2011 Q3 8K

0000021175-11-000046.txt : 20111031 0000021175-11-000046.hdr.sgml : 20111031 20111031110516 ACCESSION NUMBER: 0000021175-11-000046 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20111031 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20111031 DATE AS OF CHANGE: 20111031 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CNA FINANCIAL CORP CENTRAL INDEX KEY: 0000021175 STANDARD INDUSTRIAL CLASSIFICATION: FIRE, MARINE & CASUALTY INSURANCE [6331] IRS NUMBER: 366169860 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-05823 FILM NUMBER: 111167009 BUSINESS ADDRESS: STREET 1: CNA STREET 2: 333 S. WABASH CITY: CHICAGO STATE: IL ZIP: 60604 BUSINESS PHONE: 3128225000 MAIL ADDRESS: STREET 1: CNA STREET 2: 333 S. WABASH CITY: CHICAGO STATE: IL ZIP: 60604 8-K 1 q32011form8k.htm FORM 8-K 2011 Q3 8K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) October 31, 2011

CNA FINANCIAL CORPORATION

(Exact name of registrant as specified in its charter)



Delaware	1-5823	36-6169860
(State or other jurisdiction	(Commission	(IRS Employer
of incorporation)	File Number)	Identification No.)



333 S. Wabash, Chicago, Illinois		60604
(Address of principal executive offices)		(Zip Code)

Registrant's telephone number, including area code (312) 822-5000

NOT APPLICABLE

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On October 31, 2011, the registrant issued a press release and posted on its website (www.cna.com) a financial supplement providing information on its results of operations for the third quarter 2011. The press release is furnished as Exhibit 99.1 and the financial supplement is furnished as Exhibit 99.2 to this Form 8-K.

The information under Item 2.02 and in Exhibits 99.1 and 99.2 in this Current Report is being furnished and shall not be deemed “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information under Item 2.02 and in Exhibits 99.1 and 99.2 in this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.

(d) Exhibits:

See Exhibit Index.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.



		CNA Financial Corporation
		(Registrant)

Date: October 31, 2011	By	/s/ D. Craig Mense
		(Signature)
		D. Craig Mense Executive Vice President and Chief Financial Officer

EXHIBIT INDEX



Exhibit No.		Description
99.1		CNA Financial Corporation press release, issued October 31, 2011, providing information on the third quarter 2011 results of operations.

99.2		CNA Financial Corporation financial supplement, posted on its website October 31, 2011, providing supplemental financial information on the third quarter 2011.

EX-99.1 2 q3exhibit991.htm EX 99.1 Q3 Exhibit 99.1

FOR IMMEDIATE RELEASE

CONTACT:



MEDIA:		ANALYSTS:
Katrina W. Parker, 312/822-5167		Nancy M. Bufalino, 312/822-7757
Sarah J. Pang, 312/822-6394		Marie Hotza, 312/822-4278
		David C. Adams, 312/822-2183

CNA FINANCIAL ANNOUNCES THIRD QUARTER 2011 RESULTS:

NET OPERATING INCOME OF $91 MILLION, NET INCOME OF $75 MILLION,

NET OPERATING EPS OF $0.34

NET WRITTEN PREMIUMS INCREASE OF 8%, P&C COMBINED RATIO OF 99.1%

BOOK VALUE PER COMMON SHARE OF $43.85,

AN INCREASE OF 2% FROM JUNE 30, 2011

QUARTERLY DIVIDEND OF $0.10 PER SHARE

CHICAGO, October 31, 2011 --- CNA Financial Corporation (NYSE: CNA) today announced third quarter 2011 results, which included net operating income of $91 million, or $0.34 per common share, and net income of $75 million, or $0.28 per common share. Property & Casualty Operations combined ratio for the third quarter was 99.1%. Book value per common share was $43.85 at September 30, 2011, as compared to $43.09 at June 30, 2011 and $40.70 at December 31, 2010.

CNA Financial also announced declaration of a quarterly dividend of $0.10 per share, payable November 30, 2011 to stockholders of record on November 14, 2011.



	Results for the Three Months Ended September 30 (a)						Results for the Nine Months Ended September 30 (a)
($ millions)	2011			2010			2011			2010
Net operating income (loss):
Net operating income before LPT (b)	$	91		$	186		$	423		$	678
Net loss related to LPT (b)	—			(344		)	—			(344		)
Net operating income (loss)	91			(158		)	423			334
Net realized investment gains (losses)	(16		)	40			2			75
Net income (loss) from continuing operations	75			(118		)	425			409
Net income (loss) from discontinued operations	—			(22		)	(1		)	(21		)
Net income (loss)	$	75		$	(140	)	$	424		$	388

(a)

References to net operating income (loss), net realized investment gains (losses), net income (loss) from continuing operations and net income (loss) used in this press release reflect amounts attributable to CNA, unless otherwise noted. 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 CNA's Annual Report on Form 10-K for the year ended December 31, 2010 for further discussion of this measure.

(b)

On August 31, 2010, the Company completed a transaction with National Indemnity Company (NICO), a subsidiary of Berkshire Hathaway Inc., under which substantially all of the Company's legacy asbestos and environmental pollution liabilities were ceded to NICO (Loss Portfolio Transfer or LPT). The Company recognized an after-tax net loss of $365 million in the third quarter of 2010, of which $344 million related to the Company's continuing operations and $21 million related to the Company's discontinued operations.



Earnings Per Share Attributable to Common Stockholders
	Results for the Three Months Ended September 30						Results for the Nine Months Ended September 30
	2011			2010			2011		2010
Net operating income (loss):
Net operating income before LPT	$	0.34		$	0.69		$	1.57	$	2.52
Net loss related to LPT	—			(1.28		)	—		(1.28		)
Net operating income (loss)	0.34			(0.59		)	1.57		1.24
2008 Senior Preferred dividend	—			(0.07		)	—		(0.25		)
Net operating income attributable to CNA common stockholders	0.34			(0.66		)	1.57		0.99
Net realized investment gains (losses)	(0.06		)	0.15			0.01		0.28
Net income (loss) from continuing operations	0.28			(0.51		)	1.58		1.27
Net income (loss) from discontinued operations	—			(0.08		)	—		(0.08		)
Net income (loss) attributable to CNA common stockholders	$	0.28		$	(0.59	)	$	1.58	$	1.19

Net operating income for the three months ended September 30, 2011 increased $249 million as compared with the same period in 2010. Excluding the loss associated with the agreement to cede asbestos and environmental pollution liabilities in the third quarter of 2010 (Loss Portfolio Transfer), net operating income decreased $95 million for the three months ended September 30, 2011 as compared with the same period in 2010. Net operating income for our core Property & Casualty Operations decreased $122 million, primarily due to decreased net investment income and higher catastrophe losses. For the three months ended September 30, 2011, catastrophe losses were $32 million after-tax as compared to $8 million after-tax for the same period in 2010. Our Property & Casualty Operations produced third quarter combined ratios of 99.1% and 98.0% in 2011 and 2010. Excluding the impacts of favorable reserve development and catastrophe losses, our combined ratio improved to 101.0% from 103.7% for the same comparable periods.

“While we are pleased to demonstrate continued progress in our determined efforts to improve the earnings power of our core Property & Casualty Operations, we recognize that there continues to be much work to be done,” said Thomas F. Motamed, Chairman and Chief Executive Officer of CNA Financial Corporation. “Most notably, in the third quarter we continued to drive improved rate across all our businesses, further improved our net accident year loss ratio in commercial lines and increased our net written premiums 8%, our third consecutive quarter of top line growth.”

Pretax net investment income for the three months ended September 30, 2011 decreased $187 million as compared with the same period in 2010. The decrease was primarily driven by a significant decrease in limited partnership results as well as lower fixed maturity security income. Limited partnerships produced a loss of $93 million for the three months ended September 30, 2011, as compared to income of $68 million for the three months ended September 30, 2010.

After-tax net realized investment results decreased $56 million for the three months ended September 30, 2011 as compared with the same period in 2010.

Net operating income for the nine months ended September 30, 2011 increased $89 million as compared with the same period in 2010. Excluding the loss associated with the Loss Portfolio Transfer, net operating income decreased $255 million for the nine months ended September 30, 2011 as compared with the same period in 2010. Net operating income for our core Property & Casualty Operations decreased $227 million, primarily due to the same reasons as discussed above in the three month comparison, as well as a lower level of favorable net prior year development. For the nine months ended September 30, 2011, catastrophe losses were $133 million after-tax as compared to $65 million after-tax for the same period in 2010. Our Property & Casualty Operations produced year-to-date combined ratios of 102.1% and 96.6% in 2011 and 2010. Excluding the impacts of favorable reserve development and catastrophe losses, our combined ratio improved to 101.6% from 103.5% for the same comparable periods.

Pretax net investment income for the nine months ended September 30, 2011 decreased $161 million as compared with the same period in 2010. The decrease was primarily due to the same reasons discussed above in the three month comparison.

