Q3-14 Exhibit 99.2

CNA Financial Corporation

Supplemental Financial Information

September 30, 2014

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.

Table of Contents



	Page
Consolidated Results
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
Property & Casualty - Results of Operations
Property & Casualty...........................................................................................................................................................................................................	4
CNA Specialty....................................................................................................................................................................................................................	5
CNA Commercial...............................................................................................................................................................................................................	6
Hardy.................................................................................................................................................................................................................................	7
Non-Core - Results of Operations
Life & Group Non-Core......................................................................................................................................................................................................	8
Corporate & Other Non-Core.............................................................................................................................................................................................	9
Investment Information
Investment Summary - Consolidated................................................................................................................................................................................	10
Investment Summary - Property & Casualty and Corporate & Other Non-Core...............................................................................................................	11
Investment Summary - Life & Group Non-Core.................................................................................................................................................................	12
Investments - Fixed Maturity Securities by Credit Rating..................................................................................................................................................	13
Components of Net Investment Income............................................................................................................................................................................	14
Other
Claim & Claim Adjustment Expense Reserve Rollforward................................................................................................................................................	15
Life & Group Non-Core Policyholder Reserves.................................................................................................................................................................	16
Statutory Data - Combined Continental Casualty Companies - Preliminary......................................................................................................................	17
Definitions and Presentation..............................................................................................................................................................................................	18

Statements of Operations



Periods ended September 30	Three Months									Nine Months
(In millions)	2014			2013			Change			2014			2013			Change
Revenues:
Net earned premiums	$	1,810		$	1,825		(1	)	%	$	5,427		$	5,389		1		%
Net investment income	480			555			(14	)		1,556			1,680			(7	)
Net realized investment gains (losses):
Other-than-temporary impairment (OTTI) losses	(10		)	(15		)				(17		)	(49		)
Portion of OTTI recognized in Other comprehensive income (loss)	—			(1		)				—			(1		)
Net OTTI losses recognized in earnings	(10		)	(16		)				(17		)	(50		)
Other net realized investment gains (losses)	47			17						86			60
Net realized investment gains (losses)	37			1						69			10
Other revenues	84			77						262			284
Total revenues	2,411			2,458			(2	)		7,314			7,363			(1	)
Claims, Benefits and Expenses:
Insurance claims and policyholders' benefits	1,354			1,378						4,241			4,259
Amortization of deferred acquisition costs	332			341						996			1,004
Other operating expenses	384			326						984			985
Interest	48			42						138			125
Total claims, benefits and expenses	2,118			2,087			(1	)		6,359			6,373			—
Income (loss) from continuing operations before income tax	293			371			(21	)		955			990			(4	)
Income tax (expense) benefit	(84		)	(100		)				(265		)	(288		)
Income (loss) from continuing operations	209			271			(23	)		690			702			(2	)
Income (loss) from discontinued operations, net of tax	4			1						(197		)	14
Net income (loss)	$	213		$	272		(22	)	%	$	493		$	716		(31	)	%

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



Periods ended September 30	Three Months						Nine Months
(In millions, except per share data)	2014			2013			2014				2013
Components of Income (Loss)
Net operating income	$	182		$	271		$	644			$	695
Net realized investment gains	27			—			46				7
Income from continuing operations	209			271			690				702
Income (loss) from discontinued operations	4			1			(197		)		14
Net income	$	213		$	272		$	493			$	716

Diluted Earnings (Loss) Per Common Share
Net operating income (loss)	$	0.68		$	1.00		$	2.38			$	2.57
Net realized investment gains (losses)	0.09			—			0.17				0.03
Income (loss) from continuing operations	0.77			1.00			2.55				2.60
Income (loss) from discontinued operations	0.02			0.01			(0.73		)		0.05
Diluted earnings (loss) per share	$	0.79		$	1.01		$	1.82			$	2.65

Weighted Average Outstanding Common Stock and Common Stock Equivalents
Basic	269.9			269.7			269.9				269.6
Diluted	270.6			270.2			270.6				270.1

Return on Equity
Net income (loss) ⁽¹⁾	6.5		%	9.0		%	5.1			%	7.8		%
Net operating income (loss) ⁽²⁾	6.0			9.1			7.0				7.9

(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.

