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) October 24, 2007

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

(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):

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

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

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

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

TABLE OF CONTENTS

	ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION
	ITEM 5.03 AMENDMENTS TO ARTICLES OF INCORPORATION OR BYLAWS; CHANGE IN FISCAL YEAR
	ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
SIGNATURES
By-Laws
Press Release
Financial Supplement

ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On October 29, 2007, the registrant issued a press release and posted a financial supplement providing information on its results of operations for the third quarter 2007. 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 are 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 5.03 AMENDMENTS TO ARTICLES OF INCORPORATION OR BYLAWS; CHANGE IN FISCAL YEAR

On October 24, 2007 the Board of Directors of registrant adopted and approved certain amendments to registrant’s By-Laws. The amendments were intended to: (i) allow for the issuance of uncertificated shares of registrant’s common stock, in order to make that stock eligible for the Direct Registration System (DRS); (ii) update the indemnification provisions in the By-Laws relating to directors, officers, employees and agents of registrant; (iii) provide that a majority of directors shall constitute a quorum at meetings of the Board of Directors of registrant; (iv) allow for the issuance of fractional shares of registrant’s common stock; and (v) provide for certain other non-substantive changes to the By-Laws. The By-Laws as amended are filed as Exhibit 3ii.1 to this Form 8-K. The amendments appear in the following portions of the By-Laws: Article II, Sections 3 and 6; Article III, Sections 1, 4 and 8; Article VI, Sections 1, 2, 4 and 5; Article VII, Section 7; and Article IX, Section 10.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS

(d) Exhibits:

Exhibit No.	Description
3ii.1	By-Laws of CNA Financial Corporation, as amended October 24, 2007.
99.1	CNA Financial Corporation press release, issued October 29, 2007, providing information on the third quarter 2007 results of operations.
99.2	CNA Financial Corporation financial supplement, posted October 29, 2007, providing supplemental financial information on the third quarter 2007.

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SIGNATURES

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

		CNA Financial Corporation (Registrant)
Date: October 29, 2007	By	/s/ D. Craig Mense
		(Signature)
		D. Craig Mense Executive Vice President and Chief Financial Officer

Page 3 of 3

EX-3.II.1

EXHIBIT 3ii.1

BY-LAWS

OF

CNA FINANCIAL CORPORATION

(As Amended Effective October 24, 2007)

ARTICLE I. OFFICES.

SECTION 1. The registered office shall be in the City of Wilmington, County of New Castle, State of Delaware.

SECTION 2. The Corporation may also have offices at such other places both within and without the State of Delaware as the Board of Directors may from time to time determine or the business of the Corporation may require.

ARTICLE II. MEETINGS OF STOCKHOLDERS.

SECTION 1. Meetings of stockholders for any purpose may be held at such time and place, within or without the State of Delaware, as shall be stated in the notice of the meeting or in a duly executed waiver of notice thereof.

SECTION 2. Annual meetings of stockholders, commencing with the year 2004, shall be held annually at such date and time as shall be designated by the Board of Directors and stated in the notice of the meeting, at which they shall elect by a plurality vote a Board of Directors, and transact such other business as may be properly brought before the meeting. Elections of Directors need not be by ballot.

SECTION 3. Written notice of the annual meeting stating the place, date and hour of the meeting shall be given to each stockholder entitled to vote at such meeting not less than ten nor more than sixty days before the date of the meeting.

SECTION 4. The officer who has charge of the stock ledger of the Corporation shall prepare and make, at least ten days before every meeting of stockholders, a complete list of the stockholders entitled to vote at the meeting, arranged in alphabetical order, and showing the address of each stockholder and the number of shares registered in the name of each stockholder. Such list shall be opened to the examination of any stockholder, for the purpose germane to the meeting, during ordinary business hours, for a period of at least ten days prior to the meeting, either at a place within the city where the meeting is to be held, which place shall be specified in the notice of the meeting, or, if not so specified, at the place where the meeting is to be held. The list shall also be produced and kept at the time and place of the meeting during the whole time thereof, and may be inspected by any stockholder who is present.

SECTION 5. Special meetings of the stockholders, for any purpose or purposes, unless otherwise prescribed by statute or by the Certificate of Incorporation, may be called by the Chief Executive Officer or President and shall be called by the President or Secretary at the request in writing of a majority of the Board of Directors, or at the request in writing of stockholders owning not less than one-fifth of all shares issued and outstanding and entitled to vote on any proposal to be submitted to said meeting. Such request shall state the purpose or purposes of the proposed meeting.

SECTION 6. Written notice of a special meeting stating the place, date and hour of the meeting and the purpose or purposes for which the meeting is called, shall be given not less than ten nor more than sixty days before the date of the meeting, to each stockholder entitled to vote at such meeting.

SECTION 7. Business transacted at any special meeting of stockholders shall be limited to the purposes stated in the notice.

SECTION 8. The holders of a majority of the stock issued and outstanding and entitled to vote thereat, present in person or represented by proxy, shall constitute a quorum at all meetings of the stockholders for the transaction of business except as otherwise provided by statute or by the Certificate of Incorporation. If, however, such quorum shall not be present or represented at any meeting of the stockholders, the stockholders entitled to vote thereat, present in person or represented by proxy, shall have power to adjourn the meeting from time to time, without notice other than announcement at the meeting, until a quorum shall be present or represented. At such adjourned meeting at which a quorum shall be present or represented any business may be transacted which might have been transacted at the meeting as originally notified. If the adjournment is for more than thirty days, or if after the adjournment a new record date is fixed for the adjourned meeting, a notice of the adjourned meeting shall be given to each stockholder of record entitled to vote at the meeting.

SECTION 9. When a quorum is present at any meeting, the vote of the holders of a majority of the stock having voting power present in person or represented by proxy shall decide any question brought before such meeting, unless the question is one upon which by express provision of the statutes or of the Certificate of Incorporation, a different vote is required, in which case such express provision shall govern and control the decision of such question.

SECTION 10. Each stockholder shall at every meeting of the stockholders be entitled to one vote in person or by proxy for each share of the capital stock having voting power held by such stockholder, but no proxy shall be voted on after three years from its date, unless the proxy provides for a longer period.

SECTION 11. Whenever the vote of stockholders at a meeting thereof is required or permitted to be taken for or in connection with any corporate action, by any provision of the statutes, the meeting and vote of stockholders may be dispensed with if all of the stockholders who would have been entitled to vote upon the action if such meeting were held shall consent in writing to such corporate action being taken; or if the Certificate of Incorporation authorizes the action to be taken with the written consent of the holders of less than all of the stock who would have been entitled to vote upon the action if a meeting were held, then on the written consent of the stockholders having not less than such percentage of the total number of votes as may be authorized in the Certificate of Incorporation; provided that in no case shall the written consent be by the holders of stock having less than the minimum percentage of the total required by statute for the proposed corporate action, and provided that prompt notice must be given to all stockholders of the taking of corporate action without a meeting and by less than unanimous written consent.

ARTICLE III. DIRECTORS.

SECTION 1. The number of directors shall be set from time to time by action of the stockholders or of the Board. Except as provided in Section 2 of this Article, the Directors shall be elected at the annual meeting of the stockholders, and each Director shall hold office until his successor is elected and qualified. Directors need not be stockholders.

SECTION 2. The office of a Director shall become vacant if he dies or resigns by a writing signed by him and delivered to the Corporation, and the Board of Directors may declare vacant the office of a Director if he be declared of unsound mind by an order of Court or convicted of a felony, or for any other proper cause, of if, within sixty days after notice of his election as a Director, he does not accept such office either in writing or by attending a meeting of the Board of Directors.

Vacancies and newly created directorships resulting from any increase in the authorized number of Directors may be filled by a majority of the Directors then in office, though less than a quorum, or by a sole remaining Director, and the Directors so chosen shall hold office until the next annual election and until their successors are duly elected and shall qualify, unless sooner displaced. If there are no Directors in office, then an election of Directors may be

held in the manner provided by statute. If, at the time of filling any vacancy or any newly created directorship, the Directors then in office shall constitute less than a majority of the whole Board (as constituted immediately prior to any such increase), the Court of Chancery may, upon application of any stockholder or stockholders holding at least ten percent of the total number of the shares at the time outstanding having the right to vote for such Directors, summarily order an election to be held to fill any such vacancies or newly created directorships, or to replace the Directors chosen by the Directors then in office.

SECTION 3. The business of the Corporation shall be managed by its Board of Directors which may exercise all such powers of the Corporation and do all such lawful acts and things as are not by statute or by the Certificate of Incorporation or by these By-Laws directed or required to be exercised or done by the stockholders.

MEETINGS OF THE BOARD OF DIRECTORS

SECTION 4. The Board of Directors of the Corporation may hold meetings, both regular and special, either within or without the State of Delaware. Unless otherwise restricted by the Certificate of Incorporation or these By-Laws, members of the Board of Directors, or any committee designated by the Board of Directors, may participate in a meeting of the Board of Directors, or any committee, by means of conference telephone or similar communications equipment by means of which all persons participating in the meeting can hear each other, and such participation in a meeting shall constitute presence in person at the meeting. The Directors may designate a Director as the Chairman of the Board of Directors.

SECTION 5. The first meeting of each newly elected Board of Directors shall be held at such time and place as shall be fixed by the vote of the stockholders at the annual meeting and no notice of such meeting shall be necessary to the newly elected Directors in order legally to constitute the meeting, provided a quorum shall be present. In the event of the failure of the stockholders to fix the time or place of such first meeting of the newly elected Board of Directors, or in the event such meeting is not held at the time and place so fixed by the stockholders, the meeting may be held at such time and place as shall be specified in a notice given as hereinafter provided for special meetings of the Board of Directors, or as shall be specified in a written waiver signed by all of the Directors.

SECTION 6. Regular meetings of the Board of Directors may be held without notice at such time and at such place as shall from time to time be determined by the Board.

SECTION 7. Special Meetings of the Board of Directors may be called by the Chief Executive Officer, the President or the Secretary, and shall be called upon the written request of any two or more Directors. Notice of the time and place of such meetings shall be given in person or via electronic transmission or telephoned to each Director at least 24 hours prior to the time of the meeting. Notice may be mailed to each Director at least 48 hours prior to the time of the meeting. If notice is mailed, the notice shall be deemed to have been given at the time it is deposited in the mail.

SECTION 8. At all meetings of the Board a majority of the total number of Directors shall constitute a quorum for the transaction of business and the act of a majority of the Directors present at any meeting at which there is a quorum shall be the act of the Board of Directors, except as may be otherwise specifically provided by statute or by the Certificate of Incorporation. If a quorum shall not be present at any meeting of the Board of Directors, the Directors present thereat may adjourn the meeting from time to time, without notice other than announcement at the meeting, until a quorum shall be present.