After-tax net realized investment gains decreased to $2 million for the nine months ended September 30, 2011 as compared with $75 million for the same period in 2010.

Business Operating Highlights

CNA Specialty provides professional and management liability as well as surety and other property and casualty coverages and services, which include warranty and service contracts. Specialty products are sold both domestically and abroad, through a network of brokers, independent agencies and managing general underwriters.


•	Net written premiums increased $44 million for the third quarter of 2011 as compared with the same period in 2010, primarily driven by new business. Average rate was flat for the third quarter of 2011, as compared to a decrease of 3% for the same period in 2010 for the policies that renewed in each period. Retention of 86% was achieved in each period.


•	Net income decreased $74 million and net operating income decreased $60 million for the third quarter of 2011 as compared with the same period in 2010. The decrease in net operating income was primarily due to decreased net investment income and a lower level of favorable net prior year development.


•	The combined ratio increased 6.2 points for the third quarter of 2011 as compared with the same period in 2010. The loss ratio increased 7.7 points, primarily due to a lower level of favorable net prior year development.


•	CNA Specialty produced third quarter combined ratios of 94.7% and 88.5% in 2011 and 2010. Excluding the impacts of favorable reserve development and catastrophe losses, our combined ratios were 97.3% and 98.2% for the same comparable periods.

CNA Commercial works with an independent agency distribution system and network of brokers to market a broad range of property and casualty insurance products and services to small, middle-market and large businesses and organizations domestically and abroad.

•

Net written premiums increased $73 million for the third quarter of 2011 as compared with the same period in 2010. This increase was driven by continued positive rate achievement, improved economic conditions reflected in insured exposures, as well as improved reinsurance costs and new business levels in certain business lines. Average rate increased 2% for the third quarter of 2011 and was flat for the third quarter of 2010 for the policies that renewed in each period. Retention of 79% and 81% were achieved in each period.

•

Net income decreased $85 million and net operating income decreased $62 million for the third quarter of 2011 as compared with the same period in 2010. The decrease in net operating income was primarily due to lower net investment income and higher catastrophe losses, partially offset by improved non-catastrophe current accident year underwriting results and increased favorable net prior year development. Additionally, income tax expense of $22 million was recorded due to an increase in the tax rate applicable to the undistributed earnings of a 50% owned subsidiary now under contract for sale.


•	The combined ratio improved 2.8 points for the third quarter of 2011 as compared with the same period in 2010. The loss ratio improved 1.6 points, primarily due to increased favorable net prior year development and an improved current accident year non-catastrophe loss ratio, partially offset by higher catastrophe losses.


•	CNA Commercial produced third quarter combined ratios of 103.0% and 105.8% in 2011 and 2010. Excluding the impacts of favorable reserve development and catastrophe losses, our combined ratios were 104.1% and 108.3% for the same comparable periods.

Life & Group Non-Core primarily includes the results of the life and group lines of business that are in run-off. Net earned premiums relate primarily to the individual and group long term care businesses.


•	Net loss decreased $25 million for the third quarter of 2011 as compared with the same period in 2010. This improvement was primarily due to a $39 million pretax and after-tax increase to payout annuity benefit reserves recognized during the third quarter of 2010.

Corporate & Other Non-Core primarily includes certain corporate expenses, including interest on corporate debt, and the results of certain property and casualty business in run-off, including CNA Re and asbestos and environmental pollution (A&EP).

•

Net loss decreased $327 million for the third quarter of 2011 as compared with the same period in 2010, primarily driven by the after-tax net loss of $344 million as a result of the Loss Portfolio Transfer consummated in the third quarter of 2010. Net results were also affected by lower net investment income partially offset by lower net incurred claims. Under the Loss Portfolio Transfer, approximately $1.6 billion of net A&EP claim and claim adjustment expense reserves were ceded under a retroactive reinsurance agreement. As a result of the Loss Portfolio Transfer, the investment income allocated to the Corporate & Other Non-Core segment decreased because of the lower net reserve base and associated risk capital. Claim adjustment expenses are lower because the counterparty to the Loss Portfolio Transfer is responsible for the A&EP claims handling.



Segment Results for the Three Months Ended September 30, 2011
($ millions)	CNA Specialty			CNA Commercial			Total P&C Operations			Life & Group Non-Core			Corporate & Other Non-Core			Total
Net operating income (loss)	$	84		$	46		$	130		$	(14	)	$	(25	)	$	91
Net realized investment gains (losses)	(5		)	(9		)	(14		)	(3		)	1			(16		)
Net income (loss) from continuing operations	$	79		$	37		$	116		$	(17	)	$	(24	)	$	75



Segment Results for the Three Months Ended September 30, 2010
($ millions)	CNA Specialty		CNA Commercial		Total P&C Operations		Life & Group Non-Core			Corporate & Other Non-Core			Total
Net operating income (loss)	$	144	$	108	$	252	$	(55	)	$	(355	)	$	(158	)
Net realized investment gains (losses)	9		14		23		13			4			40
Net income (loss) from continuing operations	$	153	$	122	$	275	$	(42	)	$	(351	)	$	(118	)



Segment Results for the Nine Months Ended September 30, 2011
($ millions)	CNA Specialty		CNA Commercial		Total P&C Operations		Life & Group Non-Core			Corporate & Other Non-Core			Total
Net operating income (loss)	$	328	$	216	$	544	$	(51	)	$	(70	)	$	423
Net realized investment gains (losses)	5		9		14		(5		)	(7		)	2
Net income (loss) from continuing operations	$	333	$	225	$	558	$	(56	)	$	(77	)	$	425



Segment Results for the Nine Months Ended September 30, 2010
($ millions)	CNA Specialty		CNA Commercial		Total P&C Operations		Life & Group Non-Core			Corporate & Other Non-Core			Total
Net operating income (loss)	$	440	$	331	$	771	$	(72	)	$	(365	)	$	334
Net realized investment gains (losses)	39		14		53		8			14			75
Net income (loss) from continuing operations	$	479	$	345	$	824	$	(64	)	$	(351	)	$	409



Property & Casualty Operations Gross Written Premiums
	Three Months Ended September 30				Nine Months Ended September 30
($ millions)	2011		2010		2011		2010
CNA Specialty	$	1,139	$	1,087	$	3,348	$	3,180
CNA Commercial	882		825		2,740		2,673
Total P&C Operations	$	2,021	$	1,912	$	6,088	$	5,853



Property & Casualty Operations Net Written Premiums
	Three Months Ended September 30				Nine Months Ended September 30
($ millions)	2011		2010		2011		2010
CNA Specialty	$	750	$	706	$	2,172	$	2,009
CNA Commercial	836		763		2,544		2,430
Total P&C Operations	$	1,586	$	1,469	$	4,716	$	4,439



Property & Casualty Calendar Year Loss Ratios
	Three Months Ended September 30				Nine Months Ended September 30
	2011		2010		2011		2010
CNA Specialty	65.5	%	57.8	%	63.6	%	55.8	%
CNA Commercial	68.7	%	70.3	%	74.7	%	68.5	%
Total P&C Operations	67.2	%	64.7	%	69.5	%	62.8	%



Property & Casualty Calendar Year Combined Ratios
	Three Months Ended September 30				Nine Months Ended September 30
	2011		2010		2011		2010
CNA Specialty	94.7	%	88.5	%	93.9	%	86.6	%
CNA Commercial	103.0	%	105.8	%	109.3	%	104.7	%
Total P&C Operations	99.1	%	98.0	%	102.1	%	96.6	%



CNA Specialty Effect of Catastrophe Impacts and Development-Related Items
	Three Months Ended September 30				Nine Months Ended September 30
	2011		2010		2011		2010
Combined ratio excluding the effect of catastrophe impacts and development-related items	97.3	%	98.2	%	97.9	%	97.2	%
Effect of catastrophe impacts	0.5	%	0.1	%	0.5	%	0.3	%
Effect of development-related items	(3.1	)%	(9.8	)%	(4.5	)%	(10.9	)%
Combined ratio	94.7	%	88.5	%	93.9	%	86.6	%



CNA Commercial Effect of Catastrophe Impacts and Development-Related Items
	Three Months Ended September 30				Nine Months Ended September 30
	2011		2010		2011		2010
Combined ratio excluding the effect of catastrophe impacts and development-related items	104.1	%	108.3	%	104.6	%	108.5	%
Effect of catastrophe impacts	5.5	%	1.4	%	8.1	%	3.9	%
Effect of development-related items	(6.6	)%	(3.9	)%	(3.4	)%	(7.7	)%
Combined ratio	103.0	%	105.8	%	109.3	%	104.7	%



Property & Casualty Operations Effect of Catastrophe Impacts and Development-Related Items
	Three Months Ended September 30				Nine Months Ended September 30
	2011		2010		2011		2010
Combined ratio excluding the effect of catastrophe impacts and development-related items	101.0	%	103.7	%	101.6	%	103.5	%
Effect of catastrophe impacts	3.1	%	0.8	%	4.5	%	2.3	%
Effect of development-related items	(5.0	)%	(6.5	)%	(4.0	)%	(9.2	)%
Combined ratio	99.1	%	98.0	%	102.1	%	96.6	%

About the Company

Serving businesses and professionals since 1897, CNA is the country's seventh largest commercial insurance writer and the 13^th largest property and casualty company. CNA's insurance products include standard commercial lines, specialty lines, surety, marine and other property and casualty coverages. CNA's services include risk management, information services, underwriting, risk control and claims administration. For more information, please visit CNA at www.cna.com. CNA is a registered trademark of CNA Financial Corporation.