Selected Balance Sheets Data and Statements of Cash Flows Data



(In millions, except per share data)	September 30, 2014		December 31, 2013
Total assets	$	55,731	$	57,194
Insurance reserves	36,095		38,394
Debt	3,108		2,560
Total liabilities	42,697		44,543
Accumulated other comprehensive income (loss) ⁽¹⁾	773		442
Total stockholders' equity	13,034		12,651

Book value per common share	$	48.28	$	46.91
Book value per common share excluding AOCI	$	45.42	$	45.26

Outstanding shares of common stock (in millions of shares)	269.9		269.7



Three months ended September 30	2014			2013
Net cash flows provided (used) by operating activities	$	460		$	352
Net cash flows provided (used) by investing activities	(353		)	(218		)
Net cash flows provided (used) by financing activities	(68		)	(73		)
Net cash flows provided (used) by operating, investing and financing activities	$	39		$	61



Nine months ended September 30	2014			2013
Net cash flows provided (used) by operating activities	$	1,047		$	921
Net cash flows provided (used) by investing activities	(1,087		)	(689		)
Net cash flows provided (used) by financing activities	95			(200		)
Net cash flows provided (used) by operating, investing and financing activities	$	55		$	32

(1) At September 30, 2014 and December 31, 2013, the net unrealized gains on investments included in AOCI were net of after-tax Shadow Adjustments of $972 million and $532 million. To the extent that unrealized gains on fixed income securities supporting certain products within the Life & Group Non-Core segment would result in a premium deficiency if 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).

Property & Casualty - Results of Operations



Periods ended September 30	Three Months											Nine Months
(In millions)	2014				2013				Change			2014				2013				Change
Gross written premiums	$	2,320			$	2,278			2		%	$	7,224			$	7,054			2		%
Net written premiums	1,560				1,619				(4	)		4,981				5,115				(3	)
Net earned premiums	1,671				1,686				(1	)		5,011				4,972				1
Net investment income	298				379							1,018				1,163
Other revenues	86				78							246				276
Total operating revenues	2,055				2,143				(4	)		6,275				6,411				(2	)
Insurance claims and policyholders' benefits	1,053				1,031							3,332				3,270
Amortization of deferred acquisition costs	325				334							974				983
Other insurance related expenses	227				219							686				669
Other expenses	83				67							236				205
Total claims, benefits and expenses	1,688				1,651				(2	)		5,228				5,127				(2	)
Operating income (loss) before income tax	367				492				(25	)		1,047				1,284				(18	)
Income tax (expense) benefit on operating income (loss)	(126		)		(162		)					(351		)		(439		)
Net operating income (loss)	$	241			$	330			(27	)	%	$	696			$	845			(18	)	%

Loss & LAE	62.8			%	60.9			%	(1.9	)	pts	66.3			%	65.6			%	(0.7	)	pts
Acquisition expense	19.5				19.7				0.2			19.4				19.5				0.1
Underwriting expense	13.6				13.2				(0.4	)		13.8				13.7				(0.1	)
Expense	33.1				32.9				(0.2	)		33.2				33.2				—
Dividend	0.2				0.2				—			0.2				0.2				—
Combined ratio	96.1				94.0				(2.1	)		99.7				99.0				(0.7	)
Combined ratio excluding catastrophes and development	96.2			%	95.9			%	(0.3	)	pts	96.6			%	98.1			%	1.5		pts

Pretax net accident year catastrophe losses incurred	$	17			$	42						$	147			$	146
Impact on loss & LAE ratio	1.0			%	2.5			%	1.5		pts	3.0			%	3.0			%	—		pts

Pretax net prior year development and other ⁽¹⁾: (favorable) / unfavorable	$	(19	)		$	(71	)					$	(4	)		$	(110	)
Impact on loss & LAE ratio	(1.1		)	%	(4.4		)	%	(3.3	)	pts	0.1			%	(2.1		)	%	(2.2	)	pts

Rate	3			%	6			%	(3	)	pts	3			%	7			%	(4	)	pts
Retention	78			%	78			%	—		pts	78			%	79			%	(1	)	pts
New Business (CNA Specialty and CNA Commercial only)	$	224			$	266			(16	)	%	$	723			$	858			(16	)	%

