Exhibit 12.1
MetLife, Inc.
Ratio of Earnings to Fixed Charges
Nine Months Ended September 30, | Years Ended December 31, | |||||||||||||||||||||||||||
2016 | 2015 | 2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||||||||
(In millions, except ratios) | ||||||||||||||||||||||||||||
Income (loss) from continuing operations before provision for income tax | $ | 3,370 | $ | 6,335 | $ | 7,470 | $ | 8,804 | $ | 4,052 | $ | 1,442 | $ | 9,184 | ||||||||||||||
Less: Undistributed income (loss) from equity investees | 187 | 499 | 620 | 669 | 587 | 377 | 180 | |||||||||||||||||||||
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Adjusted earnings before fixed charges | $ | 3,183 | $ | 5,836 | $ | 6,850 | $ | 8,135 | $ | 3,465 | $ | 1,065 | $ | 9,004 | ||||||||||||||
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Add: Fixed charges | ||||||||||||||||||||||||||||
Interest and debt issue costs (1) | 937 | 1,269 | 1,585 | 1,257 | 1,352 | 1,389 | 1,666 | |||||||||||||||||||||
Estimated interest component of rent expense | 18 | 18 | 25 | 28 | 32 | 28 | 34 | |||||||||||||||||||||
Interest credited to bank deposits | — | — | — | — | 2 | 78 | 95 | |||||||||||||||||||||
Interest credited to policyholder account balances | 4,646 | 3,940 | 5,610 | 6,943 | 8,179 | 7,729 | 5,603 | |||||||||||||||||||||
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Total fixed charges | $ | 5,601 | $ | 5,227 | $ | 7,220 | $ | 8,228 | $ | 9,565 | $ | 9,224 | $ | 7,398 | ||||||||||||||
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Preferred stock dividends (2) | 67 | 154 | 221 | 169 | 146 | 134 | 385 | |||||||||||||||||||||
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Total fixed charges and preferred stock dividends | $ | 5,668 | $ | 5,381 | $ | 7,441 | $ | 8,397 | $ | 9,711 | $ | 9,358 | $ | 7,783 | ||||||||||||||
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Total earnings and fixed charges | $ | 8,784 | $ | 11,063 | $ | 14,070 | $ | 16,363 | $ | 13,030 | $ | 10,289 | $ | 16,402 | ||||||||||||||
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Ratio of earnings to fixed charges | 1.57 | 2.12 | 1.95 | 1.99 | 1.36 | 1.12 | 2.22 | |||||||||||||||||||||
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Total earnings, including fixed charges and preferred stock dividends | $ | 8,851 | $ | 11,217 | $ | 14,291 | $ | 16,532 | $ | 13,176 | $ | 10,423 | $ | 16,787 | ||||||||||||||
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Ratio of earnings to fixed charges and preferred stock dividends | 1.56 | 2.08 | 1.92 | 1.97 | 1.36 | 1.11 | 2.16 | |||||||||||||||||||||
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(1) | Interest costs include $5 million and $10 million related to variable interest entities for the nine months ended September 30, 2016 and 2015, respectively. Excluding these costs would have no effect on both the ratio of earnings to fixed charges and the ratio of earnings to fixed charges and preferred stock dividends for the nine months ended September 30, 2016, and not have a significant effect for the nine months ended September 30, 2015. Interest costs include $8 million, $38 million, $122 million, $163 million and $324 million related to variable interest entities for the years ended December 2015, 2014, 2013, 2012 and 2011, respectively. Excluding these costs would have no effect on both the ratio of earnings to fixed charges and the ratio of earnings to fixed charges and preferred stock dividends for each of the years ended December 31, 2015 and 2014, and would not have a significant effect on such ratios for each of the years ended December 31, 2013, 2012 and 2011. |
(2) | 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. For the year ended December 31, 2011, preferred stock dividends includes the repurchase premium of $211 million associated with the convertible preferred stock repurchased and canceled in March 2011. |