8-K

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) April 29, 2013

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))

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ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On April 29, 2013, 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 first quarter 2013. 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.

2

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:  April 29, 2013	By	/s/ D. Craig Mense
		(Signature)
		D. Craig Mense Executive Vice President and Chief Financial Officer

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EXHIBIT INDEX

Exhibit No.	Description
99.1	CNA Financial Corporation press release, issued April 29, 2013 providing information on the first quarter 2013 results of operations.
99.2	CNA Financial Corporation financial supplement, posted on its website April 29, 2013, providing supplemental financial information on the first quarter 2013.

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EX-99.1

FOR IMMEDIATE RELEASE

CONTACT:

MEDIA:	ANALYSTS:
Jennifer Martinez, 312/822-5167	James Anderson, 312/822-7757
Sarah Pang, 312/822-6394	David Adams, 312/822-2183

CNA FINANCIAL ANNOUNCES FIRST QUARTER 2013 RESULTS:

• NET OPERATING INCOME OF $231 MILLION

• P&C NET WRITTEN PREMIUM GROWTH OF 10%

• BOOK VALUE PER SHARE EXCLUDING AOCI OF $43.30, AN INCREASE OF 2%

• OPERATING ROE OF 8%

• QUARTERLY DIVIDEND OF $0.20 PER SHARE

CHICAGO, April 29, 2013 --- CNA Financial Corporation (NYSE: CNA) today announced first quarter 2013 results, which included net operating income of $231 million, or $0.86 per share, and net income of $250 million, or $0.93 per share. Property & Casualty Operations' combined ratio for the first quarter was 101.5%.

CNA Financial also declared a quarterly dividend of $0.20 per share, payable May 29, 2013 to stockholders of record on May 13, 2013.

	Results for the Three Months Ended March 31 (a)
($ millions, except per share data)	2013		2012
Net operating income	$	231	$	226
Net income	250		250
Net operating income per diluted share	0.86		0.84
Net income per diluted share	0.93		0.93
	March 31, 2013		December 31, 2012		Change
Book value per share	$	46.00	$	45.71	1	%
Book value per share excluding AOCI	43.30		42.62		2	%

(a) Management utilizes the net operating income financial measure to monitor the Company's operations. Please refer to Note O in the Consolidated Financial Statements within CNA's Annual Report on Form 10-K for the year ended December 31, 2012 for further discussion of this measure.

1

Property & Casualty Operations' net operating income was $257 million for the first quarter of 2013 as compared with $271 million in the prior year quarter. Improved non-catastrophe current accident year underwriting results were more than offset by lower net investment income, higher catastrophe losses and decreased favorable net prior year development. Net written premiums grew 10% year over year, primarily due to increased rates across both CNA Specialty and CNA Commercial.

Net operating results for our non-core segments improved $19 million as compared with the prior year quarter. Results in the Life & Group Non-Core segment improved primarily due to favorable experience in our long term care business.

Pretax net investment income decreased to $633 million for the first quarter of 2013 as compared with $648 million in the prior year quarter. The decrease was primarily driven by lower fixed maturity securities income due to the effect of purchasing investments at lower interest rates, partially offset by a higher invested asset base. Our limited partnership portfolio produced consistently superior returns in both periods.

After-tax net realized investment gains decreased to $19 million for the first quarter of 2013 as compared with $24 million for the prior year quarter, driven by lower realized gains on sales of securities, partially offset by lower other-than-temporary-impairment (OTTI) losses recognized in earnings.

Property & Casualty Operations

“While we are encouraged by our growth momentum, our primary focus remains the need to drive improvement in our underwriting margins, which improved modestly in the first quarter. We expect to accelerate our progress through the remainder of 2013 and into 2014 as sustained rate increases and non-rate underwriting actions continue to improve our results,” said Thomas F. Motamed, Chairman and Chief Executive Officer of CNA Financial Corporation.

	Results for the Three Months Ended March 31
($ millions)	2013				2012
Net written premiums	$	1,776			$	1,608
NWP Growth (% year over year)	10			%	3			%
Net operating income	$	257			$	271
Loss ratio	67.5			%	68.6			%
Effect of catastrophe impacts	(2.4		)		(1.9		)
Effect of development-related items	1.9				2.1
Loss ratio excluding catastrophes and development	67.0			%	68.8			%
Combined ratio	101.5			%	102.0			%
Combined ratio excluding catastrophes and development	101.0			%	102.2			%

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Business Operating Highlights

CNA Specialty

	Results for the Three Months Ended March 31
($ millions)	2013				2012
Net written premiums	$	803			$	765
NWP Growth (% year over year)	5			%	4			%
Net operating income	$	140			$	132
Loss ratio	64.3			%	66.3			%
Effect of catastrophe impacts	(0.2		)		(0.2		)
Effect of development-related items	2.9				1.7
Loss ratio excluding catastrophes and development	67.0			%	67.8			%
Combined ratio	95.0			%	97.3			%
Combined ratio excluding catastrophes and development	97.7			%	98.8			%

• Net written premiums increased $38 million for the first quarter of 2013 as compared with the prior year quarter. This increase was primarily driven by increased rate. Average rate increased 7% for the first quarter of 2013 as compared with an increase of 3% for the prior year quarter for the policies that renewed in each period. Retention of 86% was achieved in each period.