SECTION 9. Unless otherwise restricted by the Certificate of Incorporation or these By-Laws, any action required or permitted to be taken at any meeting of the Board of Directors or of any committee thereof may be taken without a meeting, if all members of the Board or committee, as the case may be, consent thereto in writing, and the writing or writings are filed with the minutes of proceedings of the Board or committee.

COMMITTEES OF DIRECTORS

SECTION 10. The Board of Directors may, by resolution passed by a majority of the whole Board, designate one or more committees, each committee to consist of one or more of the Directors of the Corporation. The Board may

designate one or more Directors as alternate members of any committee, who may replace any absent or disqualified member at any meeting of the committee. Any such committee, to the extent provided in the resolution, shall have and may exercise the powers of the Board of Directors in the management of the business and affairs of the Corporation, and may authorize the seal of the Corporation to be affixed to all papers which may require it; provided, however, that in the absence or disqualification of any member of such committee or committees, the member or members thereof present at any meeting and not disqualified from voting, whether or not he or they constitute a quorum, may unanimously appoint another member of the Board of Directors to act at the meeting in the place of any such absent or disqualified member. Such committee or committees shall have such name or names as may be determined from time to time by resolution adopted by the Board of Directors.

Unless otherwise provided by the Board of Directors, a majority of the members of any committee appointed by the Board of Directors pursuant to this Section shall constitute a quorum at any meeting thereof and the act of a majority of the members present at a meeting at which a quorum is present shall be the act of such committee. Any such committee shall, subject to any rules prescribed by the Board of Directors, prescribe its own rules for calling, giving notice of and holding meetings and its method of procedure at such meetings and shall keep a written record of all action taken by it.

SECTION 11. Each committee shall keep regular minutes of its meetings and report the same to the Board of Directors when required.

SECTION 12. In the absence or disqualification of one or more members of any Committee, the member or members present at any meeting and not disqualified from voting, whether or not such member or members constitute a quorum, may unanimously appoint another member of the Board of Directors to act at the meeting in the place of any such absent or disqualified member or members.

COMPENSATION OF DIRECTORS

SECTION 13. The Directors may be paid their expenses, if any, of attendance at each meeting of the Board of Directors and may be paid a fixed sum for attendance at each meeting of the Board of Directors or a stated fee as Director. No such payment shall preclude any Director from serving the Corporation in any other capacity and receiving compensation therefor. Members of special or standing committees may be allowed like compensation for attending committee meetings.

ARTICLE IV. NOTICE.

SECTION 1. Whenever, under the provisions of the statutes or of the Certificate of Incorporation or of these By-Laws, notice is required to be given to any Director or stockholder, it shall not be construed to mean personal notice, but such notice may be given in writing, by mail, addressed to such Director or stockholder, at his address as it appears on the records of the Corporation, with postage thereon prepaid, and such notice shall be deemed to be given at the time when the same shall be deposited in the United States mail. Notice to Directors may also be given by electronic transmission (to Directors), telegram or telephone.

SECTION 2. Whenever any notice is required to be given under the provisions of the statutes or of the Certificate of Incorporation or of these By-Laws, a waiver thereof in writing, signed by the person or persons entitled to said notice, whether before or after the time stated therein, shall be deemed equivalent thereto.

ARTICLE V. OFFICERS.

SECTION 1. The officers of the Corporation shall be chosen by the Board of Directors and shall be a Chief Executive Officer, Secretary and Chief Financial Officer. The Board of Directors may also choose a President and one or more Vice Presidents. The Board of Directors may designate one or more of the Vice Presidents as Senior Vice President or Executive Vice President and may use descriptive words or phrases to designate the standing,

seniority or area of special competence of the Vice Presidents. Any number of offices may be held by the same person, unless the Certificate of Incorporation or these By-Laws otherwise provide.

SECTION 2. The Board of Directors at its first meeting after each annual meeting of stockholders shall choose a Chief Executive Officer, a Chief Financial Officer and a Secretary.

SECTION 3. The Board of Directors may appoint such other officers and agents as it shall deem necessary who shall hold their offices for such terms and shall exercise such powers and perform such duties as shall be determined from time to time by the Board.

SECTION 4. The Board of Directors shall fix the compensation of the Chief Executive Officer and, unless otherwise established by the Board of Directors or a committee appointed by the Board of Directors, the Chief Executive Officer shall fix the compensation of any or all other officers of the Corporation.

SECTION 5. The officers of the Corporation shall hold office until their successors are chosen and qualify. Any officer elected or appointed by the Board of Directors may be removed at any time by the affirmative vote of a majority of the Board of Directors. Any vacancy occurring in any office of the Corporation shall be filled by the Board of Directors.

CHIEF EXECUTIVE OFFICER

SECTION 6. The Chief Executive Officer shall be the chief executive officer of the Corporation and shall have general and active control of its business and affairs. He shall preside at the meetings of the stockholders and the Board of Directors, and may exercise any and all of the powers of a chief executive officer. The Chief Executive Officer shall have such other powers and duties as may be assigned to or vested in him from time to time by the Board of Directors or by the Executive Committee.

SECTION 7. The Chief Executive Officer may execute bonds, mortgages and other contracts requiring a seal, under the seal of the Corporation, except where required or permitted by law to be otherwise signed and executed and except where the signing and execution thereof shall be expressly delegated by the Board of Directors to some other officer or agent of the Corporation.

THE PRESIDENT

SECTION 8. The President, if one shall be chosen, shall have general supervision and direction of all other officers of the Corporation, subject to the direction of the Board of Directors, and shall carry into effect the orders of the Board of Directors and Chief Executive Officer of the Board of Directors. The President shall also have such other duties and powers as may be assigned to or vested in him from time to time by the Board of Directors or by the Executive Committee.

THE VICE PRESIDENTS

SECTION 9. The Vice Presidents shall assist the Chief Executive Officer, and shall perform such other duties as may from time to time be directed by the Board of Directors, the Chief Executive Officer or the President.

THE SECRETARY AND ASSISTANT SECRETARY

SECTION 10. The Secretary shall attend all meetings of the Board of Directors and all meetings of the stockholders and record all the proceedings of the meetings of the Corporation and of the Board of Directors in a book to be kept for that purpose and shall perform like duties for the standing committees when required. He shall give, or cause to be given, notice of all meetings of the stockholders and special meetings of the Board of Directors, and shall perform such other duties as may be prescribed by the Board of Directors or President, under whose supervision he shall be. He shall have custody of the corporate seal of the Corporation and he, or an assistant

secretary, shall have authority to affix the same to any instrument requiring it and when so affixed it may be attested by his signature or by the signature of such assistant secretary. The Board of Directors may give general authority to any other officer to affix the seal of the Corporation and to attest the affixing by his signature.

SECTION 11. The Assistant Secretary, or if there be more than one, the Assistant Secretaries in the order determined by the Board of Directors (or if there be no such determination, then in the order of their election), shall, in the absence of the Secretary or in the event of his inability or refusal to act, perform the duties and exercise the powers of the Secretary and shall perform such other duties and have such other powers as the Board of Directors may from time to time prescribe.

THE CHIEF FINANCIAL OFFICER AND ASSISTANT TREASURER

SECTION 12. The Chief Financial Officer shall have the custody of the corporate funds and securities and shall keep full and accurate accounts of receipts and disbursements in books belonging to the Corporation and shall deposit all moneys and other valuable effects in the name and to the credit of the Corporation in such depositories as may be designated by the Board of Directors.

SECTION 13. He shall disburse the funds of the Corporation as may be ordered by the Board of Directors, taking proper vouchers for such disbursements, and shall render to the President and the Board of Directors, at its regular meetings, or when the Board of Directors so requires, an account of all his transactions as treasurer and of the financial condition of the Corporation.

SECTION 14. If required by the Board of Directors, he shall give the Corporation a bond (which shall be renewed every six years) in such sum and with such surety or sureties as shall be satisfactory to the Board of Directors for the faithful performance of the duties of his office and for the restoration to the Corporation, in case of his death, resignation, retirement or removal from office, of all books, papers, vouchers, money and other property of whatever kind in his possession or under his control belonging to the Corporation.

SECTION 15. The Assistant Treasurer, or if there shall be more than one, the Assistant Treasurers in the order determined by the Board of Directors (or if there be no such determination, then in the order of their election), shall, in the absence of the Chief Financial Officer or in the event of his inability or refusal to act, perform the duties and exercise the powers of the Treasurer and shall perform such other duties and have such other powers as the Board of Directors may from time to time prescribe.

ARTICLE VI. CERTIFICATES OF STOCK.

SECTION 1. The shares of the Corporation may be uncertificated or certificated, in such form as shall be approved by the Board of Directors, as provided under the General Corporation Law of Delaware, as amended from time to time. Every holder of stock, upon written request to the transfer agent or registrar of the Corporation shall be entitled to have a certificate, signed by, or in the name of the Corporation by, the Chief Executive Officer, the President or a Vice President and the Chief Financial Officer or an Assistant Treasurer, or the Secretary or an Assistant Secretary of the Corporation, certifying the number of shares owned by him in the Corporation.

SECTION 2. If the Corporation shall be authorized to issue more than one class or more than one series of any class, the designations, preferences and relative, participating, optional or other special rights of each class of stock or series thereof and the qualifications, limitations or restrictions of such preferences and/or rights shall be set forth in full or summarized on the face or back of the certificate which the Corporation shall issue to represent such class or series of stock, provided that, except as otherwise provided in Section 202 of the General Corporation Law of Delaware, in lieu of the foregoing requirements, there may be set forth on the face or back of the certificate which the Corporation shall issue to represent such class or series of stock, a statement that the Corporation will furnish without charge to each stockholder who so requests the designations, preferences and relative, participating, optional or other special rights of each class of stock or series thereof and the qualifications, limitations or restrictions of such preferences and/or rights. Within a reasonable time after the issuance or transfer of uncertificated shares of any class or series of stock, the Corporation shall send to the registered owner thereof a

written notice containing the information required by law to be set forth or stated on certificates representing shares of such class or series or a statement that the Corporation will furnish without charge to each stockholder who so requests the powers, designations, preferences and relative, participating, optional or other special rights of such class or series and the qualifications, limitations or restrictions of such preferences and/or rights. Except as otherwise provided by law or these By-Laws, the rights and obligations of the holders of uncertificated shares and the rights and obligations of the holders of certificates representing stock of the same class and series shall be identical.

SECTION 3. Where a certificate is countersigned (1) by a transfer agent other than the Corporation or its employees, or, (2) by a registrar other than the Corporation or its employees, the signatures of the officers of the Corporation may be facsimiles. In case any officer who has signed or whose facsimile signature has been placed upon a certificate shall have ceased to be such officer before such certificate is issued, it may be issued by the Corporation with the same effect as if he were such officer at the date of issue.

