CNA Financial (CNA) 8-K Results of Operations and Financial Condition

Exhibit 99.2

CNA Financial Corporation

Supplemental Financial Information

March 31, 2010

This report is for informational purposes only and includes consolidated financial statements and financial exhibits that are unaudited. This report should be read in conjunction with documents filed with the U.S. Securities and Exchange Commission, including the most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.

CNA Financial Corporation
Table of Contents
March 31, 2010

	Page
Definitions and Presentation		i
Statements of Operations		1
Components of Income (Loss) Attributable to CNA Common Stockholders, Per Share Data and Return on Equity		2
Selected Balance Sheets Data and Statements of Cash Flows Data		3
Claim & Claim Adjustment Expense Reserve Rollforward		4
Investments by Segment Aggregation		5
Asset-Backed Exposure		6-9
Property & Casualty Results of Operations (Three Months Ended)		10
Life & Group Non-Core and Corporate & Other Non-Core Segments Results of Operations (Three Months Ended)		11
Components of Pretax Net Investment Income		12
Statutory Data — Preliminary		13
Property & Casualty Operations Loss and LAE Ratio Analysis		14

CNA Financial Corporation

Definitions and Presentation

• P&C Operationsincludes CNA Specialty and CNA Commercial.

• Life & Group Non-Coresegment primarily includes the results of the life and group lines of business that are in run-off.

• Corporate & Other Non-Coresegment primarily includes certain corporate expenses including interest on corporate debt and the results of certain property and casualty business primarily in run-off, including CNA Re. This segment also includes the results related to the centralized adjusting and settlement of asbestos and environmental pollution claims.

• 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 the 2009 Form 10-K for further discussion of this measure.

• In evaluating the results of CNA Specialty and CNA Commercial, management utilizes the combined ratio, the loss ratio, the expense ratio, and the dividend ratio. These ratios are calculated using financial results prepared in accordance with accounting principles generally accepted in the United States of America. The loss ratio is the percentage of net incurred claim and claim adjustment expenses to net earned premiums. The expense ratio is the percentage of insurance underwriting and acquisition expenses, including the amortization of deferred acquisition costs, to net earned premiums. The dividend ratio is the ratio of policyholders’ dividends incurred to net earned premiums. The combined ratio is the sum of the loss, expense and dividend ratios.

• Limited partnerships are a relatively small portion of CNA’s overall investment portfolio. The majority of our limited partnership investments employ strategies that generate returns through investing in securities that are marketable while engaging in various management techniques primarily in public fixed income and equity markets. The risks associated with limited partnership investments may include losses due to leveraging, short-selling, derivatives or other speculative investment practices. The use of leverage increases volatility generated by the underlying investment strategies.

• Certain immaterial differences are due to rounding.

• N/M = Not Meaningful

• FY = Full Year

 i

CNA FINANCIAL CORPORATION
Financial Supplement
Statements of Operations

							Fav /
PERIOD ENDED MARCH 31	Three Months						(Unfav)
(In millions)	2010			2009			% Change
STATEMENTS OF OPERATIONS
Revenues:
Net earned premiums	$	1,615		$	1,672			(3	)%
Net investment income		590			420			40
Net realized investment gains (losses), net of participating policyholders’ interests:
Other-than-temporary impairment (OTTI) losses		(90	)		(614	)		85
Portion of OTTI losses recognized in Other comprehensive income		30			—			N/M
Net OTTI losses recognized in earnings (1)		(60	)		(614	)		90
Other net realized investment gains		94			82			15
Net realized investment gains (losses), net of participating policyholders’ interests		34			(532	)		106
Other revenues		76			78			(3	)
Total revenues		2,315			1,638			41
Claims, benefits and expenses:
Insurance claims and policyholders’ benefits		1,308			1,342			3
Amortization of deferred acquisition costs		342			349			2
Other operating expenses		272			251			(8	)
Interest		36			31			(16	)
Total claims, benefits and expenses		1,958			1,973			1
Income (loss) from continuing operations before income tax		357			(335	)		N/M
Income tax (expense) benefit		(102	)		150			(168	)
Income (loss) from continuing operations		255			(185	)		N/M
Income (loss) from discontinued operations, net of tax		—			—			N/M
Net income (loss)		255			(185	)		N/M
Net income attributable to noncontrolling interests		(10	)		(10	)		—
Net income (loss) attributable to CNA	$	245		$	(195	)		N/M	%

(1) During the second quarter of 2009, the Company adopted updated accounting guidance, which amended the OTTI loss model for fixed maturity securities. Please refer to Note A of the Consolidated Financial Statements within the 2009 Form 10-K for further information.