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

CNA Specialty - Results of Operations



Periods ended September 30	Three Months											Nine Months
(In millions)	2014				2013				Change			2014				2013				Change
Gross written premiums	$	1,472			$	1,368			8		%	$	4,347			$	3,980			9		%
Net written premiums	766				778				(2	)		2,304				2,337				(1	)
Net earned premiums	775				768				1			2,286				2,237				2
Net investment income	133				159							445				480
Other revenues	76				67							218				190
Total operating revenues	984				994				(1	)		2,949				2,907				1
Insurance claims and policyholders' benefits	400				430							1,308				1,349
Amortization of deferred acquisition costs	159				161							470				467
Other insurance related expenses	73				64							219				200
Other expenses	65				58							191				172
Total claims, benefits and expenses	697				713				2			2,188				2,188				—
Operating income (loss) before income tax	287				281				2			761				719				6
Income tax (expense) benefit on operating income (loss)	(95		)		(94		)					(253		)		(244		)
Net operating income (loss)	$	192			$	187			3		%	$	508			$	475			7		%

Loss & LAE	51.4			%	55.6			%	4.2		pts	57.1			%	60.1			%	3.0		pts
Acquisition expense	19.7				19.8				0.1			19.7				19.6				(0.1	)
Underwriting expense	10.2				9.6				(0.6	)		10.4				10.2				(0.2	)
Expense	29.9				29.4				(0.5	)		30.1				29.8				(0.3	)
Dividend	0.3				0.3				—			0.2				0.2				—
Combined ratio	81.6				85.3				3.7			87.4				90.1				2.7
Combined ratio excluding catastrophes and development	91.8			%	93.5			%	1.7		pts	92.9			%	95.5			%	2.6		pts

Pretax net accident year catastrophe losses incurred	$	5			$	13						$	21			$	20
Impact on loss & LAE ratio	0.6			%	1.7			%	1.1		pts	0.9			%	0.9			%	—		pts

Pretax net prior year development and other ⁽¹⁾: (favorable) / unfavorable	$	(85	)		$	(77	)					$	(151	)		$	(146	)
Impact on loss & LAE ratio	(10.8		)	%	(9.9		)	%	0.9		pts	(6.4		)	%	(6.3		)	%	0.1		pts

Rate	3			%	6			%	(3	)	pts	3			%	6			%	(3	)	pts
Retention	84			%	85			%	(1	)	pts	85			%	85			%	—		pts
New Business	$	94			$	105			(10	)	%	$	276			$	304			(9	)	%

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

CNA Commercial - Results of Operations



Periods ended September 30	Three Months											Nine Months
(In millions)	2014				2013				Change			2014				2013				Change
Gross written premiums	$	750			$	805			(7	)	%	$	2,515			$	2,715			(7	)	%
Net written premiums	709				760				(7	)		2,387				2,504				(5	)
Net earned premiums	808				832				(3	)		2,447				2,509				(2	)
Net investment income	163				219							569				680
Other revenues	11				10							29				85
Total operating revenues	982				1,061				(7	)		3,045				3,274				(7	)
Insurance claims and policyholders' benefits	596				566							1,877				1,814
Amortization of deferred acquisition costs	139				148							423				450
Other insurance related expenses	139				141							416				426
Other expenses	12				7							31				18
Total claims, benefits and expenses	886				862				(3	)		2,747				2,708				(1	)
Operating income (loss) before income tax	96				199				(52	)		298				566				(47	)
Income tax (expense) benefit on operating income (loss)	(32		)		(68		)					(97		)		(198		)
Net operating income (loss)	$	64			$	131			(51	)	%	$	201			$	368			(45	)	%

Loss & LAE	73.4			%	67.9			%	(5.5	)	pts	76.4			%	72.1			%	(4.3	)	pts
Acquisition expense	18.0				18.9				0.9			17.9				18.7				0.8
Underwriting expense	16.7				15.9				(0.8	)		16.5				16.2				(0.3	)
Expense	34.7				34.8				0.1			34.4				34.9				0.5
Dividend	0.2				0.3				0.1			0.2				0.2				—
Combined ratio	108.3				103.0				(5.3	)		111.0				107.2				(3.8	)
Combined ratio excluding catastrophes and development	98.9			%	99.3			%	0.4		pts	99.8			%	101.4			%	1.6		pts