• Net operating income increased $8 million for the first quarter of 2013 as compared with the prior year quarter. This increase was primarily due to improved underwriting results, partially offset by lower net investment income.

• The combined ratio improved 2.3 points for the first quarter of 2013 as compared with the prior year quarter. The loss ratio decreased 2.0 points, due to both higher favorable net prior year development and an improved current accident year loss ratio. The expense ratio improved 0.8 point, primarily due to the impact of a higher net earned premium base.

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CNA Commercial

	Results for the Three Months Ended March 31
($ millions)	2013				2012
Net written premiums	$	918			$	843
NWP Growth (% year over year)	9			%	2			%
Net operating income	$	125			$	139
Loss ratio	71.7			%	70.7			%
Effect of catastrophe impacts	(4.6		)		(3.3		)
Effect of development-related items	1.5				2.5
Loss ratio excluding catastrophes and development	68.6			%	69.9			%
Combined ratio	106.8			%	106.2			%
Combined ratio excluding catastrophes and development	103.7			%	105.4			%

• Net written premiums increased $75 million for the first quarter of 2013 as compared with the prior year quarter. This increase was primarily driven by increased rate. Average rate increased 9% for the first quarter of 2013, as compared with an increase of 5% for the prior year quarter for the policies that renewed in each period. Retention of 78% and 77% was achieved in each period.

• Net operating income decreased $14 million for the first quarter of 2013 as compared with the prior year quarter. This decrease was primarily due to lower net investment income, higher catastrophe losses and decreased favorable net prior year development. These unfavorable impacts were partially offset by improved non-catastrophe current accident year underwriting results.

• The combined ratio increased 0.6 point for the first quarter of 2013 as compared with the prior year quarter. The loss ratio increased 1.0 point, primarily due to the impacts of higher catastrophe losses and decreased favorable net prior year development, partially offset by an improved current accident year non-catastrophe loss ratio.

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Hardy

	Results for the Three Months Ended March 31
($ millions)	2013
Net written premiums	$	55
Net operating loss	(8		)
Loss ratio	48.7			%
Effect of catastrophe impacts	—
Effect of development-related items	(1.4		)
Loss ratio excluding catastrophes and development	47.3			%
Combined ratio	105.5			%
Combined ratio excluding catastrophes and development	104.1			%

• Hardy, a specialized Lloyd's of London underwriter, was acquired on July 2, 2012.

• Net written premiums were $55 million for the first quarter of 2013. Average rate increased 1% for the first quarter of 2013 for the policies that renewed in the period. Retention of 70% was achieved in the period.

• Results included non-run rate purchase accounting expenses of $3 million and foreign currency transaction losses of $2 million. No catastrophe losses were incurred in the period.

• The combined ratio excluding catastrophes and prior year development was 104.1% for the first quarter of 2013. The expense ratio was 56.8% for the first quarter of 2013, which was adversely affected by the level of premiums, including unfavorable premium development of $4 million.

Life & Group Non-Core

	Results for the Three Months Ended March 31
($ millions)	2013		2012
Operating revenues	$	349	$	337
Total claims, benefits and expenses	372		387
Net operating income (loss)	—		(19		)

• Net operating results improved $19 million for the first quarter of 2013 as compared with the prior year quarter. While the improved results reflect favorable mortality outcomes across all of our life businesses, they were primarily attributable to favorable morbidity and persistency in our long term care business.

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Corporate & Other Non-Core

	Results for the Three Months Ended March 31
($ millions)	2013			2012
Operating revenues	$	10		$	14
Total claims, benefits and expenses	49			54
Net operating loss	(26		)	(26		)

• 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 A&EP. Results in 2013 were comparable to the prior year period.

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Net Operating Income (Loss)
	Results for the Three Months Ended March 31
($ millions)	2013			2012
CNA Specialty	$	140		$	132
CNA Commercial	125			139
Hardy	(8		)
Total P&C Operations	257			271
Life & Group Non-Core	—			(19		)
Corporate & Other Non-Core	(26		)	(26		)
Total	$	231		$	226

Net Income (Loss)
	Results for the Three Months Ended March 31
($ millions)	2013			2012
CNA Specialty	$	142		$	138
CNA Commercial	128			146
Hardy	(7		)
Total P&C Operations	263			284
Life & Group Non-Core	9			(11		)
Corporate & Other Non-Core	(22		)	(23		)
Total	$	250		$	250

Property & Casualty Operations Gross Written Premiums
	Results for the Three Months Ended March 31
($ millions)	2013		2012
CNA Specialty	$	1,317	$	1,273
CNA Commercial	960		887
Hardy	107
Total P&C Operations	$	2,384	$	2,160

Property & Casualty Operations Net Written Premiums
	Results for the Three Months Ended March 31
($ millions)	2013		2012
CNA Specialty	$	803	$	765
CNA Commercial	918		843
Hardy	55
Total P&C Operations	$	1,776	$	1,608

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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 service mark registered by CNA Financial Corporation with the United States Patent and Trademark Office. Certain CNA Financial Corporation subsidiaries use the "CNA" service mark in connection with insurance underwriting and claims activities.

Conference Call and Webcast/Presentation 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) 438-5524, or for international callers, (719) 325-2464. 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. A presentation will be posted and available on the CNA website and will provide additional insight into the first quarter results.