1

CNA FINANCIAL CORPORATION
Financial Supplement
Components of Income (Loss) Attributable to CNA Common Stockholders, Per Share Data and Return on Equity

PERIOD ENDED MARCH 31	Three Months
(In millions, except per share data)	2010			2009
COMPONENTS OF INCOME (LOSS) ATTRIBUTABLE TO CNACOMMON STOCKHOLDERS
Net operating income from continuing operations attributable to CNA	$	223		$	149
Less: 2008 Senior Preferred dividends		(25	)		(31	)
Net operating income from continuing operations attributable to CNA common stockholders		198			118
Net realized investment gains (losses) attributable to CNA common stockholders		22			(344	)
Income (loss) from continuing operations attributable to CNA common stockholders		220			(226	)
Income (loss) from discontinued operations attributable to CNA common stockholders		—			—
Income (loss) attributable to CNA common stockholders	$	220		$	(226	)
BASIC AND DILUTED EARNINGS (LOSS) PER COMMON SHARE
Net operating income from continuing operations attributable to CNA	$	0.83		$	0.56
Less: 2008 Senior Preferred dividends		(0.09	)		(0.12	)
Net operating income from continuing operations attributable to CNA common stockholders		0.74			0.44
Net realized investment gains (losses) attributable to CNA common stockholders		0.08			(1.28	)
Income (loss) from continuing operations attributable to CNA common stockholders		0.82			(0.84	)
Income (loss) from discontinued operations attributable to CNA common stockholders		—			—
Basic and diluted earnings (loss) per share attributable to CNA common stockholders	$	0.82		$	(0.84	)
WEIGHTED AVERAGE OUTSTANDING COMMON STOCK AND COMMON STOCK EQUIVALENTS
Basic		269.1			269.0
Diluted		269.2			269.0
RETURN ON EQUITY
Net income (loss) attributable to CNA (1)		9.0	%		(11.2	)%
Net operating income from continuing operations attributable to CNA (2)		8.0			5.6

(1)	Annualized net income (loss) attributable to CNA divided by the average CNA stockholders’ equity including accumulated other comprehensive income/loss (AOCI) for the period. Average equity including AOCI is calculated using a simple average of the beginning and ending balances for the period.
(2)	Annualized net operating income from continuing operations attributable to CNA divided by the average CNA stockholders’ equity excluding AOCI for the period. Average equity excluding AOCI is calculated using a simple average of the beginning and ending balances for the period.

2

CNA FINANCIAL CORPORATION
Financial Supplement
Selected Balance Sheets Data and Statements of Cash Flows Data

(In millions, except per share data)	March 31, 2010			December 31, 2009
Total assets	$	55,679		$	55,298
Insurance reserves		38,109			38,263
Debt		2,304			2,303
Total liabilities		43,955			44,132
Preferred stock		1,000			1,000
Accumulated other comprehensive loss		(11	)		(325	)
Noncontrolling interests		507			506
Total CNA stockholders’ equity		11,217			10,660
Book value per common share	$	37.97		$	35.91
Book value per common share excluding AOCI	$	38.01		$	37.12
Outstanding shares of common stock (in millions of shares)		269.1			269.0

THREE MONTHS ENDED
MARCH 31
(In millions)	2010			2009
Net cash flows provided by operating activities (1)	$	364		$	187
Net cash flows used by investing activities		(369	)		(150	)
Net cash flows used by financing activities		(38	)		(26	)
Net cash flows provided (used) by operating, investing and financing activities	$	(43	)	$	11

(1) Operating cash flows for the three months ended March 31, 2010 and 2009 include $(5) million and $(9) million related to discontinued operations.

3

CNA FINANCIAL CORPORATION
Financial Supplement
Claim & Claim Adjustment Expense Reserve Rollforward

THREE MONTHS ENDED MARCH 31, 2010
										Life & Group			Corporate &
(In millions)	CNA Specialty			CNA Commercial			P&C Operations			Non-Core			Other Non-Core			Total Operations
Claim & claim adjustment expense reserves, beginning of period
Gross	$	6,922		$	13,005		$	19,927		$	2,883		$	4,006		$	26,816
Ceded		1,056			2,156			3,212			863			1,519			5,594
Net		5,866			10,849			16,715			2,020			2,487			21,222
Net incurred claim & claim adjustment expenses		402			607			1,009			134			22			1,165
Net claim & claim adjustment expense payments		(328	)		(585	)		(913	)		(138	)		(101	)		(1,152	)
Foreign currency translation adjustment		(9	)		(5	)		(14	)		—			1			(13	)
Claim & claim adjustment expense reserves, end of period
Net		5,931			10,866			16,797			2,016			2,409			21,222
Ceded		1,062			2,114			3,176			713			1,448			5,337
Gross	$	6,993		$	12,980		$	19,973		$	2,729		$	3,857		$	26,559

