Cna Financial Capital Iii S-3 Shelf registration

EXHIBIT 12.1

STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

	Year ended December 31
	2008			2007		2006		2005		2004
	(in millions except for ratio amounts)
Income (loss) before income tax and minority interest	$	(562	)	$	1,222	$	1,650	$	162	$	504
Less:
Income (loss) from equity investees		(379	)		183		288		254		212
Preferred stock dividends		29			-		-		-		-
Add:
Fixed charges		186			166		165		195		211
Distributions from equity investees		67			84		118		199		130
Income as adjusted	$	41		$	1,289	$	1,645	$	302	$	633
Fixed charges:
Interest expense	$	134		$	140	$	131	$	124	$	124
Portion of rent expense representative of the interest factor		17			17		17		24		23
Preferred stock dividends		29			-		-		-		-
Interest credited to policyholders		6			9		17		47		64
Fixed charges	$	186		$	166	$	165	$	195	$	211
Ratio of earnings to fixed charges		(a	)		7.8		10.0		1.5		3.0

(a) For the year ended December 31, 2008, income as adjusted was insufficient to cover fixed charges by $145 million.