Marsh & McLennan Companies, Inc. and Subsidiaries Exhibit 12.1
Ratio of Earnings to Fixed Charges
(In millions, except ratios)
Years Ended December 31,
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2003 2002 2001 2000 1999
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EARNINGS
Income before income taxes and minority interest* $ 2,335 $ 2,133 $ 1,590 $ 1,955 $ 1,255
Interest expense 185 160 196 247 233
Portion of rents representative of
the interest factor 156 132 122 120 121
Amortization of capitalized interest -- -- -- -- 1
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$ 2,676 $ 2,425 $ 1,908 $ 2,322 $ 1,610
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FIXED CHARGES
Interest expense $ 185 $ 160 $ 196 $ 247 $ 233
Portion of rents representative of
the interest factor 156 132 122 120 121
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$ 341 $ 292 $ 318 $ 367 $ 354
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Ratio of Earnings to Fixed Charges 7.8 8.3 6.0 6.3 4.5
* Minority interest has been reclassified in 1999 to conform to the current year
presentation.