Marsh & McLennan Companies (MMC) 10-Q 2018 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, 2018		Years Ended December 31,
	(Unaudited)			2017		2016		2015		2014		2013
Earnings
Income before income taxes	$	1,635		$	2,643	$	2,480	$	2,307	$	2,057	$	1,973
Interest expense	129			237		189		163		165		167
Portion of rents representative of the interest factor	61			118		122		127		131		134
	$	1,825		$	2,998	$	2,791	$	2,597	$	2,353	$	2,274
Fixed Charges
Interest expense	$	129		$	237	$	189	$	163	$	165	$	167
Portion of rents representative of the interest factor	61			118		122		127		131		134
	$	190		$	355	$	311	$	290	$	296	$	301
Ratio of Earnings to Fixed Charges	9.6			8.4		9.0		9.0		7.9		7.6