CNA FINANCIAL CORP - FORM 8-K - EX-12.1

Exhibit 12.1

CNA FINANCIAL CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES EXCLUDING PREFERRED DIVIDENDS

The following table sets forth our ratio of earnings to fixed charges excluding preferred dividends for each of the periods indicated.


		Nine months
		ended
		September 30		Years Ended December 31
(In millions, except ratios)		2010		2009		2008			2007		2006		2005

Income (loss) from continuing operations before income tax and noncontrolling interest	$	636	$	540	$	(562	)	$	1,222	$	1,650	$	162
Less:
Income (loss) from equity investees		136		315		(379	)		183		288		254
Add:
Fixed charges		129		150		157			166		165		195
Distributions from equity investees		111		92		67			84		118		199

Income as adjusted	$	740	$	467	$	41		$	1,289	$	1,645	$	302

Fixed charges:
Interest	$	113	$	128	$	134		$	140	$	131	$	124
Portion of rents representative of the interest factor		13		17		17			17		17		24
Interest credited to policyholders		3		5		6			9		17		47

Fixed charges	$	129	$	150	$	157		$	166	$	165	$	195


Ratio of earnings to fixed charges excluding preferred dividends		5.7		3.1		(a	)		7.8		10.0		1.5



(a)		For the year ended December 31, 2008, earnings were insufficient to cover fixed charges by $116 million.

Per the SEC rule 8210, “the ratios should be presented for each of the last five fiscal years and the latest interim period for which the financial statements are presented.”

*Note that the difference between Distributions and income/loss from equity investees should tie to the CF statement

CNA FINANCIAL CORP - FORM 8-K - EX-12.1 - February 11, 2011