Marsh & McLennan Companies (MMC) 10-Q 2006 Q2 Quarterly report

Exhibit 12.1

Marsh & McLennan Companies, Inc. and Subsidiaries
Ratio of Earnings to Fixed Charges
(In millions, except ratios)

	Six
	Months
	Ended
	June 30,
	2006		Years Ended December 31,
	(unaudited)		2005		2004		2003		2002		2001
Earnings
Income before income taxes and minority interest	$	608	$	571	$	402	$	2,287	$	2,095	$	1,566
Interest expense		156		332		219		185		160		196
Portion of rents representative of the interest factor		84		157		162		150		128		119
	$	848	$	1,060	$	783	$	2,622	$	2,383	$	1,881
Fixed Charges
Interest expense	$	156	$	332	$	219	$	185	$	160	$	196
Portion of rents representative of the interest factor		84		157		162		150		128		119
	$	240	$	489	$	381	$	335	$	288	$	315
Ratio of Earnings to Fixed Charges		3.5		2.2		2.1		7.8		8.3		6.0