Willis Towers Watson Public Limited (WTW) 10-K 2012 FY Annual report

Exhibit 12.1

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

	Year ended December 31,
	2012			2011		2010		2009		2008
	(millions except ratios)
(Loss) income from continuing operations before income taxes, interest in earnings of associates and noncontrolling interests	$	(337	)	$	239	$	587	$	516	$	398
Add back fixed charges:
Total fixed charges	169			197		208		224		150
Dividends from associates	3			7		5		12		9
Less:
Capitalized interest	—			—		—		—		(1		)
Income as adjusted	$	(165	)	$	443	$	800	$	752	$	556
Fixed charges
Interest expense	$	128		$	156	$	166	$	174	$	105
Portions of rents representative of interest factor	41			41		42		50		45
Total fixed charges	$	169		$	197	$	208	$	224	$	150
Ratio of earnings to fixed charges	(1.0		)	2.2		3.8		3.4		3.7

COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

	Year ended December 31,
	2012			2011		2010		2009		2008
	(millions except ratios)
(Loss) income from continuing operations before income taxes, interest in earnings of associates and noncontrolling interests	$	(337	)	$	239	$	587	$	516	$	398
Add back fixed charges:
Total fixed charges	169			197		208		224		150
Dividends from associates	3			7		5		12		9
Less:
Capitalized interest	—			—		—		—		(1		)
Income as adjusted	$	(165	)	$	443	$	800	$	752	$	556
Fixed charges and preferred stock dividends
Interest expense	$	128		$	156	$	166	$	174	$	105
Portions of rents representative of interest factor	41			$	41	$	42	$	50	$	45
Total fixed charges	169			$	197	$	208	$	224	$	150
Preferred stock dividends	—			$	—	$	—	$	—	$	—
Total fixed charges and preferred stock dividends	$	169		$	197	$	208	$	224	$	150
Ratio of earnings to fixed charges and preferred stock dividends	(1.0		)	2.2		3.8		3.4		3.7