LOST CERTIFICATES

SECTION 4. The Corporation may issue a new certificate of stock or uncertificated shares in place of any certificate or certificates theretofore issued by the Corporation alleged to have been lost, stolen or destroyed, upon the making of an affidavit of the fact by the person claiming the certificate of stock to be lost, stolen or destroyed. When authorizing such issue of a new certificate or certificates or uncertificated shares, the Board of Directors may, in its discretion and as a condition precedent to the issuance thereof, require the owner of such lost, stolen or destroyed certificate or certificates, or his legal representative, to advertise the same in such manner as it shall require and/or to give the Corporation a bond in such sum as it may direct as indemnity against any claim that may be made against the Corporation with respect to the certificate alleged to have been lost, stolen or destroyed.

TRANSFER OF STOCK

SECTION 5. Upon compliance with any provisions restricting the transfer or registration of shares of stock and upon the payment of all taxes due thereon, shares of capital stock shall be transferable on the books of the Corporation only by the holder of record thereof, if such shares are certificated, in person, or by duly authorized attorney or legal representative, upon surrender and cancellation of certificates for the like number of shares, properly endorsed and upon proper instructions from the holder of uncertificated shares, in each case with such proof of the authenticity of signature as the Corporation or its transfer agent may reasonably require. Upon such surrender to the Corporation or a transfer agent of the Corporation of a certificate for shares duly endorsed or accompanied by proper evidence of succession, assignment or authority to transfer and of compliance with any transfer restrictions applicable thereto contained in any agreement to which the Corporation is a party or of which the Corporation has knowledge by reason of legend with respect thereto placed on any such surrendered stock certificate, it shall be the duty of the Corporation to issue a new certificate or evidence the issuance of uncertificated shares to the person entitled thereto, cancel the old certificate and record the transaction upon its books.

FIXING RECORD DATE

SECTION 6. In order that the Corporation may determine the stockholders entitled to notice of or to vote at any meeting of stockholders or any adjournment thereof, or to express consent to corporate action in writing without a meeting, or entitled to receive payment of any dividend or other distribution or allotment of any rights, or entitled to exercise any rights in respect of any change, conversion or exchange of stock or for the purpose of any other lawful action, the Board of Directors may fix, in advance, a record date, which shall not be more than sixty nor less than ten days before the date of such meeting, nor more than sixty days prior to any other action. A determination of stockholders of record entitled to notice of or to vote at a meeting of stockholders shall apply to any adjournment of the meeting; provided, however, that the Board of Directors may fix a new record date for the adjourned meeting.

REGISTERED STOCKHOLDERS

SECTION 7. The Corporation shall be entitled to recognize the exclusive right of a person registered on its books as the owner of shares to receive dividends, and to vote as such owner, and to hold liable for calls and assessments a

person registered on its books as the owner of shares, and shall not be bound to recognize any equitable or other claim to or interest in such share or shares on the part of any other person, whether or not it shall have express or other notice thereof, except as otherwise provided by the laws of Delaware.

ARTICLE VII. GENERAL PROVISIONS.

DIVIDENDS

SECTION 1. Dividends upon the capital stock of the Corporation, subject to the provisions of the Certificate of Incorporation, if any, may be declared by the Board of Directors, or a duly constituted Committee thereof, at any regular or special meeting, pursuant to law. Dividends may be paid in cash, in property, or in shares of the capital stock, subject to the provisions of the Certificate of Incorporation.

SECTION 2. Before payment of any dividend, there may be set aside out of any funds of the Corporation available for dividends such sum or sums as the Directors from time to time, in their absolute discretion, think proper as a reserve or reserves to meet contingencies, or for equalizing dividends, or for repairing or maintaining any property of the Corporation, or for such other purpose as the Directors shall think conducive to the interest of the Corporation, and the Directors may modify or abolish any such reserve in the manner in which it was created.

ANNUAL STATEMENT

SECTION 3. The Board of Directors shall present at each annual meeting, and at any special meeting of the stockholders when called for by vote of the stockholders, a full and clear statement of the business and condition of the Corporation.

CHECKS

SECTION 4. All checks or demands for money and notes of the Corporation shall be signed by such officer or officers or such other person or persons as the Board of Directors may from time to time designate.

FISCAL YEAR

SECTION 5. The fiscal year of the Corporation shall be fixed by resolution of the Board of Directors.

SEAL

SECTION 6. The corporate seal shall have inscribed thereon the name of the Corporation, the year of its organization and the words “Corporate Seal, Delaware.” The seal may be used by causing it or a facsimile thereof to be impressed or affixed or reproduced or otherwise.

Delaware Law

Section 7. To the extent any term or provision of these By-Laws shall be determined to be inconsistent with the laws or regulations of the State of Delaware, such laws or regulations shall prevail and be applied and observed notwithstanding such term or provision.

Fractional Shares.

The Corporation may, but shall not be required to, issue certificates for fractions of a share where necessary to effect authorized transactions. If the Corporation does not issue fractional shares, it shall (1) arrange for the disposition of fractional interests by those entitled thereto, (2) pay in cash the fair value of fractions of a share as of the time when those entitled to receive such fractions are determined, or (3) issue scrip or warrants in registered form (either represented by a certificate or uncertificated) or in bearer form (represented by a certificate) which shall

entitle the holder to receive a full share upon the surrender of such scrip or warrants aggregating a full share. A certificate for a fractional share or an uncertificated fractional share shall, but scrips or warrants shall not unless otherwise provided therein, entitle the holder to exercise voting rights, to receive dividends thereon and to participate in any of the assets of the Corporation in the event of liquidation. The Board of Directors may cause scrip or warrants to be issued subject to any such conditions which the Board may impose.

ARTICLE VIII. AMENDMENTS.

SECTION 1. These By-Laws may be altered or repealed at any regular meeting of the stockholders or of the Board of Directors or at any special meeting of the stockholders or of the Board of Directors if notice of such alteration or repeal be contained in the notice of such special meeting.

ARTICLE IX. MISCELLANEOUS.

SECTION 1. Unless otherwise ordered by the Board of Directors, the Chief Executive Officer or the President, or any Vice President, or the Secretary or the Chief Financial Officer in person or by proxy or proxies appointed by any of them shall have full power and authority on behalf of the Corporation to vote, act and consent with respect to any shares of stock issued by other corporations which the Corporation may own or as to which the Corporation otherwise has the right to vote, act or consent.

SECTION 2. In the event the protective conditions or restrictions of any outstanding series of Preferred Stock, fixed by the Board of Directors pursuant to the authority conferred upon the Board of Directors by the Certificate of Incorporation and Section 151 of Title 8 of the Delaware Code of 1953, are inconsistent with any provision of these By-Laws, such provision shall be deemed to be amended to remove any inconsistency.

SECTION 3. Business Combinations with interested Stockholders. Pursuant to the provisions of Section 203(a)(2) of the General Corporation Law of Delaware, the Corporation, by action of the Board, expressly elects not to be governed by Section 203 of the General Corporation Law of Delaware, dealing with the business combinations with interested stockholders. Notwithstanding anything to the contrary in these By-Laws, the provisions of this Section may not be further amended by the Board except as may be specifically authorized by the General Corporation Law.

Article X. INDEMNIFICATION

1.

The Corporation shall indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative(other than an action by or in the right of the Corporation) by reason of the fact that he is or was a Director, officer, employee or agent of the Corporation, or is or was serving at the request of the Corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, against expenses (including attorneys’ fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by him in connection with such action, suit or proceeding if he acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the Corporation, and, with respect to any criminal action or proceeding, had no reasonable cause to believe his conduct was unlawful. The termination of any action, suit or proceeding by judgment, order, settlement, conviction, or upon a plea of nolo contendere or its equivalent, shall not, of itself, create a presumption that the person did not act in good faith and in a manner which he reasonably believed to be in or not opposed to the best interests of the Corporation, and, with respect to any criminal action or proceeding, had reasonable cause to believe that his conduct was unlawful.

2.

The Corporation shall indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action or suit by or in the right of the Corporation to procure a judgment in its favor by reason of the fact that he is or was a Director, officer, employee or agent of the Corporation, or is or was serving at the request of the Corporation as a director, officer, employee or agent of another corporation,

	partnership, joint venture, trust or other enterprise against expenses (including attorneys’ fees) actually and reasonably incurred by him in connection with the defense or settlement of such action or suit if he acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the Corporation and except that no indemnification shall be made in respect of any claim, issue or matter as to which such person shall have been adjudged to be liable to the Corporation unless and only to the extent that the Court of Chancery of the State of Delaware or the court in which such action or suit was brought shall determine upon application that despite the adjudication of liability but in view of all the circumstances of the case, such person is fairly and reasonably entitled to indemnity for such expenses which the Court of Chancery of the State of Delaware or such other court shall deem proper.
3.	To the extent that any person referred to in paragraphs 1 and 2 of this Article TEN has been successful on the merits or otherwise in defense of any action, suit or proceeding referred to therein or in defense or any claim, issue or matter therein, he shall be indemnified against expenses (including attorneys’ fees) actually and reasonably incurred by him in connection therewith.
4.	Any indemnification under paragraphs 1 and 2 of this Article TEN, (unless ordered by a court) shall be made by the Corporation only as authorized in the specific case upon a determination that indemnification of the Director, officer, employee or agent is proper in the circumstances because he has met the applicable standard of conduct set forth in paragraphs 1 and 2 of this Article TEN. Such determination shall be made (a) by the Board of Directors by a majority vote of a quorum (as defined in the By-Laws of the Corporation) consisting of Directors who were not parties to such action, suit or proceeding, or (b) if such quorum is not obtainable, or, even if obtainable a quorum of disinterested Directors so directs, by independent legal counsel in a written opinion, or (c) by the stockholders.
5.	Expenses incurred in defending a civil or criminal action, suit or proceeding may be paid by the Corporation in advance of the final disposition of such action, suit or proceeding as authorized by the Board of Directors in the manner provided in paragraph one of this Article TEN upon receipt of an undertaking by or on behalf of the Director, officer, employee or agent to repay such amount if it shall ultimately be determined that he is not entitled to be indemnified by the Corporation as provided in this Article TEN.
6.	The indemnification and advancement of expenses provided by or granted pursuant to the other provisions of this Article TEN shall not be deemed exclusive of any other rights to which those indemnified may be entitled under any statute, by-law, agreement, vote of stockholders or disinterested Director or otherwise, both as to action in his official capacity and as to action in another capacity while holding such office.
7.	The Corporation shall have power to purchase and maintain insurance on behalf of any person who is or was a Director, officer, employee or agent of the Corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, against any liability asserted against him and incurred by him in any such capacity, or arising out of his status as such, whether or not the Corporation would have the power to indemnify him against such liability under the provisions of this Article TEN.
8.	For purposes of this Article references to “other enterprises” shall include employee benefit plans; references to “fines” shall include any excess taxes assessed on a person with respect to any employee benefit plan; and references to “serving at the request of the Corporation” shall include any service as a director, officer, employee or agent of the Corporation which imposes duties on or involves services by such director, officer, employee or agent with respect to an employee benefit plan, its participants or beneficiaries; and a person who acted in good faith and in a manner he reasonably believed to be in the interest of the participants and beneficiaries of an employee benefit plan shall be deemed to have acted in a manner “not opposed to the best interests of the Corporation” as referred to in this Article.
9.	The indemnification and advancement of expenses provided by, or granted pursuant to this Article TEN shall continue as to a person who has ceased to be a director, officer, employee or agent and shall inure to the benefit of the heirs, executors and administrators of such a person.

