CNA Financial (CNA) 8-K Entry into a Material Definitive Agreement

Exhibit 12.1

Statement regarding Computation of Ratio of Earnings to Fixed Charges

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

	Six Months
	Ended		Years Ended December 31
(in millions except for ratio amounts)	2010		2009		2008			2007		2006		2005
Income (loss) before income tax and noncontrolling interest	$	803	$	540	$	(562	)	$	1,222	$	1,650	$	162
Less:
Income (loss) from equity investees		68		315		(379	)		183		288		254
Add:
Fixed charges		84		150		157			166		165		195
Distributions from equity investees		82		92		67			84		118		199
Income as adjusted	$	901	$	467	$	41		$	1,289	$	1,645	$	302
Fixed charges:
Interest expensed	$	73	$	128	$	134		$	140	$	131	$	124
Portion of rents representative of the interest factor		9		17		17			17		17		24
Interest credited to policyholders		2		5		6			9		17		47
Fixed charges	$	84	$	150	$	157		$	166	$	165	$	195
Ratio of earnings to fixed charges		10.7		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.