Pretax net accident year catastrophe losses incurred	$	15			$	24						$	122			$	121
Impact on loss & LAE ratio	1.9			%	2.9			%	1.0		pts	5.0			%	4.8			%	(0.2	)	pts

Pretax net prior year development and other ⁽¹⁾: (favorable) / unfavorable	$	60			$	9						$	144			$	22
Impact on loss & LAE ratio	7.5			%	0.8			%	(6.7	)	pts	6.2			%	1.0			%	(5.2	)	pts

Rate	4			%	8			%	(4	)	pts	5			%	9			%	(4	)	pts
Retention	74			%	72			%	2		pts	73			%	75			%	(2	)	pts
New Business	$	130			$	161			(19	)	%	$	447			$	554			(19	)	%

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

Hardy - Results of Operations



Periods ended September 30	Three Months											Nine Months
(In millions)	2014				2013				Change			2014				2013				Change
Gross written premiums	$	98			$	105			(7	)	%	$	362			$	359			1		%
Net written premiums	85				81				5			290				274				6
Net earned premiums	88				86				2			278				226				23
Net investment income	2				1							4				3
Other revenues	(1		)		1							(1		)		1
Total operating revenues	89				88				1			281				230				22
Insurance claims and policyholders' benefits	57				35							147				107
Amortization of deferred acquisition costs	27				25							81				66
Other insurance related expenses	15				14							51				43
Other expenses	6				2							14				15
Total claims, benefits and expenses	105				76				(38	)		293				231				(27	)
Operating income (loss) before income tax	(16		)		12				N/M			(12		)		(1		)		N/M
Income tax (expense) benefit on operating income (loss)	1				—							(1		)		3
Net operating income (loss)	$	(15	)		$	12			N/M		%	$	(13	)		$	2			N/M		%

Loss & LAE	65.7			%	40.5			%	(25.2	)	pts	53.1			%	47.3			%	(5.8	)	pts
Acquisition expense	30.9				27.4				(3.5	)		29.7				27.9				(1.8	)
Underwriting expense	16.3				17.2				0.9			17.7				20.2				2.5
Expense	47.2				44.6				(2.6	)		47.4				48.1				0.7
Dividend	—				—				—			—				—				—
Combined ratio	112.9				85.1				(27.8	)		100.5				95.4				(5.1	)
Combined ratio excluding catastrophes and development	112.2			%	84.6			%	(27.6	)	pts	99.1			%	89.1			%	(10.0	)	pts

Pretax net accident year catastrophe losses incurred	$	(3	)		$	5						$	4			$	5
Impact on loss & LAE ratio	(3.4		)	%	5.4			%	8.8		pts	1.4			%	2.0			%	0.6		pts

Pretax net prior year development and other ⁽¹⁾: (favorable) / unfavorable	$	6			$	(3	)					$	3			$	14
Impact on loss & LAE ratio	4.1			%	(4.9		)	%	(9.0	)	pts	—			%	4.3			%	4.3		pts

Rate	(6		)	%	(4		)	%	(2	)	pts	(6		)	%	(1		)	%	(5	)	pts
Retention	67			%	76			%	(9	)	pts	73			%	72			%	1		pts

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

Life & Group Non-Core - Results of Operations



Periods ended September 30	Three Months									Nine Months
(In millions)	2014			2013			Change			2014			2013			Change
Net earned premiums	$	139		$	140		(1	)	%	$	417		$	419		—	%
Net investment income	177			167			6			521			492			6
Other revenues	(3		)	(4		)				10			1
Total operating revenues	313			303			3			948			912			4
Insurance claims and policyholders' benefits	319			343						929			983
Amortization of deferred acquisition costs	7			7						22			21
Other insurance related expenses	33			33						96			97
Other expenses	36			—						34			7
Total claims, benefits and expenses	395			383			(3	)		1,081			1,108			2
Operating income (loss) before income tax	(82		)	(80		)	(3	)		(133		)	(196		)	32
Income tax (expense) benefit on operating income (loss)	40			47						98			116
Net operating income (loss)	$	(42	)	$	(33	)	(27	)	%	$	(35	)	$	(80	)	56	%