4

CNA FINANCIAL CORPORATION
Financial Supplement
Investments by Segment Aggregation

	March 31, 2010					December 31, 2009
(In millions)	Book Value			Fair Value		Book Value			Fair Value
Property & Casualty and Corporate & Other Non-Core:
Fixed maturities — taxable	$	23,259		$	23,459	$	21,295		$	21,158
Fixed maturities — tax-exempt		3,780			3,721		4,513			4,446
Equities		316			316		298			292
Short-term investments		2,330			2,334		3,789			3,792
Limited partnership investments		1,941			1,941		1,777			1,777
Other		3			3		3			3
Total investments	$	31,629		$	31,774	$	31,675		$	31,468
Net receivable/(payable)	$	(93	)			$	(91	)
Securities lending collateral		—					—
Life & Group Non-Core:
Fixed maturities — taxable	$	7,468		$	7,943	$	7,129		$	7,425
Fixed maturities — tax-exempt		2,678			2,588		2,665			2,583
Equities		335			365		335			352
Short-term investments		150			150		156			157
Limited partnership investments		6			6		10			10
Other		—			—		1			1
Total investments	$	10,637		$	11,052	$	10,296		$	10,528
Net receivable/(payable)	$	(6	)			$	—
Securities lending collateral		—					—
Total investments	$	42,266		$	42,826	$	41,971		$	41,996
Total net receivable/(payable)	$	(99	)			$	(91	)
Total securities lending collateral		—					—

5

CNA FINANCIAL CORPORATION
Financial Supplement
Asset-Backed Exposure
As of March 31, 2010
(In millions)

Invested Assets Fair Value By Segment

	P&C and
	Corporate & Other				Life & Group
	Non-Core		%		Non-Core		%		Total		%
RMBS	$	6,535		20.7	$	402		3.6	$	6,937		16.2
CMBS		542		1.7		187		1.7		729		1.7
Other ABS		753		2.4		56		0.5		809		1.9
Total Asset-Backed Exposure		7,830		24.8		645		5.8		8,475		19.8
Other taxable fixed maturities		15,629		48.7		7,298		66.1		22,927		53.6
Tax exempt fixed maturities		3,721		12.0		2,588		23.4		6,309		14.7
All other		4,594		14.5		521		4.7		5,115		11.9
Total investments	$	31,774		100.0	$	11,052		100.0	$	42,826		100.0
Sub-prime (Included in RMBS Above)	$	616		1.9	$	8		0.1	$	624		1.5
Alt-A (Included in RMBS Above)	$	606		1.9	$	62		0.6	$	668		1.6
Invested Assets Amortized Cost By Segment
	P&C and
	Corporate & Other				Life & Group
	Non-Core		%		Non-Core		%		Total		%
RMBS	$	6,859		21.7	$	444		4.2	$	7,303		17.3
CMBS		600		1.9		220		2.1		820		1.9
Other ABS		760		2.4		51		0.5		811		1.9
Total Asset-Backed Exposure		8,219		26.0		715		6.8		8,934		21.1
Other taxable fixed maturities		15,040		47.5		6,753		63.4		21,793		51.6
Tax exempt fixed maturities		3,780		12.0		2,678		25.2		6,458		15.3
All other		4,590		14.5		491		4.6		5,081		12.0
Total investments	$	31,629		100.0	$	10,637		100.0	$	42,266		100.0
Sub-prime (Included in RMBS Above)	$	699		2.2	$	7		0.1	$	706		1.7
Alt-A (Included in RMBS Above)	$	690		2.2	$	72		0.7	$	762		1.8

