. . . Exhibit 12.1 METLIFE, INC. RATIO TO EARNINGS TO FIXED CHARGES FOR THE YEARS ENDED DECEMBER 31, ----------------------------------------------------------- 2004 2003 2002 2001 2000 ------- ------- ------- ------- ------- (DOLLARS IN MILLIONS) Income from continuing operations before provision for income taxes $ 3,779 $ 2,559 $ 1,603 $ 529 $ 1,192 Minority interest 152 110 73 57 115 Undistributed income and losses from investees (108) 144 153 (102) (200) ----------------------------------------------------------- ADJUSTED EARNINGS $ 3,823 $ 2,813 $ 1,829 $ 484 $ 1,107 =========================================================== ADD: FIXED CHARGES Interest and debt issue costs 408 478 403 332 436 Estimated interest component of rent expense (1) 61 59 86 82 59 Interest credited to bank deposits 39 17 7 3 -- Interest credited to policyholder account balances 2,998 3,035 2,950 3,084 2,935 ----------------------------------------------------------- TOTAL FIXED CHARGES $ 3,506 $ 3,589 $ 3,446 $ 3,501 $ 3,430 =========================================================== ------- ------- ------- ------- ------- TOTAL EARNINGS $ 7,329 $ 6,402 $ 5,275 $ 3,985 $ 4,537 ======= ======= ======= ======= ======= RATIO OF EARNINGS TO FIXED CHARGES 2.09 1.78 1.53 1.14 1.32 ======= ======= ======= ======= ======= 1) 23.1% for 2004 and 2003, 29.1% for 2002 and 2001, and 25.9% for 2000.