Exhibit 12.1
MetLife, Inc.
Ratio of Earnings to Fixed Charges
Nine Months | ||||||||||||||||||||||||||||
Ended September 30, | Years Ended December 31, | |||||||||||||||||||||||||||
2010 | 2009 | 2009 | 2008 | 2007 | 2006 | 2005 | ||||||||||||||||||||||
(In millions, except ratios) | ||||||||||||||||||||||||||||
Income (loss) from continuing operations before provision for income tax | $ | 3,955 | $ | (4,512 | ) | $ | (4,333 | ) | $ | 5,061 | $ | 5,780 | $ | 3,943 | $ | 4,088 | ||||||||||||
Undistributed income and losses from investees | (300 | ) | 1,443 | 1,473 | 784 | (596 | ) | (169 | ) | (106 | ) | |||||||||||||||||
Adjusted earnings before fixed charges(1) | $ | 3,655 | $ | (3,069 | ) | $ | (2,860 | ) | $ | 5,845 | $ | 5,184 | $ | 3,774 | $ | 3,982 | ||||||||||||
Add: fixed charges | ||||||||||||||||||||||||||||
Interest and debt issue costs(2) | 1,155 | 799 | 1,083 | 1,157 | 1,117 | 900 | 659 | |||||||||||||||||||||
Estimated interest component of rent expense | 29 | 37 | 74 | 46 | 71 | 80 | 68 | |||||||||||||||||||||
Interest credited to bank deposits | 108 | 120 | 163 | 166 | 199 | 194 | 109 | |||||||||||||||||||||
Interest credited to policyholder account balances | 3,458 | 3,655 | 4,849 | 4,788 | 5,461 | 4,899 | 3,650 | |||||||||||||||||||||
Total fixed charges | $ | 4,750 | $ | 4,611 | $ | 6,169 | $ | 6,157 | $ | 6,848 | $ | 6,073 | $ | 4,486 | ||||||||||||||
Preferred stock dividends | 134 | 156 | 228 | 181 | 193 | 182 | 88 | |||||||||||||||||||||
Total fixed charges plus preferred stock dividends | $ | 4,884 | $ | 4,767 | $ | 6,397 | $ | 6,338 | $ | 7,041 | $ | 6,255 | $ | 4,574 | ||||||||||||||
Total earnings and fixed charges | $ | 8,405 | $ | 1,542 | $ | 3,309 | $ | 12,002 | $ | 12,032 | $ | 9,847 | $ | 8,468 | ||||||||||||||
Ratio of earnings to fixed charges(1) | 1.77 | — | — | 1.95 | 1.76 | 1.62 | 1.89 | |||||||||||||||||||||
Total earnings including fixed charges and preferred stock dividends | $ | 8,539 | $ | 1,698 | $ | 3,537 | $ | 12,183 | $ | 12,225 | $ | 10,029 | $ | 8,556 | ||||||||||||||
Ratio of earnings to fixed charges and preferred stock dividends(1) | 1.75 | — | — | 1.92 | 1.74 | 1.60 | 1.87 | |||||||||||||||||||||
(1) | Earnings were insufficient to cover fixed charges at a 1:1 ratio by $3,069 million and $2,860 million for the nine months ended September 30, 2009 and the year ended December 31, 2009, respectively, primarily due to increased net derivatives losses on freestanding derivatives. | |
(2) | Interest costs include $312 million related to variable interest entities for the nine months ended September 30, 2010. Excluding these costs would result in a ratio of earnings to fixed charges and ratio of earnings to fixed charges including preferred stock dividends of 1.82 and 1.80, respectively. |