EXHIBIT 12.1
Marsh & McLennan Companies, Inc. and Subsidiaries
Ratio of Earnings to Fixed Charges
(In millions, except ratios)
Years Ended December 31,
| |||||||||||||||
2009 | 2008 | 2007 | 2006 | 2005 | |||||||||||
Earnings | |||||||||||||||
Income before income taxes | $ | 552 | $ | 494 | $ | 759 | $ | 799 | $ | 203 | |||||
Interest expense | 241 | 220 | 266 | 303 | 332 | ||||||||||
Portion of rents representative of the interest factor | 132 | 145 | 162 | 162 | 141 | ||||||||||
$ | 925 | $ | 859 | $ | 1,187 | $ | 1,264 | $ | 676 | ||||||
Fixed Charges | |||||||||||||||
Interest expense | 241 | $ | 220 | $ | 266 | $ | 303 | $ | 332 | ||||||
Portion of rents representative of the interest factor | 132 | 145 | 162 | 162 | 141 | ||||||||||
$ | 373 | $ | 365 | $ | 428 | $ | 465 | $ | 473 | ||||||
Ratio of Earnings to Fixed Charges | 2.5 | 2.4 | 2.8 | 2.7 | 1.4 |