----

|                             |
|-----------------------------|
|                             |  |  |
| MEDIA:                      |   | ANALYSTS: |
| Brandon Davis, 312-822-5167 |   | James Anderson, 312-822-7757 |
| Sarah Pang, 312-822-6394    |   | Derek G. Smith, 312-822-6612 |
|                        |   | Robert Tardella, 312-822-4387 |

|         |                                                                     |
|---------|---------------------------------------------------------------------|
| • | NOI OF $132 MILLION, INCLUDING $54 MILLION RETRO REINSURANCE CHARGE |

|         |                                                                     |
|---------|---------------------------------------------------------------------|
| • | NOI OF $0.49 PER SHARE; $0.69 ADJUSTED FOR RETRO REINSURANCE CHARGE |

|         |                                                                            |
|---------|----------------------------------------------------------------------------|
| • | P&C COMBINED RATIO EX CATASTROPHES AND DEVELOPMENT OF 95.3%; 95.9% YTD |

|         |                                               |
|---------|-----------------------------------------------|
| • | BOOK VALUE PER SHARE EXCLUDING AOCI OF $44.73 |

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

|                                                        |
|--------------------------------------------------------|
|                                                        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                   | Results for the Three Months Ended June 30 |   | Results for the Six Months Ended June 30 |
| ($ millions, except per share data)                    | 2015 |   | 2014 |   | 2015 |   | 2014 |
| Net operating income (a)                               | $ | 132 |  |   | $ | 272 |  |   | $ | 357 |  |   | $ | 462 |  |
| Net realized investment gains (losses)                 | 6 |  |   | (11 | ) |   | 14 |  |   | 19 |  |
| Income (loss) from discontinued operations, net of tax | — |  |   | 6 |  |   | — |  |   | (201 | ) |
| Net income                                             | $ | 138 |  |   | $ | 267 |  |   | $ | 371 |  |   | $ | 280 |  |
|                                                   |   |   |   |   |   |   |   |
| Net operating income per diluted share                 | $ | 0.49 |  |   | $ | 1.00 |  |   | $ | 1.32 |  |   | $ | 1.71 |  |
| Net income per diluted share                      | 0.51 |  |   | 0.98 |  |   | 1.37 |  |   | 1.03 |  |

|                                     |
|-------------------------------------|
|                                     |  |  |  |  |  |  |  |
|                                | June 30, 2015 |   | December 31, 2014 |
| Book value per share                | $ | 45.27 |  |   | $ | 47.39 |  |
| Book value per share excluding AOCI | 44.73 |  |   | 45.91 |  |

|     |                                                                                                                                                                                                                                                                                            |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (a) | Management utilizes the net operating income financial measure to monitor the Company's operations.  Please refer to Note P in the  Consolidated Financial Statements within CNA's Annual Report on Form 10-K for the year ended December 31, 2014 for further discussion of this measure. |

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|                                                       |
|-------------------------------------------------------|
|                                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                  | Results for the Three Months Ended June 30 |   |   | Results for the Six Months Ended June 30 |   |
| ($ millions)                                          | 2015 |   | 2014 |   | 2015 |   | 2014 |
| Net written premiums                                  | $ | 1,638 |  |   |   | $ | 1,654 |  |   |   | $ | 3,307 |  |   |   | $ | 3,421 |  |   |
| NWP change (% year over year)                         | (1 | ) | % |   | (4 | ) | % |   | (3 | ) | % |   | (2 | ) | % |
| Net operating income                                  | $ | 237 |  |   |   | $ | 236 |  |   |   | $ | 501 |  |   |   | $ | 455 |  |   |
| Net income                                            | 241 |  |   |   | 226 |  |   |   | 510 |  |   |   | 461 |  |   |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |
| Loss ratio excluding catastrophes and development     | 61.7 |  | % |   | 62.8 |  | % |   | 62.0 |  | % |   | 63.4 |  | % |
| Effect of catastrophe impacts                         | 3.8 |  |   |   | 3.4 |  |   |   | 2.8 |  |   |   | 3.9 |  |   |
| Effect of development-related items                   | (0.7 | ) |   |   | 1.6 |  |   |   | (0.1 | ) |   |   | 0.7 |  |   |
| Loss ratio                                            | 64.8 |  | % |   | 67.8 |  | % |   | 64.7 |  | % |   | 68.0 |  | % |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |
| Combined ratio                                        | 98.4 |  | % |   | 101.3 |  | % |   | 98.6 |  | % |   | 101.4 |  | % |
| Combined ratio excluding catastrophes and development | 95.3 |  | % |   | 96.3 |  | % |   | 95.9 |  | % |   | 96.8 |  | % |