Conference Call and Webcast Information:

A conference call for investors and the professional investment community will be held at 10:00 a.m. (ET) today. On the conference call will be Thomas F. Motamed, Chairman and Chief Executive Officer of CNA Financial Corporation, and other members of senior management. Participants can access the call by dialing (888) 334-3020, or for international callers, (719) 325-2340. The call will also be broadcast live on the internet at http://investor.cna.com or you may go to the investor relations pages of the CNA website (www.cna.com) for further details.

The call is available to the media, but questions will be restricted to investors and the professional investment community. A taped replay of the call will be available through November 7, 2011 by dialing (888) 203-1112, or for international callers, (719) 457-0820. The replay passcode is 2444520. The replay will also be available on CNA's website. Financial supplement information related to the results is available on the investor relations pages of the CNA website or by contacting David Adams at (312) 822-2183.

Financial Measures

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 (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 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.

This press release may also reference or contain financial measures that are not in accordance with GAAP. For reconciliations of non-GAAP measures to the most comparable GAAP measures, please refer herein and/or to CNA's most recent 10-K on file with the Securities and Exchange Commission, as well as the financial supplement, available at www.cna.com.

Forward-Looking Statement

This press release may include statements which relate to anticipated future events (forward-looking statements) rather than actual present conditions or historical events. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and generally include words such as “believes”, “expects”, “intends”, “anticipates”, “estimates” and similar expressions. Forward-looking statements, by their nature, are subject to a variety of inherent risks and uncertainties that could cause actual results to differ materially from the results projected. Many of these risks and uncertainties cannot be controlled by CNA. For a detailed description of these risks and uncertainties affecting CNA, please refer to CNA's most recent 10-K on file with the Securities and Exchange Commission available at www.cna.com.

Any forward-looking statements made in this press release are made by CNA as of the date of this press release. Further, CNA does not have any obligation to update or revise any forward-looking statement contained in this press release, even if CNA's expectations or any related events, conditions or circumstances change.

# # #

EX-99.2 3 q3exhibit992.htm EX 99.2 Q3 Exhibit 99.2

CNA Financial Corporation

Supplemental Financial Information

September 30, 2011

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

September 30, 2011



	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
Investment Summary - Consolidated	5
Investment Summary - Property & Casualty and Corporate & Other Non-Core	6
Investment Summary - Life & Group Non-Core	7
Investments - Fixed Maturity Securities by Credit Rating	8
Investments - European Exposure - Fair Value by Country of Risk	9
Investments - European Exposure - Credit Rating by Country of Risk	10
Property & Casualty Results of Operations (Three Months Ended)	11
Life & Group Non-Core and Corporate & Other Non-Core Segments Results of Operations (Three Months Ended)	12
Property & Casualty Results of Operations (Nine Months Ended)	13
Life & Group Non-Core and Corporate & Other Non-Core Segments Results of Operations (Nine Months Ended)	14
Components of Pretax Net Investment Income	15
Statutory Data - Preliminary	16
Property & Casualty Operations Loss & LAE Ratio Analysis	17

CNA Financial Corporation

Definitions and Presentation


•	Collectively, CNA Financial Corporation (CNAF) and its controlled subsidiaries are referred to as CNA or the Company.


•	P&C Operations includes CNA Specialty and CNA Commercial.


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


•	Corporate & Other Non-Core segment primarily includes certain corporate expenses including interest on corporate debt and the results of certain property and casualty business in run-off, including CNA Re and asbestos and environmental pollution (A&EP). Intersegment eliminations are also included in this segment.


•	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 2010 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. The statutory expense ratio reported on page 16 is the percentage of acquisition and underwriting expenses to net written premiums in accordance with statutory accounting practices.

•

Limited partnerships are a relatively small portion of CNA's overall investment portfolio. The majority of our limited partnership investments employ hedge fund 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. While the Company generally does not invest in highly leveraged partnerships, there are risks which may result in losses due to 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

Agreement to Cede Asbestos and Environmental Pollution (A&EP) Liabilities to National Indemnity Company (NICO)

On August 31, 2010, the Company completed a transaction with National Indemnity Company (NICO), a subsidiary of Berkshire Hathaway Inc., under which substantially all of the Company's legacy A&EP liabilities were ceded to NICO (Loss Portfolio Transfer or LPT). The Company recognized an after-tax net loss of $365 million in the third quarter of 2010, of which $344 million related to the Company's continuing operations and $21 million related to the Company's discontinued operations.

CNA FINANCIAL CORPORATION

Financial Supplement

Statements of Operations



PERIODS ENDED SEPTEMBER 30	Three Months						Fav / (Unfav)			Nine Months						Fav / (Unfav)
(In millions)	2011			2010			% Change			2011			2010			% Change
STATEMENTS OF OPERATIONS
Revenues:
Net earned premiums	$	1,732		$	1,645		5		%	$	4,942		$	4,868		2		%
Net investment income	394			581			(32	)		1,531			1,692			(10	)
Net realized investment gains (losses), net of participating policyholders' interests:
Other-than-temporary impairment (OTTI) losses	(75		)	(41		)	(83	)		(136		)	(189		)	28
Portion of OTTI recognized in Other comprehensive income (loss)	(2		)	(3		)	33			(44		)	28			N/M
Net OTTI losses recognized in earnings	(77		)	(44		)	(75	)		(180		)	(161		)	(12	)
Other net realized investment gains (losses)	50			106			(53	)		181			286			(37	)
Net realized investment gains (losses), net of participating policyholders' interests	(27		)	62			(144	)		1			125			(99	)
Other revenues	76			75			1			214			226			(5	)
Total revenues	2,175			2,363			(8	)		6,688			6,911			(3	)
Claims, Benefits and Expenses:
Insurance claims and policyholders' benefits	1,400			1,344			(4	)		4,131			3,799			(9	)
Amortization of deferred acquisition costs	356			351			(1	)		1,051			1,038			(1	)
Other operating expenses	252			795			68			736			1,325			44
Interest	43			40			(8	)		132			113			(17	)
Total claims, benefits and expenses	2,051			2,530			19			6,050			6,275			4
Income (loss) from continuing operations before income tax	124			(167		)	174			638			636			—
Income tax (expense) benefit	(49		)	64			(177	)		(198		)	(183		)	(8	)
Income (loss) from continuing operations, net of tax	75			(103		)	173			440			453			(3	)
Income (loss) from discontinued operations, net of tax	—			(22		)	N/M			(1		)	(21		)	95
Net income (loss)	75			(125		)	160			439			432			2
Net (income) loss attributable to noncontrolling interests	—			(15		)	N/M			(15		)	(44		)	66
Net income (loss) attributable to CNA	$	75		$	(140	)	154		%	$	424		$	388		9		%

CNA FINANCIAL CORPORATION

Financial Supplement

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



PERIODS ENDED SEPTEMBER 30	Three Months								Nine Months
(In millions, except per share data)	2011				2010				2011				2010
COMPONENTS OF INCOME (LOSS) ATTRIBUTABLE TO CNA COMMON STOCKHOLDERS
Net operating income (loss) from continuing operations attributable to CNA before LPT	$	91			$	186			$	423			$	678
Net loss related to LPT	—				(344		)		—				(344		)
Net operating income (loss) from continuing operations attributable to CNA	91				(158		)		423				334
Less: 2008 Senior Preferred dividend	—				(18		)		—				(68		)
Net operating income (loss) from continuing operations attributable to CNA common stockholders	91				(176		)		423				266
Net realized investment gains (losses) attributable to CNA common stockholders	(16		)		40				2				75
Income (loss) from continuing operations attributable to CNA common stockholders	75				(136		)		425				341
Income (loss) from discontinued operations attributable to CNA common stockholders	—				(22		)		(1		)		(21		)
Income (loss) attributable to CNA common stockholders	$	75			$	(158	)		$	424			$	320

BASIC AND DILUTED EARNINGS (LOSS) PER COMMON SHARE
Net operating income (loss) from continuing operations attributable to CNA before LPT	$	0.34			$	0.69			$	1.57			$	2.52
Net loss related to LPT	—				(1.28		)		—				(1.28		)
Net operating income (loss) from continuing operations attributable to CNA	0.34				(0.59		)		1.57				1.24
Less: 2008 Senior Preferred dividend	—				(0.07		)		—				(0.25		)
Net operating income (loss) from continuing operations attributable to CNA common stockholders	0.34				(0.66		)		1.57				0.99
Net realized investment gains (losses) attributable to CNA common stockholders	(0.06		)		0.15				0.01				0.28
Income (loss) from continuing operations attributable to CNA common stockholders	0.28				(0.51		)		1.58				1.27
Income (loss) from discontinued operations attributable to CNA common stockholders	—				(0.08		)		—				(0.08		)
Basic and diluted earnings (loss) per share attributable to CNA common stockholders	$	0.28			$	(0.59	)		$	1.58			$	1.19

WEIGHTED AVERAGE OUTSTANDING COMMON STOCK AND COMMON STOCK EQUIVALENTS
Basic	269.3				269.2				269.3				269.1
Diluted	269.6				269.2				269.6				269.4

RETURN ON EQUITY
Net income (loss) attributable to CNA ⁽¹⁾	2.6			%	(4.7		)	%	5.0			%	4.6			%
Net operating income (loss) from continuing operations attributable to CNA ⁽²⁾	3.4				(5.7		)		5.2				4.1

(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 (loss) 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.

