  |   |   | $ | 125 |  |   |
|                                                  |   |   |   |   |   |
| Loss ratio excluding catastrophes and development     | 66.9 |  | % |   | 68.6 |  | % |
| Effect of catastrophe impacts                         | 7.5 |  |   |   | 4.6 |  |   |
| Effect of development-related items                   | 1.1 |  |   |   | (1.5 | ) |   |
| Loss ratio                                            | 75.5 |  | % |   | 71.7 |  | % |
|                                                  |   |   |   |   |   |
| Combined ratio                                        | 109.8 |  | % |   | 106.8 |  | % |
| Combined ratio excluding catastrophes and development | 101.2 |  | % |   | 103.7 |  | % |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Net written premiums for CNA Commercial decreased $19 million for the three months ended March 31, 2014 as compared with the same period in 2013, primarily driven by previous underwriting actions taken in certain business classes.  These underwriting actions were partially offset by continued strong rate increases.  Average rate increased 6% for the three months ended March 31, 2014, as compared with an increase of 9% for the three months ended March 31, 2013 for the policies that renewed in each period.  Retention of 75% and 78% was achieved in each respective period. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                     |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Net operating income decreased $47 million for the three months ended March 31, 2014 as compared with the same period in 2013.  This decrease was due to lower net investment income, higher catastrophe losses and lower favorable net prior year development.  These unfavorable items were partially offset by improved non-catastrophe current accident year underwriting results. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | The combined ratio increased 3.0 points for the three months ended March 31, 2014 as compared with the same period in 2013.  The loss ratio increased 3.8 points, primarily due to the impacts of higher catastrophe losses and lower favorable net prior year development, partially offset by an improved non-catastrophe current accident year loss ratio.  Catastrophe losses were $60 million for the first quarter of 2014 as compared with $38 million for the prior year quarter.  The expense ratio decreased 1.0 point for the first quarter of 2014 as compared with the prior year quarter, primarily due to lower underwriting expenses. |

----

|                                                       |
|-------------------------------------------------------|
|                                                       |  |  |  |  |  |  |  |  |  |
|                                                  | Results for the Three Months Ended March 31 |
| ($ millions)                                          | 2014 |   | 2013 |
| Net written premiums                                  | $ | 72 |  |   |   | $ | 55 |  |   |
| NWP growth (% year over year)                         | 31 |  | % |   |   |   |
| Net operating income (loss)                           | $ | 7 |  |   |   | $ | (8 | ) |   |
|                                                  |   |   |   |   |   |
| Loss ratio excluding catastrophes and development     | 40.3 |  | % |   | 47.3 |  | % |
| Effect of catastrophe impacts                         | 3.2 |  |   |   | — |  |   |
| Effect of development-related items                   | (4.7 | ) |   |   | 1.4 |  |   |
| Loss ratio                                            | 38.8 |  | % |   | 48.7 |  | % |
|                                                  |   |   |   |   |   |
| Combined ratio                                        | 87.1 |  | % |   | 105.5 |  | % |
| Combined ratio excluding catastrophes and development | 88.6 |  | % |   | 104.1 |  | % |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Net written premiums for Hardy increased $17 million for the three months ended March 31, 2014 as compared with the same period in 2013, helped by reduced reinsurance cost as well as modest organic business growth.  Average rate decreased 3% for the three months ended March 31, 2014, as compared with an increase of 1% for the three months ended March 31, 2013 for the policies that renewed in the period.  Retention of 77% and 71% was achieved in each respective period. |

|         |                                                                                                                                                                                   |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Net operating income increased $15 million for the three months ended March 31, 2014 as compared with the same period in 2013, due to improved underwriting results. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | The combined ratio improved 18.4 points for the three months ended March 31, 2014 as compared with the same period in 2013.  The loss ratio improved 9.9 points, due to the favorable impact of development-related items, including commutations, and an improved current accident year loss ratio. The expense ratio improved 8.5 points, primarily due to a higher net earned premium base, despite the unfavorable effect from certain legal and severance expenses. |

