CNA Financial (CNA) 8-K CNA FINANCIAL ANNOUNCES 1st QUARTER 2006 RESULTS

EXHIBIT 99.2

CNA Financial Corporation

Supplemental Financial Information

March 31, 2006

CNA Financial Corporation
Table of Contents
March 31, 2006

	Page
Supplemental Financial Information	i-ii
Statements of Operations		1
Components of Net Income and Per Share Data		2
Selected Balance Sheets Data and Statements of Cash Flows Data		3
Claim & Claim Adjustment Expense Reserve Data		4
Claim & Claim Adjustment Expense Reserve Rollforward		5
Investments by Segment Aggregation		6
Property & Casualty Results of Operations		7
Life & Group Non-Core and Corporate & Other Non-Core Segments Results of Operations		8
Property & Casualty Operations and Corporate & Other Non-Core Segment — Catastrophe Losses		9
Analysis of Pretax Net Investment Income		10
Statutory Data — Preliminary		11
Property & Casualty Operations Loss and LAE Ratio Analysis		12
Asbestos Summary by Policyholder Category		13

CNA Financial Corporation

Supplemental Financial Information

DEFINITIONS AND PRESENTATION

• P&C Operationsincludes Standard Lines and Specialty Lines.

• Life & Group Non-Coresegment primarily includes the results of the life and group lines of business that have been sold or placed in run-off.

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

• Property and Casualty Companiesincludes Standard Lines, Specialty Lines and P&C business written in the Life & Group Non-Core and Corporate & Other Non-Core segments.

• 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 2005 Form 10-K for further discussion of this measure.

• In evaluating the results of the Standard Lines and Specialty Lines, 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 (GAAP). 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 underwriting and acquisition expenses, including the amortization of deferred acquisition costs, to net earned premiums. The dividend ratio is the ratio of dividends incurred to net earned premiums. The combined ratio is the sum of the loss, expense and dividend ratios.

• Limited partnerships (LPs) are a relatively small portion of CNA’s overall investment portfolio. The majority of the LPs invest in a substantial number of securities that are readily marketable. CNA is primarily a passive investor in such partnerships and does not have influence over the partnerships’ management, who are committed to operate them according to established guidelines and strategies. These strategies may include the use of leverage and hedging techniques that potentially introduce more volatility and risk to the partnerships.

• All amounts are in millions, except for per share and ratio information.

• Certain immaterial differences are due to rounding.

i

CNA Financial Corporation

Supplemental Financial Information

Restatement for Discontinued Operations

The Company has restated its Consolidated Statement of Operations for the three months ended March 31, 2005. A review of discontinued operations completed in February 2006 identified an overstatement of the net assets of these discontinued operations and errors in accounting for the periodic results of these operations. The Company did not have an effectively designed control process in place to ensure adequate oversight, analysis, reconciliation, documentation and periodic evaluation of the results and balances that comprise the net assets of businesses reported as discontinued operations. There was also a lack of understanding of subsidiary ledger detail which contributed to the Company’s failure to eliminate intercompany activity within discontinued operations and between continuing and discontinued operations. As a result, the balances related to discontinued operations were incorrectly established in the Company’s current general ledger system in 1997 in connection with a general ledger conversion, creating an overstatement of the reported net assets of discontinued operations. In addition, the Company’s evaluation of the periodic results of discontinued operations was ineffective. The correction of the elimination issue noted above caused the historical results of discontinued operations to change, requiring current evaluation of the revised periodic results for reporting purposes. Further, in light of the impact of the elimination corrections, the Company reviewed its historical process to evaluate the results of discontinued operations and determined that process did not address recorded loss reserves at all consolidating levels for discontinued operations. Therefore, the Company determined that it was appropriate to recognize the impact of the revised historical periodic income or loss of discontinued operations.