CNA FINANCIAL CORPORATION

Financial Supplement

Selected Balance Sheets Data and Statements of Cash Flows Data



(In millions, except share data)	September 30, 2011		December 31, 2010
Total assets	$	55,844	$	55,331
Insurance reserves	37,851		37,590
Debt	2,638		2,651
Total liabilities	43,888		43,807
Accumulated other comprehensive income (loss)	886		326
Noncontrolling interests	148		570
Total CNA stockholders' equity	11,808		10,954

Book value per common share	$	43.85	$	40.70
Book value per common share excluding AOCI	$	40.56	$	39.49

Outstanding shares of common stock (in millions of shares)	269.3		269.1



THREE MONTHS ENDED SEPTEMBER 30 (In millions)	2011			2010
Net cash flows provided (used) by operating activities ⁽¹⁾	$	401		$	(1,254	)
Net cash flows provided (used) by investing activities	(314		)	1,383
Net cash flows provided (used) by financing activities	(84		)	(121		)
Net cash flows provided (used) by operating, investing and financing activities	$	3		$	8



NINE MONTHS ENDED SEPTEMBER 30 (In millions)	2011			2010
Net cash flows provided (used) by operating activities ⁽¹⁾	$	813		$	(673	)
Net cash flows provided (used) by investing activities	(217		)	860
Net cash flows provided (used) by financing activities	(588		)	(245		)
Net cash flows provided (used) by operating, investing and financing activities	$	8		$	(58	)

(1) Operating cash flows for the three and nine months ended September 30, 2010 include $(1.9) billion related to the initial net cash settlement with NICO for the Loss Portfolio Transfer, as further discussed on page i.

CNA FINANCIAL CORPORATION

Financial Supplement

Claim & Claim Adjustment Expense Reserve Rollforward



THREE MONTHS ENDED SEPTEMBER 30, 2011 (In millions)	CNA Specialty			CNA Commercial			P&C Operations			Life & Group Non-Core			Corporate & Other Non-Core			Total Operations
Claim & claim adjustment expense reserves, beginning of period
Gross	$	6,953		$	12,282		$	19,235		$	2,734		$	3,227		$	25,196
Ceded	902			1,786			2,688			577			2,554			5,819
Net	6,051			10,496			16,547			2,157			673			19,377

Net incurred claim & claim adjustment expenses	485			594			1,079			151			15			1,245
Net claim & claim adjustment expense payments	(351		)	(663		)	(1,014		)	(131		)	(70		)	(1,215		)
Foreign currency translation adjustment and other	(36		)	(34		)	(70		)	—			3			(67		)

Claim & claim adjustment expense reserves, end of period
Net	6,149			10,393			16,542			2,177			621			19,340
Ceded	851			1,723			2,574			571			2,546			5,691
Gross	$	7,000		$	12,116		$	19,116		$	2,748		$	3,167		$	25,031



NINE MONTHS ENDED SEPTEMBER 30, 2011 (In millions)	CNA Specialty			CNA Commercial			P&C Operations			Life & Group Non-Core			Corporate & Other Non-Core			Total Operations
Claim & claim adjustment expense reserves, beginning of period
Gross	$	6,793		$	12,522		$	19,315		$	2,739		$	3,442		$	25,496
Ceded	875			1,881			2,756			642			2,724			6,122
Net	5,918			10,641			16,559			2,097			718			19,374

Net incurred claim & claim adjustment expenses	1,333			1,822			3,155			479			16			3,650
Net claim & claim adjustment expense payments	(1,089		)	(2,057		)	(3,146		)	(399		)	(116		)	(3,661		)
Foreign currency translation adjustment and other	(13		)	(13		)	(26		)	—			3			(23		)

Claim & claim adjustment expense reserves, end of period
Net	6,149			10,393			16,542			2,177			621			19,340
Ceded	851			1,723			2,574			571			2,546			5,691
Gross	$	7,000		$	12,116		$	19,116		$	2,748		$	3,167		$	25,031



CNA FINANCIAL CORPORATION Financial Supplement Investment Summary - Consolidated



	September 30, 2011						June 30, 2011						December 31, 2010
(In millions)	Carrying Value			Net Unrealized Gains (Losses)			Carrying Value			Net Unrealized Gains (Losses)			Carrying Value			Net Unrealized Gains (Losses)
Fixed maturity securities:
Corporate and other bonds	$	20,908		$	1,758		$	20,879		$	1,666		$	21,031		$	1,533
States, municipalities and political subdivisions:
Tax-exempt	5,479			206			4,855			(53		)	4,282			(218		)
Taxable	4,058			497			3,862			142			3,607			(50		)
Total states, municipalities and political subdivisions	9,537			703			8,717			89			7,889			(268		)
Asset-backed:⁽¹⁾⁽²⁾
Agency RMBS	4,154			172			4,187			64			3,836			38
Prime RMBS	775			(80		)	867			(79		)	1,139			(128		)
Sub-prime RMBS	368			(39		)	383			(27		)	483			(44		)
Alt-A RMBS	553			(15		)	576			(21		)	632			(30		)
Total RMBS	5,850			38			6,013			(63		)	6,090			(164		)
Agency CMBS	36			3			30			1			30			—
Other CMBS	1,213			(9		)	1,007			25			963			(1		)
Total CMBS	1,249			(6		)	1,037			26			993			(1		)
Other ABS	1,036			1			933			8			763			10
Total asset-backed	8,135			33			7,983			(29		)	7,846			(155		)
U.S. Treasury and obligations of government-sponsored enterprises	237			16			244			13			137			15
Foreign government	582			25			677			18			620			18
Redeemable preferred stock	57			8			54			6			54			7
Total fixed maturity securities	39,456			2,543			38,554			1,763			37,577			1,150
Equities	327			11			346			26			440			18
Limited partnership investments	2,371			—			2,554			—			2,309			—
Other invested assets	17			—			16			—			27			1
Mortgage loans	204			—			198			—			87			—
Short term investments	1,730			(2		)	1,709			—			2,215			2
Total investments	$	44,105		$	2,552		$	43,377		$	1,789		$	42,655		$	1,171

Net receivable/(payable)	$	(134	)	$	—		$	(177	)	$	—		$	(222	)	$	—

(1) Agency RMBS and CMBS include securities issued or guaranteed, or collateralized by assets or securities issued or guaranteed, by U.S. government agencies or government-sponsored enterprises.

(2) 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.

RMBS - Residential mortgage-backed securities

CMBS - Commercial mortgage-backed securities

Other ABS - Other asset-backed securities

CNA FINANCIAL CORPORATION

Financial Supplement

Investment Summary - Property & Casualty and Corporate & Other Non-Core



	September 30, 2011						June 30, 2011						December 31, 2010
(In millions)	Carrying Value			Net Unrealized Gains (Losses)			Carrying Value			Net Unrealized Gains (Losses)			Carrying Value			Net Unrealized Gains (Losses)
Fixed maturity securities:
Corporate and other bonds	$	13,241		$	615		$	13,421		$	769		$	13,541		$	715
States, municipalities and political subdivisions:
Tax-exempt	2,344			93			2,118			45			2,116			10
Taxable	2,568			263			2,550			72			2,438			(42		)
Total states, municipalities and political subdivisions	4,912			356			4,668			117			4,554			(32		)
Asset-backed:
Agency RMBS	3,952			159			3,996			58			3,680			30
Prime RMBS	684			(71		)	770			(70		)	1,012			(109		)
Sub-prime RMBS	353			(38		)	365			(27		)	461			(45		)
Alt-A RMBS	491			(14		)	513			(18		)	563			(29		)
Total RMBS	5,480			36			5,644			(57		)	5,716			(153		)
Agency CMBS	36			3			30			1			30			—
Other CMBS	1,034			(14		)	829			21			803			(2		)
Total CMBS	1,070			(11		)	859			22			833			(2		)
Other ABS	991			(3		)	886			4			712			5
Total asset-backed	7,541			22			7,389			(31		)	7,261			(150		)
U.S. Treasury and obligations of government-sponsored enterprises	213			7			200			4			94			6
Foreign government	577			24			670			17			614			18
Redeemable preferred stock	5			1			3			—			5			3
Total fixed maturity securities	26,489			1,025			26,351			876			26,069			560
Equities	132			17			145			26			182			25
Limited partnership investments	2,370			—			2,553			—			2,307			—
Other invested assets	17			—			16			—			27			1
Mortgage loans	184			—			178			—			67			—
Short term investments	1,613			(2		)	1,589			—			2,131			2
Total investments	$	30,805		$	1,040		$	30,832		$	902		$	30,783		$	588