RMBS/CMBS/Other ABS Distribution

																	% of Asset-
	RMBS				CMBS				Other ABS				Total				Backed Exposure				% of Total Investments
	Fair		Amortized		Fair		Amortized		Fair		Amortized		Fair		Amortized		Fair		Amortized		Fair		Amortized
	Value		Cost		Value		Cost		Value		Cost		Value		Cost		Value		Cost		Value		Cost
U.S. Government Agencies	$	3,536	$	3,490	$	34	$	34	$	—	$	—	$	3,570	$	3,524		42.0		39.5		8.4		8.2
AAA		1,416		1,546		284		317		610		610		2,310		2,473		27.3		27.7		5.4		5.9
AA		249		297		183		194		90		91		522		582		6.2		6.5		1.2		1.4
A		157		186		121		150		26		25		304		361		3.6		4.0		0.7		0.9
BBB		351		364		91		111		71		73		513		548		6.1		6.1		1.2		1.3
<BBB & Equity Tranches		1,228		1,420		16		14		12		12		1,256		1,446		14.8		16.2		2.9		3.4
Total RMBS/CMBS/Other ABS	$	6,937	$	7,303	$	729	$	820	$	809	$	811	$	8,475	$	8,934		100.0		100.0		19.8		21.1

(1)

The exposure to sub-prime residential mortgage (sub-prime) collateral and Alternative A residential mortgages that have lower than normal standards of loan documentation (Alt-A) collateral is measured by the original deal structure.

(2)

The ratings presented are based on a ratings methodology that takes into account ratings from the three major providers, Standard & Poor’s, Moody’s Investor Services, Inc. and Fitch Ratings in that order of preference. If a security is not rated by any of the three, an internal rating is formulated. For securities with credit support from third party guarantees, the rating reflects the greater of the underlying rating of the issuer or the insured rating.

RMBS — Residential mortgage-backed securities

CMBS — Commercial mortgage-backed securities

Other ABS — Other asset-backed securities

6

CNA FINANCIAL CORPORATION
Financial Supplement
Asset-Backed Exposure
As of March 31, 2010
(In millions)

RMBS Sub-Prime Fair Value Quality Distribution by Vintage Year

																	<BBB &
																	Equity
	AAA		%		AA		%		A		%		BBB		%		Tranches		%		Total		%
2009	$	16		10.1	$	—		—	$	—		—	$	—		—	$	—		—	$	16		2.6
2008		—		—		—		—		—		—		—		—		—		—		—		—
2007		—		—		40		26.3		1		3.2		4		6.7		22		9.9		67		10.7
2006		94		59.1		35		23.0		12		38.7		36		59.9		134		60.4		311		49.8
2005		37		23.3		40		26.4		—		—		10		16.7		16		7.2		103		16.5
2004		8		5.0		23		15.1		2		6.5		10		16.7		20		9.0		63		10.1
2003 & prior		4		2.5		14		9.2		16		51.6		—		—		30		13.5		64		10.3
Total sub-prime	$	159		100.0	$	152		100.0	$	31		100.0	$	60		100.0	$	222		100.0	$	624		100.0

RMBS Sub-Prime Amortized Cost Quality Distribution by Vintage Year

																	<BBB &
																	Equity
	AAA		%		AA		%		A		%		BBB		%		Tranches		%		Total		%
2009	$	16		9.0	$	—		—	$	—		—	$	—		—	$	—		—	$	16		2.3
2008		—		—		—		—		—		—		—		—		—		—		—		—
2007		—		—		40		22.2		1		2.6		4		6.8		24		9.5		69		9.8
2006		106		59.9		41		22.8		12		31.6		36		61.0		147		58.4		342		48.4
2005		41		23.2		56		31.1		—		—		12		20.3		19		7.5		128		18.1
2004		9		5.1		25		13.9		3		7.9		7		11.9		31		12.3		75		10.6
2003 & prior		5		2.8		18		10.0		22		57.9		—		—		31		12.3		76		10.8
Total sub-prime	$	177		100.0	$	180		100.0	$	38		100.0	$	59		100.0	$	252		100.0	$	706		100.0

RMBS Alt-A Fair Value Quality Distribution by Vintage Year

																	<BBB &
																	Equity
	AAA		%		AA		%		A		%		BBB		%		Tranches		%		Total		%
2009	$	—		—	$	—		—	$	—		—	$	—		—	$	—		—	$	—		—
2008		—		—		—		—		—		—		—		—		—		—		—		—
2007		—		—		—		—		—		—		—		—		38		30.6		38		5.7
2006		2		0.5		—		—		—		—		—		—		66		53.3		68		10.2
2005		26		6.7		4		8.9		—		—		56		60.2		19		15.3		105		15.7
2004		287		73.6		24		53.3		15		93.7		37		39.8		1		0.8		364		54.5
2003 & prior		75		19.2		17		37.8		1		6.3		—		—		—		—		93		13.9
Total Alt-A	$	390		100.0	$	45		100.0	$	16		100.0	$	93		100.0	$	124		100.0	$	668		100.0