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 May 6, 2013 by dialing (888) 203-1112, or for international callers, (719) 457-0820. The replay passcode is 8072004. 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.

Definition of Reported Segments

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

CNA Commercial works with an independent agency distribution system and 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.

Hardy, a specialized Lloyd's of London underwriter, was acquired on July 2, 2012. Through Lloyd's Syndicate 382, Hardy underwrites primarily short-tail exposures in marine and aviation, non-marine property, specialty lines and property treaty reinsurance.

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.

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.

Financial Measures

In the evaluation of the results of CNA Specialty, CNA Commercial and Hardy, management utilizes the loss ratio, the expense ratio, the dividend ratio and the combined 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.

# # #

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EX-99.2

CNA Financial Corporation

Supplemental Financial Information

March 31, 2013

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.

CNA Financial Corporation

Table of Contents

March 31, 2013

	Page
Definitions and Presentation	i
Statements of Operations	1
Components of Income (Loss), 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
Consolidated - Results of Operations	9
Property & Casualty - Results of Operations	10
CNA Specialty - Results of Operations	11
CNA Commercial - Results of Operations	12
Hardy - Results of Operations	13
Life & Group Non-Core - Results of Operations	14
Corporate & Other Non-Core - Results of Operations	15
Components of Pretax Net Investment Income	16
Statutory Data - Preliminary	17
Property & Casualty Operations Loss & LAE Ratio Analysis	18
Net Carried Life & Group Non-Core Policyholder Reserves	19

CNA Financial Corporation

Definitions and Presentation

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

• P&C Operations includes CNA Specialty, CNA Commercial and Hardy. Hardy was acquired on July 2, 2012.

• 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. 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 O to the Consolidated Financial Statements within the 2012 Form 10-K for further discussion of this measure.

• In the evaluation of the results of CNA Specialty, CNA Commercial and Hardy, management utilizes the loss ratio, the expense ratio, the dividend ratio and the combined 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 17 is the percentage of acquisition and underwriting expenses to net written premiums in accordance with statutory accounting practices.

• The majority of our limited partnership investments employ hedge fund strategies that generate returns primarily through investing in the 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

i

CNA FINANCIAL CORPORATION

Financial Supplement

Statements of Operations

THREE MONTHS ENDED MARCH 31							Fav / (Unfav)
(In millions)	2013			2012			% Change
STATEMENTS OF OPERATIONS
Revenues:
Net earned premiums	$	1,764		$	1,649		7		%
Net investment income	633			648			(2	)
Net realized investment gains (losses):
Other-than-temporary impairment (OTTI) losses	(18		)	(15		)	(20	)
Portion of OTTI recognized in Other comprehensive income (loss)	—			(12		)	N/M
Net OTTI losses recognized in earnings	(18		)	(27		)	33
Other net realized investment gains (losses)	46			63			(27	)
Net realized investment gains (losses)	28			36			(22	)
Other revenues	78			68			15
Total revenues	2,503			2,401			4
Claims, Benefits and Expenses:
Insurance claims and policyholders' benefits	1,429			1,381			(3	)
Amortization of deferred acquisition costs	328			295			(11	)
Other operating expenses	341			319			(7	)
Interest	42			42			—
Total claims, benefits and expenses	2,140			2,037			(5	)
Income (loss) before income tax	363			364			—
Income tax (expense) benefit	(113		)	(114		)	1
Net income (loss)	$	250		$	250		—		%

1

CNA FINANCIAL CORPORATION

Financial Supplement

Components of Income (Loss), Per Share Data and Return on Equity

THREE MONTHS ENDED MARCH 31
(In millions, except per share data)	2013			2012
COMPONENTS OF INCOME (LOSS)
Net operating income (loss)	$	231		$	226
Net realized investment gains (losses)	19			24
Income (loss)	$	250		$	250
BASIC AND DILUTED EARNINGS (LOSS) PER COMMON SHARE
Net operating income (loss)	$	0.86		$	0.84
Net realized investment gains (losses)	0.07			0.09
Basic and diluted earnings (loss) per share	$	0.93		$	0.93
WEIGHTED AVERAGE OUTSTANDING COMMON STOCK AND COMMON STOCK EQUIVALENTS
Basic	269.5			269.3
Diluted	269.9			269.7
RETURN ON EQUITY
Net income (loss) (1)	8.1		%	8.5		%
Net operating income (loss) (2)	8.0			8.1

(1) Annualized net income (loss) divided by the average 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) divided by the average stockholders' equity excluding AOCI for the period. Average equity excluding AOCI is calculated using a simple average of the beginning and ending balances for the period.