Net receivable/(payable)	$	(137	)	$	—		$	(163	)	$	—		$	(197	)	$	—

CNA FINANCIAL CORPORATION

Financial Supplement

Investment Summary - Life & Group Non-Core



	September 30, 2011					June 30, 2011						December 31, 2010
(In millions)	Carrying Value		Net Unrealized Gains (Losses)			Carrying Value			Net Unrealized Gains (Losses)			Carrying Value			Net Unrealized Gains (Losses)
Fixed maturity securities:
Corporate and other bonds	$	7,667	$	1,143		$	7,458		$	897		$	7,490		$	818
States, municipalities and political subdivisions:
Tax-exempt	3,135		113			2,737			(98		)	2,166			(228		)
Taxable	1,490		234			1,312			70			1,169			(8		)
Total states, municipalities and political subdivisions	4,625		347			4,049			(28		)	3,335			(236		)
Asset-backed:
Agency RMBS	202		13			191			6			156			8
Prime RMBS	91		(9		)	97			(9		)	127			(19		)
Sub-prime RMBS	15		(1		)	18			—			22			1
Alt-A RMBS	62		(1		)	63			(3		)	69			(1		)
Total RMBS	370		2			369			(6		)	374			(11		)
Agency CMBS	—		—			—			—			—			—
Other CMBS	179		5			178			4			160			1
Total CMBS	179		5			178			4			160			1
Other ABS	45		4			47			4			51			5
Total asset-backed	594		11			594			2			585			(5		)
U.S. Treasury and obligations of government-sponsored enterprises	24		9			44			9			43			9
Foreign government	5		1			7			1			6			—
Redeemable preferred stock	52		7			51			6			49			4
Total fixed maturity securities	12,967		1,518			12,203			887			11,508			590
Equities	195		(6		)	201			—			258			(7		)
Limited partnership investments	1		—			1			—			2			—
Other invested assets	—		—			—			—			—			—
Mortgage loans	20		—			20			—			20			—
Short term investments	117		—			120			—			84			—
Total investments	$	13,300	$	1,512		$	12,545		$	887		$	11,872		$	583

Net receivable/(payable)	$	3	$	—		$	(14	)	$	—		$	(25	)	$	—



CNA FINANCIAL CORPORATION Financial Supplement Investments - Fixed Maturity Securities by Credit Rating As of September 30, 2011



	U.S. Government, Government agencies and Government-sponsored enterprises					AAA						AA						A						BBB						Non-investment grade						Total
(In millions)	Fair Value			Net Unrealized Gains (Losses)		Fair Value			Net Unrealized Gains (Losses)			Fair Value			Net Unrealized Gains (Losses)			Fair Value			Net Unrealized Gains (Losses)			Fair Value			Net Unrealized Gains (Losses)			Fair Value			Net Unrealized Gains (Losses)			Fair Value			Net Unrealized Gains (Losses)
Corporate and other bonds	$	—		$	—	$	343		$	18		$	1,640		$	110		$	6,898		$	679		$	9,744		$	912		$	2,283		$	39		$	20,908		$	1,758
States, municipalities and political subdivisions:
Tax-exempt	—			—		1,026			59			3,345			145			999			6			94			(3		)	15			(1		)	5,479			206
Taxable	—			—		625			61			2,723			329			710			107			—			—			—			—			4,058			497
Total states, municipalities and political subdivisions	—			—		1,651			120			6,068			474			1,709			113			94			(3		)	15			(1		)	9,537			703
Asset-backed:
Agency RMBS	4,154			172		—			—			—			—			—			—			—			—			—			—			4,154			172
Prime RMBS	—			—		70			(1		)	53			(4		)	17			—			74			(13		)	561			(62		)	775			(80		)
Sub-prime RMBS	—			—		96			(8		)	100			(14		)	16			—			27			(7		)	129			(10		)	368			(39		)
Alt-A RMBS	—			—		300			(4		)	11			—			53			—			26			(1		)	163			(10		)	553			(15		)
Total RMBS	4,154			172		466			(13		)	164			(18		)	86			—			127			(21		)	853			(82		)	5,850			38
Agency CMBS	36			3		—			—			—			—			—			—			—			—			—			—			36			3
Other CMBS	—			—		345			6			237			(3		)	265			4			161			(16		)	205			—			1,213			(9		)
Total CMBS	36			3		345			6			237			(3		)	265			4			161			(16		)	205			—			1,249			(6		)
Other ABS	—			—		620			2			260			1			124			(2		)	30			—			2			—			1,036			1
Total asset-backed	4,190			175		1,431			(5		)	661			(20		)	475			2			318			(37		)	1,060			(82		)	8,135			33
U.S. Treasury and obligations of government-sponsored enterprises	237			16		—			—			—			—			—			—			—			—			—			—			237			16
Foreign government	—			—		370			15			132			6			80			4			—			—			—			—			582			25
Redeemable preferred stock	—			—		—			—			—			—			—			—			57			8			—			—			57			8
Total fixed maturity securities	$	4,427		$	191	$	3,795		$	148		$	8,501		$	570		$	9,162		$	798		$	10,213		$	880		$	3,358		$	(44	)	$	39,456		$	2,543

Percentage of total fixed maturity securities	11.2		%			9.6		%				21.6		%				23.2		%				25.9		%				8.5		%				100.0		%

(1) The ratings presented are based on a ratings methodology that takes into account ratings from two major providers, Standard & Poor's and Moody's Investors Services, Inc., in that order of preference. If a security is not rated by these providers, 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.

CNA FINANCIAL CORPORATION

Financial Supplement

Investments - European Exposure

Fair Value by Country of Risk*

As of September 30, 2011



	Corporate				Sovereign		Total
(In millions)	Financial Sector		Other Sectors
European exposure:
United Kingdom	$	669	$	607	$	103	$	1,379
France	231		188		32		451
Germany	93		269		—		362
Netherlands	198		141		16		355
Spain	34		149		1		184
Belgium	5		177		—		182
Italy	13		152		11		176
Sweden	139		31		—		170
Switzerland	99		52		2		153
Luxembourg	—		102		—		102
Greece	—		54		—		54
Norway	—		37		3		40
Russian Federation	—		32		—		32
Finland	—		24		5		29
Austria	4		—		12		16
Ireland	4		10		—		14
Czech Republic	—		12		—		12
Portugal	—		11		—		11
Total fair value	$	1,489	$	2,048	$	185	$	3,722
Total amortized cost	$	1,502	$	1,858	$	181	$	3,541

* Country of risk is derived from the issuing entity's management location, country of primary listing, revenue and reporting currency.

CNA FINANCIAL CORPORATION

Financial Supplement

Investments - European Exposure

Credit Rating by Country of Risk*

As of September 30, 2011



(In millions)	AAA		AA		A		BBB		Non-investment grade		Total
United Kingdom	$	137	$	185	$	718	$	302	$	37	$	1,379
France	79		90		130		107		45		451
Germany	62		3		121		171		5		362
Netherlands	97		14		162		48		34		355
Spain	—		23		61		93		7		184
Belgium	—		—		84		98		—		182
Italy	8		12		64		89		3		176
Sweden	—		96		46		28		—		170
Switzerland	2		44		100		—		7		153
Luxembourg	—		—		—		88		14		102
Greece	—		—		54		—		—		54
Norway	3		2		—		29		6		40
Russian Federation	—		—		—		27		5		32
Finland	5		—		—		24		—		29
Austria	12		—		4		—		—		16
Ireland	—		—		—		9		5		14
Czech Republic	—		—		4		—		8		12
Portugal	—		—		—		11		—		11
Total fair value	$	405	$	469	$	1,548	$	1,124	$	176	$	3,722
Total amortized cost	$	395	$	442	$	1,493	$	1,034	$	177	$	3,541

* Country of risk is derived from the issuing entity's management location, country of primary listing, revenue and reporting currency.

