Exhibit 12.1
CNA FINANCIAL CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS
The following table sets forth our ratio of earnings to fixed charges and preferred dividends for each of the periods indicated. The 2008 Senior Preferred was fully redeemed in 2010.
|
| Years Ended December 31 |
| |||||||||||||
(In millions, except ratio amounts) |
| 2012 |
| 2011 |
| 2010 |
| 2009 |
| 2008 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Income (loss) from continuing operations before income tax and noncontrolling interest |
| $ | 872 |
| $ | 871 |
| $ | 1,112 |
| $ | 538 |
| $ | (555 | ) |
Less: |
|
|
|
|
|
|
|
|
|
|
| |||||
Income (loss) from equity investees |
| 251 |
| 48 |
| 249 |
| 315 |
| (379 | ) | |||||
Preferred stock dividends |
| — |
| — |
| 117 |
| 187 |
| 29 |
| |||||
Add: |
|
|
|
|
|
|
|
|
|
|
| |||||
Fixed charges |
| 191 |
| 196 |
| 295 |
| 337 |
| 186 |
| |||||
Distributions from equity investees |
| 162 |
| 145 |
| 113 |
| 92 |
| 67 |
| |||||
Income as adjusted |
| $ | 974 |
| $ | 1,164 |
| $ | 1,154 |
| $ | 465 |
| $ | 48 |
|
Fixed charges: |
|
|
|
|
|
|
|
|
|
|
| |||||
Interest |
| $ | 170 |
| $ | 175 |
| $ | 157 |
| $ | 128 |
| $ | 134 |
|
Portion of rents representative of the interest factor |
| 17 |
| 17 |
| 17 |
| 17 |
| 17 |
| |||||
Preferred stock dividends |
| — |
| — |
| 117 |
| 187 |
| 29 |
| |||||
Interest credited to policyholders |
| 4 |
| 4 |
| 4 |
| 5 |
| 6 |
| |||||
Fixed charges |
| $ | 191 |
| $ | 196 |
| $ | 295 |
| $ | 337 |
| $ | 186 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Ratio of earnings to fixed charges and preferred dividends |
| 5.1 |
| 5.9 |
| 3.9 |
| 1.4 |
|
| (a) | |||||
(a) For the year ended December 31, 2008, earnings were insufficient to cover fixed charges by $138 million.
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.
|
| Years Ended December 31 |
| |||||||||||||
(In millions, except ratio amounts) |
| 2012 |
| 2011 |
| 2010 |
| 2009 |
| 2008 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Income (loss) from continuing operations before income tax and noncontrolling interest |
| $ | 872 |
| $ | 871 |
| $ | 1,112 |
| $ | 538 |
| $ | (555 | ) |
Less: |
|
|
|
|
|
|
|
|
|
|
| |||||
Income (loss) from equity investees |
| 251 |
| 48 |
| 249 |
| 315 |
| (379 | ) | |||||
Add: |
|
|
|
|
|
|
|
|
|
|
| |||||
Fixed charges |
| 191 |
| 196 |
| 178 |
| 150 |
| 157 |
| |||||
Distributions from equity investees |
| 162 |
| 145 |
| 113 |
| 92 |
| 67 |
| |||||
Income as adjusted |
| $ | 974 |
| $ | 1,164 |
| $ | 1,154 |
| $ | 465 |
| $ | 48 |
|
Fixed charges: |
|
|
|
|
|
|
|
|
|
|
| |||||
Interest |
| $ | 170 |
| $ | 175 |
| $ | 157 |
| $ | 128 |
| $ | 134 |
|
Portion of rents representative of the interest factor |
| 17 |
| 17 |
| 17 |
| 17 |
| 17 |
| |||||
Interest credited to policyholders |
| 4 |
| 4 |
| 4 |
| 5 |
| 6 |
| |||||
Fixed charges |
| $ | 191 |
| $ | 196 |
| $ | 178 |
| $ | 150 |
| $ | 157 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Ratio of earnings to fixed charges excluding preferred dividends |
| 5.1 |
| 5.9 |
| 6.5 |
| 3.1 |
|
| (a) | |||||
(a) For the year ended December 31, 2008, earnings were insufficient to cover fixed charges by $109 million.
