Exhibit 12.1
MetLife, Inc.
Ratio of Earnings to Fixed Charges
|
| | | | | | | | | | | | | | | | | | | |
| | Years Ended December 31, |
| | 2016 | | 2015 | | 2014 | | 2013 | | 2012 |
| | (In millions, except ratios) |
| Income (loss) from continuing operations before provision for income tax | $ | 4,140 |
| | $ | 5,708 |
| | $ | 6,883 |
| | $ | 3,686 |
| | $ | 2,168 |
|
| Less: Undistributed income (loss) from equity investees | 164 |
| | 299 |
| | 418 |
| | 337 |
| | 192 |
|
| Adjusted earnings before fixed charges | $ | 3,976 |
| | $ | 5,409 |
| | $ | 6,465 |
| | $ | 3,349 |
| | $ | 1,976 |
|
| Add: Fixed charges | | | | | | | | | |
| Interest and debt issue costs | 1,188 |
| | 1,544 |
| | 1,189 |
| | 1,194 |
| | 1,202 |
|
| Estimated interest component of rent expense | 24 |
| | 25 |
| | 28 |
| | 33 |
| | 28 |
|
| Interest credited to bank deposits | — |
| | — |
| | — |
| | 2 |
| | 78 |
|
| Interest credited to policyholder account balances | 5,176 |
| | 4,415 |
| | 5,726 |
| | 6,881 |
| | 6,392 |
|
| Total fixed charges | $ | 6,388 |
| | $ | 5,984 |
| | $ | 6,943 |
| | $ | 8,110 |
| | $ | 7,700 |
|
| Preferred stock dividends (1) | 123 |
| | 225 |
| | 170 |
| | 150 |
| | 163 |
|
| | $ | 6,511 |
| | $ | 6,209 |
| | $ | 7,113 |
| | $ | 8,260 |
| | $ | 7,863 |
|
| Total earnings and fixed charges | $ | 10,364 |
| | $ | 11,393 |
| | $ | 13,408 |
| | $ | 11,459 |
| | $ | 9,676 |
|
| Ratio of earnings to fixed charges | 1.62 |
| | 1.90 |
| | 1.93 |
| | 1.41 |
| | 1.26 |
|
| Total earnings, including fixed charges and preferred stock dividends | $ | 10,487 |
| | $ | 11,618 |
| | $ | 13,578 |
| | $ | 11,609 |
| | $ | 9,839 |
|
| Ratio of earnings to fixed charges and preferred stock dividends | 1.61 |
| | 1.87 |
| | 1.91 |
| | 1.41 |
| | 1.25 |
|
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| |
| (1) | For the year ended December 31, 2015, preferred stock dividends includes the repurchase premium of $59 million associated with the repurchased and canceled 6.50% non-cumulative Series B preferred stock. |
