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EXHIBIT 99.2
CNA FINANCIAL CORPORATION
GROUP OPERATIONS SEGMENT - HISTORICAL GAAP RESULTS OF OPERATIONS (1) FOR THE
THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2003
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THREE MONTHS ENDED SEPTEMBER 30, 2003 GROUP OPERATIONS GROUP OPERATIONS
EXCLUDING BUSINESSES BUSINESSES INCLUDED TOTAL GROUP OPERATIONS
(In millions) IN SALE (2) (3) IN SALE (2) AS REPORTED
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Net earned premiums $ 32 $ 306 $ 338
Insurance claims & policyholders' benefits 40 222 262
Policyholders' dividends 1 - 1
Insurance related expenses 12 99 111
Net investment income 33 34 67
Other revenues 14 (1) 13
Other expenses 5 2 7
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Income before income tax and net realized investment gains 21 16 37
Income tax expense (7) (5) (12)
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Income before net realized investment gains 14 11 25
Realized investment gains 17 8 25
Income tax expense on realized investment gains (6) (2) (8)
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Net income $ 25 $ 17 $ 42
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NINE MONTHS ENDED SEPTEMBER 30, 2003 GROUP OPERATIONS GROUP OPERATIONS
EXCLUDING BUSINESSES BUSINESSES INCLUDED TOTAL GROUP OPERATIONS
(In millions) IN SALE (2) (3) IN SALE (2) AS REPORTED
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Net earned premiums $ 94 $ 888 $ 982
Insurance claims & policyholders' benefits 121 639 760
Policyholders' dividends 1 - 1
Insurance related expenses 40 302 342
Net investment income 100 100 200
Other revenues 46 - 46
Other expenses 19 3 22
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Income before income tax and net realized investment
(losses) gains 59 44 103
Income tax expense (20) (13) (33)
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Income before net realized investment (losses) gains 39 31 70
Realized investment (losses) gains (16) 9 (7)
Income tax benefit (expense) on realized investment
(losses) gains 6 (3) 3
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Net income $ 29 $ 37 $ 66
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(1) The historical results do not reflect any possible effects on Registrant's
operating results of the proposed sale, including but not limited to the
potential impact of unabsorbed overhead or other expenses.
(2) Based on the December 1, 2003 announced sale of the Group Benefits
businesses. Due to certain products that may be included or excluded with the
close of the sale, which is expected to occur on or before December 31, 2003,
the presentation of final results for the businesses sold may change.
(3) Excluded businesses principally include Group Long Term Care and
Institutional Markets.