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|                             |
|-----------------------------|
|                             |  |  |
| MEDIA:                      |   | ANALYSTS: |
| Brandon Davis, 312-822-5885 |   | James Anderson, 312-822-7757 |
| Sarah Pang, 312-822-6394    |   | Robert Tardella, 312-822-4387 |
|                        |   |   |

|         |                                             |
|---------|---------------------------------------------|
| • | NET INCOME OF $209 MILLION; $0.77 PER SHARE |

|         |                                                       |
|---------|-------------------------------------------------------|
| • | NET OPERATING INCOME OF $201 MILLION; $0.74 PER SHARE |

|         |                                                  |
|---------|--------------------------------------------------|
| • | P&C COMBINED RATIO OF 97.4% VS 98.4% IN 2015 |

|         |                                               |
|---------|-----------------------------------------------|
| • | BOOK VALUE PER SHARE EXCLUDING AOCI OF $43.16 |

|         |                                       |
|---------|---------------------------------------|
| • | 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)    | 2016 |   | 2015 |   | 2016 |   | 2015 |
| Net operating income (a)               | $ | 201 |  |   | $ | 132 |  |   | $ | 292 |  |   | $ | 357 |  |
| Net realized investment gains (losses) | 8 |  |   | 6 |  |   | (17 | ) |   | 14 |  |
| Net income                             | $ | 209 |  |   | $ | 138 |  |   | $ | 275 |  |   | $ | 371 |  |
|                                   |   |   |   |   |   |   |   |
| Net operating income per diluted share | $ | 0.74 |  |   | $ | 0.49 |  |   | $ | 1.08 |  |   | $ | 1.32 |  |
| Net income per diluted share           | 0.77 |  |   | 0.51 |  |   | 1.02 |  |   | 1.37 |  |

|                                     |
|-------------------------------------|
|                                     |  |  |  |  |  |  |  |
|                                | June 30, 2016 |   | December 31, 2015 |
| Book value per share                | $ | 43.94 |  |   | $ | 43.49 |  |
| Book value per share excluding AOCI | 43.16 |  |   | 44.66 |  |

|     |                                                                                                                                                                                                                                                                                           |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (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, 2015 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)                                          | 2016 |   | 2015 |   | 2016 |   |   | 2015 |   |
| Net written premiums                                  | $ | 1,625 |  |   |   | $ | 1,638 |  |   |   | $ | 3,293 |  |   |   | $ | 3,307 |  |   |
| NWP change (% year over year)                         | (1 | ) | % |   | (1 | ) | % |   | — |  | % |   | (3 | ) | % |
| Net investment income                                 | $ | 310 |  |   |   | $ | 316 |  |   |   | $ | 555 |  |   |   | $ | 689 |  |   |
| Net operating income                                  | 229 |  |   |   | 237 |  |   |   | 436 |  |   |   | 501 |  |   |
| Net income                                            | 239 |  |   |   | 241 |  |   |   | 430 |  |   |   | 510 |  |   |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |
| Loss ratio excluding catastrophes and development     | 63.9 |  | % |   | 61.7 |  | % |   | 62.9 |  | % |   | 62.0 |  | % |
| Effect of catastrophe impacts                         | 5.3 |  |   |   | 3.8 |  |   |   | 3.9 |  |   |   | 2.8 |  |   |
| Effect of development-related items                   | (6.2 | ) |   |   | (0.7 | ) |   |   | (4.9 | ) |   |   | (0.1 | ) |   |
| Loss ratio                                            | 63.0 |  | % |   | 64.8 |  | % |   | 61.9 |  | % |   | 64.7 |  | % |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |
| Combined ratio                                        | 97.4 |  | % |   | 98.4 |  | % |   | 96.8 |  | % |   | 98.6 |  | % |
| Combined ratio excluding catastrophes and development | 98.3 |  | % |   | 95.3 |  | % |   | 97.8 |  | % |   | 95.9 |  | % |

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|                                                       |
|-------------------------------------------------------|
|                                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                  | Results for the Three Months Ended June 30 |   | Results for the Six Months Ended June 30 |
| ($ millions)                                          | 2016 |   | 2015 |   | 2016 |   |   | 2015 |   |
| Net written premiums                                  | $ | 691 |  |   |   | $ | 672 |  |   |   | $ | 1,375 |  |   |   | $ | 1,370 |  |   |
| NWP change (% year over year)                         | 3 |  | % |   | (4) |  | % |   | — |  | % |   | (3 | ) | % |
| Net operating income                                  | $ | 164 |  |   |   | $ | 137 |  |   |   | $ | 291 |  |   |   | $ | 272 |  |   |
| Net income                                            | 166 |  |   |   | 137 |  |   |   | 286 |  |   |   | 275 |  |   |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |
| Loss ratio excluding catastrophes and development     | 62.5 |  | % |   | 61.7 |  | % |   | 62.5 |  | % |   | 62.0 |  | % |
| Effect of catastrophe impacts                         | 1.3 |  |   |   | 0.7 |  |   |   | 1.0 |  |   |   | 0.9 |  |   |
| Effect of development-related items                   | (9.9 | ) |   |   | (2.1 | ) |   |   | (8.0 | ) |   |   | (1.2 | ) |   |
| Loss ratio                                            | 53.9 |  | % |   | 60.3 |  | % |   | 55.5 |  | % |   | 61.7 |  | % |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |
| Combined ratio                                        | 85.4 |  | % |   | 91.2 |  | % |   | 87.4 |  | % |   | 92.9 |  | % |
| Combined ratio excluding catastrophes and development | 94.0 |  | % |   | 92.6 |  | % |   | 94.4 |  | % |   | 93.2 |  | % |

