Cna Financial Corp – ‘10-K’ for 12/31/00 – EX-12.1

On:  Friday, 3/16/01, at 5:21pm ET   ·   For:  12/31/00   ·   Accession #:  891554-1-501431   ·   File #:  1-05823

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Annual Report   —   Form 10-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-K        Annual Report                                         27    132K 
 2: EX-10.10    First Amendment to Sale and Purchase Agreement        60    227K 
 3: EX-12.1     Computation of Ratios                                  1      6K 
 4: EX-13.1     Annual Report                                        108±   450K 
 5: EX-21.1     Primary Subsidiaries of Cnaf                           2      7K 
 6: EX-23.1     Independent Auditors' Consent                          1      6K 

EX-12.1   —   Computation of Ratios

EXHIBIT 12.1    CNA FINANCIAL CORPORATION COMPUTATION OF RATIO OF EARNINGS TO   
FIXED CHARGES                                   

                                                        [Enlarge/Download Table]

Years ended December 31,                                     2000     1999      1998     1997     1996 
                                                           -------  -------   -------  -------  -------
(In millions, except ratios)                                                                           
                                                                                                       
Income (loss) before income tax, net of minority interest  $ 1,782  $   (41)  $   329  $ 1,358  $ 1,345
Adjustments:                                                                                           
    Interest expense                                           206      202       219      198      200
    Interest element of operating lease rental                  32       35        47       34       32
                                                           -------  -------   -------  -------  -------

Earnings before fixed charges                              $ 2,020  $   196   $   595  $ 1,590  $ 1,577
                                                           =======  =======   =======  =======  =======

Fixed charges:                                                                                         
    Interest expense                                       $   206  $   202   $   219  $   198  $   200
    Interest element of operating lease rental                  32       35        47       34       32
                                                           -------  -------   -------  -------  -------

Total fixed charges                                        $   238  $   237   $   266  $   232  $   232
                                                           =======  =======   =======  =======  =======

Ratio of earnings to fixed charges (1)                         8.5      0.8       2.2      6.8      6.8
                                                           =======  =======   =======  =======  =======

(1)  For purposes of computing this ratio, earnings consist of income before    
  income taxes plus fixed charges of consolidated companies. Fixed charges
consist of interest and that portion of operating lease rental expense
which is deemed to be an interest factor for such rentals.