RMBS Alt-A Amortized Cost Quality Distribution by Vintage Year

																	<BBB &
																	Equity
	AAA		%		AA		%		A		%		BBB		%		Tranches		%		Total		%
2009	$	—		—	$	—		—	$	—		—	$	—		—	$	—		—	$	—		—
2008		—		—		—		—		—		—		—		—		—		—		—		—
2007		—		—		—		—		—		—		—		—		54		37.0		54		7.1
2006		2		0.5		—		—		—		—		—		—		71		48.6		73		9.6
2005		31		7.0		7		13.0		—		—		62		60.1		20		13.7		120		15.7
2004		325		73.7		28		51.8		17		94.4		41		39.9		1		0.7		412		54.1
2003 & prior		83		18.8		19		35.2		1		5.6		—		—		—		—		103		13.5
Total Alt-A	$	441		100.0	$	54		100.0	$	18		100.0	$	103		100.0	$	146		100.0	$	762		100.0

7

CNA FINANCIAL CORPORATION
Financial Supplement
Asset-Backed Exposure
As of March 31, 2010
(In millions)

RMBS Distribution By Collateral Type & Quality

	Fixed Coupon -				Fixed Coupon -
	30 Year				15/20 Year				ARM				Home Equity				Other				Total
	Fair		Amortized		Fair		Amortized		Fair		Amortized		Fair		Amortized		Fair		Amortized		Fair		Amortized
	Value		Cost		Value		Cost		Value		Cost		Value		Cost		Value		Cost		Value		Cost
U.S. Government Agencies	$	3,263	$	3,223	$	232	$	228	$	7	$	7	$	—	$	—	$	34	$	32	$	3,536	$	3,490
AAA		820		924		143		148		101		110		8		8		344		356		1,416		1,546
AA		121		148		—		—		50		51		78		98		—		—		249		297
A		120		145		20		23		10		10		7		8		—		—		157		186
BBB		301		313		—		—		30		30		20		21		—		—		351		364
<BBB & Equity Tranches		639		733		70		72		431		520		70		76		18		19		1,228		1,420
Total RMBS	$	5,264	$	5,486	$	465	$	471	$	629	$	728	$	183	$	211	$	396	$	407	$	6,937	$	7,303
Included in Total RMBS:
MBS Pass-Thru	$	1,665	$	1,658	$	31	$	30	$	7	$	6	$	—	$	—	$	40	$	36	$	1,743	$	1,730
Structured		3,599		3,828		434		441		622		722		183		211		356		371		5,194		5,573
Total RMBS	$	5,264	$	5,486	$	465	$	471	$	629	$	728	$	183	$	211	$	396	$	407	$	6,937	$	7,303
Included in Total RMBS:
Sub-prime	$	308	$	362	$	—	$	—	$	116	$	116	$	183	$	211	$	17	$	17	$	624	$	706
Alt-A		574		657		16		18		76		85		—		—		2		2		668		762
Prime		4,382		4,467		449		453		437		527		—		—		377		388		5,645		5,835
Total RMBS	$	5,264	$	5,486	$	465	$	471	$	629	$	728	$	183	$	211	$	396	$	407	$	6,937	$	7,303

CMBS Distribution By Deal Coupon Type & Quality

	Fixed Rate				Adjustable/Floating Rate				Total
	Fair		Amortized		Fair		Amortized		Fair		Amortized
	Value		Cost		Value		Cost		Value		Cost
U.S. Government Agencies	$	—	$	—	$	34	$	34	$	34	$	34
AAA		98		107		186		210		284		317
AA		97		107		86		87		183		194
A		61		87		60		63		121		150
BBB		19		20		72		91		91		111
<BBB & Equity Tranches		5		7		11		7		16		14
Total CMBS	$	280	$	328	$	449	$	492	$	729	$	820
Included in Total CMBS:
Pass-Thru	$	—	$	—	$	—	$	—	$	—	$	—
Structured		280		328		449		492		729		820
Total CMBS	$	280	$	328	$	449	$	492	$	729	$	820

ARM — Adjustable rate mortgages

MBS — Mortgage-backed securities

8

CNA FINANCIAL CORPORATION
Financial Supplement
Asset-Backed Exposure
As of March 31, 2010
(In millions)

