EXHIBIT 12.1
Marsh & McLennan Companies, Inc. and Subsidiaries
Ratio of Earnings to Fixed Charges
(In millions, except ratios)
| Years Ended December 31, | ||||||||||||||||
| 2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||
Earnings | ||||||||||||||||
Income before income taxes | $ | 604 | (a) | $ | 855 | $ | 904 | $ | 296 | $ | 280 | |||||
Interest expense | 220 | 267 | 303 | 332 | 219 | |||||||||||
Portion of rents representative of the interest factor | 156 | 170 | 170 | 149 | 153 | |||||||||||
| $ | 980 | $ | 1,292 | $ | 1,377 | $ | 777 | $ | 652 | |||||||
Fixed Charges | ||||||||||||||||
Interest expense | $ | 220 | $ | 267 | $ | 303 | $ | 332 | $ | 219 | ||||||
Portion of rents representative of the interest factor | 156 | 170 | 170 | 149 | 153 | |||||||||||
| $ | 376 | $ | 437 | $ | 473 | $ | 481 | $ | 372 | |||||||
Ratio of Earnings to Fixed Charges | 2.6 | 3.0 | 2.9 | 1.6 | 1.8 | |||||||||||
| (a) | Excludes the non-cash goodwill impairment charge of $540 million recorded in the Risk Consulting & Technology segment in 2008. |