----

|                                     |
|-------------------------------------|
|                                     |  |  |  |  |  |  |  |  |  |
|                                | Results for the Three Months Ended March 31 |
| ($ millions)                        | 2014 |   |   | 2013 |   |
| Operating revenues                  | $ | 315 |  |   |   | $ | 306 |  |   |
| Total claims, benefits and expenses | 347 |  |   |   | 338 |  |   |
| Net operating loss                  | (2 | ) |   |   | (6 | ) |   |

|         |                                                                                                                                                                                                                                                                                                                                                                                |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Net operating loss decreased $4 million for the first quarter of 2014 as compared to the prior year quarter, primarily driven by higher net investment income due to a higher invested asset base.  Our long term care business was favorably affected by rate increase actions in the current period, while morbidity was less favorable and persistency unfavorable. |

|                                     |
|-------------------------------------|
|                                     |  |  |  |  |  |  |  |  |  |
|                                | Results for the Three Months Ended March 31 |
| ($ millions)                        | 2014 |   |   | 2013 |   |
| Operating revenues                  | $ | 6 |  |   |   | $ | 10 |  |   |
| Total claims, benefits and expenses | 47 |  |   |   | 49 |  |   |
| Net operating loss                  | (27 | ) |   |   | (26 | ) |   |

|         |                                                                                                                                                                         |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Results in 2014 included modestly higher interest expense from a new debt issuance in February 2014, in advance of the December 2014 maturity of our existing debt. |

----

| Net Operating Income (Loss)    |
|--------------------------------|
|                                |  |  |  |  |  |  |  |
|                           | Results for the Three Months Ended March 31 |
| ($ millions)                   | 2014 |   | 2013 |
| CNA Specialty                  | $ | 134 |  |   | $ | 140 |  |
| CNA Commercial                 | 78 |  |   | 125 |  |
| Hardy                          | 7 |  |   | (8 | ) |
| Total P&C Operations       | 219 |  |   | 257 |  |
| Life & Group Non-Core      | (2 | ) |   | (6 | ) |
| Corporate & Other Non-Core | (27 | ) |   | (26 | ) |
| Total                          | $ | 190 |  |   | $ | 225 |  |

| Net Income (Loss)              |
|--------------------------------|
|                                |  |  |  |  |  |  |  |
|                           | Results for the Three Months Ended March 31 |
| ($ millions)                   | 2014 |   | 2013 |
| CNA Specialty                  | $ | 142 |  |   | $ | 142 |  |
| CNA Commercial                 | 86 |  |   | 128 |  |
| Hardy                          | 7 |  |   | (7 | ) |
| Total P&C Operations       | 235 |  |   | 263 |  |
| Life & Group Non-Core      | 8 |  |   | — |  |
| Corporate & Other Non-Core | (23 | ) |   | (22 | ) |
| Discontinued Operations        | (207 | ) |   | 9 |  |
| Total                          | $ | 13 |  |   | $ | 250 |  |

| Property & Casualty Operations Gross Written Premiums |
|-----------------------------------------------------------|
|                                                           |  |  |  |  |  |  |  |
|                                                      | Results for the Three Months Ended March 31 |
| ($ millions)                                              | 2014 |   | 2013 |
| CNA Specialty                                             | $ | 1,447 |  |   | $ | 1,317 |  |
| CNA Commercial                                            | 925 |  |   | 960 |  |
| Hardy                                                     | 122 |  |   | 107 |  |
| Total P&C Operations                                  | $ | 2,494 |  |   | $ | 2,384 |  |

| Property & Casualty Operations Net Written Premiums |
|---------------------------------------------------------|
|                                                         |  |  |  |  |  |  |  |
|                                                    | Results for the Three Months Ended March 31 |
| ($ millions)                                            | 2014 |   | 2013 |
| CNA Specialty                                           | $ | 796 |  |   | $ | 803 |  |
| CNA Commercial                                          | 899 |  |   | 918 |  |
| Hardy                                                   | 72 |  |   | 55 |  |
| Total P&C Operations                                | $ | 1,767 |  |   | $ | 1,776 |  |

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