Corporate & Other Non-Core - Results of Operations



Periods ended September 30	Three Months									Nine Months
(In millions)	2014			2013			Change			2014			2013			Change
Net earned premiums	$	—		$	(1	)				$	(1	)	$	(2	)
Net investment income	5			9						17			25
Other revenues	1			3						6			7
Total operating revenues	6			11			(45	)	%	22			30			(27	)	%
Insurance claims and policyholders' benefits	(18		)	4						(20		)	6
Amortization of deferred acquisition costs	—			—						—			—
Other insurance related expenses	—			—						(1		)	(1		)
Other expenses	53			49						71			133
Total claims, benefits and expenses	35			53			34			50			138			64
Operating income (loss) before income tax	(29		)	(42		)	31			(28		)	(108		)	74
Income tax (expense) benefit on operating income (loss)	12			16						11			38
Net operating income (loss)	$	(17	)	$	(26	)	35		%	$	(17	)	$	(70	)	76		%

Investment Summary - Consolidated



	September 30, 2014					June 30, 2014					December 31, 2013
(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	$	19,154		$	1,664	$	19,119		$	1,822	$	20,898	$	1,510
States, municipalities and political subdivisions:
Tax-exempt	9,587			835		9,411			707		8,432		41
Taxable	2,882			407		2,926			401		3,125		235
Total states, municipalities and political subdivisions	12,469			1,242		12,337			1,108		11,557		276
Asset-backed:
RMBS	5,146			174		5,070			188		4,971		31
CMBS	2,158			79		2,099			100		2,063		68
Other ABS	1,230			8		1,185			13		955		10
Total asset-backed	8,534			261		8,354			301		7,989		109
U.S. Treasury and obligations of government-sponsored enterprises	30			5		66			5		144		5
Foreign government	471			15		550			17		543		12
Redeemable preferred stock	42			3		42			3		102		10
Total fixed maturity securities	40,700			3,190		40,468			3,256		41,233		1,922
Equities	211			14		194			19		185		6
Limited partnership investments	2,931			—		2,831			—		2,720		—
Other invested assets	44			—		45			—		54		—
Mortgage loans	556			—		518			—		508		—
Short term investments	1,878			—		2,024			—		1,407		(1		)
Total investments	$	46,320		$	3,204	$	46,080		$	3,275	$	46,107	$	1,927

Net receivable/(payable) on investment activity	$	(31	)			$	(145	)			$	135

Effective portfolio duration (in years)	6.5					6.6					6.9
Weighted average rating of fixed maturity securities	A					A					A

RMBS - Residential mortgage-backed securities

CMBS - Commercial mortgage-backed securities

Other ABS - Other asset-backed securities

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



	September 30, 2014						June 30, 2014						December 31, 2013
(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	$	13,738		$	582		$	13,682		$	707		$	13,590	$	509
States, municipalities and political subdivisions:
Tax-exempt	2,574			123			2,769			120			3,176		36
Taxable	1,484			158			1,634			177			1,570		89
Total states, municipalities and political subdivisions	4,058			281			4,403			297			4,746		125
Asset-backed:
RMBS	5,080			168			4,984			182			4,641		22
CMBS	2,006			70			1,962			89			1,793		54
Other ABS	1,137			8			1,089			12			853		9
Total asset-backed	8,223			246			8,035			283			7,287		85
U.S. Treasury and obligations of government-sponsored enterprises	7			(1		)	43			(1		)	121		(1		)
Foreign government	466			14			545			16			538		11
Redeemable preferred stock	13			1			13			1			5		—
Total fixed maturity securities	26,505			1,123			26,721			1,303			26,287		729
Equities	87			11			81			16			61		9
Limited partnership investments	2,931			—			2,831			—			2,720		—
Other invested assets	44			—			45			—			54		—
Mortgage loans	510			—			499			—			489		—
Short term investments	1,805			—			1,934			—			1,339		(1		)
Total investments	$	31,882		$	1,134		$	32,111		$	1,319		$	30,950	$	737