Restatement for Condensed Consolidated Statement of Cash Flows

The Condensed Consolidated Statement of Cash Flows for the three months ended March 31, 2005 has been restated to reflect the following:

• Net purchases and sales of trading securities and changes in the net receivable/payable from unsettled investment purchases and sales related to trading securities, previously classified within investing activities, have been reclassified to cash flows from operating activities.

• Cash flows from equity method investees were reclassified to distinguish between return on investments, which are reflected within operating cash flows, and return of investments, which are reflected within investing cash flows. Previously, all amounts were reflected within investing cash flows.

• Deposits and withdrawals related to investment contract products issued by the Company have been reflected within financing cash flows. Previously, amounts related to certain investment contracts were reflected within operating cash flows.

• The impact of cumulative translation adjustment, previously reflected within investing activities, is now classified within operating activities.

The restatements related to cash flows had no impact on the total change in cash from continuing operations within the Condensed Consolidated Statement of Cash Flows.

Additionally, the Company has revised its Condensed Consolidated Statement of Cash Flows for the three months ended March 31, 2005 to separately disclose the operating, investing and financing portions of the cash flows attributable to discontinued operations, as well as to include the cash balance related to discontinued operations in the Condensed Consolidated Statement of Cash Flows.

ii

CNA FINANCIAL CORPORATION
Financial Supplement
Statements of Operations

PERIOD ENDED MARCH 31	Three Months
							Fav /
							(Unfav)
(In millions)	2006			2005			% Change
STATEMENTS OF OPERATIONS
Revenues:
Net earned premiums	$	1,869		$	1,899			(2	)%
Net investment income		570			406			40
Realized investment gains (losses), net of participating policyholders’ and minority interests		9			(19	)		147
Other revenues		53			78			(32	)
Total revenues		2,501			2,364			6
Claims, benefits and expenses:
Insurance claims and policyholders’ benefits		1,492			1,434			(4	)
Amortization of deferred acquisition costs		370			378			2
Other operating expenses		257			274			6
Interest		30			37			19
Total claims, benefits and expenses		2,149			2,123			(1	)
Income before income tax and minority interest		352			241			46
Income tax expense		(108	)		(56	)		(93	)
Minority interest		(9	)		(7	)		(29	)
Income from continuing operations		235			178			32
Income (loss) from discontinued operations, net of tax		(6	)		7			(186	)
Net income	$	229		$	185			24	%

1

CNA FINANCIAL CORPORATION
Financial Supplement
Components of Net Income and Per Share Data

PERIOD ENDED MARCH 31	Three Months
							Fav /
							(Unfav)
(In millions, except per share data)	2006			2005			% Change
COMPONENTS OF NET INCOME
Net operating income	$	234		$	192			22	%
Net realized investment gains (losses), net of participating policyholders’ and minority interests		1			(14	)		107
Income from continuing operations		235			178			32
Income (loss) from discontinued operations, net of tax		(6	)		7			(186	)
Net income	$	229		$	185			24	%
BASIC AND DILUTED EARNINGS PER SHARE
Income from continuing operations	$	0.84		$	0.63			33
Income (loss) from discontinued operations		(0.02	)		0.03			(167	)
Basic and diluted earnings per share available to common stockholders (1)	$	0.82		$	0.66			24	%
Weighted average outstanding common stock and common stock equivalents		256.0			256.0

(1) The three months ended March 31, 2006 and 2005 per share results available to common stockholders are reduced by $19 million and $17 million, or $0.07 per share and $0.07 per share, of undeclared but accumulated preferred stock dividends.

