EXHIBIT 12.1
METLIFE, INC.
COMPUTATION OF EARNINGS TO FIXED CHARGES AND TO COMBINED FIXED CHARGES AND
PREFERRED STOCK DIVIDENDS
FOR THE YEARS ENDED DECEMBER 31,
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2005 2004 2003 2002 2001
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(DOLLARS IN MILLIONS)
Income from continuing operations before provisions for income taxes $ 4,399 $ 3,666 $ 2,445 $ 1,489 $ 474
Minority interest 154 152 110 73 57
Undistributed income and losses from investees (106) (108) 144 153 (102)
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ADJUSTED EARNINGS BEFORE FIXED CHARGES $ 4,447 $ 3,710 $ 2,699 $ 1,715 $ 429
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ADD: FIXED CHARGES
Interest and debt issuance costs 659 408 478 403 332
Estimated interest component of rent expense (1) 68 61 59 86 82
Interest credited to bank deposits 109 39 17 7 3
Interest credited to policyholder account balances 3,925 2,997 3,035 2,950 3,084
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TOTAL FIXED CHARGES $ 4,761 $ 3,505 $ 3,589 $ 3,446 $ 3,501
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Preferred Stock Dividends 88 -- -- -- --
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TOTAL FIXED CHARGES AND PREFERRED STOCK DIVIDENDS $ 4,849 $ 3,505 $ 3,589 $ 3,446 $ 3,501
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TOTAL EARNINGS AND FIXED CHARGES $ 9,208 $ 7,215 $ 6,288 $ 5,161 $ 3,930
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RATIO OF EARNINGS TO FIXED CHARGES 1.93 2.06 1.75 1.50 1.12
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TOTAL EARNINGS INCLUDING FIXED CHARGES AND PREFERRED
STOCK DIVIDENDS $ 9,296 $ 7,215 $ 6,288 $ 5,161 $ 3,930
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RATIO OF EARNINGS TO FIXED CHARGES INCLUDING PREFERRED
STOCK DIVIDENDS 1.92 2.06 1.75 1.50 1.12
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1) 23.1% for 2005, 2004 and 2003 and 29.1% for 2002 and 2001.