2

CNA FINANCIAL CORPORATION

Financial Supplement

Selected Balance Sheets Data and Statements of Cash Flows Data

(In millions, except per share data)	March 31, 2013		December 31, 2012
Total assets	$	58,727	$	58,522
Insurance reserves	39,893		40,005
Debt	2,571		2,570
Total liabilities	46,322		46,208
Accumulated other comprehensive income (loss)	727		831
Total stockholders' equity	12,405		12,314
Book value per common share	$	46.00	$	45.71
Book value per common share excluding AOCI	$	43.30	$	42.62
Outstanding shares of common stock (in millions of shares)	269.7		269.4

THREE MONTHS ENDED MARCH 31 (In millions)	2013			2012
Net cash flows provided (used) by operating activities	$	191		$	312
Net cash flows provided (used) by investing activities	(161		)	(287		)
Net cash flows provided (used) by financing activities	(56		)	(42		)
Net cash flows provided (used) by operating, investing and financing activities	$	(26	)	$	(17	)

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CNA FINANCIAL CORPORATION

Financial Supplement

Claim & Claim Adjustment Expense Reserve Rollforward

THREE MONTHS ENDED MARCH 31, 2013 (In millions)	CNA Specialty			CNA Commercial			Hardy			P&C Operations			Life & Group Non-Core			Corporate & Other Non-Core			Total Operations
Claim & claim adjustment expense reserves, beginning of period
Gross	$	6,748		$	11,326		$	521		$	18,595		$	3,006		$	3,162		$	24,763
Ceded	636			1,115			247			1,998			478			2,650			5,126
Net	6,112			10,211			274			16,597			2,528			512			19,637
Net incurred claim & claim adjustment expenses	465			601			31			1,097			179			4			1,280
Net claim & claim adjustment expense payments	(405		)	(812		)	(38		)	(1,255		)	(160		)	(13		)	(1,428		)
Foreign currency translation adjustment and other	(19		)	(15		)	(9		)	(43		)	(3		)	(2		)	(48		)
Claim & claim adjustment expense reserves, end of period
Net	6,153			9,985			258			16,396			2,544			501			19,441
Ceded	654			1,120			212			1,986			487			2,597			5,070
Gross	$	6,807		$	11,105		$	470		$	18,382		$	3,031		$	3,098		$	24,511

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CNA FINANCIAL CORPORATION
Financial Supplement
Investment Summary - Consolidated

	March 31, 2013				December 31, 2012
(In millions)	Carrying Value		Net Unrealized Gains (Losses)		Carrying Value			Net Unrealized Gains (Losses)
Fixed maturity securities:
Corporate and other bonds	$	22,354	$	2,544	$	22,236		$	2,677
States, municipalities and political subdivisions:
Tax-exempt	6,759		641		6,605			720
Taxable	4,189		708		4,178			691
Total states, municipalities and political subdivisions	10,948		1,349		10,783			1,411
Asset-backed:
RMBS	5,683		165		5,920			175
CMBS	1,990		137		1,822			130
Other ABS	955		23		952			23
Total asset-backed	8,628		325		8,694			328
U.S. Treasury and obligations of government-sponsored enterprises	181		11		182			10
Foreign government	552		24		613			25
Redeemable preferred stock	136		13		125			12
Total fixed maturity securities	42,799		4,266		42,633			4,463
Equities	201		24		249			21
Limited partnership investments	2,564		—		2,462			—
Other invested assets	49		—		59			—
Mortgage loans	425		—		401			—
Short term investments	1,555		1		1,832			(1		)
Total investments	$	47,593	$	4,291	$	47,636		$	4,483
Net receivable/(payable) on investment activity	$	20	$	—	$	(22	)	$	—
Effective portfolio duration (in years)	6.6				6.5
Weighted average rating of fixed maturity securities	A				A

RMBS - Residential mortgage-backed securities

CMBS - Commercial mortgage-backed securities

Other ABS - Other asset-backed securities

5

CNA FINANCIAL CORPORATION

Financial Supplement

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

	March 31, 2013				December 31, 2012
(In millions)	Carrying Value		Net Unrealized Gains (Losses)		Carrying Value			Net Unrealized Gains (Losses)
Fixed maturity securities:
Corporate and other bonds	$	14,108	$	965	$	13,959		$	977
States, municipalities and political subdivisions:
Tax-exempt	2,208		129		2,117			143
Taxable	2,242		327		2,233			316
Total states, municipalities and political subdivisions	4,450		456		4,350			459
Asset-backed:
RMBS	5,294		142		5,515			155
CMBS	1,710		107		1,572			105
Other ABS	858		21		915			21
Total asset-backed	7,862		270		8,002			281
U.S. Treasury and obligations of government-sponsored enterprises	158		2		159			2
Foreign government	547		23		608			23
Redeemable preferred stock	35		—		35			1
Total fixed maturity securities	27,160		1,716		27,113			1,743
Equities	78		19		90			17
Limited partnership investments	2,564		—		2,462			—
Other invested assets	49		—		59			—
Mortgage loans	405		—		382			—
Short term investments	1,445		1		1,762			(1		)
Total investments	$	31,701	$	1,736	$	31,868		$	1,759
Net receivable/(payable) on investment activity	$	46	$	—	$	(22	)	$	—
Effective portfolio duration (in years)	4.1				3.9
Weighted average rating of fixed maturity securities	A				A