2

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

(In millions, except per share data)	March 31, 2006		December 31, 2005
Total assets	$	59,675	$	58,786
Insurance reserves		41,912		42,436
Debt		1,690		1,690
Total liabilities		50,437		49,545
Minority interest		298		291
Accumulated other comprehensive income		120		359
Total stockholders’ equity		8,940		8,950
Book value per common share (1)	$	31.15	$	31.26
Book value per common share excluding unrealized gain or loss on fixed maturity securities (1)	$	30.59	$	29.69
Outstanding shares of common stock (in millions of shares)		256.0		256.0

THREE MONTHS ENDED
MARCH 31
(In millions)	2006			2005
Net cash flows provided by operating activities (2)	$	626		$	159
Net cash flows used by investing activities		(307	)		(110	)
Net cash flows used by financing activities		(343	)		(56	)
Net cash flows	$	(24	)	$	(7	)

(1)	Book value per common share as of March 31, 2006 and December 31, 2005 excludes $750 million of preferred stock (Series H) and $216 million and $197 million of undeclared but accumulated dividends.
(2)	Operating cash flows for the three months ended March 31, 2006 and 2005 include $(5) million and $(11) million related to discontinued operations.

3

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

CLAIM & CLAIM ADJUSTMENT EXPENSE RESERVES
(In millions)	Standard Lines		Specialty Lines		P&C Operations
As of March 31, 2006
Gross	$	14,905	$	5,316	$	20,221
Ceded		3,770		1,435		5,205
Net	$	11,135	$	3,881	$	15,016
As of December 31, 2005
Gross	$	15,084	$	5,205	$	20,289
Ceded		3,838		1,411		5,249
Net	$	11,246	$	3,794	$	15,040

CLAIM & CLAIM ADJUSTMENT EXPENSE RESERVES	Life & Group		Corporate &
(In millions)	Non-Core		Other Non-Core		Total Operations
As of March 31, 2006
Gross	$	3,231	$	7,089	$	30,541
Ceded		1,385		3,762		10,352
Net	$	1,846	$	3,327	$	20,189
As of December 31, 2005
Gross	$	3,277	$	7,372	$	30,938
Ceded		1,440		3,916		10,605
Net	$	1,837	$	3,456	$	20,333

4

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

PERIOD ENDED MARCH 31, 2006	Three Months
(In millions)	Ended
Claim & claim adjustment expense reserves, beginning of period
Gross	$	30,938
Ceded		10,605
Net		20,333
Net incurred claim & claim adjustment expenses		1,289
Net claim & claim adjustment expense payments		(1,433	)
Claim & claim adjustment expense reserves, end of period
Net		20,189
Ceded		10,352
Gross	$	30,541

5

CNA FINANCIAL CORPORATION
Financial Supplement
Investments by Segment Aggregation

	March 31, 2006					December 31, 2005
(In millions)	Book Value			Fair Value		Book Value			Fair Value
Property & Casualty and Corporate & Other Non-Core:
Fixed maturities — taxable	$	18,185		$	18,031	$	16,988		$	16,972
Fixed maturities — tax exempt		3,444			3,435		7,579			7,631
Equities		221			391		221			374
Short-term investments		7,853			7,851		3,715			3,714
Limited partnership investments		1,383			1,383		1,223			1,223
Other (e.g., Real Estate)		38			36		34			32
Total investments	$	31,124		$	31,127	$	29,760		$	29,946
Net receivable/(payable)	$	154				$	266
Securities lending collateral		(1,751	)				(742	)
Life & Group Non-Core:
Fixed maturities — taxable	$	6,630		$	6,917	$	6,574		$	7,053
Fixed maturities — tax exempt		1,492			1,588		1,475			1,578
Equities		316			329		290			307
Short-term investments		426			426		523			524
Limited partnership investments		270			270		286			286
Other (e.g., Mortgage & Policy Loans)		1			1		1			1
Total investments	$	9,135		$	9,531	$	9,149		$	9,749
Net receivable/(payable)	$	(68	)			$	84
Securities lending collateral		(38	)				(25	)
Total investments	$	40,259		$	40,658	$	38,909		$	39,695
Total net receivable/(payable)	$	86				$	350
Total securities lending collateral		(1,789	)				(767	)

The information above related to net receivable/(payable) and securities lending collateral is provided to facilitate an analysis of significant changes in book value. When compared to the net receivable/(payable) per the Consolidated Balance Sheets, the amounts above exclude $107 million and $86 million as of March 31, 2006 and December 31, 2005 where the net receivable/(payable) balance does not relate to the change in book value.