10. If any provision or provisions of this Article TEN shall be held to be invalid, illegal or unenforceable for any reason whatsoever: (i) the validity, legality and enforceability of the remaining provisions of this Article TEN (including, without limitation, each portion of any paragraph of this Article TEN containing any such provision held to be invalid, illegal or unenforceable, that is not itself held to be invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby; and (ii) to the fullest extent possible, the provisions of this Article TEN (including, without limitation, each such portion of any paragraph of this Article TEN containing any such provision held to be invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested by the provision or provisions held invalid, illegal or unenforceable.

EX-99.1

Exhibit 99.1

FOR IMMEDIATE RELEASE

CONTACT:
MEDIA:	ANALYSTS:
Katrina W. Parker, 312/822-5167	Nancy M. Bufalino, 312/822-7757
Sarah J. Pang, 312/822-6394	John J. Hanrahan, 312/822-6586
	David C. Adams, 312/822-2183

CNA FINANCIAL ANNOUNCES
3rd QUARTER 2007 RESULTS

CHICAGO, October 29, 2007 — CNA Financial Corporation (NYSE: CNA) today announced third quarter 2007 results, which included the following items:

• Net operating income of $212 million, or $0.78 per diluted share.

• Net income of $174 million, or $0.64 per diluted share.

• Property & Casualty Operations combined ratio of 91.6%.

• Net operating return on equity of 8.6%.

• Book value per common share of $37.23 at September 30, 2007, as compared to $36.03 at December 31, 2006.

• An after-tax settlement of $108 million related to a run-off book of business in the Life and Group Non-Core segment.

	Results for the Three Months					Results for the Nine Months
	Ended September 30					Ended September 30
($ millions)	2007			2006		2007			2006
Net operating income (a)	$	212		$	283	$	837		$	822
Net realized investment (losses) gains		(38	)		22		(142	)		(41	)
Net income from continuing operations		174			305		695			781
Net income (loss) from discontinued operations		—			6		(8	)		(2	)
Net income	$	174		$	311	$	687		$	779

(a) Management utilizes the net operating income financial measure to monitor the Company’s operations. Please refer to Note N of the Consolidated Financial Statements within the 2006 Form 10-K for further discussion of this measure.

Page 1 of 7

Diluted Earnings Per Share Results Available to Common Stockholders
	Results for the Three Months					Results for the Nine Months
	Ended September 30					Ended September 30
	2007			2006		2007			2006
Net operating income (a)	$	0.78		$	1.05	$	3.08		$	3.00
Net realized investment (losses) gains		(0.14	)		0.08		(0.52	)		(0.16	)
Net income from continuing operations		0.64			1.13		2.56			2.84
Net income (loss) from discontinued operations		—			0.02		(0.03	)		(0.01	)
Net income	$	0.64		$	1.15	$	2.53		$	2.83

(a) The three and nine months ended September 30, 2006 per share results available to common stockholders from net operating income are reduced by $8 million and $46 million, or $0.02 per share and $0.17 per share, of undeclared but accumulated preferred stock dividends. The undeclared but accumulated preferred stock dividends relate to the Company’s Series H Cumulative Preferred Stock which was repurchased from Loews Corporation on August 8, 2006.

Net operating income from continuing operations for the three months ended September 30, 2007 decreased $71 million as compared with the same period in 2006. The decrease in net operating income was driven by the previously disclosed $108 million after-tax settlement related to a run-off book of business in the Life and Group Non-Core segment. This decrease was partially offset by increased favorable net prior year development. The Property & Casualty Operations produced combined ratios of 91.6% and 94.5% in the third quarters of 2007 and 2006.

“CNA’s very disciplined approach to the market continues to serve us well,” said Stephen W. Lilienthal, Chairman and Chief Executive of CNA Financial Corporation. “During the third quarter, our core Property & Casualty Operations performed well with a 91.6% combined ratio. While our third quarter earnings were reduced by a previously disclosed settlement, CNA is well positioned in an increasingly competitive market. Earlier this month, Fitch Ratings acknowledged CNA’s strong position when it upgraded our insurance financial strength ratings to A from A-.”

Net income for the three months ended September 30, 2007 decreased $137 million as compared with the same period in 2006. This decrease was due to decreased net operating income from continuing operations and decreased net realized investment results.

Net realized investment results decreased $60 million for the three months ended September 30, 2007 compared with the same period in 2006. The decrease was primarily driven by higher impairment losses. Other-than-temporary impairment losses were $122 million for the three months ended September 30, 2007 as compared to $30 million in the same period of 2006.

Net operating income from continuing operations for the nine months ended September 30, 2007 increased $15 million as compared with the same period in 2006. The improvement in net operating income was due to increased net investment income and a higher level of favorable net prior year development. These increases to net operating income were partially offset by decreased net operating results in the Life and Group Non-Core segment driven by the settlement discussed above. The Property & Casualty Operations produced combined ratios of 93.8% and 95.5% for the nine months ended September 30, 2007 and 2006.

Page 2 of 7

Net income for the nine months ended September 30, 2007 decreased $92 million as compared with the same period in 2006. This decrease was due to higher net realized investment losses, partially offset by increased net operating income from continuing operations.

Net realized investment losses were $101 million higher for the nine months ended September 30, 2007 compared with the same period in 2006, driven by higher impairment losses. Other-than-temporary impairment losses were $293 million for the nine months ended September 30, 2007 as compared to $56 million in the same period of 2006.

Segment Results for the Three Months Ended September 30, 2007
													Corporate
	Standard			Specialty			Total P&C			Life & Group			& Other
($ millions)	Lines			Lines			Ops.			Non-Core			Non-Core			Total
Net operating income (loss)	$	215		$	116		$	331		$	(131	)	$	12		$	212
Net realized investment losses		(20	)		(8	)		(28	)		(6	)		(4	)		(38	)
Net income (loss) from continuing operations	$	195		$	108		$	303		$	(137	)	$	8		$	174

Segment Results for the Three Months Ended September 30, 2006
										Corporate
	Standard		Specialty		Total P&C		Life & Group			& Other
($ millions)	Lines		Lines		Ops.		Non-Core			Non-Core		Total
Net operating income (loss)	$	163	$	119	$	282	$	(15	)	$	16	$	283
Net realized investment gains (losses)		11		5		16		(7	)		13		22
Net income (loss) from continuing operations	$	174	$	124	$	298	$	(22	)	$	29	$	305

Segment Results for the Nine Months Ended September 30, 2007
													Corporate
	Standard			Specialty			Total P&C			Life & Group			& Other
($ millions)	Lines			Lines			Ops.			Non-Core			Non-Core			Total
Net operating income (loss)	$	580		$	372		$	952		$	(142	)	$	27		$	837
Net realized investment losses		(83	)		(34	)		(117	)		(17	)		(8	)		(142	)
Net income (loss) from continuing operations	$	497		$	338		$	835		$	(159	)	$	19		$	695

Segment Results for the Nine Months Ended September 30, 2006
													Corporate
	Standard			Specialty			Total P&C			Life & Group			& Other
($ millions)	Lines			Lines			Ops.			Non-Core			Non-Core		Total
Net operating income (loss)	$	463		$	343		$	806		$	(13	)	$	29	$	822
Net realized investment (losses) gains		(4	)		(2	)		(6	)		(37	)		2		(41	)
Net income (loss) from continuing operations	$	459		$	341		$	800		$	(50	)	$	31	$	781

Property & Casualty Operations Gross Written Premiums
	Three Months Ended September 30				Nine Months Ended September 30
($ millions)	2007		2006		2007		2006
Standard Lines	$	1,464	$	1,586	$	4,728	$	4,726
Specialty Lines		729		785		2,196		2,319
Total P&C Operations	$	2,193	$	2,371	$	6,924	$	7,045

Page 3 of 7

Property & Casualty Operations Net Written Premiums
	Three Months Ended September 30						Nine Months Ended September 30
($ millions)	2007			2006			2007			2006
Standard Lines	$	956		$	1,121		$	3,171		$	3,394
Specialty Lines		683			675			1,972			1,948
Total P&C Operations	$	1,639		$	1,796		$	5,143		$	5,342
Property & Casualty Calendar Year Loss Ratios
	Three Months Ended September 30						Nine Months Ended September 30
	2007			2006			2007			2006
Standard Lines		61.6	%		68.7	%		66.2	%		69.4	%
Specialty Lines		62.3	%		60.7	%		61.6	%		60.4	%
Total P&C Operations		61.9	%		65.8	%		64.4	%		66.1	%
Total P&C Companies (a)		80.7	%		74.1	%		77.0	%		74.4	%
Property & Casualty Calendar Year Combined Ratios
	Three Months Ended September 30						Nine Months Ended September 30
	2007			2006			2007			2006
Standard Lines		92.7	%		99.2	%		97.1	%		100.5	%
Specialty Lines		89.8	%		86.6	%		88.5	%		86.9	%
Total P&C Operations		91.6	%		94.5	%		93.8	%		95.5	%
Total P&C Companies (a)		110.5	%		103.4	%		106.7	%		104.2	%

(a) P&C Companies includes Standard Lines, Specialty Lines and P&C business written in Life and Group Non-Core and Corporate and Other Non-Core, including CNA Re and asbestos, environmental pollution and mass tort exposures.

Property & Casualty Gross Accident Year Loss Ratios
	Accident year 2007			Accident year 2006			Accident year 2006
	Evaluated at			Evaluated at			Evaluated at
	September 30, 2007			December 31, 2006			September 30, 2007
Standard Lines		63.4	%		68.0	%		65.5	%
Specialty Lines		62.6	%		60.4	%		59.3	%
Total P&C Operations		63.1	%		65.5	%		63.4	%

Property & Casualty Net Accident Year Loss Ratios
	Accident year 2007			Accident year 2006			Accident year 2006
	Evaluated at			Evaluated at			Evaluated at
	September 30, 2007			December 31, 2006			September 30, 2007
Standard Lines		69.1	%		68.1	%		67.4	%
Specialty Lines		60.9	%		60.3	%		59.0	%
Total P&C Operations		65.9	%		65.2	%		64.3	%

Page 4 of 7

Business Operating Highlights

Standard Lines includes standard property and casualty coverages sold to small and middle market commercial businesses primarily through an independent agency distribution system. This business also includes excess and surplus lines, as well as insurance and risk management products sold to large corporations.