6

CNA FINANCIAL CORPORATION

Financial Supplement

Investment Summary - Life & Group Non-Core

	March 31, 2013					December 31, 2012
(In millions)	Carrying Value			Net Unrealized Gains (Losses)		Carrying Value		Net Unrealized Gains (Losses)
Fixed maturity securities:
Corporate and other bonds	$	8,246		$	1,579	$	8,277	$	1,700
States, municipalities and political subdivisions:
Tax-exempt	4,551			512		4,488		577
Taxable	1,947			381		1,945		375
Total states, municipalities and political subdivisions	6,498			893		6,433		952
Asset-backed:
RMBS	389			23		405		20
CMBS	280			30		250		25
Other ABS	97			2		37		2
Total asset-backed	766			55		692		47
U.S. Treasury and obligations of government-sponsored enterprises	23			9		23		8
Foreign government	5			1		5		2
Redeemable preferred stock	101			13		90		11
Total fixed maturity securities	15,639			2,550		15,520		2,720
Equities	123			5		159		4
Limited partnership investments	—			—		—		—
Other invested assets	—			—		—		—
Mortgage loans	20			—		19		—
Short term investments	110			—		70		—
Total investments	$	15,892		$	2,555	$	15,768	$	2,724
Net receivable/(payable) on investment activity	$	(26	)	$	—	$	—	$	—
Effective portfolio duration (in years)	11.1					11.3
Weighted average rating of fixed maturity securities	A					A

7

CNA FINANCIAL CORPORATION
Financial Supplement
Investments - Fixed Maturity Securities by Credit Rating
March 31, 2013

	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	$	—		$	—	$	321		$	17	$	1,349		$	124	$	7,278		$	968	$	11,243		$	1,274		$	2,163		$	161	$	22,354		$	2,544
States, municipalities and political subdivisions:
Tax-exempt	—			—		1,054			105		3,960			379		1,702			157		38			—			5			—		6,759			641
Taxable	—			—		604			92		2,773			466		758			146		54			4			—			—		4,189			708
Total states, municipalities and political subdivisions	—			—		1,658			197		6,733			845		2,460			303		92			4			5			—		10,948			1,349
Asset-backed:
RMBS	3,965			107		110			—		166			1		179			1		142			(8		)	1,121			64		5,683			165
CMBS	84			5		493			31		386			35		394			26		309			23			324			17		1,990			137
Other ABS	—			—		324			11		281			5		319			7		31			—			—			—		955			23
Total asset-backed	4,049			112		927			42		833			41		892			34		482			15			1,445			81		8,628			325
U.S. Treasury and obligations of government-sponsored enterprises	181			11		—			—		—			—		—			—		—			—			—			—		181			11
Foreign government	—			—		222			11		241			9		89			4		—			—			—			—		552			24
Redeemable preferred stock	—			—		—			—		—			—		—			—		94			12			42			1		136			13
Total fixed maturity securities	$	4,230		$	123	$	3,128		$	267	$	9,156		$	1,019	$	10,719		$	1,309	$	11,911		$	1,305		$	3,655		$	243	$	42,799		$	4,266
Percentage of total fixed maturity securities	10		%			7		%			21		%			25		%			28		%				9		%			100		%

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

8

CNA FINANCIAL CORPORATION

Financial Supplement

Consolidated - Results of Operations

THREE MONTHS ENDED MARCH 31							Fav / (Unfav) % Change
(In millions)	2013			2012
Operating revenues:
Net earned premiums	$	1,764		$	1,649		7		%
Net investment income	633			648			(2	)
Other revenues	78			68			15
Total operating revenues	2,475			2,365			5
Claims, Benefits and Expenses:
Net incurred claims and benefits	1,425			1,378			(3	)
Policyholders' dividends	4			3			(33	)
Amortization of deferred acquisition costs	328			295			(11	)
Other insurance related expenses	262			250			(5	)
Other expenses	121			111			(9	)
Total claims, benefits and expenses	2,140			2,037			(5	)
Operating income (loss) before income tax	335			328			2
Income tax (expense) benefit on operating income (loss)	(104		)	(102		)	(2	)
Net operating income (loss)	231			226			2
Net realized investment gains (losses)	28			36			(22	)
Income tax (expense) benefit on net realized investment gains (losses)	(9		)	(12		)	25
Net realized investment gains (losses), after-tax	19			24			(21	)
Net income (loss)	$	250		$	250		—		%

9

CNA FINANCIAL CORPORATION

Financial Supplement

Property & Casualty - Results of Operations

THREE MONTHS ENDED MARCH 31									Fav / (Unfav) % Change
(In millions)	2013				2012
Gross written premiums	$	2,384			$	2,160			10		%
Net written premiums	1,776				1,608				10
Operating revenues:
Net earned premiums	1,624				1,509				8
Net investment income	421				440				(4	)
Other revenues	71				65				9
Total operating revenues	2,116				2,014				5
Claims, Benefits and Expenses:
Net incurred claims and benefits	1,096				1,035				(6	)
Policyholders' dividends	3				1				N/M
Amortization of deferred acquisition costs	320				287				(11	)
Other insurance related expenses	230				216				(6	)
Other expenses	70				57				(23	)
Total claims, benefits and expenses	1,719				1,596				(8	)
Operating income (loss) before income tax	397				418				(5	)
Income tax (expense) benefit on operating income (loss)	(140		)		(147		)		5
Net operating income (loss)	257				271				(5	)
Net realized investment gains (losses)	8				19				(58	)
Income tax (expense) benefit on net realized investment gains (losses)	(2		)		(6		)		67
Net realized investment gains (losses), after-tax	6				13				(54	)
Net income (loss)	$	263			$	284			(7	)	%
PRODUCTION METRICS
Rate	8			%	4			%
Retention	80			%	81			%
New Business (Specialty and Commercial only)	$	308			$	332
FINANCIAL RATIOS
Loss & LAE	67.5			%	68.6			%
Acquisition expense	19.4				18.9
Underwriting expense	14.4				14.4
Expense	33.8				33.3
Dividend	0.2				0.1
Combined ratio	101.5			%	102.0			%
RATIO IMPACTS
Impact of catastrophes
Pretax net accident year catastrophe losses incurred	$	39			$	28
Impact on loss & LAE ratio	2.4			%	1.9			%
Impact of development & other
Pretax net prior year development: (favorable) / unfavorable
Prior year loss & ALAE reserve development	$	(27	)		$	(20	)
Prior year premium development	(14		)		(26		)
Other (1)	6				6
Total development & other	$	(35	)		$	(40	)
Impact of development & other on loss & LAE ratio	(1.9		)	%	(2.1		)	%

