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. |