EX-99.2 4 c81394exv99w2.txt HISTORICAL GAAP RESULTS OF OPERATIONS . . . EXHIBIT 99.2 CNA FINANCIAL CORPORATION GROUP OPERATIONS SEGMENT - HISTORICAL GAAP RESULTS OF OPERATIONS (1) FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2003
------------------------------------------------------------------------------------------------------------------------------------ THREE MONTHS ENDED SEPTEMBER 30, 2003 GROUP OPERATIONS GROUP OPERATIONS EXCLUDING BUSINESSES BUSINESSES INCLUDED TOTAL GROUP OPERATIONS (In millions) IN SALE (2) (3) IN SALE (2) AS REPORTED ------------------------------------------------------------------------------------------------------------------------------------ Net earned premiums $ 32 $ 306 $ 338 Insurance claims & policyholders' benefits 40 222 262 Policyholders' dividends 1 - 1 Insurance related expenses 12 99 111 Net investment income 33 34 67 Other revenues 14 (1) 13 Other expenses 5 2 7 ------------------ ------------------ ------------------ Income before income tax and net realized investment gains 21 16 37 Income tax expense (7) (5) (12) ------------------ ------------------ ------------------ Income before net realized investment gains 14 11 25 Realized investment gains 17 8 25 Income tax expense on realized investment gains (6) (2) (8) ------------------ ------------------ ------------------ Net income $ 25 $ 17 $ 42 ================== ================== ==================
------------------------------------------------------------------------------------------------------------------------------------ NINE MONTHS ENDED SEPTEMBER 30, 2003 GROUP OPERATIONS GROUP OPERATIONS EXCLUDING BUSINESSES BUSINESSES INCLUDED TOTAL GROUP OPERATIONS (In millions) IN SALE (2) (3) IN SALE (2) AS REPORTED ------------------------------------------------------------------------------------------------------------------------------------ Net earned premiums $ 94 $ 888 $ 982 Insurance claims & policyholders' benefits 121 639 760 Policyholders' dividends 1 - 1 Insurance related expenses 40 302 342 Net investment income 100 100 200 Other revenues 46 - 46 Other expenses 19 3 22 ------------------ ------------------ ------------------ Income before income tax and net realized investment (losses) gains 59 44 103 Income tax expense (20) (13) (33) ------------------ ------------------ ------------------ Income before net realized investment (losses) gains 39 31 70 Realized investment (losses) gains (16) 9 (7) Income tax benefit (expense) on realized investment (losses) gains 6 (3) 3 ------------------ ------------------ ------------------ Net income $ 29 $ 37 $ 66 ================== ================== ==================
(1) The historical results do not reflect any possible effects on Registrant's operating results of the proposed sale, including but not limited to the potential impact of unabsorbed overhead or other expenses. (2) Based on the December 1, 2003 announced sale of the Group Benefits businesses. Due to certain products that may be included or excluded with the close of the sale, which is expected to occur on or before December 31, 2003, the presentation of final results for the businesses sold may change. (3) Excluded businesses principally include Group Long Term Care and Institutional Markets.