----

|                                                       |
|-------------------------------------------------------|
|                                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                  | Results for the Three Months Ended June 30 |   |   | Results for the Six Months Ended June 30 |   |
| ($ millions)                                          | 2015 |   | 2014 |   | 2015 |   | 2014 |
| Net written premiums                                  | $ | 672 |  |   |   | $ | 701 |  |   |   | $ | 1,370 |  |   |   | $ | 1,414 |  |   |
| NWP change (% year over year)                         | (4 | ) | % |   | (1 | ) | % |   | (3 | ) | % |   | (1 | ) | % |
| Net operating income                                  | $ | 137 |  |   |   | $ | 167 |  |   |   | $ | 272 |  |   |   | $ | 296 |  |   |
| Net income                                            | 137 |  |   |   | 163 |  |   |   | 275 |  |   |   | 300 |  |   |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |
| Loss ratio excluding catastrophes and development     | 61.7 |  | % |   | 62.3 |  | % |   | 62.0 |  | % |   | 62.7 |  | % |
| Effect of catastrophe impacts                         | 0.7 |  |   |   | 0.6 |  |   |   | 0.9 |  |   |   | 1.2 |  |   |
| Effect of development-related items                   | (2.1 | ) |   |   | (5.9 | ) |   |   | (1.2 | ) |   |   | (3.5 | ) |   |
| Loss ratio                                            | 60.3 |  | % |   | 57.0 |  | % |   | 61.7 |  | % |   | 60.4 |  | % |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |
| Combined ratio                                        | 91.2 |  | % |   | 87.5 |  | % |   | 92.9 |  | % |   | 90.8 |  | % |
| Combined ratio excluding catastrophes and development | 92.6 |  | % |   | 92.8 |  | % |   | 93.2 |  | % |   | 93.1 |  | % |

|         |                                                                                                                                                                                                                 |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Net operating income decreased $30 million for the second quarter of 2015 as compared with the prior year quarter, driven by less favorable net prior year development and lower net investment income. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | The combined ratio increased 3.7 points for the second quarter of 2015 as compared with the prior year quarter.  The loss ratio increased 3.3 points due to less favorable net prior year development, which more than offset an improved current accident year loss ratio.  Catastrophe losses were $5 million, or 0.7 points of the loss ratio, for the second quarter of 2015 as compared with $5 million, or 0.6 points of the loss ratio for the prior year quarter.  The expense ratio increased 0.4 points for the second quarter of 2015 as compared with the prior year quarter due to the unfavorable effect of lower net earned premiums. |

|         |                                                                                                                                                                                                                                                                                                                    |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Net written premiums for the second quarter of 2015 decreased $29 million as compared with the prior year period, primarily due to slightly lower retention and new business.  Average rate increased 1% for the policies that renewed in the second quarter of 2015 while achieving retention of 85%. |

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|                                                       |
|-------------------------------------------------------|
|                                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                  | Results for the Three Months Ended June 30 |   |   | Results for the Six Months Ended June 30 |   |
| ($ millions)                                          | 2015 |   | 2014 |   | 2015 |   | 2014 |
| Net written premiums                                  | $ | 717 |  |   |   | $ | 692 |  |   |   | $ | 1,476 |  |   |   | $ | 1,499 |  |   |
| NWP change (% year over year)                         | 4 |  | % |   | (5 | ) | % |   | (2 | ) | % |   | (4 | ) | % |
| Net operating income                                  | $ | 78 |  |   |   | $ | 49 |  |   |   | $ | 198 |  |   |   | $ | 123 |  |   |
| Net income                                            | 82 |  |   |   | 42 |  |   |   | 203 |  |   |   | 124 |  |   |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |
| Loss ratio excluding catastrophes and development     | 62.6 |  | % |   | 64.9 |  | % |   | 63.3 |  | % |  | 66.1 |  | % |
| Effect of catastrophe impacts                         | 7.7 |  |   |   | 6.4 |  |   |   | 5.3 |  |   |   | 7.4 |  |   |
| Effect of development-related items                   | 1.8 |  |   |   | 12.4 |  |   |   | 1.0 |  |   |   | 6.9 |  |   |
| Loss ratio                                            | 72.1 |  | % |   | 83.7 |  | % |   | 69.6 |  | % |   | 80.4 |  | % |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |
| Combined ratio                                        | 107.2 |  | % |   | 118.1 |  | % |   | 105.3 |  | % |   | 114.7 |  | % |
| Combined ratio excluding catastrophes and development | 97.7 |  | % |   | 99.3 |  | % |   | 99.0 |  | % |   | 100.4 |  | % |

|         |                                                                                                                                                                                                                   |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Net operating income increased $29 million for the second quarter of 2015 as compared with the prior year quarter, due to improved underwriting results, partially offset by lower net investment income. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | The combined ratio improved 10.9 points for the second quarter of 2015 as compared with the prior year quarter.  The loss ratio improved 11.6 points, due to less unfavorable net prior year development coupled with an improved current accident year loss ratio.  Catastrophe losses were $54 million, or 7.7 points of the loss ratio, for the second quarter of 2015, as compared with $47 million, or 6.4 points of the loss ratio, for the prior year quarter.  The expense ratio increased 0.8 points for the second quarter of 2015 as compared with the prior year quarter, driven by the unfavorable effect of lower net earned premiums. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                           |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Net written premiums increased $25 million for the second quarter of 2015 as compared with the prior year quarter.  This increase was driven by higher retention and new business, partially offset by underwriting actions taken in certain business classes.  Average rate increased 2% for the policies that renewed in the second quarter of 2015 while achieving a retention of 79%. |