|         |                                                                                                                                                                                          |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Net operating income increased $27 million for the second quarter of 2016 as compared with the prior year quarter, primarily due to higher favorable net prior year development. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | The combined ratio improved 5.8 points as compared with the prior year quarter.  The loss ratio improved 6.4 points primarily due to higher favorable net prior year reserve development partially offset by a higher non-catastrophe current accident year loss ratio.  Catastrophe losses were $9 million, or 1.3 points of the loss ratio, as compared to $5 million, or 0.7 points of the loss ratio for the prior year quarter.  The expense ratio increased 0.6 points as compared with the prior year quarter, primarily due to higher net commissions. |

|         |                                                                                                                                                                                                                                                                                                            |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Net written premiums increased $19 million as compared with the prior year quarter, reflecting steady retention, positive rate and a modest amount of new business.  Average rate increased 1% for the policies that renewed in the second quarter of 2016 while achieving a retention of 86%. |

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|                                                       |
|-------------------------------------------------------|
|                                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                  | Results for the Three Months Ended June 30 |   | Results for the Six Months Ended June 30 |
| ($ millions)                                          | 2016 |   | 2015 |   | 2016 |   |   | 2015 |   |
| Net written premiums                                  | $ | 740 |  |   |   | $ | 717 |  |   |   | $ | 1,488 |  |   |   | $ | 1,476 |  |   |
| NWP change (% year over year)                         | 3 |  | % |   | 4 |  | % |   | 1 |  | % |   | (2 | ) | % |
| Net operating income                                  | $ | 92 |  |   |   | $ | 78 |  |   |   | $ | 166 |  |   |   | $ | 198 |  |   |
| Net income                                            | 97 |  |   |   | 82 |  |   |   | 159 |  |   |   | 203 |  |   |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |
| Loss ratio excluding catastrophes and development     | 61.6 |  | % |   | 62.6 |  | % |   | 61.6 |  | % |   | 63.3 |  | % |
| Effect of catastrophe impacts                         | 8.0 |  |   |   | 7.7 |  |   |   | 6.1 |  |   |   | 5.3 |  |   |
| Effect of development-related items                   | (2.2 | ) |   |   | 1.8 |  |   |   | (1.9 | ) |   |   | 1.0 |  |   |
| Loss ratio                                            | 67.4 |  | % |   | 72.1 |  | % |   | 65.8 |  | % |   | 69.6 |  | % |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |
| Combined ratio                                        | 103.5 |  | % |   | 107.2 |  | % |   | 102.7 |  | % |   | 105.3 |  | % |
| Combined ratio excluding catastrophes and development | 97.7 |  | % |   | 97.7 |  | % |   | 98.5 |  | % |   | 99.0 |  | % |

|         |                                                                                                                                                                                           |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Net operating income increased $14 million for the second quarter of 2016 as compared with the prior year quarter, primarily due to favorable net prior year reserve development. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | The combined ratio improved 3.7 points as compared with the prior year quarter.  The loss ratio improved 4.7 points due to favorable net prior year reserve development and an improved non-catastrophe current accident year loss ratio.  Catastrophe losses were $55 million, or 8.0 points of the loss ratio, as compared to $54 million, or 7.7 points of the loss ratio for the prior year quarter.  The expense ratio increased 0.8 points as compared with the prior year quarter, due to higher underwriting expenses. |

|         |                                                                                                                                                                                                                                                                                   |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Net written premiums increased $23 million as compared with the prior year quarter, driven by higher retention and a steady level of new business.  Average rate was flat for the policies that renewed in the second quarter of 2016 while achieving a retention of 83%. |