6

CNA FINANCIAL CORPORATION
Financial Supplement
Property & Casualty Results of Operations

THREE MONTHS ENDED	Standard Lines									Specialty Lines									P&C Operations
MARCH 31							Fav / (Unfav)									Fav / (Unfav)									Fav / (Unfav)
(In millions)	2006			2005			% Change			2006			2005			% Change			2006			2005			% Change
Gross written premiums	$	1,561		$	1,516			3	%	$	825		$	769			7	%	$	2,386		$	2,285			4	%
Net written premiums		1,110			1,171			(5	)		648			594			9			1,758			1,765			—
Net earned premiums		1,086			1,169			(7	)		628			573			10			1,714			1,742			(2	)
Net investment income		228			183			25			87			56			55			315			239			32
Other revenues		20			21			(5	)		33			31			6			53			52			2
Total operating revenues		1,334			1,373			(3	)		748			660			13			2,082			2,033			2
Claims, benefits and expenses:
Net incurred claims and benefits		780			830			6			372			357			(4	)		1,152			1,187			3
Policyholders’ dividends		4			4			—			1			1			—			5			5			—
Amortization of deferred acquisition costs		238			239			—			127			130			2			365			369			1
Other insurance related expenses		101			139			27			37			24			(54	)		138			163			15
Other expenses		19			26			27			32			28			(14	)		51			54			6
Total claims, benefits and expenses		1,142			1,238			8			569			540			(5	)		1,711			1,778			4
Operating income before income tax and minority interest		192			135			42			179			120			49			371			255			45
Income tax expense on operating income		(56	)		(32	)		(75	)		(59	)		(36	)		(64	)		(115	)		(68	)		(69	)
Minority interest		(3	)		(2	)		(50	)		(6	)		(5	)		(20	)		(9	)		(7	)		(29	)
Net operating income from continuing operations		133			101			32			114			79			44			247			180			37
Realized investment gains (losses), net of participating policyholders’ and minority interests		13			(5	)		N/M			3			1			200			16			(4	)		N/M
Income tax (expense) benefit on realized investment gains (losses)		(4	)		(3	)		(33	)		(1	)		2			(150	)		(5	)		(1	)		N/M
Net income from continuing operations	$	142		$	93			53	%	$	116		$	82			41	%	$	258		$	175			47	%
Financial Ratios
Loss & LAE		71.8	%		71.0	%					59.3	%		62.3	%					67.2	%		68.1	%
Acquisition expense		18.5			21.0						17.9			20.1						18.3			20.7
Underwriting expense		12.7			11.4						8.2			6.8						11.1			9.9
Dividends		0.4			0.3						0.2			0.2						0.3			0.3
Expense ratio, including dividends		31.6			32.7						26.3			27.1						29.7			30.9
Combined ratio		103.4	%		103.7	%					85.6	%		89.4	%					96.9	%		99.0	%

