This Current Report on Form 8-K is being filed for the purpose of updating CNA Financial Corporation's historical consolidated financial information for the effect of a change in accounting guidance adopted on January 1, 2009 which required retrospective presentation.
As previously disclosed in its Quarterly Report on Form 10-Q for the period ended March 31, 2009, CNA Financial Corporation and its controlled subsidiaries (CNAF or the Company) adopted changed accounting guidance related to noncontrolling interests on January 1, 2009. The changed guidance clarified that an ownership interest in a subsidiary should be reported as equity in consolidated financial statements, and required consolidated net income to be reported at amounts that include the amounts attributable to both the parent and the noncontrolling interest. The Company's adoption of this changed accounting guidance had no impact on the Company's financial condition or results of operations, but impacted the presentation of these amounts within the Consolidated Financial Statements.
As a result of the retrospective presentation and disclosure requirements of this changed accounting guidance, the Company has presented noncontrolling interests as a separate component of stockholders' equity in its Consolidated Balance Sheets for all periods subsequent to the date of adoption. Previously, these amounts were reported separately as minority interest in the Consolidated Balance Sheets. The effect on the Company's Consolidated Balance Sheets as of December 31, 2008, 2007, 2006, 2005 and 2004 related to the adoption of the changed accounting guidance is summarized as follows:

December 31
(In millions)                         2008            2007            2006           2005           2004

Total stockholders' equity
previously reported (1)              $ 6,877        $ 10,150        $  9,768        $ 8,950        $ 8,974
Reclassification of
noncontrolling interests as a
result of change in accounting
guidance                                 420             385             335            291            275

Total equity, as adjusted for
change in accounting guidance          7,297          10,535          10,103          9,241          9,249
Noncontrolling interests                (420 )          (385 )          (335 )         (291 )         (275 )

Total CNAF stockholders' equity      $ 6,877        $ 10,150        $  9,768        $ 8,950        $ 8,974

Additionally, the adoption of this changed accounting guidance requires that net earnings reported in the Consolidated Statements of Operations include earnings attributable to noncontrolling interests. Subsequent to the date of adoption, earnings attributable to CNAF's stockholders and earnings attributable to noncontrolling interests are reported separately. Previously, earnings attributable to noncontrolling interests were reported separately as minority interests. Earnings per share computations under the changed accounting guidance continue to be based upon net earnings attributable to CNAF's stockholders, therefore the changed accounting guidance had no impact on previously reported earnings per share.
The effect on the Consolidated Statements of Operations for the years ended December 31, 2008, 2007, 2006, 2005 and 2004 related to the changed accounting guidance is summarized as follows:

Years ended December 31
(In millions)                         2008          2007          2006           2005          2004

Income (loss) from continuing
operations, as previously
reported (1)                         $ (308 )      $  857        $ 1,137        $  243        $  446
Reclassification of income from
continuing operations
attributable to noncontrolling
interests as a result of change
in accounting guidance                   57            48             44            24            27

Income (loss) from continuing
operations, as adjusted for the
adoption of changed accounting
guidance                               (251 )         905          1,181           267           473
Income from continuing
operations attributable to
noncontrolling interests                (57 )         (48 )          (44 )         (24 )         (27 )

Income (loss) from continuing
operations attributable to CNAF      $ (308 )      $  857        $ 1,137        $  243        $  446

Years ended December 31
(In millions)                         2008          2007          2006           2005          2004

Net income (loss), as
previously reported (1)              $ (299 )      $  851        $ 1,108        $  264        $  425
Reclassification of net income
attributable to noncontrolling
interests as a result of change
in accounting guidance                   57            48             44            24            27

Net income (loss), as adjusted
for the adoption of changed
accounting guidance                    (242 )         899          1,152           288           452
Net income attributable to
noncontrolling interests                (57 )         (48 )          (44 )         (24 )         (27 )

Net income (loss) attributable
to CNAF                              $ (299 )      $  851        $ 1,108        $  264        $  425

(1) As
originally
presented in
Item 6 -
Selected
Financial
Data of
CNAF's
Annual
Report on
Form 10-K
for the year
ended
December 31,
2008.