MetLife (MET) 8-K Material Modifications to Rights of Security Holders

Exhibit 12.1

MetLife, Inc.

Ratio of Earnings to Fixed Charges

	Three Months Ended March 31,				Years Ended December 31,
	2015		2014		2014		2013		2012		2011		2010
	(In millions, except ratios)
Income (loss) from continuing operations before provision for income tax	$	3,059	$	1,826	$	8,804	$	4,052	$	1,442	$	9,184	$	3,729
Less: Undistributed income (loss) from equity investees		201		193		669		587		377		180		424
Adjusted earnings before fixed charges	$	2,858	$	1,633	$	8,135	$	3,465	$	1,065	$	9,004	$	3,305
Add: fixed charges
Interest and debt issue costs (1)	$	309	$	322	$	1,257	$	1,352	$	1,389	$	1,666	$	1,565
Estimated interest component of rent expense		5		6		28		32		28		34		50
Interest credited to bank deposits		—		—		—		2		78		95		137
Interest credited to policyholder account balances		1,995		1,469		6,943		8,179		7,729		5,603		4,919
Total fixed charges	$	2,309	$	1,797	$	8,228	$	9,565	$	9,224	$	7,398	$	6,671
Preferred stock dividends (2)		43		41		169		146		134		385		173
Total fixed charges plus preferred stock dividends	$	2,352	$	1,838	$	8,397	$	9,711	$	9,358	$	7,783	$	6,844
Total earnings and fixed charges	$	5,167	$	3,430	$	16,363	$	13,030	$	10,289	$	16,402	$	9,976
Ratio of earnings to fixed charges		2.24		1.91		1.99		1.36		1.12		2.22		1.50
Total earnings including fixed charges and preferred stock dividends	$	5,210	$	3,471	$	16,532	$	13,176	$	10,423	$	16,787	$	10,149
Ratio of earnings to fixed charges and preferred stock dividends (1)		2.22		1.89		1.97		1.36		1.11		2.16		1.48

(1) Interest costs include $1 million and $18 million related to variable interest entities for the three months ended March 31, 2015 and 2014, respectively. Excluding these costs would not have a significant effect on the ratio of earnings to fixed charges and ratio of earnings to fixed charges including preferred stock dividends for both the three months ended March 31, 2015 and 2014. Interest costs include $38 million, $122 million, $163 million, $324 million and $411 million related to variable interest entities for the years ended December 2014, 2013, 2012, 2011 and 2010, respectively. Excluding these costs would result in a ratio of earnings to fixed charges and a ratio of earnings to fixed charges including preferred stock dividends of 1.99 and 1.97, 1.37 and 1.36, 1.12 and 1.12, 2.49 and 2.40, and 1.53 and 1.51 for the years ended December 31, 2014, 2013, 2012, 2011 and 2010, respectively.

(2) For the year ended December 31, 2011, preferred stock dividends includes the redemption premium of $211 million associated with the convertible preferred stock repurchased and canceled in March 2011.