Exhibit 12.1
MetLife, Inc.
Ratio of Earnings to Fixed Charges
Ratio of Earnings to Fixed Charges
Years Ended December 31, | ||||||||||||||||||||
2009 | 2008 | 2007 | 2006 | 2005 | ||||||||||||||||
(In millions, except ratios) | ||||||||||||||||||||
Income (loss) from continuing operations before provision for income tax | $ | (4,333 | ) | $ | 5,061 | $ | 5,780 | $ | 3,943 | $ | 4,088 | |||||||||
Undistributed income and losses from investees | 1,473 | 784 | (596 | ) | (169 | ) | (106 | ) | ||||||||||||
Adjusted earnings before fixed charges (1) | $ | (2,860 | ) | $ | 5,845 | $ | 5,184 | $ | 3,774 | $ | 3,982 | |||||||||
Add: fixed charges | ||||||||||||||||||||
Interest and debt issue costs | 1,083 | 1,157 | 1,117 | 900 | 659 | |||||||||||||||
Estimated interest component of rent expense (2) | 74 | 46 | 71 | 80 | 68 | |||||||||||||||
Interest credited to bank deposits | 163 | 166 | 199 | 194 | 109 | |||||||||||||||
Interest credited to policyholder account balances | 4,849 | 4,788 | 5,461 | 4,899 | 3,650 | |||||||||||||||
Total fixed charges | $ | 6,169 | $ | 6,157 | $ | 6,848 | $ | 6,073 | $ | 4,486 | ||||||||||
Preferred stock dividends | 228 | 181 | 193 | 182 | 88 | |||||||||||||||
Total fixed charges plus preferred stock dividends | $ | 6,397 | $ | 6,338 | $ | 7,041 | $ | 6,255 | $ | 4,574 | ||||||||||
Total earnings and fixed charges | $ | 3,309 | $ | 12,002 | $ | 12,032 | $ | 9,847 | $ | 8,468 | ||||||||||
Ratio of earnings to fixed charges (1) | — | 1.95 | 1.76 | 1.62 | 1.89 | |||||||||||||||
Total earnings including fixed charges and preferred stock dividends | $ | 3,537 | $ | 12,183 | $ | 12,225 | $ | 10,029 | $ | 8,556 | ||||||||||
Ratio of earnings to fixed charges and preferred stock dividends (1) | — | 1.92 | 1.74 | 1.60 | 1.87 | |||||||||||||||
(1) | Earnings were insufficient to cover fixed charges by $2,860 million for the year ended December 31, 2009, primarily due to increased net investment losses on freestanding derivatives, partially offset by gains on embedded derivatives. | |
(2) | 15.48% for the year ended December 31, 2009, 9.66% for the year ended December 31, 2008, 18.93% for the year ended December 31, 2007 and 23.10% for the years ended December 31, 2006 and 2005. |