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|                                                       |
|-------------------------------------------------------|
|                                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                  | Results for the Three Months Ended June 30 |   | Results for the Six Months Ended June 30 |
| ($ millions)                                          | 2016 |   | 2015 |   | 2016 |   |   | 2015 |   |
| Net written premiums                                  | $ | 194 |  |   |   | $ | 249 |  |   |   | $ | 430 |  |   |   | $ | 461 |  |   |
| NWP change (% year over year)                         | (22 | ) | % |   | (5 | ) | % |   | (7 | ) | % |   | (9 | ) | % |
| Net operating income                                  | $ | (27 | ) |   |   | $ | 22 |  |   |   | $ | (21 | ) |   |   | $ | 31 |  |   |
| Net income                                            | (24 | ) |   |   | 22 |  |   |   | (15 | ) |   |   | 32 |  |   |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |
| Loss ratio excluding catastrophes and development     | 76.5 |  | % |   | 58.6 |  | % |   | 69.0 |  | % |   | 57.7 |  | % |
| Effect of catastrophe impacts                         | 10.6 |  |   |   | 0.8 |  |   |   | 6.3 |  |   |   | 1.0 |  |   |
| Effect of development-related items                   | (7.3 | ) |   |   | (4.4 | ) |   |   | (4.8 | ) |   |   | (1.0 | ) |   |
| Loss ratio                                            | 79.8 |  | % |   | 55.0 |  | % |   | 70.5 |  | % |   | 57.7 |  | % |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |
| Combined ratio                                        | 118.6 |  | % |   | 92.2 |  | % |   | 108.8 |  | % |   | 95.1 |  | % |
| Combined ratio excluding catastrophes and development | 115.3 |  | % |   | 95.8 |  | % |   | 107.3 |  | % |   | 95.1 |  | % |

|         |                                                                                                                                                                                                                                                                                                                                                    |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Net operating results decreased $49 million for the second quarter of 2016 as compared with the prior year quarter, primarily due to a higher level of large losses as well as higher catastrophe losses.  Additionally, the comparison was negatively affected by $13 million due to fluctuations in foreign currency exchange rates. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | The combined ratio increased 26.4 points as compared with the prior year quarter.  The loss ratio increased 24.8 points due to an increase in the current accident year loss ratio driven by large losses related to political risk, property and financial institutions partially offset by higher favorable net prior year loss development.  Catastrophe losses were $21 million, or 10.6 points of the loss ratio, primarily driven by the Fort McMurray wildfires, as compared to $1 million, or 0.8 points of the loss ratio for the prior year quarter.  The expense ratio increased 1.6 points as compared with the prior year quarter, due to lower net earned premiums. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Net written premiums decreased $55 million as compared with the prior year quarter.  Excluding the effect of foreign currency exchange rates and the timing of reinsurance spend, net written premiums for the second quarter of 2016 decreased 12% primarily due to lower retention and rate.  Average rate decreased 2% for the policies that renewed in the second quarter of 2016 while achieving a retention of 70%. |

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|                          |
|--------------------------|
|                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                     | Results for the Three Months Ended June 30 |   | Results for the Six Months Ended June 30 |
| ($ millions)             | 2016 |   |   | 2015 |   |   | 2016 |   |   | 2015 |   |
| Total operating revenues | $ | 327 |  |   |   | $ | 316 |  |   |   | $ | 645 |  |   |   | $ | 642 |  |   |
| Net investment income    | 188 |  |   |   | 179 |  |   |   | 375 |  |   |   | 358 |  |   |
| Net operating loss       | (4 | ) |   |   | (24 | ) |   |   | (6 | ) |   |   | (41 | ) |   |
| Net loss                 | (9 | ) |   |   | (23 | ) |   |   | (14 | ) |   |   | (37 | ) |   |

|         |                                                                                                                                                                                                                                                                                                                  |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Due to the recognition of the premium deficiency and resetting of actuarial assumptions in the fourth quarter of 2015, the operating results for our long term care business in 2016 now reflect the variance between actual experience and the expected results contemplated in our best estimate reserves. |

|         |                                                                                                                                                                                                                                                                                                                           |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | The net operating loss of $4 million for the second quarter of 2016 was generally in line with expectations, as the impact of unfavorable persistency in our long term care business was partially offset by favorable mortality experience in our structured settlements and life settlement contracts business. |

|                       |
|-----------------------|
|                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                  | Results for the Three Months Ended June 30 |   | Results for the Six Months Ended June 30 |
| ($ millions)          | 2016 |   |   | 2015 |   |   | 2016 |   |   | 2015 |   |
| Net investment income | $ | 4 |  |   |   | $ | 5 |  |   |   | $ | 7 |  |   |   | $ | 11 |  |   |
| Interest expense      | 38 |  |   |   | 39 |  |   |   | 80 |  |   |   | 78 |  |   |
| Net operating loss    | (24 | ) |   |   | (81 | ) |   |   | (138 | ) |   |   | (103 | ) |   |
| Net loss              | (21 | ) |   |   | (80 | ) |   |   | (141 | ) |   |   | (102 | ) |   |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Net operating loss for the second quarter of 2016 as compared with the prior year quarter improved $57 million.  Results in 2015 were negatively affected by a $54 million after-tax charge related to the application of retroactive reinsurance accounting to adverse reserve development ceded under the 2010 A&EP Loss Portfolio Transfer, as the Company completed the reserve review in the second quarter of 2015 and in the first quarter of 2016. |

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