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.