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

10

CNA FINANCIAL CORPORATION

Financial Supplement

CNA Specialty - Results of Operations

THREE MONTHS ENDED MARCH 31									Fav / (Unfav) % Change
(In millions)	2013				2012
Gross written premiums	$	1,317			$	1,273			3		%
Net written premiums	803				765				5
Operating revenues:
Net earned premiums	723				706				2
Net investment income	170				175				(3	)
Other revenues	60				56				7
Total operating revenues	953				937				2
Claims, Benefits and Expenses:
Net incurred claims and benefits	465				468				1
Policyholders' dividends	1				(2		)		(150	)
Amortization of deferred acquisition costs	150				148				(1	)
Other insurance related expenses	71				72				1
Other expenses	54				50				(8	)
Total claims, benefits and expenses	741				736				(1	)
Operating income (loss) before income tax	212				201				5
Income tax (expense) benefit on operating income (loss)	(72		)		(69		)		(4	)
Net operating income (loss)	140				132				6
Net realized investment gains (losses)	3				8				(63	)
Income tax (expense) benefit on net realized investment gains (losses)	(1		)		(2		)		50
Net realized investment gains (losses), after-tax	2				6				(67	)
Net income (loss)	$	142			$	138			3		%
PRODUCTION METRICS
Rate	7			%	3			%
Retention	86			%	86			%
New Business	$	100			$	110
FINANCIAL RATIOS
Loss & LAE	64.3			%	66.3			%
Acquisition expense	19.8				19.6
Underwriting expense	10.7				11.7
Expense	30.5				31.3
Dividend	0.2				(0.3		)
Combined ratio	95.0			%	97.3			%
RATIO IMPACTS
Impact of catastrophes
Pretax net accident year catastrophe losses incurred	$	1			$	2
Impact on loss & LAE ratio	0.2			%	0.2			%
Impact of development & other
Pretax net prior year development: (favorable) / unfavorable
Prior year loss & ALAE reserve development	$	(15	)		$	(6	)
Prior year premium development	(8		)		(9		)
Other (1)	—				—
Total development & other	$	(23	)		$	(15	)
Impact of development & other on loss & LAE ratio	(2.9		)	%	(1.7		)	%

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

11

CNA FINANCIAL CORPORATION

Financial Supplement

CNA Commercial - Results of Operations

THREE MONTHS ENDED MARCH 31									Fav / (Unfav) % Change
(In millions)	2013				2012
Gross written premiums	$	960			$	887			8		%
Net written premiums	918				843				9
Operating revenues:
Net earned premiums	837				803				4
Net investment income	250				265				(6	)
Other revenues	10				9				11
Total operating revenues	1,097				1,077				2
Claims, Benefits and Expenses:
Net incurred claims and benefits	600				567				(6	)
Policyholders' dividends	2				3				33
Amortization of deferred acquisition costs	149				139				(7	)
Other insurance related expenses	143				144				1
Other expenses	9				7				(29	)
Total claims, benefits and expenses	903				860				(5	)
Operating income (loss) before income tax	194				217				(11	)
Income tax (expense) benefit on operating income (loss)	(69		)		(78		)		12
Net operating income (loss)	125				139				(10	)
Net realized investment gains (losses)	4				11				(64	)
Income tax (expense) benefit on net realized investment gains (losses)	(1		)		(4		)		75
Net realized investment gains (losses), after-tax	3				7				(57	)
Net income (loss)	$	128			$	146			(12	)	%
PRODUCTION METRICS
Rate	9			%	5			%
Retention	78			%	77			%
New Business	$	208			$	222
FINANCIAL RATIOS
Loss & LAE	71.7			%	70.7			%
Acquisition expense	18.3				18.3
Underwriting expense	16.7				16.8
Expense	35.0				35.1
Dividend	0.1				0.4
Combined ratio	106.8			%	106.2			%
RATIO IMPACTS
Impact of catastrophes
Pretax net accident year catastrophe losses incurred	$	38			$	26
Impact on loss & LAE ratio	4.6			%	3.3			%
Impact of development & other
Pretax net prior year development: (favorable) / unfavorable
Prior year loss & ALAE reserve development	$	(11	)		$	(14	)
Prior year premium development	(10		)		(17		)
Other (1)	6				6
Total development & other	$	(15	)		$	(25	)
Impact of development & other on loss & LAE ratio	(1.5		)	%	(2.5		)	%