• Net written premiums decreased $165 million for the third quarter of 2007 as compared with the same period in 2006. Standard Lines retention decreased 4 points to 76% as compared to the same period in 2006. Rates on average decreased 2% during the third quarter of 2007.

• Net operating income increased $52 million for the third quarter of 2007 as compared with the same period in 2006. This increase was primarily driven by increased favorable net prior year development and increased net investment income. Catastrophe losses were $7 million after-tax in the third quarter of 2007, as compared to $14 million after-tax in the same period of 2006.

• Net income for the third quarter of 2007 increased $21 million as compared with the same period in 2006. This increase was primarily attributable to improved net operating income, partially offset by decreased net realized investment results.

Specialty Lines provides a broad array of professional, financial and specialty property and casualty products and services.

• Net written premiums increased $8 million for the third quarter of 2007 as compared with the same period in 2006. Premiums written were unfavorably impacted by decreased production. This unfavorable impact was more than offset by decreased ceded premiums due to the non-renewal of a reinsurance program in May 2007. Specialty Lines retention decreased 3 points to 83% as compared to the same period in 2006. Rates on average decreased 5% during the third quarter of 2007.

• Net operating income decreased $3 million for the third quarter of 2007 as compared with the same period in 2006. This decrease was primarily driven by increased unfavorable net prior year development and increased expenses. These decreases were partially offset by increased net investment income.

• Net income decreased $16 million for the third quarter of 2007 as compared with the same period in 2006, primarily due to decreased net realized investment results.

Life and 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 group and individual long term care businesses.

• Net loss for the third quarter of 2007 increased $115 million as compared with the same period in 2006. The increase was primarily due to the previously discussed after-tax loss of $108 million. Net results were also impacted by lower net investment income related to the pension deposit business.

Page 5 of 7

Corporate and Other Non-Core contains certain corporate expenses such as interest on corporate debt, and losses and expenses related to the centralized adjusting and settlement of asbestos, environmental pollution and mass tort claims. In addition, this segment includes the results of certain property and casualty insurance run-off operations, including CNA Re.

• Net income for the third quarter of 2007 decreased $21 million as compared with the same period in 2006. Net income was unfavorably impacted by decreased net realized investment results, decreased net investment income and unfavorable net prior year development in 2007.

Net Investment Income

Pretax net investment income for the third quarter of 2007 decreased $20 million over the same period of 2006. The decrease was primarily driven by decreases in limited partnership income and results from the trading portfolio.

About the Company

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 services include risk management, information services, underwriting, risk control and claims administration. For more information, please visit CNA at www.cna.com. CNA is a registered service mark, trade name and domain name of CNA Financial Corporation.

Page 6 of 7

Conference Call and Webcast Information:

A conference call for investors and the professional investment community will be held at 10:00 a.m. ET today. On the conference call will be Stephen W. Lilienthal, Chairman and Chief Executive Officer of CNA Financial Corporation, and other members of senior management. Participants can access the call by dialing (888) 208-1711 or for international callers, (913) 312-1517. The call will also be webcast live on the internet at http://investor.cna.com or you may go to the investor relations pages of the CNA Website www.cna.com for further details.

The call is available to the media, but questions will be restricted to investors and the professional investment community. A taped replay of the call will be available on CNA’s website through November 5, 2007. The replay can also be accessed by dialing (888) 203-1112 or, for international callers, (719) 457-0820. The replay passcode is 3629040. Financial supplement information related to the third quarter results is available on the investor relations pages of the CNA Website or by contacting David Adams at (312) 822-2183.

FINANCIAL MEASURES

In evaluating the results of the Standard Lines and Specialty Lines, management utilizes the combined ratio, the loss ratio, the expense ratio and the dividend ratio. These ratios are calculated using accounting principles generally accepted in the United States of America (GAAP) financial results. 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 generally accepted accounting principles (GAAP). For reconciliations of non-GAAP measures to the most comparable GAAP measures, please refer to CNA’s filings 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. You can identify forward-looking statements because generally they 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 please refer to CNA’s filings 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.

# # #

Page 7 of 7

EX-99.2

EXHIBIT 99.2

CNA Financial Corporation
Supplemental Financial Information
September 30, 2007

This report is for informational purposes only and includes consolidated financial statements and financial exhibits that are unaudited. This report should be read in conjunction with documents filed with the U.S. Securities and Exchange Commission, including the most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.

CNA Financial Corporation
Table of Contents
September 30, 2007

	Page
Supplemental Financial Information		i
Statements of Operations		1
Components of Net Income, 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
Investments by Segment Aggregation		5
Mortgage and Asset-Backed Holdings		6
Property & Casualty Results of Operations (Three Months Ended)		7
Life & Group Non-Core and Corporate & Other Non-Core Segments Results of Operations (Three Months Ended)		8
Property & Casualty Results of Operations (Nine Months Ended)		9
Life & Group Non-Core and Corporate & Other Non-Core Segments Results of Operations (Nine Months Ended)		10
Analysis of Pretax Net Investment Income		11
Statutory Data — Preliminary		12
Property & Casualty Operations Loss and LAE Ratio Analysis		13

CNA Financial Corporation
Supplemental Financial Information

DEFINITIONS AND PRESENTATION

• P&C Operations includes Standard Lines and Specialty Lines.

• 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 includes the results of certain property and casualty lines of business placed in run-off, including CNA Re. This segment also includes the results related to the centralized adjusting and settlement of asbestos, environmental pollution and mass tort (APMT) claims and interest expense on corporate debt.

• Property and Casualty Companies includes Standard Lines, Specialty Lines and P&C business written in the Life & Group Non-Core and Corporate & Other Non-Core segments.

• Management utilizes the net operating income financial measure to monitor the Company’s operations. Please refer to Note N of the Consolidated Financial Statements within the 2006 Form 10-K for further discussion of this measure.

• In evaluating the results of Standard Lines and Specialty Lines, management utilizes the combined ratio, the loss ratio, the expense ratio, and the dividend ratio. These ratios are calculated using financial results prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). The loss ratio is the percentage of net incurred claim and claim adjustment expenses to net earned premiums. The expense ratio is the percentage of insurance underwriting and acquisition expenses, including the amortization of deferred acquisition costs, to net earned premiums. The dividend ratio is the ratio of policyholders’ dividends incurred to net earned premiums. The combined ratio is the sum of the loss, expense and dividend ratios.

• Limited partnerships (LPs) are a relatively small portion of CNA’s overall investment portfolio. The majority of the LPs invest in a substantial number of securities that are readily marketable. CNA is primarily a passive investor in such partnerships and does not have influence over the partnerships’ management, who are committed to operate them according to established guidelines and strategies. These strategies may include the use of leverage and hedging techniques that potentially introduce more volatility and risk to the partnerships.

• Certain immaterial differences are due to rounding.

• N/M = Not Meaningful

i

CNA FINANCIAL CORPORATION
Financial Supplement
Statements of Operations

PERIOD ENDED SEPTEMBER 30	Three Months									Nine Months
							Fav /									Fav /
							(Unfav)									(Unfav)
(In millions)	2007			2006			% Change			2007			2006			% Change
STATEMENTS OF OPERATIONS
Revenues:
Net earned premiums	$	1,882		$	1,943			(3	)%	$	5,617		$	5,704			(2	)%
Net investment income		580			600			(3	)		1,859			1,722			8
Realized investment gains (losses), net of participating policyholders’ and minority interests		(57	)		21			N/M			(217	)		(68	)		N/M
Other revenues		79			56			41			211			175			21
Total revenues		2,484			2,620			(5	)		7,470			7,533			(1	)
Claims, benefits and expenses:
Insurance claims and policyholders’ benefits		1,575			1,522			(3	)		4,496			4,446			(1	)
Amortization of deferred acquisition costs		384			390			2			1,137			1,132			—
Other operating expenses		244			224			(9	)		722			723			—
Restructuring and other related charges		—			—			N/M			—			(13	)		N/M
Interest		35			35			—			104			93			(12	)
Total claims, benefits and expenses		2,238			2,171			(3	)		6,459			6,381			(1	)
Income before income tax and minority interest		246			449			(45	)		1,011			1,152			(12	)
Income tax expense		(56	)		(131	)		57			(279	)		(339	)		18
Minority interest		(16	)		(13	)		(23	)		(37	)		(32	)		(16	)
Income from continuing operations		174			305			(43	)		695			781			(11	)
Income (loss) from discontinued operations, net of tax		—			6			N/M			(8	)		(2	)		N/M
Net income	$	174		$	311			(44	)%	$	687		$	779			(12	)%

1

CNA FINANCIAL CORPORATION
Financial Supplement
Components of Net Income, Per Share Data and Return on Equity

PERIOD ENDED SEPTEMBER 30	Three Months									Nine Months
							Fav /									Fav /
							(Unfav)									(Unfav)
(In millions, except per share data)	2007			2006			% Change			2007			2006			% Change
COMPONENTS OF NET INCOME
Net operating income	$	212		$	283			(25	)%	$	837		$	822			2	%
Net realized investment gains (losses), net of participating policyholders’ and minority interests		(38	)		22			N/M			(142	)		(41	)		N/M
Income from continuing operations		174			305			(43	)		695			781			(11	)
Income (loss) from discontinued operations, net of tax		—			6			N/M			(8	)		(2	)		N/M
Net income	$	174		$	311			(44	)%	$	687		$	779			(12	)%
BASIC AND DILUTED EARNINGS PER SHARE
Net operating income	$	0.78		$	1.05			(26	)%	$	3.08		$	3.00			3	%
Net realized investment gains (losses), net of participating policyholders’ and minority interests		(0.14	)		0.08			N/M			(0.52	)		(0.16	)		N/M
Income from continuing operations		0.64			1.13			(43	)		2.56			2.84			(10	)
Income (loss) from discontinued operations, net of tax		—			0.02			N/M			(0.03	)		(0.01	)		(200	)
Basic and diluted earnings per share available to common stockholders (1)	$	0.64		$	1.15			(44	)%	$	2.53		$	2.83			(11	)%
WEIGHTED AVERAGE OUTSTANDING COMMON STOCK AND COMMON STOCK EQUIVALENTS
Basic		271.6			265.0						271.5			259.0
Diluted		271.9			265.2						271.8			259.2
RETURN ON EQUITY
Net income (2)		6.9	%		13.6	%					9.2	%		11.4	%
Net operating income (3)		8.6			12.6						11.7			12.5

