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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 | Years Ended December 31, | |||||||||||||||
(Unaudited) | 2007 | 2006 | 2005 | 2004 | 2003 | |||||||||||
Earnings | ||||||||||||||||
Income before income taxes and minority interest | $548 | (a) | $ | 847 | $ | 912 | $302 | $283 | $ | 1,771 | ||||||
Interest expense | 165 | 267 | 303 | 332 | 219 | 185 | ||||||||||
Portion of rents representative of the interest factor | 120 | 170 | 170 | 149 | 153 | 141 | ||||||||||
$833 | $ | 1,284 | $ | 1,385 | $783 | $655 | $ | 2,097 | ||||||||
Fixed Charges | ||||||||||||||||
Interest expense | $165 | $ | 267 | $ | 303 | $332 | $219 | $ | 185 | |||||||
Portion of rents representative of the interest factor | 120 | 170 | 170 | 149 | 153 | 141 | ||||||||||
$285 | $ | 437 | $ | 473 | $481 | $372 | $ | 326 | ||||||||
Ratio of Earnings to Fixed Charges | 2.9 | 2.9 | 2.9 | 1.6 | 1.8 | 6.4 |
(a) | Excludes the Kroll non-cash goodwill impairment charge of $540 million recorded in 2008. |