Other ABS Distribution By Collateral Type & Quality

	Auto Loans				Student Loans				Other				Total
	Fair		Amortized		Fair		Amortized		Fair		Amortized		Fair		Amortized
	Value		Cost		Value		Cost		Value		Cost		Value		Cost
AAA	$	356	$	351	$	107	$	121	$	147	$	138	$	610	$	610
AA		—		—		—		—		90		91		90		91
A		20		20		—		—		6		5		26		25
BBB		35		34		—		—		36		39		71		73
<BBB & Equity Tranches		—		—		—		—		12		12		12		12
Total Other ABS	$	411	$	405	$	107	$	121	$	291	$	285	$	809	$	811
Included in Total Other ABS:
Pass-Thru	$	35	$	34	$	—	$	—	$	—	$	—	$	35	$	34
Structured		376		371		107		121		291		285		774		777
Total Other ABS	$	411	$	405	$	107	$	121	$	291	$	285	$	809	$	811

9

CNA FINANCIAL CORPORATION
Financial Supplement
Property & Casualty Results of Operations

THREE MONTHS ENDED	CNA Specialty									CNA Commercial									P&C Operations
MARCH 31							Fav / (Unfav)									Fav / (Unfav)									Fav / (Unfav)
(In millions)	2010			2009			% Change			2010			2009			% Change			2010			2009			% Change
Gross written premiums	$	1,050		$	1,093			(4	)%	$	912		$	1,012			(10	)%	$	1,962		$	2,105			(7	)%
Net written premiums		656			672			(2	)		829			920			(10	)		1,485			1,592			(7	)
Net earned premiums		654			659			—			816			863			(5	)		1,470			1,522			(3	)
Net investment income		147			85			73			218			143			52			365			228			60
Other revenues		52			55			(5	)		18			15			20			70			70			—
Total operating revenues		853			799			7			1,052			1,021			3			1,905			1,820			5
Claims, benefits and expenses:
Net incurred claims and benefits		402			395			(2	)		602			614			2			1,004			1,009			—
Policyholders’ dividends		1			3			67			1			3			67			2			6			67
Amortization of deferred acquisition costs		155			148			(5	)		183			195			6			338			343			1
Other insurance related expenses		47			41			(15	)		107			94			(14	)		154			135			(14	)
Other expenses		44			49			10			17			16			(6	)		61			65			6
Total claims, benefits and expenses		649			636			(2	)		910			922			1			1,559			1,558			—
Operating income from continuing operations before income tax		204			163			25			142			99			43			346			262			32
Income tax expense on operating income		(68	)		(46	)		(48	)		(43	)		(25	)		(72	)		(111	)		(71	)		(56	)
Net operating income, after-tax, attributable to noncontrolling interests		(8	)		(8	)		—			(2	)		(3	)		33			(10	)		(11	)		9
Net operating income from continuing operations attributable to CNA		128			109			17			97			71			37			225			180			25
Net realized investment gains (losses), net of participating policyholders’ interests		13			(109	)		112			21			(186	)		111			34			(295	)		112
Income tax (expense) benefit on realized investment gains (losses)		(4	)		38			(111	)		(7	)		65			(111	)		(11	)		103			(111	)
Net realized investment losses, after-tax, attributable to noncontrolling interests		—			—			N/M			—			1			N/M			—			1			N/M
Net realized investment gains (losses) attributable to CNA		9			(71	)		113			14			(120	)		112			23			(191	)		112
Net income (loss) from continuing operations attributable to CNA	$	137		$	38			N/M	%	$	111		$	(49	)		N/M	%	$	248		$	(11	)		N/M	%
FINANCIAL RATIOS
Loss & LAE		61.5	%		60.0	%					73.8	%		71.1	%					68.4	%		66.3	%
Acquisition expense		19.2			18.3						18.1			17.0						18.6			17.6
Underwriting expense		11.6			10.4						17.5			16.5						14.9			13.9
Expense		30.8			28.7						35.6			33.5						33.5			31.5
Dividend		0.2			0.4						0.1			0.4						0.1			0.4
Combined ratio		92.5	%		89.1	%					109.5	%		105.0	%					102.0	%		98.2	%
RATIO IMPACTS
Impact of catastrophes
Pretax net accident year catastrophe losses incurred	$	2		$	1					$	38		$	12					$	40		$	13
Impact on loss & LAE ratio		0.3	%		0.2	%					4.7	%		1.4	%					2.7	%		0.9	%
Impact of development & other
Pretax net development: (favorable) / unfavorable
Prior year loss & ALAE reserve development (1)	$	(25	)	$	(29	)				$	(28	)	$	(42	)				$	(53	)	$	(71	)
Prior year premium development		(4	)		(5	)					21			20						17			15
Other (2)		—			(1	)					—			5						—			4
Total development & other	$	(29	)	$	(35	)				$	(7	)	$	(17	)				$	(36	)	$	(52	)
Impact of development & other on loss & LAE ratio		(4.2	)%		(5.1	)%					(1.5	)%		(2.5	)%					(2.7	)%		(3.7	)%

(1)	In 2009, CNA Specialty includes $7 million and CNA Commercial includes $31 million of favorable loss & LAE reserve development related to catastrophes that occurred in prior accident years, primarily 2005 and 2008.
(2)	Other includes the impacts of interest accretion and change in allowance for uncollectible reinsurance and deductible amounts.

