L - CNA Financial: A Cash Machine Serving Its Main Shareholder's Purposes

• CNA is one of the largest U.S. commercial property and casualty insurance companies, who has delivered steady results over the cycle.
• Unlike its peers, CNA is valued at a low price-to-book value multiple, despite a shareholder-friendly approach underpinned by steady underwriting margins.
• Compared to other insurers with the same level of margins, this discount is due to its shareholder base.
• CNA is listed on the stock exchange but is 90% owned by a holding, Loews Corporations, also listed.
• CNA remains Loews' ultimate weapon and investors and current CNA shareholders should keep in mind this motto: Loews is the only master on board.

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