CNA FINANCIAL CORPORATION

Financial Supplement

Property & Casualty Results of Operations



	CNA Specialty											CNA Commercial											P&C Operations
THREE MONTHS ENDED SEPTEMBER 30 (In millions)	2011				2010				Fav / (Unfav) % Change			2011				2010				Fav / (Unfav) % Change			2011				2010				Fav / (Unfav) % Change
Gross written premiums	$	1,139			$	1,087			5		%	$	882			$	825			7		%	$	2,021			$	1,912			6		%
Net written premiums	750				706				6			836				763				10			1,586				1,469				8
Operating revenues:
Net earned premiums	741				679				9			848				819				4			1,589				1,498				6
Net investment income	85				148				(43	)		115				216				(47	)		200				364				(45	)
Other revenues	56				57				(2	)		14				15				(7	)		70				72				(3	)
Total operating revenues	882				884				—			977				1,050				(7	)		1,859				1,934				(4	)
Claims, Benefits and Expenses:
Net incurred claims and benefits	485				393				(23	)		583				578				(1	)		1,068				971				(10	)
Policyholders' dividends	(4		)		2				N/M			3				4				25			(1		)		6				117
Amortization of deferred acquisition costs	170				162				(5	)		181				183				1			351				345				(2	)
Other insurance related expenses	51				45				(13	)		106				104				(2	)		157				149				(5	)
Other expenses	48				47				(2	)		10				14				29			58				61				5
Total claims, benefits and expenses	750				649				(16	)		883				883				—			1,633				1,532				(7	)
Operating income (loss) from continuing operations before income tax	132				235				(44	)		94				167				(44	)		226				402				(44	)
Income tax (expense) benefit on operating income (loss)	(48		)		(80		)		40			(47		)		(54		)		13			(95		)		(134		)		29
Net operating (income) loss, after-tax, attributable to noncontrolling interests	—				(11		)		N/M			(1		)		(5		)		80			(1		)		(16		)		94
Net operating income (loss) from continuing operations attributable to CNA	84				144				(42	)		46				108				(57	)		130				252				(48	)
Net realized investment gains (losses), net of participating policyholders' interests	(8		)		15				(153	)		(15		)		21				(171	)		(23		)		36				(164	)
Income tax (expense) benefit on net realized investment gains (losses)	3				(6		)		150			5				(8		)		163			8				(14		)		157
Net realized investment (gains) losses, after-tax, attributable to noncontrolling interests	—				—				N/M			1				1				—			1				1				—
Net realized investment gains (losses) attributable to CNA	(5		)		9				(156	)		(9		)		14				(164	)		(14		)		23				(161	)
Net income (loss) from continuing operations attributable to CNA	$	79			$	153			(48	)	%	$	37			$	122			(70	)	%	$	116			$	275			(58	)	%

FINANCIAL RATIOS
Loss & LAE	65.5			%	57.8			%				68.7			%	70.3			%				67.2			%	64.7			%
Acquisition expense	19.6				19.7							17.7				18.2							18.6				18.9
Underwriting expense	10.2				10.7							16.2				16.9							13.3				14.1
Expense	29.8				30.4							33.9				35.1							31.9				33.0
Dividend	(0.6		)		0.3							0.4				0.4							—				0.3
Combined ratio	94.7			%	88.5			%				103.0			%	105.8			%				99.1			%	98.0			%

RATIO IMPACTS
Impact of catastrophes
Pretax net accident year catastrophe losses incurred	$	4			$	1						$	46			$	11						$	50			$	12
Impact on loss & LAE ratio	0.5			%	0.1			%				5.5			%	1.4			%				3.1			%	0.8			%

Impact of development & other
Pretax net development: (favorable) / unfavorable
Prior year loss & ALAE reserve development	$	(5	)		$	(65	)					$	(42	)		$	(26	)					$	(47	)		$	(91	)
Prior year premium development	(26		)		(2		)					(11		)		(2		)					(37		)		(4		)
Other ⁽¹⁾	—				—							(6		)		(4		)					(6		)		(4		)
Total development & other	$	(31	)		$	(67	)					$	(59	)		$	(32	)					$	(90	)		$	(99	)
Impact of development & other on loss & LAE ratio	(3.1		)	%	(9.8		)	%				(6.6		)	%	(3.9		)	%				(5.0		)	%	(6.5		)	%

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

CNA FINANCIAL CORPORATION

Financial Supplement

Life & Group Non-Core and Corporate & Other Non-Core Segments Results of Operations



	P&C Operations						Life & Group Non-Core									Corporate & Other Non-Core									Total Operations
THREE MONTHS ENDED SEPTEMBER 30 (In millions)	2011			2010			2011			2010			Fav / (Unfav) % Change			2011			2010			Fav / (Unfav) % Change			2011			2010			Fav / (Unfav) % Change
Operating revenue:
Net earned premiums	$	1,589		$	1,498		$	142		$	145		(2	)	%	$	1		$	2		(50	)	%	$	1,732		$	1,645		5		%
Net investment income	200			364			190			182			4			4			35			(89	)		394			581			(32	)
Other revenues	70			72			6			4			50			—			(1		)	N/M			76			75			1
Total operating revenues	1,859			1,934			338			331			2			5			36			(86	)		2,202			2,301			(4	)
Claims, Benefits and Expenses:
Net incurred claims and benefits	1,068			971			332			354			6			(1		)	12			108			1,399			1,337			(5	)
Policyholders' dividends	(1		)	6			2			1			(100	)		—			—			N/M			1			7			86
Amortization of deferred acquisition costs	351			345			5			6			17			—			—			N/M			356			351			(1	)
Other insurance related expenses	157			149			36			41			12			—			8			N/M			193			198			3
Other expenses	58			61			2			7			71			42			569			93			102			637			84
Total claims, benefits and expenses	1,633			1,532			377			409			8			41			589			93			2,051			2,530			19
Operating income (loss) from continuing operations before income tax	226			402			(39		)	(78		)	50			(36		)	(553		)	93			151			(229		)	166
Income tax (expense) benefit on operating income (loss)	(95		)	(134		)	25			23			9			11			198			(94	)		(59		)	87			(168	)
Net operating (income) loss, after-tax, attributable to noncontrolling interests	(1		)	(16		)	—			—			N/M			—			—			N/M			(1		)	(16		)	94
Net operating income (loss) from continuing operations attributable to CNA	130			252			(14		)	(55		)	75			(25		)	(355		)	93			91			(158		)	158
Net realized investment gains (losses), net of participating policyholders' interests	(23		)	36			(4		)	20			(120	)		—			6			N/M			(27		)	62			(144	)
Income tax (expense) benefit on net realized investment gains (losses)	8			(14		)	1			(7		)	114			1			(2		)	150			10			(23		)	143
Net realized investment (gains) losses, after-tax, attributable to noncontrolling interests	1			1			—			—			N/M			—			—			N/M			1			1			—
Net realized investment gains (losses) attributable to CNA	(14		)	23			(3		)	13			(123	)		1			4			(75	)		(16		)	40			(140	)
Net income (loss) from continuing operations attributable to CNA	$	116		$	275		$	(17	)	$	(42	)	60		%	$	(24	)	$	(351	)	93		%	$	75		$	(118	)	164		%

CNA FINANCIAL CORPORATION

Financial Supplement

Property & Casualty Results of Operations



	CNA Specialty											CNA Commercial											P&C Operations
NINE MONTHS ENDED SEPTEMBER 30 (In millions)	2011				2010				Fav / (Unfav) % Change			2011				2010				Fav / (Unfav) % Change			2011				2010				Fav / (Unfav) % Change
Gross written premiums	$	3,348			$	3,180			5		%	$	2,740			$	2,673			3		%	$	6,088			$	5,853			4		%
Net written premiums	2,172				2,009				8			2,544				2,430				5			4,716				4,439				6
Operating revenues:
Net earned premiums	2,098				1,998				5			2,418				2,432				(1	)		4,516				4,430				2
Net investment income	371				420				(12	)		569				621				(8	)		940				1,041				(10	)
Other revenues	164				162				1			40				49				(18	)		204				211				(3	)
Total operating revenues	2,633				2,580				2			3,027				3,102				(2	)		5,660				5,682				—
Claims, Benefits and Expenses:
Net incurred claims and benefits	1,333				1,115				(20	)		1,807				1,668				(8	)		3,140				2,783				(13	)
Policyholders' dividends	(4		)		6				167			5				11				55			1				17				94
Amortization of deferred acquisition costs	495				471				(5	)		539				552				2			1,034				1,023				(1	)
Other insurance related expenses	147				139				(6	)		291				318				8			438				457				4
Other expenses	140				141				1			37				42				12			177				183				3
Total claims, benefits and expenses	2,111				1,872				(13	)		2,679				2,591				(3	)		4,790				4,463				(7	)
Operating income (loss) from continuing operations before income tax	522				708				(26	)		348				511				(32	)		870				1,219				(29	)
Income tax (expense) benefit on operating income (loss)	(182		)		(238		)		24			(129		)		(165		)		22			(311		)		(403		)		23
Net operating (income) loss, after-tax, attributable to noncontrolling interests	(12		)		(30		)		60			(3		)		(15		)		80			(15		)		(45		)		67
Net operating income (loss) from continuing operations attributable to CNA	328				440				(25	)		216				331				(35	)		544				771				(29	)
Net realized investment gains (losses), net of participating policyholders' interests	7				60				(88	)		13				30				(57	)		20				90				(78	)
Income tax (expense) benefit on net realized investment gains (losses)	(2		)		(21		)		90			(4		)		(17		)		76			(6		)		(38		)		84
Net realized investment (gains) losses, after-tax, attributable to noncontrolling interests	—				—				N/M			—				1				N/M			—				1				N/M
Net realized investment gains (losses) attributable to CNA	5				39				(87	)		9				14				(36	)		14				53				(74	)
Net income (loss) from continuing operations attributable to CNA	$	333			$	479			(30	)	%	$	225			$	345			(35	)	%	$	558			$	824			(32	)	%