N/M = Not Meaningful

7

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

THREE MONTHS ENDED							Life & Group Non-Core									Corporate & Other Non-Core									Total Operations
MARCH 31	P&C Operations												Fav / (Unfav)									Fav / (Unfav)									Fav / (Unfav)
(In millions)	2006			2005			2006			2005			% Change			2006			2005			% Change			2006			2005			% Change
Net earned premiums	$	1,714		$	1,742		$	163		$	166			(2	)%	$	(8	)	$	(9	)		11	%	$	1,869		$	1,899			(2	)%
Net investment income		315			239			187			106			76			68			61			11			570			406			40
Other revenues		53			52			12			33			(64	)		(12	)		(7	)		(71	)		53			78			(32	)
Total operating revenues		2,082			2,033			362			305			19			48			45			7			2,492			2,383			5
Claims, benefits and expenses:
Net incurred claims and benefits		1,152			1,187			306			234			(31	)		29			8			N/M			1,487			1,429			(4	)
Policyholders’ dividends		5			5			—			—			N/M			—			—			N/M			5			5			—
Amortization of deferred acquisition costs		365			369			4			7			43			1			2			50			370			378			2
Other insurance related expenses		138			163			53			54			2			15			9			(67	)		206			226			9
Other expenses		51			54			13			14			7			17			17			—			81			85			5
Total claims, benefits and expenses		1,711			1,778			376			309			(22	)		62			36			(72	)		2,149			2,123			(1	)
Operating income (loss) before income tax and minority interest		371			255			(14	)		(4	)		N/M			(14	)		9			N/M			343			260			32
Income tax (expense) benefit on operating income (loss)		(115	)		(68	)		11			5			120			4			2			100			(100	)		(61	)		(64	)
Minority interest		(9	)		(7	)		—			—			N/M			—			—			N/M			(9	)		(7	)		(29	)
Net operating income (loss) from continuing operations		247			180			(3	)		1			N/M			(10	)		11			(191	)		234			192			22
Realized investment gains (losses), net of participating policyholders’ and minority interests		16			(4	)		(12	)		(5	)		(140	)		5			(10	)		150			9			(19	)		147
Income tax (expense) benefit on realized investment gains (losses)		(5	)		(1	)		5			2			150			(8	)		4			N/M			(8	)		5			N/M
Net income (loss) from continuing operations	$	258		$	175		$	(10	)	$	(2	)		N/M	%	$	(13	)	$	5			N/M	%	$	235			178			32	%
Other Financial Data							Life & Group Non-Core									Corporate & Other Non-Core									Total Operations
Property & Casualty Company Information	P&C Operations												Fav / (Unfav)									Fav / (Unfav)									Fav / (Unfav)
	2006			2005			2006			2005			% Change			2006			2005			% Change			2006			2005			% Change
Gross written premiums	$	2,386		$	2,285		$	194		$	278			(30	)%	$	(1	)	$	252			(100	)%	$	2,579		$	2,815			(8	)%
Net written premiums		1,758			1,765			165			172			(4	)		(10	)		(20	)		50			1,913			1,917			—
Net earned premiums		1,714			1,742			160			161			(1	)		(8	)		(8	)		—			1,866			1,895			(2	)
Financial Ratios
Loss & LAE		67.2	%		68.1	%		N/M	%		N/M	%					N/M	%		N/M	%					75.2	%		74.6	%
Acquisition expense		18.3			20.7			N/M			N/M						N/M			N/M						18.4			20.5
Underwriting expense		11.1			9.9			N/M			N/M						N/M			N/M						12.4			11.0
Dividends		0.3			0.3			N/M			N/M						N/M			N/M						0.3			0.3
Expense ratio, including dividends		29.7			30.9			N/M			N/M						N/M			N/M						31.1			31.8
Combined ratio		96.9	%		99.0	%		N/M	%		N/M	%					N/M	%		N/M	%					106.3	%		106.4	%

N/M = Not Meaningful

8

CNA FINANCIAL CORPORATION
Financial Supplement
Property & Casualty Operations and Corporate & Other Non-Core Segment — Catastrophe Losses

CATASTROPHE LOSSES (PRETAX)							Corporate &
(In millions)	Standard Lines		Specialty Lines		P&C Operations		Other Non-Core		Total
Three months ended March 31, 2006	$	12	$	—	$	12	$	—	$	12
Three months ended March 31, 2005	$	1	$	—	$	1	$	—	$	1

CATASTROPHE LOSSES (AFTER-TAX)							Corporate &
(In millions)	Standard Lines		Specialty Lines		P&C Operations		Other Non-Core		Total
Three months ended March 31, 2006	$	8	$	—	$	8	$	—	$	8
Three months ended March 31, 2005	$	1	$	—	$	1	$	—	$	1