(1)	The three and nine months ended September 30, 2006 per share results available to common stockholders from net operating income are reduced by $8 million and $46 million, or $0.02 per share and $0.17 per share, of undeclared but accumulated preferred stock dividends. The undeclared but accumulated preferred stock dividends relate to the Company’s Series H Cumulative Preferred Stock which was repurchased from Loews Corporation on August 8, 2006.
(2)	Annualized net income divided by the average stockholders’ equity including accumulated other comprehensive income (AOCI) for the period. Average equity including AOCI is calculated using a simple average of the beginning and ending balances for the period.
(3)	Annualized net operating income 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)	September 30, 2007		December 31, 2006
Total assets	$	60,115	$	60,283
Insurance reserves		40,751		41,080
Debt		2,157		2,156
Total liabilities		49,631		50,180
Minority interest		369		335
Accumulated other comprehensive income		192		549
Total stockholders’ equity		10,115		9,768
Book value per common share	$	37.23	$	36.03
Book value per common share excluding AOCI	$	36.52	$	34.00
Outstanding shares of common stock (in millions of shares)		271.7		271.1

THREE MONTHS ENDED
SEPTEMBER 30
(In millions)	2007			2006
Net cash flows provided by operating activities (1)	$	172		$	860
Net cash flows used by investing activities		(138	)		(987	)
Net cash flows (used) provided by financing activities		(29	)		131
Net cash flows	$	5		$	4

NINE MONTHS ENDED
SEPTEMBER 30
(In millions)	2007			2006
Net cash flows provided by operating activities (1)	$	713		$	1,783
Net cash flows used by investing activities		(667	)		(1,490	)
Net cash flows used by financing activities		(83	)		(282	)
Net cash flows	$	(37	)	$	11

(1) Operating cash flows for the three and nine months ended September 30, 2007 include $9 million and $(16) million related to discontinued operations. Operating cash flows for the three and nine months ended September 30, 2006 include $4 million and $0 million related to discontinued operations.

3

CNA FINANCIAL CORPORATION
Financial Supplement
Claim & Claim Adjustment Expense Reserve Rollforward

THREE MONTHS ENDED
SEPTEMBER 30, 2007										Life & Group			Corporate &
(In millions)	Standard Lines			Specialty Lines			P&C Operations			Non-Core			Other Non-Core			Total Operations
Claim & claim adjustment expense reserves, beginning of period
Gross	$	14,786		$	5,845		$	20,631		$	3,072		$	5,481		$	29,184
Ceded		2,941			1,357			4,298			1,211			2,240			7,749
Net		11,845			4,488			16,333			1,861			3,241			21,435
Net incurred claim & claim adjustment expenses		649			418			1,067			279			42			1,388
Net claim & claim adjustment expense payments		(711	)		(273	)		(984	)		(262	)		(150	)		(1,396	)
Claim & claim adjustment expense reserves, end of period
Net		11,783			4,633			16,416			1,878			3,133			21,427
Ceded		2,964			1,349			4,313			1,219			2,033			7,565
Gross	$	14,747		$	5,982		$	20,729		$	3,097		$	5,166		$	28,992

NINE MONTHS ENDED
SEPTEMBER 30, 2007										Life & Group			Corporate &
(In millions)	Standard Lines			Specialty Lines			P&C Operations			Non-Core			Other Non-Core			Total Operations
Claim & claim adjustment expense reserves, beginning of period
Gross	$	14,934		$	5,529		$	20,463		$	3,134		$	6,039		$	29,636
Ceded		3,068			1,258			4,326			1,278			2,587			8,191
Net		11,866			4,271			16,137			1,856			3,452			21,445
Net incurred claim & claim adjustment expenses		2,098			1,217			3,315			494			117			3,926
Net claim & claim adjustment expense payments		(2,181	)		(855	)		(3,036	)		(472	)		(436	)		(3,944	)
Claim & claim adjustment expense reserves, end of period
Net		11,783			4,633			16,416			1,878			3,133			21,427
Ceded		2,964			1,349			4,313			1,219			2,033			7,565
Gross	$	14,747		$	5,982		$	20,729		$	3,097		$	5,166		$	28,992

4

CNA FINANCIAL CORPORATION
Financial Supplement
Investments by Segment Aggregation

	September 30, 2007					June 30, 2007					December 31, 2006
(In millions)	Book Value			Fair Value		Book Value			Fair Value		Book Value			Fair Value
Property & Casualty and Corporate & Other Non-Core:
Fixed maturities — taxable	$	20,097		$	19,790	$	19,295		$	19,141	$	23,238		$	23,254
Fixed maturities — tax exempt		4,861			4,864		6,189			6,170		3,307			3,351
Equities		234			492		238			490		236			475
Short-term investments		6,692			6,695		6,673			6,675		5,329			5,330
Limited partnership investments		1,762			1,762		1,739			1,739		1,605			1,605
Other		19			42		20			67		26			26
Total investments	$	33,665		$	33,645	$	34,154		$	34,282	$	33,741		$	34,041
Net receivable/(payable)	$	(2,458	)			$	37				$	(6	)
Securities lending collateral		(82	)				(3,089	)				(2,851	)
Life & Group Non-Core:
Fixed maturities — taxable	$	7,438		$	7,712	$	7,204		$	7,476	$	6,981		$	7,451
Fixed maturities — tax exempt		1,711			1,830		1,675			1,767		1,609			1,795
Equities		112			116		187			195		172			182
Short-term investments		277			277		433			433		380			380
Limited partnership investments		331			331		273			273		247			247
Other		1			1		1			1		—			—
Total investments	$	9,870		$	10,267	$	9,773		$	10,145	$	9,389		$	10,055
Net receivable/(payable)	$	11				$	(30	)			$	(2	)
Securities lending collateral		—					—					—
Total investments	$	43,535		$	43,912	$	43,927		$	44,427	$	43,130		$	44,096
Total net receivable/(payable)	$	(2,447	)			$	7				$	(8	)
Total securities lending collateral		(82	)				(3,089	)				(2,851	)

The information above related to net receivable/(payable) and securities lending collateral is provided to facilitate an analysis of significant changes in book value. When compared to the net receivable/(payable) per the Consolidated Balance Sheet, the amounts above exclude $53 million, $81 million, and $90 million as of September 30, 2007, June 30, 2007, and December 31, 2006, where the net receivable/(payable) balance does not relate to change in book value.

5

CNA FINANCIAL CORPORATION
Financial Supplement
Mortgage and Asset-Backed Holdings
As of September 30, 2007
(In millions)

Invested Assets Fair Value By Segment

				P&C and Corporate			Life & Group
				& Other Non-Core			Non-Core			Total
ABS/MBS/CMO/CDO				$	10,195		$	1,085		$	11,280
Other taxable fixed income					9,595			6,627			16,222
All other					13,855			2,555			16,410
Total investments				$	33,645		$	10,267		$	43,912
ABS/MBS/CMO/CDO Fair Value Distribution
													<BBB & Equity						% of Total
	AAA				AA			A		BBB			Tranches			Total			Investments
Sub-prime	$	420		$	214		$	245		$	7		$	17		$	903			2.1	%
Other CDO		11			119			220			24			23			397			0.9
Other ABS/MBS/CMO		9,199			174			111			481			15			9,980			22.7
Total ABS/MBS/CMO/CDO	$	9,630		$	507		$	576		$	512		$	55		$	11,280			25.7	%
ABS/MBS/CMO/CDO Quality Distribution by Type
													<BBB & Equity
	AAA			AA				A		BBB			Tranches			Total
Sub-prime		46.5	%		23.7	%		27.1	%		0.8	%		1.9	%		100.0	%
Other CDO		2.8			30.0			55.4			6.0			5.8			100.0
Other ABS/MBS/CMO		92.2			1.7			1.1			4.8			0.2			100.0
Total ABS/MBS/CMO/CDO		85.4	%		4.5	%		5.1	%		4.5	%		0.5	%		100.0	%
Sub-Prime Quality Distribution by Vintage Year
													<BBB & Equity						% of Total
	AAA			AA				A		BBB			Tranches			Total			Sub-Prime
2007	$	31		$	4		$	—		$	—		$	1		$	36			4.0	%
2006		123			77			12			5			7			224			24.8
2005		229			72			30			1			3			335			37.1
2004		27			30			118			—			—			175			19.4
2003 & prior		10			31			85			1			6			133			14.7
Total sub-prime	$	420		$	214		$	245		$	7		$	17		$	903			100.0	%
% of total sub-prime		46.5	%		23.7	%		27.1	%		0.8	%		1.9	%		100.0	%

Asset-backed securities (ABS)
Mortgage-backed securities (MBS)
Collateralized mortgage obligation (CMO)
Collateralized debt obligation (CDO)

6

CNA FINANCIAL CORPORATION
Financial Supplement
Property & Casualty Results of Operations

THREE MONTHS ENDED	Standard Lines									Specialty Lines									P&C Operations
SEPTEMBER 30							Fav / (Unfav)									Fav / (Unfav)									Fav / (Unfav)
(In millions)	2007			2006			% Change			2007			2006			% Change			2007			2006			% Change
Gross written premiums	$	1,464		$	1,586			(8	)%	$	729		$	785			(7	)%	$	2,193		$	2,371			(8	)%
Net written premiums		956			1,121			(15	)		683			675			1			1,639			1,796			(9	)
Net earned premiums		1,054			1,128			(7	)		672			654			3			1,726			1,782			(3	)
Net investment income		248			239			4			113			101			12			361			340			6
Other revenues		20			16			25			49			38			29			69			54			28
Total operating revenues		1,322			1,383			(4	)		834			793			5			2,156			2,176			(1	)
Claims, benefits and expenses:
Net incurred claims and benefits		649			776			16			418			397			(5	)		1,067			1,173			9
Policyholders’ dividends		3			4			25			2			1			(100	)		5			5			—
Amortization of deferred acquisition costs		234			249			6			146			137			(7	)		380			386			2
Other insurance related expenses		90			89			(1	)		37			31			(19	)		127			120			(6	)
Other expenses		22			20			—			44			35			(26	)		66			55			(20	)
Total claims, benefits and expenses		998			1,138			12			647			601			(8	)		1,645			1,739			5
Operating income before income tax and minority interest		324			245			32			187			192			(3	)		511			437			17
Income tax expense on operating income		(104	)		(78	)		(33	)		(60	)		(64	)		6			(164	)		(142	)		(15	)
Minority interest		(5	)		(4	)		(25	)		(11	)		(9	)		(22	)		(16	)		(13	)		(23	)
Net operating income from continuing operations		215			163			32			116			119			(3	)		331			282			17
Realized investment gains (losses), net of participating policyholders’ and minority interests		(29	)		18			N/M			(13	)		6			N/M			(42	)		24			N/M
Income tax (expense) benefit on realized investment gains (losses)		9			(7	)		N/M			5			(1	)		N/M			14			(8	)		N/M
Net income from continuing operations	$	195		$	174			12	%	$	108		$	124			(13	)%	$	303		$	298			2	%
FINANCIAL RATIOS
Loss & LAE		61.6	%		68.7	%					62.3	%		60.7	%					61.9	%		65.8	%
Acquisition expense		17.1			17.0						18.9			17.3						17.8			17.1
Underwriting expense		13.7			13.1						8.4			8.5						11.6			11.3
Expense		30.8			30.1						27.3			25.8						29.4			28.4
Dividend		0.3			0.4						0.2			0.1						0.3			0.3
Combined ratio		92.7	%		99.2	%					89.8	%		86.6	%					91.6	%		94.5	%
LOSS RATIO IMPACTS
Impact of catastrophe losses on loss & LAE ratio
Pretax net accident year catastrophe losses incurred	$	10		$	21					$	—		$	1					$	10		$	22
Impact on loss & LAE ratio		0.9	%		1.9	%					—	%		0.1	%					0.6	%		1.3	%
Impact of development & other on loss & LAE ratio
Pretax net development: (favorable) / unfavorable
Prior year loss & LAE reserve development	$	(77	)	$	6					$	13		$	(4	)				$	(64	)	$	2
Prior year premium development		(7	)		(19	)					(1	)		6						(8	)		(13	)
Other (1)		8			13						—			—						8			13
Total development & other	$	(76	)	$	—					$	12		$	2					$	(64	)	$	2
Impact of development & other on loss & LAE ratio		(7.0	)%		0.6	%					1.8	%		—	%					(3.5	)%		0.4	%

