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Exhibit 12.1
Marsh & McLennan Companies, Inc. and Subsidiaries
Ratio of Earnings to Fixed Charges
(In millions, except ratios)
Nine Months Ended September 30, 2012 | Years Ended December 31, | ||||||||||||||||||||||
(Unaudited) | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Earnings | |||||||||||||||||||||||
Income before income taxes | $ | 1,326 | $ | 1,404 | $ | 769 | $ | 552 | $ | 494 | $ | 759 | |||||||||||
Interest expense | 135 | 199 | 233 | 241 | 220 | 266 | |||||||||||||||||
Portion of rents representative of the interest factor | 107 | 143 | 140 | 132 | 145 | 162 | |||||||||||||||||
$ | 1,568 | $ | 1,746 | $ | 1,142 | $ | 925 | $ | 859 | $ | 1,187 | ||||||||||||
Fixed Charges | |||||||||||||||||||||||
Interest expense | $ | 135 | $ | 199 | $ | 233 | $ | 241 | $ | 220 | $ | 266 | |||||||||||
Portion of rents representative of the interest factor | 107 | 143 | 140 | 132 | 145 | 162 | |||||||||||||||||
$ | 242 | $ | 342 | $ | 373 | $ | 373 | $ | 365 | $ | 428 | ||||||||||||
Ratio of Earnings to Fixed Charges | 6.5 | 5.1 | 3.1 | 2.5 | 2.4 | 2.8 |