Net receivable/(payable) on investment activity	$	(24	)				$	(134	)				$	140

Effective portfolio duration (in years)	4.1						4.2						4.4
Weighted average rating of fixed maturity securities	A						A						A

Investment Summary - Life & Group Non-Core



	September 30, 2014					June 30, 2014					December 31, 2013
(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	$	5,416		$	1,082	$	5,437		$	1,115	$	7,308		$	1,001
States, municipalities and political subdivisions:
Tax-exempt	7,013			712		6,642			587		5,256			5
Taxable	1,398			249		1,292			224		1,555			146
Total states, municipalities and political subdivisions	8,411			961		7,934			811		6,811			151
Asset-backed:
RMBS	66			6		86			6		330			9
CMBS	152			9		137			11		270			14
Other ABS	93			—		96			1		102			1
Total asset-backed	311			15		319			18		702			24
U.S. Treasury and obligations of government-sponsored enterprises	23			6		23			6		23			6
Foreign government	5			1		5			1		5			1
Redeemable preferred stock	29			2		29			2		97			10
Total fixed maturity securities	14,195			2,067		13,747			1,953		14,946			1,193
Equities	124			3		113			3		124			(3		)
Limited partnership investments	—			—		—			—		—			—
Other invested assets	—			—		—			—		—			—
Mortgage loans	46			—		19			—		19			—
Short term investments	73			—		90			—		68			—
Total investments	$	14,438		$	2,070	$	13,969		$	1,956	$	15,157		$	1,190

Net receivable/(payable) on investment activity	$	(7	)			$	(11	)			$	(5	)

Effective portfolio duration (in years)	11.1					11.4					11.3
Weighted average rating of fixed maturity securities	A					A					A

Investments - Fixed Maturity Securities by Credit Rating



September 30, 2014	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	$	—		$	—	$	230		$	8	$	1,264		$	78	$	5,909		$	653	$	10,085		$	864		$	1,666		$	61	$	19,154		$	1,664
States, municipalities and political subdivisions:
Tax-exempt	—			—		1,102			105		5,206			516		3,061			253		181			(41		)	37			2		9,587			835
Taxable	—			—		392			44		2,060			288		430			75		—			—			—			—		2,882			407
Total states, municipalities and political subdivisions	—			—		1,494			149		7,266			804		3,491			328		181			(41		)	37			2		12,469			1,242
Asset-backed:
RMBS	3,679			102		131			1		87			—		174			1		90			2			985			68		5,146			174
CMBS	76			1		547			17		464			20		393			14		487			17			191			10		2,158			79
Other ABS	—			—		327			3		166			2		604			2		133			1			—			—		1,230			8
Total asset-backed	3,755			103		1,005			21		717			22		1,171			17		710			20			1,176			78		8,534			261
U.S. Treasury and obligations of government-sponsored enterprises	30			5		—			—		—			—		—			—		—			—			—			—		30			5
Foreign government	—			—		161			6		161			4		149			5		—			—			—			—		471			15
Redeemable preferred stock	—			—		—			—		—			—		—			—		18			2			24			1		42			3
Total fixed maturity securities	$	3,785		$	108	$	2,890		$	184	$	9,408		$	908	$	10,720		$	1,003	$	10,994		$	845		$	2,903		$	142	$	40,700		$	3,190

Percentage of total fixed maturity securities	9		%			7		%			24		%			26		%			27		%				7		%			100		%

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.

Components of Net Investment Income



	Consolidated
Periods ended September 30	Three Months							Nine Months
(In millions)	2014				2013			2014			2013
Taxable fixed maturities	$	352			$	378		$	1,054		$	1,149
Tax-exempt fixed maturities	101				83			302			223
Total fixed maturity securities	453				461			1,356			1,372
Limited partnership investments	29				93			199			303
Other, net of investment expense	(2		)		1			1			5
Pretax net investment income	$	480			$	555		$	1,556		$	1,680

After-tax fixed maturity securities	$	327			$	324		$	976		$	958
After-tax net investment income	$	346			$	386		$	1,108		$	1,159