FINANCIAL RATIOS
Loss & LAE	63.6			%	55.8			%				74.7			%	68.5			%				69.5			%	62.8			%
Acquisition expense	19.6				19.4							17.2				18.0							18.3				18.7
Underwriting expense	10.9				11.1							17.2				17.8							14.3				14.7
Expense	30.5				30.5							34.4				35.8							32.6				33.4
Dividend	(0.2		)		0.3							0.2				0.4							—				0.4
Combined ratio	93.9			%	86.6			%				109.3			%	104.7			%				102.1			%	96.6			%

RATIO IMPACTS
Impact of catastrophes
Pretax net accident year catastrophe losses incurred	$	10			$	6						$	195			$	94						$	205			$	100
Impact on loss & LAE ratio	0.5			%	0.3			%				8.1			%	3.9			%				4.5			%	2.3			%

Impact of development & other
Pretax net development: (favorable) / unfavorable
Prior year loss & ALAE reserve development	$	(72	)		$	(215	)					$	(99	)		$	(229	)					$	(171	)		$	(444	)
Prior year premium development	(34		)		(5		)					21				54							(13		)		49
Other ⁽¹⁾	—				—							1				1							1				1
Total development & other	$	(106	)		$	(220	)					$	(77	)		$	(174	)					$	(183	)		$	(394	)
Impact of development & other on loss & LAE ratio	(4.5		)	%	(10.9		)	%				(3.4		)	%	(7.7		)	%				(4.0		)	%	(9.2		)	%

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

CNA FINANCIAL CORPORATION

Financial Supplement

Life & Group Non-Core and Corporate & Other Non-Core Segments Results of Operations



	P&C Operations						Life & Group Non-Core									Corporate & Other Non-Core									Total Operations
NINE MONTHS ENDED SEPTEMBER 30 (In millions)	2011			2010			2011			2010			Fav / (Unfav) % Change			2011			2010			Fav / (Unfav) % Change			2011			2010			Fav / (Unfav) % Change
Operating revenue:
Net earned premiums	$	4,516		$	4,430		$	427		$	436		(2	)	%	$	(1	)	$	2		(150	)	%	$	4,942		$	4,868		2		%
Net investment income	940			1,041			567			531			7			24			120			(80	)		1,531			1,692			(10	)
Other revenues	204			211			6			10			(40	)		4			5			(20	)		214			226			(5	)
Total operating revenues	5,660			5,682			1,000			977			2			27			127			(79	)		6,687			6,786			(1	)
Claims, Benefits and Expenses:
Net incurred claims and benefits	3,140			2,783			985			949			(4	)		—			48			N/M			4,125			3,780			(9	)
Policyholders' dividends	1			17			5			2			(150	)		—			—			N/M			6			19			68
Amortization of deferred acquisition costs	1,034			1,023			17			15			(13	)		—			—			N/M			1,051			1,038			(1	)
Other insurance related expenses	438			457			108			137			21			2			7			71			548			601			9
Other expenses	177			183			14			13			(8	)		129			641			80			320			837			62
Total claims, benefits and expenses	4,790			4,463			1,129			1,116			(1	)		131			696			81			6,050			6,275			4
Operating income (loss) from continuing operations before income tax	870			1,219			(129		)	(139		)	7			(104		)	(569		)	82			637			511			25
Income tax (expense) benefit on operating income (loss)	(311		)	(403		)	78			67			16			34			204			(83	)		(199		)	(132		)	(51	)
Net operating (income) loss, after-tax, attributable to noncontrolling interests	(15		)	(45		)	—			—			N/M			—			—			N/M			(15		)	(45		)	67
Net operating income (loss) from continuing operations attributable to CNA	544			771			(51		)	(72		)	29			(70		)	(365		)	81			423			334			27
Net realized investment gains (losses), net of participating policyholders' interests	20			90			(7		)	15			(147	)		(12		)	20			(160	)		1			125			(99	)
Income tax (expense) benefit on net realized investment gains (losses)	(6		)	(38		)	2			(7		)	129			5			(6		)	183			1			(51		)	102
Net realized investment (gains) losses, after-tax, attributable to noncontrolling interests	—			1			—			—			N/M			—			—			N/M			—			1			N/M
Net realized investment gains (losses) attributable to CNA	14			53			(5		)	8			(163	)		(7		)	14			(150	)		2			75			(97	)
Net income (loss) from continuing operations attributable to CNA	$	558		$	824		$	(56	)	$	(64	)	13		%	$	(77	)	$	(351	)	78		%	$	425		$	409		4		%

CNA FINANCIAL CORPORATION

Financial Supplement

Components of Pretax Net Investment Income

(In millions)



	CNA Specialty
	1Q10		2Q10			3Q10		4Q10			2010			1Q11		2Q11		3Q11			YTD 2011
Income (loss) from limited partnerships	$	23	$	(1	)	$	23	$	41		$	86		$	38	$	4	$	(32	)	$	10
Income (loss) from trading portfolio	1		1			1		2			5			1		1		—			2
Other investment income	123		125			124		128			500			121		121		117			359
Net investment income	$	147	$	125		$	148	$	171		$	591		$	160	$	126	$	85		$	371


	CNA Commercial
	1Q10		2Q10			3Q10		4Q10			2010			1Q11		2Q11		3Q11			YTD 2011
Income (loss) from limited partnerships	$	40	$	(2	)	$	38	$	68		$	144		$	73	$	6	$	(59	)	$	20
Income (loss) from trading portfolio	2		1			2		2			7			2		2		(1		)	3
Other investment income	179		185			176		182			722			186		185		175			546
Net investment income	$	221	$	184		$	216	$	252		$	873		$	261	$	193	$	115		$	569


	P&C Operations
	1Q10		2Q10			3Q10		4Q10			2010			1Q11		2Q11		3Q11			YTD 2011
Income (loss) from limited partnerships	$	63	$	(3	)	$	61	$	109		$	230		$	111	$	10	$	(91	)	$	30
Income (loss) from trading portfolio	3		2			3		4			12			3		3		(1		)	5
Other investment income	302		310			300		310			1,222			307		306		292			905
Net investment income	$	368	$	309		$	364	$	423		$	1,464		$	421	$	319	$	200		$	940


	Life & Group Non-Core
	1Q10		2Q10			3Q10		4Q10			2010			1Q11		2Q11		3Q11			YTD 2011
Income (loss) from limited partnerships	$	—	$	(3	)	$	1	$	—		$	(2	)	$	—	$	—	$	—		$	—
Income (loss) from trading portfolio	—		—			—		—			—			—		—		—			—
Other investment income	175		177			181		184			717			188		189		190			567
Net investment income	$	175	$	174		$	182	$	184		$	715		$	188	$	189	$	190		$	567


	Corporate & Other Non-Core
	1Q10		2Q10			3Q10		4Q10			2010			1Q11		2Q11		3Q11			YTD 2011
Income (loss) from limited partnerships	$	9	$	2		$	6	$	4		$	21		$	3	$	1	$	(2	)	$	2
Income (loss) from trading portfolio	1		—			1		(1		)	1			—		—		—			—
Other investment income	37		36			28		14			115			8		8		6			22
Net investment income	$	47	$	38		$	35	$	17		$	137		$	11	$	9	$	4		$	24


	Total Operations
	1Q10		2Q10			3Q10		4Q10			2010			1Q11		2Q11		3Q11			YTD 2011
Income (loss) from limited partnerships	$	72	$	(4	)	$	68	$	113		$	249		$	114	$	11	$	(93	)	$	32
Income (loss) from trading portfolio	4		2			4		3			13			3		3		(1		)	5
Other investment income	514		523			509		508			2,054			503		503		488			1,494
Net investment income	$	590	$	521		$	581	$	624		$	2,316		$	620	$	517	$	394		$	1,531

CNA FINANCIAL CORPORATION

Financial Supplement

Statutory Data - Preliminary



PERIODS ENDED SEPTEMBER 30	Three Months											Nine Months
Income Statements	(Preliminary) 2011								Fav / (Unfav) % Change			(Preliminary) 2011								Fav / (Unfav) % Change
(In millions)	(Preliminary) 2011				2010				Fav / (Unfav) % Change			(Preliminary) 2011				2010				Fav / (Unfav) % Change
Combined Continental Casualty Companies
Gross written premiums	$	2,044			$	1,867			9		%	$	5,954			$	5,630			6		%
Net written premiums	1,615				1,441				12			4,608				4,255				8