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

12

CNA FINANCIAL CORPORATION

Financial Supplement

Hardy - Results of Operations

THREE MONTHS ENDED MARCH 31
(In millions)	2013
Gross written premiums	$	107
Net written premiums	55
Operating revenues:
Net earned premiums	64
Net investment income	1
Other revenues	1
Total operating revenues	66
Claims, Benefits and Expenses:
Net incurred claims and benefits	31
Policyholders' dividends	—
Amortization of deferred acquisition costs	21
Other insurance related expenses	16
Other expenses	7
Total claims, benefits and expenses	75
Operating income (loss) before income tax	(9		)
Income tax (expense) benefit on operating income (loss)	1
Net operating income (loss)	(8		)
Net realized investment gains (losses)	1
Income tax (expense) benefit on net realized investment gains (losses)	—
Net realized investment gains (losses), after-tax	1
Net income (loss)	$	(7	)
PRODUCTION METRICS
Rate	1			%
Retention	70			%
FINANCIAL RATIOS
Loss & LAE	48.7			%
Acquisition expense	30.7
Underwriting expense	26.1
Expense	56.8
Dividend	—
Combined ratio	105.5			%
RATIO IMPACTS
Impact of catastrophes
Pretax net accident year catastrophe losses incurred	$	—
Impact on loss & LAE ratio	—			%
Impact of development & other
Pretax net prior year development: (favorable) / unfavorable
Prior year loss & ALAE reserve development	$	(1	)
Prior year premium development	4
Other (1)	—
Total development & other	$	3
Impact of development & other on loss & LAE ratio	1.4			%

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

13

CNA FINANCIAL CORPORATION

Financial Supplement

Life & Group Non-Core - Results of Operations

THREE MONTHS ENDED MARCH 31							Fav / (Unfav) % Change
(In millions)	2013			2012
Operating revenues:
Net earned premiums	$	141		$	141		—		%
Net investment income	204			198			3
Other revenues	4			(2		)	N/M
Total operating revenues	349			337			4
Claims, Benefits and Expenses:
Net incurred claims and benefits	325			336			3
Policyholders' dividends	1			2			50
Amortization of deferred acquisition costs	8			8			—
Other insurance related expenses	33			35			6
Other expenses	5			6			17
Total claims, benefits and expenses	372			387			4
Operating income (loss) before income tax	(23		)	(50		)	54
Income tax (expense) benefit on operating income (loss)	23			31			(26	)
Net operating income (loss)	—			(19		)	N/M
Net realized investment gains (losses)	14			13			8
Income tax (expense) benefit on net realized investment gains (losses)	(5		)	(5		)	—
Net realized investment gains (losses), after-tax	9			8			13
Net income (loss)	$	9		$	(11	)	182		%

14

CNA FINANCIAL CORPORATION

Financial Supplement

Corporate & Other Non-Core - Results of Operations

THREE MONTHS ENDED MARCH 31							Fav / (Unfav) % Change
(In millions)	2013			2012
Operating revenues:
Net earned premiums	$	(1	)	$	(1	)	—		%
Net investment income	8			10			(20	)
Other revenues	3			5			(40	)
Total operating revenues	10			14			(29	)
Claims, Benefits and Expenses:
Net incurred claims and benefits	4			7			43
Policyholders' dividends	—			—			N/M
Amortization of deferred acquisition costs	—			—			N/M
Other insurance related expenses	(1		)	(1		)	—
Other expenses	46			48			4
Total claims, benefits and expenses	49			54			9
Operating income (loss) before income tax	(39		)	(40		)	3
Income tax (expense) benefit on operating income (loss)	13			14			(7	)
Net operating income (loss)	(26		)	(26		)	—
Net realized investment gains (losses)	6			4			50
Income tax (expense) benefit on net realized investment gains (losses)	(2		)	(1		)	(100	)
Net realized investment gains (losses), after-tax	4			3			33
Net income (loss)	$	(22	)	$	(23	)	4		%

15

CNA FINANCIAL CORPORATION

Financial Supplement

Components of Pretax Net Investment Income

THREE MONTHS ENDED MARCH 31	Consolidated
(In millions)	2013			2012
Fixed maturity securities	$	499		$	516
Limited partnership investments	131			130
Other	3			2
Net investment income	$	633		$	648
Average amortized cost of fixed maturity securities portfolio	$	38,415		$	37,703
Effective income yield for the fixed maturity securities portfolio, pretax (1)	5.2		%	5.5		%
Effective income yield for the fixed maturity securities portfolio, after tax (1)	3.6		%	3.8		%

	Property & Casualty and Corporate & Other Non-Core
THREE MONTHS ENDED MARCH 31
(In millions)	2013			2012
Fixed maturity securities	$	296		$	318
Limited partnership investments	131			130
Other	2			2
Net investment income	$	429		$	450
Average amortized cost of fixed maturity securities portfolio	$	25,483		$	25,720
Effective income yield for the fixed maturity securities portfolio, pretax (1)	4.6		%	5.0		%
Effective income yield for the fixed maturity securities portfolio, after tax (1)	3.1		%	3.3		%

THREE MONTHS ENDED MARCH 31	Life & Group Non-Core
(In millions)	2013			2012
Fixed maturity securities	$	203		$	198
Limited partnership investments	—			—
Other	1			—
Net investment income	$	204		$	198
Average amortized cost of fixed maturity securities portfolio	$	12,932		$	11,983
Effective income yield for the fixed maturity securities portfolio, pretax (1)	6.3		%	6.6		%
Effective income yield for the fixed maturity securities portfolio, after tax (1)	4.6		%	4.7		%

(1) Annualized yields based on the average amortized cost of the fixed maturity securities portfolio.

