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EXHIBIT 12.1
METLIFE, INC.
RATIO OF EARNINGS TO FIXED CHARGES
FOR THE YEARS ENDED DECEMBER 31,
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2003 2002 2001 2000 1999
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(DOLLARS IN MILLIONS)
Income from continuing operations
before provision for income taxes $ 2,630 $ 1,636 $ 570 $ 1,257 $ 1,047
Minority interests 110 73 57 115 55
Undistributed income and losses of investees 144 153 (102) (200) (162)
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ADJUSTED EARNINGS 2,884 1,862 525 1,172 940
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ADD FIXED CHARGES:
Interest 478 403 332 436 405
Estimated interest component of rent expense (1) 59 86 82 59 45
Interest credited to bank deposits 17 7 3 -- --
Interest credited to policyholder account balances 3,035 2,950 3,084 2,935 2,442
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TOTAL FIXED CHARGES 3,589 3,446 3,501 3,430 2,892
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TOTAL EARNINGS $ 6,473 $ 5,307 $ 4,025 $ 4,603 $ 3,832
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RATIO OF EARNINGS TO FIXED CHARGES 1.80 1.54 1.15 1.34 1.33
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(1) 23.1% for 2003, 29.1% for 2002 and 2001, and 25.9% for all previous periods