Net earned premiums	1,359				1,288				6			3,851				3,744				3
Claim and claim adjustment expenses	1,207				1,095				(10	)		3,420				3,051				(12	)
Acquisition expenses	276				260				(6	)		788				725				(9	)
Underwriting expenses	201				184				(9	)		592				596				1
Policyholders' dividends	4				3				(33	)		9				9				—
Underwriting income (loss)	(329		)		(254		)		(30	)		(958		)		(637		)		(50	)
Net investment income	490				429				14			1,380				1,256				10
Other income (loss)	85				(718		)		112			116				(705		)		116
Income tax (expense) benefit	(11		)		152				(107	)		(36		)		44				(182	)
Net realized gains (losses)	(57		)		7				N/M			7				110				(94	)
Net income (loss)	$	178			$	(384	)		146		%	$	509			$	68			N/M		%

Financial Ratios
Loss and LAE	88.9			%	85.0			%				88.8			%	81.5			%
Acquisition expense	17.1				18.1							17.1				17.0
Underwriting expense	12.4				12.7							12.9				14.1
Expense	29.5				30.8							30.0				31.1
Dividend	0.3				0.2							0.2				0.2
Combined ratio	118.7			%	116.0			%				119.0			%	112.8			%



SUPPLEMENTAL STATUTORY DATA	(Preliminary) September 30, 2011		December 31, 2010
(In millions)	(Preliminary) September 30, 2011		December 31, 2010
Combined Continental Casualty Companies
Statutory surplus (1)	$	9,776	$	9,821
Life Company
Statutory surplus	$	527	$	498

(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.

CNA FINANCIAL CORPORATION

Financial Supplement

Property & Casualty Operations Loss & LAE Ratio Analysis



	CNA Specialty
	2011 YTD Evaluated at 9/30/11			2010 FY Evaluated at 12/31/10			2010 FY Evaluated at 9/30/11
Gross Accident Year	63.3		%	62.6		%	62.4	%
Impact of Reinsurance	4.8			4.3			4.2
Net Accident Year	68.1			66.9			66.6	%
Impact of Development and Other ⁽¹⁾	(4.5	)		(12.9	)
Net Calendar Year	63.6		%	54.0		%



	CNA Commercial
	2011 YTD Evaluated at 9/30/11			2010 FY Evaluated at 12/31/10			2010 FY Evaluated at 9/30/11
Gross Accident Year	74.5		%	71.7		%	71.7	%
Impact of Reinsurance	3.6			3.8			3.7
Net Accident Year	78.1			75.5			75.4	%
Impact of Development and Other⁽¹⁾	(3.4	)		(8.7	)
Net Calendar Year	74.7		%	66.8		%



	P&C Operations
	2011 YTD Evaluated at 9/30/11			2010 FY Evaluated at 12/31/10			2010 FY Evaluated at 9/30/11
Gross Accident Year	68.3		%	66.8		%	66.7	%
Impact of Reinsurance	5.2			4.8			4.8
Net Accident Year	73.5			71.6			71.5	%
Impact of Development and Other ⁽¹⁾	(4.0	)		(10.6	)
Net Calendar Year	69.5		%	61.0		%

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

GRAPHIC 4 cnalogoa04.gif GRAPHIC begin 644 cnalogoa04.gif M1TE&.#EA_(='O$Q-?`.%/WV]?(Y M//1;7?>,B^\.$O$4&?BLK/`3%_F?G?-35/-"1/WR\OSFY?[]_/5H8OBHIO[^ M_?$B(_$I+/J[N?:&AOSBX?-*3/WM[/(N,?>5D_[X^/WJZ?$>(?>;F?>KI_5I M:?K#P/S>W/>2C_K`O_WLZ_$D*/$8'?O/SO1=8/FXMO:`@?S@W_5U=_SDX_B? MH?B6E/(V-_156/K&Q?O9E_O)R/-&2/9^ M@/5MW_B/DO1K;OWHY_K'R/[U]/>(A_9Z M<_FPK_>6F/WO[_-86/>(B_[W]_W^_O`='/`.$_[^_O____`.$B'Y!``````` M+`````!S`"0```?_@'Z"@X-=6QE]96H#*!\'&@:1DI.4!GL:&'U]&7*5DWL& M1)J$@UMZ=9Z2>WLI@AD`):F>&D%=I+>X@QDP*!L!7%Q.7'_$Q<;'?U]."C:( M;TG(QGQC31E;N%L41='%3CD4@GTH?-S(#6$"MKFW8)J;*B@O#<7SY=QA?#-] M6WT8$/9\&I2@T0>7%RH!['%A4-!/G@WD[!GC$F)$'R_K"('A-T)&$@3#)$I$ M`(&)(#`HOHCDDPD7&#<1N04`T)#)F)@2&Y!,LR_C24$)"CC@XR2,2(E1D@(>W0D'4T9_R*` M/:H!#2%#?8Q\P2GMBPE-76C\:VO,@)V&ZS3ED>"$+^%H!D!=!:A& M"<'%,3$N!EKPZS/$QV-Z!*Z=_5$C();3]E#LZ^-!RQ^VE[GDB+-%79\41B\C MB&$MFP+<;?G<0:(N5Q\Z@V%SXU-RM`C3A"%PV*+:0@R``09@]+,CH70^+WB, M=TGCH_1R?`Z4X5?FP&,N86(P!=.%Q`N`.7C@!S]6!&0.,0T@AR`7-ZQ'2A]F M*!&&9>\5@X`1@G0!P!BG-:"!%*,-@(!"!5C@1Q\5).&#@GQT1@:%?_`1QAT) M>.&@(&8`X``P%493@@HG,>"$@@`)L4\"2O'=,`'P$H,58T M4Y;`9'.ZQ'`E0'N5H$,-1G1@YIEH=G`#=UNT4(1G$O&1!!*_\:%2-&,IP)LF MWY7#11$50*#DE#4@

)6`'T!@QL+!43[EP-YX,+XSX6`-<.`!`#T8L*L)% M?9!P!4`W]/&F/2'D@=@@5<0HTALA1X"D:%L-.%$`#?:5\T4` M-)S8APEP$N-"#WV(2.0?`="A&B%*6&J/#R%$L:I/X=CA0H][X&%M-%PHT$,X MV]AS!%XA2'3'C7XDC0O;%R\D^P<6&*A6@1;Z&A,`$)OT(0>< M4QH`#BD.'*4%"!MQ2XK_!1/47S\8XI3TE@,B/'/9\(4$>U_0!P`8:'\,' M&9GT-LB\(NUA@1=<6NS!?_9,^-X78W"A0Q\;C7"`@-0#57'FQ3\Z"^#T"1->NP<"NA/DP1@XCA%/#LUP(<)&-7FR1QP%*WO87 M&(,<$`;BD(FBM3NTWN(W#`&0`;4Q#=Q00<2P=9:.'UYXD$/)**R@^^XKK/%L M`PI$04@,7X".S!=:C%F#%6`8%?+&Z,1M8],%[);!@BQ`?W`!"`9!`'\UP`%`L%$<7'`]B0Q`-2TH`0+$)ITP)($$@^C#!T;$08E, MH0LXZ\$3YL(-+JSA!X+8`@K8=PRP!(`$LV(``NT!@0=PY40RV$L``^!#6ZRL M8,;X0AT:T@4"V*8M7XB<)KBC@!W:8PJ&ZH,%/L"%"M+K#TFH`%?Z((+\30=: M9VC(%D@P`?,AI0J(Z(,*8!>-U[A12O.(4C0VT`+."8(#HWH/,(Q@@8UXQ1Z8 MD@"S`M>'#B!`?\3@@P'B$`XKL(\+CX0//IX5@#8@IO\/0CC@:=P'AS'R8`_V M&!$0#.4'0Z0!`F3@8.34,8(KL&\")\BE+G>IRQ`8+Y))6$\&>K""``SI-%Q( M0AX<]SLRO&`$TS)$#XKP.9&$P0,H[,,.;G*^",@L%UWH0@$R:0[W54`UF^@! M#NA(ࠡ!E<$&ROH```>3B`8T1B0)FU8($;N<,",TPD#&P#GA1;PK!RFP8,[;&"`S/'!"!EHY3JZ MD(@G('%*6-``$M@!@!JX(`P@:9$][L"L3<3`:^4X@`7$8+H^2*!D#7B!!T;S M`/"PP&*"H`.'[`$#;&0`!`QBF,`+1.FR,,"`*UL`P0N`R@TCF(407L@`$;B* MC*%IH@Q34`CCH.H%$!"N'#/@%@4`\(`9-.$"@`WL!;(`5I4)]K""I