Effective income yield for the fixed maturity securities portfolio, pretax ⁽¹⁾	4.8			%	5.0		%	4.9		%	5.0		%
Effective income yield for the fixed maturity securities portfolio, after tax ⁽¹⁾	3.5			%	3.5		%	3.5		%	3.5		%



	Property & Casualty and Corporate & Other Non-Core
Periods ended September 30	Three Months							Nine Months
(In millions)	2014				2013			2014			2013
Taxable fixed maturities	$	252			$	267		$	748		$	812
Tax-exempt fixed maturities	23				27			84			67
Total fixed maturity securities	275				294			832			879
Limited partnership investments	29				93			199			302
Other, net of investment expense	(1		)		1			4			7
Pretax net investment income	$	303			$	388		$	1,035		$	1,188

After-tax fixed maturity securities	$	188			$	199		$	570		$	591
After-tax net investment income	$	207			$	261		$	702		$	793

Effective income yield for the fixed maturity securities portfolio, pretax ⁽¹⁾	4.3			%	4.6		%	4.4		%	4.6		%
Effective income yield for the fixed maturity securities portfolio, after tax ⁽¹⁾	3.0			%	3.1		%	3.0		%	3.1		%



	Life & Group Non-Core
Periods ended September 30	Three Months							Nine Months
(In millions)	2014				2013			2014				2013
Taxable fixed maturities	$	100			$	111		$	306			$	337
Tax-exempt fixed maturities	78				56			218				156
Total fixed maturity securities	178				167			524				493
Limited partnership investments	—				—			—				1
Other, net of investment expense	(1		)		—			(3		)		(2		)
Pretax net investment income	$	177			$	167		$	521			$	492

After-tax fixed maturity securities	$	139			$	125		$	406			$	367
After-tax net investment income	$	139			$	125		$	406			$	366

Effective income yield for the fixed maturity securities portfolio, pretax ⁽¹⁾	5.9			%	6.0		%	5.9			%	6.0			%
Effective income yield for the fixed maturity securities portfolio, after tax ⁽¹⁾	4.6			%	4.5		%	4.6			%	4.5			%

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

Claim & Claim Adjustment Expense Reserve Rollforward



Three months ended September 30, 2014	CNA Specialty			CNA Commercial			Hardy			P&C Operations			Life & Group Non-Core			Corporate & Other Non-Core			Total Operations
(In millions)
Claim & claim adjustment expense reserves, beginning of period
Gross	$	6,939		$	10,537		$	386		$	17,862		$	3,092		$	3,042		$	23,996
Ceded	656			988			129			1,773			368			2,708			4,849
Net	6,283			9,549			257			16,089			2,724			334			19,147

Net incurred claim & claim adjustment expenses	398			596			57			1,051			199			—			1,250
Net claim & claim adjustment expense payments	(408		)	(605		)	(56		)	(1,069		)	(179		)	(6		)	(1,254		)
Foreign currency translation adjustment and other	(38		)	(27		)	(7		)	(72		)	5			—			(67		)

Claim & claim adjustment expense reserves, end of period
Net	6,235			9,513			251			15,999			2,749			328			19,076
Ceded	626			643			129			1,398			364			2,637			4,399
Gross	$	6,861		$	10,156		$	380		$	17,397		$	3,113		$	2,965		$	23,475



Nine months ended September 30, 2014	CNA Specialty			CNA Commercial			Hardy			P&C Operations			Life & Group Non-Core			Corporate & Other Non-Core			Total Operations
(In millions)
Claim & claim adjustment expense reserves, beginning of period
Gross	$	6,689		$	10,649		$	386		$	17,724		$	3,058		$	3,307		$	24,089
Ceded	523			1,022			152			1,697			435			2,840			4,972
Net	6,166			9,627			234			16,027			2,623			467			19,117

Net incurred claim & claim adjustment expenses	1,304			1,872			160			3,336			595			3			3,934
Net claim & claim adjustment expense payments	(1,200		)	(1,964		)	(139		)	(3,303		)	(505		)	(142		)	(3,950		)
Foreign currency translation adjustment and other	(35		)	(22		)	(4		)	(61		)	36			—			(25		)