9

CNA FINANCIAL CORPORATION
Financial Supplement
Analysis of Pretax Net Investment Income

(In millions)	Standard Lines
	1Q05			2Q05			3Q05			4Q05			YTD 2005			1Q06
Limited partnership income	$	42		$	22		$	38		$	37		$	139		$	38
Interest on funds withheld and other deposits		(18	)		(34	)		(34	)		(19	)		(105	)		(14	)
Income from trading securities		1			—			1			—			2			—
Other investment income		158			183			181			209			731			204
Net investment income	$	183		$	171		$	186		$	227		$	767		$	228
	Specialty Lines
	1Q05			2Q05			3Q05			4Q05			YTD 2005			1Q06
Limited partnership income	$	13		$	7		$	12		$	13		$	45		$	13
Interest on funds withheld and other deposits		(12	)		(1	)		(2	)		(2	)		(17	)		(2	)
Income from trading securities		—			—			—			—			—			—
Other investment income		55			61			64			73			253			76
Net investment income	$	56		$	67		$	74		$	84		$	281		$	87
	P&C Operations
	1Q05			2Q05			3Q05			4Q05			YTD 2005			1Q06
Limited partnership income	$	55		$	29		$	50		$	50		$	184		$	51
Interest on funds withheld and other deposits		(30	)		(35	)		(36	)		(21	)		(122	)		(16	)
Income from trading securities		1			—			1			—			2			—
Other investment income		213			244			245			282			984			280
Net investment income	$	239		$	238		$	260		$	311		$	1,048		$	315
	Life & Group Non-Core
	1Q05			2Q05			3Q05			4Q05			YTD 2005			1Q06
Limited partnership income	$	9		$	1		$	8		$	4		$	22		$	10
Interest on funds withheld and other deposits		—			—			—			—			—			—
Income from trading securities		(31	)		14			40			22			45			42
Other investment income		128			131			131			136			526			135
Net investment income	$	106		$	146		$	179		$	162		$	593		$	187
	Corporate & Other Non-Core
	1Q05			2Q05			3Q05			4Q05			YTD 2005			1Q06
Limited partnership income	$	15		$	8		$	14		$	11		$	48		$	13
Interest on funds withheld and other deposits		(9	)		(15	)		(14	)		(6	)		(44	)		(9	)
Income from trading securities		—			—			—			—			—			—
Other investment income		55			62			61			69			247			64
Net investment income	$	61		$	55		$	61		$	74		$	251		$	68
	Total Operations
	1Q05			2Q05			3Q05			4Q05			YTD 2005			1Q06
Limited partnership income	$	79		$	38		$	72		$	65		$	254		$	74
Interest on funds withheld and other deposits		(39	)		(50	)		(50	)		(27	)		(166	)		(25	)
Income from trading securities		(30	)		14			41			22			47			42
Other investment income		396			437			437			487			1,757			479
Net investment income	$	406		$	439		$	500		$	547		$	1,892		$	570

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CNA FINANCIAL CORPORATION
Financial Supplement
Statutory Data — Preliminary

PERIOD ENDED MARCH 31	Three Months
Income Statement	(Preliminary)						Fav / (Unfav)
(In millions)	2006			2005			% Change
Property & Casualty Companies
Gross written premiums	$	2,227		$	2,405			(7	)%
Net written premiums		1,762			1,802			(2	)
Net earned premiums		1,544			1,631			(5	)
Claim and claim adjustment expenses		1,204			1,256			4
Acquisition expenses		296			334			11
Underwriting expenses		227			242			6
Policyholders’ dividends		4			5			20
Underwriting loss		(187	)		(206	)		9
Net investment income (1)		428			837			(49	)
Other revenues (expenses)		(40	)		(36	)		(11	)
Income tax expense		(41	)		(38	)		(8	)
Net realized gains		6			23			(74	)
Net income	$	166		$	580			(71	)%
Financial Ratios
Loss and LAE		78.0	%		77.0	%
Acquisition expense		16.8			18.5
Underwriting expense		12.9			13.5
Policyholders’ dividends		0.2			0.3
Expense ratio		29.9			32.3
Combined ratio		107.9	%		109.3	%
Life Companies
Earned premium	$	3		$	4

