Marsh & McLennan Companies (MMC) 10-Q 2011 Q3 Quarterly report

Exhibit 12.1

Marsh & McLennan Companies, Inc. and Subsidiaries

Ratio of Earnings to Fixed Charges

(In millions, except ratios)

	Nine Months Ended September 30, 2011		Years Ended December 31,
	(Unaudited)			2010		2009		2008		2007		2006
Earnings
Income before income taxes	$	1,060		$	769	$	552	$	494	$	759	$	799
Interest expense	149			233		241		220		266		303
Portion of rents representative of the interest factor	114			140		132		145		162		162
	$	1,323		$	1,142	$	925	$	859	$	1,187	$	1,264
Fixed Charges
Interest expense	$	149		$	233	$	241	$	220	$	266	$	303
Portion of rents representative of the interest factor	114			140		132		145		162		162
	$	263		$	373	$	373	$	365	$	428	$	465
Ratio of Earnings to Fixed Charges	5.0			3.1		2.5		2.4		2.8		2.7