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|                                                       |
|-------------------------------------------------------|
|                                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                  | Results for the Three Months Ended June 30 |   |   | Results for the Six Months Ended June 30 |   |
| ($ millions)                                          | 2015 |   | 2014 |   | 2015 |   | 2014 |
| Net written premiums                                  | $ | 249 |  |   |   | $ | 261 |  |   |   | $ | 461 |  |   |   | $ | 508 |  |   |
| NWP change (% year over year)                         | (5 | ) | % |   | (10 | ) | % |   | (9 | ) | % |   | 1 |  | % |
| Net operating income                                  | $ | 22 |  |   |   | $ | 20 |  |   |   | $ | 31 |  |   |   | $ | 36 |  |   |
| Net income                                            | 22 |  |   |   | 21 |  |   |   | 32 |  |   |   | 37 |  |   |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |
| Loss ratio excluding catastrophes and development     | 58.6 |  | % |   | 58.2 |  | % |   | 57.7 |  | % |  | 57.0 |  | % |
| Effect of catastrophe impacts                         | 0.8 |  |   |   | 1.8 |  |   |   | 1.0 |  |   |   | 1.6 |  |   |
| Effect of development-related items                   | (4.4 | ) |   |   | (9.2 | ) |   |   | (1.0 | ) |   |   | (6.1 | ) |   |
| Loss ratio                                            | 55.0 |  | % |   | 50.8 |  | % |   | 57.7 |  | % |   | 52.5 |  | % |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |
| Combined ratio                                        | 92.2 |  | % |   | 89.9 |  | % |   | 95.1 |  | % |   | 91.7 |  | % |
| Combined ratio excluding catastrophes and development | 95.8 |  | % |   | 97.3 |  | % |   | 95.1 |  | % |   | 96.2 |  | % |

|         |                                                                                                                           |
|---------|---------------------------------------------------------------------------------------------------------------------------|
| • | Net operating income increased $2 million for the second quarter of 2015 as compared with the prior year quarter. |

|         |                                                                                                                                                                                                                                                                                                                                                                             |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | The combined ratio increased 2.3 points for the second quarter of 2015 as compared with the prior year quarter.  The loss ratio increased 4.2 points, primarily due to less favorable net prior year development. The expense ratio improved 1.9 points due to decreased expenses, partially offset by the unfavorable effect of lower net earned premiums. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Net written premiums decreased $12 million for the second quarter of 2015 as compared with the prior year quarter.  The decrease was driven by the unfavorable effect of foreign currency exchange rates.  Excluding the effect of foreign currency exchange rates, net written premiums increased 5% for the second quarter of 2015 as compared with the prior year quarter.  Average rate decreased 1% for the policies that renewed in the second quarter of 2015 while achieving a retention of 71%. |

----

|                             |
|-----------------------------|
|                             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                        | Results for the Three Months Ended June 30 |   |   | Results for the Six Months Ended June 30 |   |
| ($ millions)                | 2015 |   | 2014 |   | 2015 |   | 2014 |
| Total operating revenues    | $ | 316 |  |   |   | $ | 320 |  |   |   | $ | 642 |  |   |   | $ | 635 |  |   |
| Net operating income (loss) | (24 | ) |   |   | 9 |  |   |   | (41 | ) |   |   | 7 |  |   |
| Net income (loss)           | (23 | ) |   |   | 6 |  |   |   | (37 | ) |   |   | 14 |  |   |

|         |                                                                                                                                                                                                                                                                                                                                                  |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Net operating results decreased $33 million for the second quarter of 2015 as compared with the prior year quarter.  The prior year quarter benefited from unusually favorable morbidity and persistency experience in our long term care business as compared to modestly unfavorable morbidity experience in the current year quarter. |

|                             |
|-----------------------------|
|                             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                        | Results for the Three Months Ended June 30 |   | Results for the Six Months Ended June 30 |
| ($ millions)                | 2015 |   | 2014 |   | 2015 |   | 2014 |
| Interest expense            | $ | 39 |  |   |   | $ | 46 |  |   |   | $ | 78 |  |   |   | $ | 90 |  |   |
| Net operating income (loss) | (81 | ) |   |   | 27 |  |   |   | (103 | ) |   |   | — |  |   |
| Net income (loss)           | (80 | ) |   |   | 29 |  |   |   | (102 | ) |   |   | 6 |  |   |

----