SUPPLEMENTAL STATUTORY DATA

	(Preliminary)
(In millions)	March 31, 2006		December 31, 2005
Property & Casualty Companies
Statutory surplus (2)	$	7,193	$	6,940
Life Companies
Statutory surplus	$	640	$	627

(1)	The three months ended March 31, 2005 includes $500 million of dividends from CCC’s life subsidiary, Continental Assurance Company.
(2)	Surplus includes the Property & Casualty Companies’ equity ownership of the life insurance subsidiary.

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

	Standard Lines
	2006 YTD			2005 FY			2005 FY
	Evaluated at			Evaluated at			Evaluated at
	03/31/06			12/31/05			03/31/06
Gross Accident Year		65.8	%		76.4	%		75.8	%
Impact of Reinsurance		2.4			(0.1	)		—
Net Accident Year (1)		68.2			76.3			75.8	%
Impact of Significant Commutations		—			6.2
Impact of Corporate Covers		—			0.7
Impact of Development & Change in Allowance for Uncollectible Reinsurance		3.6			4.3
Net Calendar Year		71.8	%		87.5	%

	Specialty Lines
	2006 YTD			2005 FY			2005 FY
	Evaluated at			Evaluated at			Evaluated at
	03/31/06			12/31/05			03/31/06
Gross Accident Year		60.0	%		63.7	%		62.8	%
Impact of Reinsurance		(0.8	)		(0.3	)		(0.3	)
Net Accident Year (1)		59.2			63.4			62.5	%
Impact of Significant Commutations		—			0.9
Impact of Corporate Covers		—			(0.3	)
Impact of Development & Change in Allowance for Uncollectible Reinsurance		0.1			1.3
Net Calendar Year		59.3	%		65.3	%

	P&C Operations
	2006 YTD			2005 FY			2005 FY
	Evaluated at			Evaluated at			Evaluated at
	03/31/06			12/31/05			03/31/06
Gross Accident Year		63.8	%		72.2	%		71.5	%
Impact of Reinsurance		1.0			(0.6	)		(0.6	)
Net Accident Year (1)		64.8			71.6			70.9	%
Impact of Significant Commutations		—			4.3
Impact of Corporate Covers		—			0.4
Impact of Development & Change in Allowance for Uncollectible Reinsurance		2.4			3.2
Net Calendar Year		67.2	%		79.5	%

(1) The 2005 net accident year loss ratio evaluated at March 31, 2006 includes 11 points, 1 point, and 7 points related to catastrophe losses for Standard Lines, Specialty Lines, and P&C Operations.

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CNA FINANCIAL CORPORATION
Financial Supplement
Asbestos Summary by Policyholder Category

			Net Paid		Net Asbestos		Percent of
	Number of		Losses in 2006		Reserves		Asbestos
MARCH 31, 2006	Policyholders		(In millions)		(In millions)		Net Reserves
Policyholders with Settlement Agreements
Structured Settlements		13	$	10	$	158		10	%
Wellington		3		—		15		1
Coverage in Place		36		6		64		4
Fibreboard		1		—		54		4
Total with Settlement Agreements		53		16		291		19
Other Policyholders with Active Accounts
Large Asbestos Accounts		199		23		232		16
Small Asbestos Accounts		1,062		7		127		8
Total Other Policyholders		1,261		30		359		24
Assumed Reinsurance & Pools				1		146		10
Unassigned IBNR (1)						712		47
Total		1,314	$	47	$	1,508		100	%

(1) IBNR includes claims that are incurred but not reported.

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