Exhibit 12.1
Marsh & McLennan Companies, Inc. and Subsidiaries
Ratio of Earnings to Fixed Charges
(In millions, except ratios)
Years Ended December 31,
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2004 2003 2002 2001 2000
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Earnings
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Income before income taxes and minority interest $ 454 $ 2,335 $ 2,133 $ 1,590 $ 1,955
Interest expense 219 185 160 196 247
Portion of rents representative of
the interest factor 168 156 132 122 120
Amortization of capitalized interest - - - - -
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$ 841 $ 2,676 $ 2,425 $ 1,908 $ 2,322
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Fixed Charges
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Interest expense $ 219 $ 185 $ 160 $ 196 $ 247
Portion of rents representative of
the interest factor 168 156 132 122 120
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$ 387 $ 341 $ 292 $ 318 $ 367
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Ratio of Earnings to Fixed Charges 2.2 7.8 8.3 6.0 6.3