16

CNA FINANCIAL CORPORATION

Financial Supplement

Statutory Data - Preliminary

THREE MONTHS ENDED MARCH 31
Income Statements	(Preliminary) 2013								Fav / (Unfav) % Change
(In millions)					2012
Combined Continental Casualty Companies
Gross written premiums	$	2,213			$	2,110			5		%
Net written premiums	1,663				1,563				6
Net earned premiums	1,367				1,306				5
Claim and claim adjustment expenses	1,171				1,146				(2	)
Acquisition expenses	290				270				(7	)
Underwriting expenses	210				211				—
Policyholders' dividends	2				—				N/M
Underwriting income (loss)	(306		)		(321		)		5
Net investment income	432				428				1
Other income (loss)	5				6				(17	)
Income tax (expense) benefit	(3		)		(14		)		79
Net realized gains (losses)	14				31				(55	)
Net income (loss)	$	142			$	130			9		%
Financial Ratios
Loss and LAE	85.6			%	87.7			%
Acquisition expense	17.4				17.3
Underwriting expense	12.8				13.5
Expense	30.2				30.8
Dividend	0.1				—
Combined ratio	115.9			%	118.5			%

SUPPLEMENTAL STATUTORY DATA	(Preliminary) March 31, 2013		December 31, 2012
(In millions)
Combined Continental Casualty Companies
Statutory surplus (1)	$	10,020	$	9,998
Life Company
Statutory surplus	$	570	$	556

(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.

17

CNA FINANCIAL CORPORATION

Financial Supplement

Property & Casualty Operations Loss & LAE Ratio Analysis

	CNA Specialty
	2013 YTD Evaluated at 3/31/13			2012 FY Evaluated at 12/31/12			2012 FY Evaluated at 3/31/13
Gross Accident Year	59.3		%	59.7		%	58.9	%
Impact of Reinsurance	7.9			8.6			9.4
Net Accident Year	67.2			68.3			68.3	%
Impact of Development and Other (1)	(2.9	)		(5.1	)
Net Calendar Year	64.3		%	63.2		%

	CNA Commercial
	2013 YTD Evaluated at 3/31/13			2012 FY Evaluated at 12/31/12			2012 FY Evaluated at 3/31/13
Gross Accident Year	70.7		%	77.6		%	78.0	%
Impact of Reinsurance	2.5			1.9			1.4
Net Accident Year	73.2			79.5			79.4	%
Impact of Development and Other (1)	(1.5	)		(1.6	)
Net Calendar Year	71.7		%	77.9		%

	Hardy (2)
	2013 YTD Evaluated at 3/31/13		2012 FY Evaluated at 12/31/12			2012 FY Evaluated at 3/31/13
Gross Accident Year	45.3	%	76.6		%	67.4	%
Impact of Reinsurance	2.0		(12.3	)		0.4
Net Accident Year	47.3		64.3			67.8	%
Impact of Development and Other (1)	1.4		(4.0	)
Net Calendar Year	48.7	%	60.3		%

	P&C Operations
	2013 YTD Evaluated at 3/31/13			2012 FY Evaluated at 12/31/12			2012 FY Evaluated at 3/31/13
Gross Accident Year	63.2		%	67.4		%	66.9	%
Impact of Reinsurance	6.2			6.7			7.2
Net Accident Year	69.4			74.1			74.1	%
Impact of Development and Other (1)	(1.9	)		(3.3	)
Net Calendar Year	67.5		%	70.8		%

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

(2) Reflects premiums and losses since date of acquisition.

18

CNA FINANCIAL CORPORATION

Financial Supplement

Net Carried Life & Group Non-Core Policyholder Reserves

March 31, 2013
(In millions)	Claim and claim adjustment expenses		Future policy benefits		Policyholders' funds		Separate account business
Long term care	$	1,708	$	6,993	$	—	$	—
Payout annuities	633		2,001		—		—
Institutional markets	1		12		96		279
Other	44		4		—		—
Total	$	2,386	$	9,010	$	96	$	279

The reserve amounts above are net of $1,272 million of ceded reserves and exclude $158 million of claim and claim adjustment expenses and $1,709 million of future policy benefits relating to Shadow Adjustments. To the extent that unrealized gains on fixed income securities supporting long term care products and payout annuity contracts would result in a premium deficiency if those gains were realized, a related decrease in Deferred acquisition costs and/or increase in Insurance reserves are recorded, net of tax, as a reduction of net unrealized gains through Other comprehensive income (loss) (Shadow Adjustments).

December 31, 2012
(In millions)	Claim and claim adjustment expenses		Future policy benefits		Policyholders' funds		Separate account business
Long term care	$	1,683	$	6,879	$	—	$	—
Payout annuities	637		2,008		—		—
Institutional markets	1		12		100		312
Other	45		4		—		—
Total	$	2,366	$	8,903	$	100	$	312

The reserve amounts above are net of $1,272 million of ceded reserves and exclude $162 million of claim and claim adjustment expenses and $1,812 million of future policy benefits relating to Shadow Adjustments.

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