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

7

CNA FINANCIAL CORPORATION
Financial Supplement
Life & Group Non-Core and Corporate & Other Non-Core Segments Results of Operations

THREE MONTHS ENDED							Life & Group Non-Core									Corporate & Other Non-Core									Total Operations
SEPTEMBER 30	P&C Operations												Fav / (Unfav)									Fav / (Unfav)									Fav / (Unfav)
(In millions)	2007			2006			2007			2006			% Change			2007			2006			% Change			2007			2006			% Change
Net earned premiums	$	1,726		$	1,782		$	156		$	160			(3	)%	$	—		$	1			N/M	%	$	1,882		$	1,943			(3	)%
Net investment income		361			340			145			179			(19	)		74			81			(9	)		580			600			(3	)
Other revenues		69			54			16			8			100			(6	)		(6	)		—			79			56			41
Total operating revenues		2,156			2,176			317			347			(9	)		68			76			(11	)		2,541			2,599			(2	)
Claims, benefits and expenses:
Net incurred claims and benefits		1,067			1,173			463			314			(47	)		40			31			(29	)		1,570			1,518			(3	)
Policyholders’ dividends		5			5			—			(1	)		N/M			—			—			N/M			5			4			(25	)
Amortization of deferred acquisition costs		380			386			4			4			—			—			—			N/M			384			390			2
Other insurance related expenses		127			120			48			48			—			—			7			N/M			175			175			—
Other expenses		66			55			17			14			(21	)		21			15			(40	)		104			84			(24	)
Total claims, benefits and expenses		1,645			1,739			532			379			(40	)		61			53			(15	)		2,238			2,171			(3	)
Operating income (loss) before income tax and minority interest		511			437			(215	)		(32	)		N/M			7			23			(70	)		303			428			(29	)
Income tax (expense) benefit on operating income (loss)		(164	)		(142	)		84			17			N/M			5			(7	)		171			(75	)		(132	)		43
Minority interest		(16	)		(13	)		—			—			N/M			—			—			N/M			(16	)		(13	)		(23	)
Net operating income (loss) from continuing operations		331			282			(131	)		(15	)		N/M			12			16			(25	)		212			283			(25	)
Realized investment gains (losses), net of participating policyholders’ and minority interests		(42	)		24			(9	)		(10	)		10			(6	)		7			(186	)		(57	)		21			N/M
Income tax (expense) benefit on realized investment gains (losses)		14			(8	)		3			3			—			2			6			(67	)		19			1			N/M
Net income (loss) from continuing operations	$	303		$	298		$	(137	)	$	(22	)		N/M	%	$	8		$	29			(72	)%	$	174		$	305			(43	)%
							Life & Group Non-Core									Corporate & Other Non-Core									Total Operations
Other Financial Data	P&C Operations												Fav / (Unfav)									Fav / (Unfav)									Fav / (Unfav)
Property & Casualty Company Information	2007			2006			2007			2006			% Change			2007			2006			% Change			2007			2006			% Change
Gross written premiums	$	2,193		$	2,371		$	163		$	156			4	%	$	3		$	9			(67	)%	$	2,359		$	2,536			(7	)%
Net written premiums		1,639			1,796			149			152			(2	)		3			3			—			1,791			1,951			(8	)
Net earned premiums		1,726			1,782			155			158			(2	)		—			2			N/M			1,881			1,942			(3	)
FINANCIAL RATIOS
Loss & LAE		61.9	%		65.8	%		N/M	%		N/M	%					N/M	%		N/M	%					80.7	%		74.1	%
Acquisition expense		17.8			17.1			N/M			N/M						N/M			N/M						17.2			16.6
Underwriting expense		11.6			11.3			N/M			N/M						N/M			N/M						12.3			12.4
Expense		29.4			28.4			N/M			N/M						N/M			N/M						29.5			29.0
Dividend		0.3			0.3			N/M			N/M						N/M			N/M						0.3			0.3
Combined ratio		91.6	%		94.5	%		N/M	%		N/M	%					N/M	%		N/M	%					110.5	%		103.4	%

8

CNA FINANCIAL CORPORATION
Financial Supplement
Property & Casualty Results of Operations

NINE MONTHS ENDED	Standard Lines									Specialty Lines									P&C Operations
SEPTEMBER 30							Fav / (Unfav)									Fav / (Unfav)									Fav / (Unfav)
(In millions)	2007			2006			% Change			2007			2006			% Change			2007			2006			% Change
Gross written premiums	$	4,728		$	4,726			—	%	$	2,196		$	2,319			(5	)%	$	6,924		$	7,045			(2	)%
Net written premiums		3,171			3,394			(7	)		1,972			1,948			1			5,143			5,342			(4	)
Net earned premiums		3,169			3,310			(4	)		1,977			1,915			3			5,146			5,225			(2	)
Net investment income		784			705			11			343			287			20			1,127			992			14
Other revenues		65			49			33			137			112			22			202			161			25
Total operating revenues		4,018			4,064			(1	)		2,457			2,314			6			6,475			6,378			2
Claims, benefits and expenses:
Net incurred claims and benefits		2,098			2,297			9			1,217			1,157			(5	)		3,315			3,454			4
Policyholders’ dividends		4			12			67			4			3			(33	)		8			15			47
Amortization of deferred acquisition costs		707			725			2			417			395			(6	)		1,124			1,120			—
Other insurance related expenses		266			293			9			111			109			(2	)		377			402			6
Restructuring and other related charges		—			—			N/M			—			—			N/M			—			—			N/M
Other expenses		77			58			(33	)		115			103			(12	)		192			161			(19	)
Total claims, benefits and expenses		3,152			3,385			7			1,864			1,767			(5	)		5,016			5,152			3
Operating income before income tax and minority interest		866			679			28			593			547			8			1,459			1,226			19
Income tax expense on operating income		(277	)		(207	)		(34	)		(194	)		(181	)		(7	)		(471	)		(388	)		(21	)
Minority interest		(9	)		(9	)		—			(27	)		(23	)		(17	)		(36	)		(32	)		(13	)
Net operating income from continuing operations		580			463			25			372			343			8			952			806			18
Realized investment losses, net of participating policyholders’ and minority interests		(126	)		(6	)		N/M			(52	)		(4	)		N/M			(178	)		(10	)		N/M
Income tax benefit on realized investment losses		43			2			N/M			18			2			N/M			61			4			N/M
Net income from continuing operations	$	497		$	459			8	%	$	338		$	341			(1	)%	$	835		$	800			4	%
FINANCIAL RATIOS
Loss & LAE		66.2	%		69.4	%					61.6	%		60.4	%					64.4	%		66.1	%
Acquisition expense		17.2			18.2						18.1			18.1						17.6			18.1
Underwriting expense		13.6			12.5						8.6			8.3						11.6			11.0
Expense		30.8			30.7						26.7			26.4						29.2			29.1
Dividend		0.1			0.4						0.2			0.1						0.2			0.3
Combined ratio		97.1	%		100.5	%					88.5	%		86.9	%					93.8	%		95.5	%
LOSS RATIO IMPACTS
Impact of catastrophe losses on loss & LAE ratio
Pretax net accident year catastrophe losses incurred	$	52		$	38					$	2		$	2					$	54		$	40
Impact on loss & LAE ratio		1.6	%		1.2	%					0.1	%		0.1	%					1.1	%		0.8	%
Impact of development & other on loss & LAE ratio
Pretax net development: (favorable) / unfavorable
Prior year loss & LAE reserve development	$	(97	)	$	70					$	19		$	(1	)				$	(78	)	$	69
Prior year premium development		(20	)		(92	)					(8	)		—						(28	)		(92	)
Other (1)		20			42						—			—						20			42
Total development & other	$	(97	)	$	20					$	11		$	(1	)				$	(86	)	$	19
Impact of development & other on loss & LAE ratio		(2.9	)%		1.5	%					0.7	%		—	%					(1.5	)%		1.0	%

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

9

CNA FINANCIAL CORPORATION
Financial Supplement
Life & Group Non-Core and Corporate & Other Non-Core Segments Results of Operations

