Marsh & McLennan Companies (MMC) 10-Q 2014 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, 2014		Years Ended December 31,
	(Unaudited)			2013		2012		2011		2010		2009
Earnings
Income before income taxes	$	1,257		$	1,973	$	1,696	$	1,404	$	769	$	552
Interest expense	84			167		181		199		233		241
Portion of rents representative of the interest factor	73			134		139		143		140		132
	$	1,414		$	2,274	$	2,016	$	1,746	$	1,142	$	925
Fixed Charges
Interest expense	$	84		$	167	$	181	$	199	$	233	$	241
Portion of rents representative of the interest factor	73			134		139		143		140		132
	$	157		$	301	$	320	$	342	$	373	$	373
Ratio of Earnings to Fixed Charges	9.0			7.6		6.3		5.1		3.1		2.5