10

CNA FINANCIAL CORPORATION
Financial Supplement
Life & Group Non-Core and Corporate & Other Non-Core Segments Results of Operations

THREE MONTHS ENDED	P&C Operations						Life & Group Non-Core									Corporate & Other Non-Core									Total Operations
MARCH 31													Fav / (Unfav)									Fav / (Unfav)									Fav / (Unfav)
(In millions)	2010			2009			2010			2009			% Change			2010			2009			% Change			2010			2009			% Change
Net earned premiums	$	1,470		$	1,522		$	145		$	150			(3	)%	$	—		$	—			N/M	%	$	1,615		$	1,672			(3	)%
Net investment income		365			228			175			159			10			50			33			52			590			420			40
Other revenues		70			70			4			6			(33	)		2			2			—			76			78			(3	)
Total operating revenues		1,905			1,820			324			315			3			52			35			49			2,281			2,170			5
Claims, benefits and expenses:
Net incurred claims and benefits		1,004			1,009			281			305			8			21			21			—			1,306			1,335			2
Policyholders’ dividends		2			6			—			1			N/M			—			—			N/M			2			7			71
Amortization of deferred acquisition costs		338			343			4			6			33			—			—			N/M			342			349			2
Other insurance related expenses		154			135			51			46			(11	)		1			—			N/M			206			181			(14	)
Other expenses		61			65			6			6			—			35			30			(17	)		102			101			(1	)
Total claims, benefits and expenses		1,559			1,558			342			364			6			57			51			(12	)		1,958			1,973			1
Operating income (loss) from continuing operations before income tax		346			262			(18	)		(49	)		63			(5	)		(16	)		69			323			197			64
Income tax (expense) benefit on operating income (loss)		(111	)		(71	)		19			27			(30	)		2			7			(71	)		(90	)		(37	)		(143	)
Net operating income, after-tax, attributable to noncontrolling interests		(10	)		(11	)		—			—			N/M			—			—			N/M			(10	)		(11	)		9
Net operating income (loss) from continuing operations attributable to CNA		225			180			1			(22	)		105			(3	)		(9	)		67			223			149			50
Net realized investment gains (losses), net of participating policyholders’ interests		34			(295	)		(4	)		(190	)		98			4			(47	)		109			34			(532	)		106
Income tax (expense) benefit on realized investment gains (losses)		(11	)		103			—			66			N/M			(1	)		18			(106	)		(12	)		187			(106	)
Net realized investment losses, after-tax, attributable to noncontrolling interests		—			1			—			—			N/M			—			—			N/M			—			1			N/M
Net realized investment gains (losses) attributable to CNA		23			(191	)		(4	)		(124	)		97			3			(29	)		110			22			(344	)		106
Net income (loss) from continuing operations attributable to CNA	$	248		$	(11	)	$	(3	)	$	(146	)		98	%	$	—		$	(38	)		N/M	%	$	245		$	(195	)		N/M	%

11

CNA FINANCIAL CORPORATION
Financial Supplement
Components of Pretax Net Investment Income