NINE MONTHS ENDED							Life & Group Non-Core									Corporate & Other Non-Core									Total Operations
SEPTEMBER 30	P&C Operations												Fav / (Unfav)									Fav / (Unfav)									Fav / (Unfav)
(In millions)	2007			2006			2007			2006			% Change			2007			2006			% Change			2007			2006			% Change
Net earned premiums	$	5,146		$	5,225		$	469		$	482			(3	)%	$	2		$	(3	)		167	%	$	5,617		$	5,704			(2	)%
Net investment income		1,127			992			494			504			(2	)		238			226			5			1,859			1,722			8
Other revenues		202			161			34			44			(23	)		(25	)		(30	)		17			211			175			21
Total operating revenues		6,475			6,378			997			1,030			(3	)		215			193			11			7,687			7,601			1
Claims, benefits and expenses:
Net incurred claims and benefits		3,315			3,454			1,062			886			(20	)		111			91			(22	)		4,488			4,431			(1	)
Policyholders’ dividends		8			15			—			—			N/M			—			—			N/M			8			15			47
Amortization of deferred acquisition costs		1,124			1,120			13			12			(8	)		—			—			N/M			1,137			1,132			—
Other insurance related expenses		377			402			143			141			(1	)		13			20			35			533			563			5
Restructuring and other related charges		—			—			—			—			N/M			—			(13	)		N/M			—			(13	)		N/M
Other expenses		192			161			34			40			15			67			52			(29	)		293			253			(16	)
Total claims, benefits and expenses		5,016			5,152			1,252			1,079			(16	)		191			150			(27	)		6,459			6,381			(1	)
Operating income (loss) before income tax and minority interest		1,459			1,226			(255	)		(49	)		N/M			24			43			(44	)		1,228			1,220			1
Income tax (expense) benefit on operating income (loss)		(471	)		(388	)		113			36			N/M			4			(14	)		129			(354	)		(366	)		3
Minority interest		(36	)		(32	)		—			—			N/M			(1	)		—			N/M			(37	)		(32	)		(16	)
Net operating income (loss) from continuing operations		952			806			(142	)		(13	)		N/M			27			29			(7	)		837			822			2
Realized investment losses, net of participating policyholders’ and minority interests		(178	)		(10	)		(26	)		(56	)		54			(13	)		(2	)		N/M			(217	)		(68	)		N/M
Income tax benefit on realized investment losses		61			4			9			19			(53	)		5			4			25			75			27			178
Net income (loss) from continuing operations	$	835		$	800		$	(159	)	$	(50	)		N/M	%	$	19		$	31			(39	)%	$	695		$	781			(11	)%
							Life & Group Non-Core									Corporate & Other Non-Core									Total Operations
Other Financial Data	P&C Operations												Fav / (Unfav)									Fav / (Unfav)									Fav / (Unfav)
Property & Casualty Company Information	2007			2006			2007			2006			% Change			2007			2006			% Change			2007			2006			% Change
Gross written premiums	$	6,924		$	7,045		$	512		$	558			(8	)%	$	6		$	17			(65	)%	$	7,442		$	7,620			(2	)%
Net written premiums		5,143			5,342			461			471			(2	)		2			(4	)		150			5,606			5,809			(3	)
Net earned premiums		5,146			5,225			467			476			(2	)		2			(3	)		167			5,615			5,698			(1	)
FINANCIAL RATIOS
Loss & LAE		64.4	%		66.1	%		N/M	%		N/M	%					N/M	%		N/M	%					77.0	%		74.4	%
Acquisition expense		17.6			18.1			N/M			N/M						N/M			N/M						17.3			17.7
Underwriting expense		11.6			11.0			N/M			N/M						N/M			N/M						12.2			11.8
Expense		29.2			29.1			N/M			N/M						N/M			N/M						29.5			29.5
Dividend		0.2			0.3			N/M			N/M						N/M			N/M						0.2			0.3
Combined ratio		93.8	%		95.5	%		N/M	%		N/M	%					N/M	%		N/M	%					106.7	%		104.2	%

10

CNA FINANCIAL CORPORATION
Financial Supplement
Analysis of Pretax Net Investment Income

(In millions)	Standard Lines
	1Q06			2Q06			3Q06			4Q06			2006			1Q07			2Q07			3Q07			YTD2007
Limited partnership income	$	38		$	27		$	23		$	62		$	150		$	25		$	40		$	13		$	78
Interest on funds withheld and other deposits		(14	)		(22	)		(8	)		(3	)		(47	)		(2	)		(1	)		(2	)		(5	)
Income (loss) from trading securities		—			—			—			—			—			—			—			—			—
Other investment income		204			233			224			227			888			236			238			237			711
Net investment income	$	228		$	238		$	239		$	286		$	991		$	259		$	277		$	248		$	784
	Specialty Lines
	1Q06			2Q06			3Q06			4Q06			2006			1Q07			2Q07			3Q07			YTD2007
Limited partnership income	$	13		$	10		$	8		$	24		$	55		$	10		$	16		$	6		$	32
Interest on funds withheld and other deposits		(2	)		(1	)		(1	)		(1	)		(5	)		—			—			(1	)		(1	)
Income (loss) from trading securities		—			—			—			—			—			—			—			—			—
Other investment income		76			90			94			93			353			100			104			108			312
Net investment income	$	87		$	99		$	101		$	116		$	403		$	110		$	120		$	113		$	343
	P&C Operations
	1Q06			2Q06			3Q06			4Q06			2006			1Q07			2Q07			3Q07			YTD2007
Limited partnership income	$	51		$	37		$	31		$	86		$	205		$	35		$	56		$	19		$	110
Interest on funds withheld and other deposits		(16	)		(23	)		(9	)		(4	)		(52	)		(2	)		(1	)		(3	)		(6	)
Income (loss) from trading securities		—			—			—			—			—			—			—			—			—
Other investment income		280			323			318			320			1,241			336			342			345			1,023
Net investment income	$	315		$	337		$	340		$	402		$	1,394		$	369		$	397		$	361		$	1,127
	Life & Group Non-Core
	1Q06			2Q06			3Q06			4Q06			2006			1Q07			2Q07			3Q07			YTD2007
Limited partnership income	$	10		$	8		$	6		$	10		$	34		$	9		$	3		$	(4	)	$	8
Interest on funds withheld and other deposits		—			—			—			—			—			—			—			—			—
Income (loss) from trading securities		42			(9	)		30			40			103			3			40			(2	)		41
Other investment income		135			139			143			144			561			149			145			151			445
Net investment income	$	187		$	138		$	179		$	194		$	698		$	161		$	188		$	145		$	494
	Corporate & Other Non-Core
	1Q06			2Q06			3Q06			4Q06			2006			1Q07			2Q07			3Q07			YTD2007
Limited partnership income	$	13		$	8		$	9		$	19		$	49		$	8		$	12		$	4		$	24
Interest on funds withheld and other deposits		(9	)		(7	)		(1	)		1			(16	)		1			1			3			5
Income (loss) from trading securities		—			—			—			—			—			—			—			—			—
Other investment income		64			76			73			74			287			69			73			67			209
Net investment income	$	68		$	77		$	81		$	94		$	320		$	78		$	86		$	74		$	238
	Total Operations
	1Q06			2Q06			3Q06			4Q06			2006			1Q07			2Q07			3Q07			YTD2007
Limited partnership income	$	74		$	53		$	46		$	115		$	288		$	52		$	71		$	19		$	142
Interest on funds withheld and other deposits		(25	)		(30	)		(10	)		(3	)		(68	)		(1	)		—			—			(1	)
Income (loss) from trading securities		42			(9	)		30			40			103			3			40			(2	)		41
Other investment income		479			538			534			538			2,089			554			560			563			1,677
Net investment income	$	570		$	552		$	600		$	690		$	2,412		$	608		$	671		$	580		$	1,859

11

CNA FINANCIAL CORPORATION
Financial Supplement
Statutory Data — Preliminary

PERIOD ENDED SEPTEMBER 30	Three Months									Nine Months
Income Statement	(Preliminary)						Fav / (Unfav)			(Preliminary)						Fav / (Unfav)
(In millions)	2007			2006			% Change			2007			2006			% Change
Property & Casualty Companies
Gross written premiums	$	2,414		$	2,413			—	%	$	7,438		$	7,219			3	%
Net written premiums		1,658			1,835			(10	)		5,179			5,456			(5	)
Net earned premiums		1,565			1,645			(5	)		4,684			4,819			(3	)
Claim and claim adjustment expenses		1,309			1,234			(6	)		3,698			3,652			(1	)
Acquisition expenses		284			314			10			875			944			7
Underwriting expenses		239			225			(6	)		676			682			1
Policyholders’ dividends		3			2			(50	)		15			11			(36	)
Underwriting loss		(270	)		(130	)		(108	)		(580	)		(470	)		(23	)
Net investment income (1)		504			466			8			1,636			1,363			20
Other expenses		(12	)		(10	)		(20	)		(30	)		(88	)		66
Income tax expense		(7	)		(56	)		88			(204	)		(223	)		9
Net realized gains (losses)		(51	)		81			(163	)		(252	)		32			N/M
Net income	$	164		$	351			(53	)%	$	570		$	614			(7	)%
Financial Ratios
Loss and LAE		83.6	%		75.0	%					78.9	%		75.8	%
Acquisition expense		17.1			17.1						16.9			17.3
Underwriting expense		14.4			12.3						14.5			12.5
Expense		31.5			29.4						31.4			29.8
Dividend		0.2			0.1						0.3			0.2
Combined ratio		115.3	%		104.5	%					110.6	%		105.8	%
Life Company
Earned premium	$	1		$	2					$	2		$	7

SUPPLEMENTAL STATUTORY DATA

	(Preliminary)
(In millions)	September 30, 2007		December 31, 2006
Property & Casualty Companies
Statutory surplus (2)	$	8,436	$	8,137
Life Company
Statutory surplus	$	473	$	687

(1)	The nine months ended September 30, 2007 include $143 million of declared dividends from Continental Casualty Company’s (CCC) life subsidiary, Continental Assurance Company (CAC). Additionally, CAC returned capital to CCC of $107 million during the second quarter of 2007.
(2)	Surplus includes the Property & Casualty Companies’ equity ownership of the life insurance subsidiary.

12

CNA FINANCIAL CORPORATION
Financial Supplement
Property & Casualty Operations
Loss and LAE Ratio Analysis

	Standard Lines
	2007 YTD			2006 FY			2006 FY
	Evaluated			Evaluated			Evaluated
	at 09/30/07			at 12/31/06			at 09/30/07
Gross Accident Year		63.4	%		68.0	%		65.5	%
Impact of Reinsurance		5.7			0.1			1.9
Net Accident Year		69.1			68.1			67.4	%
Impact of Significant Commutations		—			1.1
Impact of Development and Other (1)		(2.9	)		0.9
Net Calendar Year		66.2	%		70.1	%

	Specialty Lines
	2007 YTD			2006 FY			2006 FY
	Evaluated			Evaluated			Evaluated
	at 09/30/07			at 12/31/06			at 09/30/07
Gross Accident Year		62.6	%		60.4	%		59.3	%
Impact of Reinsurance		(1.7	)		(0.1	)		(0.3	)
Net Accident Year		60.9			60.3			59.0	%
Impact of Significant Commutations		—			—
Impact of Development and Other (1)		0.7			0.2
Net Calendar Year		61.6	%		60.5	%

	P&C Operations
	2007 YTD			2006 FY			2006 FY
	Evaluated			Evaluated			Evaluated
	at 09/30/07			at 12/31/06			at 09/30/07
Gross Accident Year		63.1	%		65.5	%		63.4	%
Impact of Reinsurance		2.8			(0.3	)		0.9
Net Accident Year		65.9			65.2			64.3	%
Impact of Significant Commutations		—			0.7
Impact of Development and Other (1)		(1.5	)		0.7
Net Calendar Year		64.4	%		66.6	%

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

13