Claim & claim adjustment expense reserves, end of period
Net	6,235			9,513			251			15,999			2,749			328			19,076
Ceded	626			643			129			1,398			364			2,637			4,399
Gross	$	6,861		$	10,156		$	380		$	17,397		$	3,113		$	2,965		$	23,475

Life & Group Non-Core Policyholder Reserves



September 30, 2014	Claim and claim adjustment expenses		Future policy benefits		Policyholders' funds		Separate account business		Total
(In millions)	Claim and claim adjustment expenses		Future policy benefits		Policyholders' funds		Separate account business		Total
Long term care	$	1,994	$	7,663	$	—	$	—	$	9,657
Structured settlement annuities	593		185		—		—		778
Institutional markets	—		—		—		—		—
Other	28		1		—		—		29
Total	2,615		7,849		—		—		10,464
Shadow adjustments ⁽¹⁾	134		1,041		—		—		1,175
Ceded reserves	364		—		—		—		364
Total gross reserves	$	3,113	$	8,890	$	—	$	—	$	12,003



December 31, 2013	Claim and claim adjustment expenses		Future policy benefits		Policyholders' funds		Separate account business		Total
(In millions)	Claim and claim adjustment expenses		Future policy benefits		Policyholders' funds		Separate account business		Total
Long term care	$	1,889	$	7,329	$	—	$	—	$	9,218
Annuities, including structured settlements	613		1,990		—		—		2,603
Institutional markets	1		9		57		181		248
Other	37		4		—		—		41
Total	2,540		9,332		57		181		12,110
Shadow adjustments ⁽¹⁾	83		406		—		—		489
Ceded reserves	435		733		35		—		1,203
Total gross reserves	$	3,058	$	10,471	$	92	$	181	$	13,802

(1) 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). The Shadow adjustments presented above do not include $320 million and $342 million related to Deferred acquisition costs at September 30, 2014 and December 31, 2013.

Statutory Data - Combined Continental Casualty Companies - Preliminary



Periods ended September 30	Three Months											Nine Months
Income Statements	(Preliminary)											(Preliminary)
(In millions)	2014				2013				Change			2014				2013				Change

Gross written premiums	$	2,184			$	2,148			2		%	$	6,695			$	6,557			2		%
Net written premiums	1,446				1,518				(5	)		4,543				4,713				(4	)

Net earned premiums	1,397				1,421				(2	)		4,205				4,210				—
Claim and claim adjustment expenses	1,201				1,212							3,631				3,655
Acquisition expenses	253				270							787				825
Underwriting expenses	208				208							616				625
Policyholders' dividends	3				2							5				6
Underwriting income (loss)	(268		)		(271		)		1			(834		)		(901		)		7
Net investment income	435				434							1,533				1,329
Other income (loss)	9				3							72				88
Income tax (expense) benefit	(40		)		(18		)					(55		)		(33		)
Net realized gains (losses)	112				(61		)					104				(96		)
Net income (loss)	$	248			$	87			185		%	$	820			$	387			112		%

Financial Ratios
Loss and LAE	86.0			%	85.3			%				86.3			%	86.8			%
Acquisition expense	17.5				17.8							17.3				17.5
Underwriting expense	14.4				13.7							13.6				13.3
Expense	31.9				31.5							30.9				30.8
Dividend	0.2				0.1							0.1				0.1
Combined ratio	118.1			%	116.9			%				117.3			%	117.7			%




Supplemental Statutory Data
(In billions)	(Preliminary)
	September 30, 2014		December 31, 2013
Statutory surplus	$	11.4	$	11.1

Definitions and Presentation


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


•	P&C Operations include CNA Specialty, CNA Commercial and Hardy.

•

The Life & Group Non-Core segment primarily includes the results of our individual and group long term care business, as well as closed blocks of structured settlement liabilities, group accident and health reinsurance and life settlement contracts. These businesses are being managed as a run-off operation. Our group long term care business, while considered non-core, continues to accept new employees in existing groups.


•	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.


•	On August 1, 2014, the Company closed the previously announced sale of the common stock of CAC. In connection with the sale, the Company recorded an after-tax loss on disposition of $211 million, which is reflected in Income (loss) from discontinued operations.


•	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 2013 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