	CNA Specialty
(In millions)	1Q09			2Q09		3Q09		4Q09			2009			1Q10
Income (loss) from limited partnerships	$	(19	)	$	47	$	41	$	23		$	92		$	23
Income (loss) from trading portfolio		—			2		4		1			7			1
Other investment income		104			108		109		106			427			123
Net investment income	$	85		$	157	$	154	$	130		$	526		$	147
	CNA Commercial
	1Q09			2Q09		3Q09		4Q09			2009			1Q10
Income (loss) from limited partnerships	$	(39	)	$	95	$	83	$	44		$	183		$	39
Income (loss) from trading portfolio		—			5		6		2			13			2
Other investment income		182			183		187		174			726			177
Net investment income	$	143		$	283	$	276	$	220		$	922		$	218
	P&C Operations
	1Q09			2Q09		3Q09		4Q09			2009			1Q10
Income (loss) from limited partnerships	$	(58	)	$	142	$	124	$	67		$	275		$	62
Income (loss) from trading portfolio		—			7		10		3			20			3
Other investment income		286			291		296		280			1,153			300
Net investment income	$	228		$	440	$	430	$	350		$	1,448		$	365
	Life & Group Non-Core
	1Q09			2Q09		3Q09		4Q09			2009			1Q10
Income (loss) from limited partnerships	$	(2	)	$	—	$	1	$	(2	)	$	(3	)	$	—
Income (loss) from trading portfolio		—			—		—		—			—			—
Other investment income		161			168		168		170			667			175
Net investment income	$	159		$	168	$	169	$	168		$	664		$	175
	Corporate & Other Non-Core
	1Q09			2Q09		3Q09		4Q09			2009			1Q10
Income (loss) from limited partnerships	$	(10	)	$	23	$	20	$	10		$	43		$	10
Income (loss) from trading portfolio		—			1		2		—			3			1
Other investment income		43			43		39		37			162			39
Net investment income	$	33		$	67	$	61	$	47		$	208		$	50
	Total Operations
	1Q09			2Q09		3Q09		4Q09			2009			1Q10
Income (loss) from limited partnerships	$	(70	)	$	165	$	145	$	75		$	315		$	72
Income (loss) from trading portfolio		—			8		12		3			23			4
Other investment income		490			502		503		487			1,982			514
Net investment income	$	420		$	675	$	660	$	565		$	2,320		$	590

12

CNA FINANCIAL CORPORATION
Financial Supplement
Statutory Data – Preliminary

PERIOD ENDED MARCH 31	Three Months
Income Statement	(Preliminary)						Fav / (Unfav)
(In millions)	2010			2009			% Change
Combined Continental Casualty Companies
Gross written premiums	$	1,862		$	2,016			(8	)%
Net written premiums		1,402			1,517			(8	)
Net earned premiums		1,217			1,442			(16	)
Claim and claim adjustment expenses		1,061			1,056			—
Acquisition expenses		239			243			2
Underwriting expenses		213			213			—
Policyholders’ dividends		3			4			25
Underwriting loss		(299	)		(74	)		N/M
Net investment income		413			381			8
Other income		10			4			150
Income tax expense		(17	)		(35	)		51
Net realized gains (losses)		10			(532	)		102
Net income (loss)	$	117		$	(256	)		146	%
Financial Ratios
Loss and LAE		87.2	%		73.2	%
Acquisition expense		17.1			16.1
Underwriting expense		15.2			13.9
Expense		32.3			30.0
Dividend		0.2			0.3
Combined ratio		119.7	%		103.5	%

SUPPLEMENTAL STATUTORY DATA
	(Preliminary)
(In millions)	March 31, 2010		December 31, 2009
Combined Continental Casualty Companies
Statutory surplus (1)	$	9,606	$	9,338
Life Company
Statutory surplus	$	468	$	448

(1) Represents the combined statutory surplus of Continental Casualty Company and its subsidiaries, including the Life Company, as determined in accordance with statutory accounting practices.

13

CNA FINANCIAL CORPORATION
Financial Supplement
Property & Casualty Operations
Loss and LAE Ratio Analysis

	CNA Specialty
	2010 YTD			2009 FY			2009 FY
	Evaluated at			Evaluated at			Evaluated at
	3/31/10			12/31/09			3/31/10
Gross Accident Year		64.5	%		65.6	%		66.0	%
Impact of Reinsurance		1.2			(0.4	)		0.2
Net Accident Year		65.7			65.2			66.2	%
Impact of Development and Other (1)		(4.2	)		(8.3	)
Net Calendar Year		61.5	%		56.9	%

	CNA Commercial
	2010 YTD			2009 FY			2009 FY
	Evaluated at			Evaluated at			Evaluated at
	3/31/10			12/31/09			3/31/10
Gross Accident Year		71.3	%		71.3	%		71.6	%
Impact of Reinsurance		4.0			3.3			3.2
Net Accident Year		75.3			74.6			74.8	%
Impact of Development and Other (1)		(1.5	)		(5.0	)
Net Calendar Year		73.8	%		69.6	%

	P&C Operations
	2010 YTD			2009 FY			2009 FY
	Evaluated at			Evaluated at			Evaluated at
	3/31/10			12/31/09			3/31/10
Gross Accident Year		67.6	%		68.3	%		68.6	%
Impact of Reinsurance		3.5			2.2			2.5
Net Accident Year		71.1			70.5			71.1	%
Impact of Development and Other (1)		(2.7	)		(6.5	)
Net Calendar Year		68.4	%		64.0	%

(1) Other includes the impacts of interest accretion and change in allowance for uncollectible reinsurance and deductible amounts.

14