EX-12.1 26 met-20151231xex121ratioofe.htm EX-12.1 Exhibit


Exhibit 12.1

MetLife, Inc.
Ratio of Earnings to Fixed Charges
 
Years Ended December 31,
 
2015
 
2014
 
2013
 
2012
 
2011
 
(In millions, except ratios)
Income (loss) from continuing operations before provision for income tax
$
7,470

 
$
8,804

  
$
4,052

  
$
1,442

  
$
9,184

Less: Undistributed income (loss) from equity investees
620

 
669

  
587

  
377

  
180

Adjusted earnings before fixed charges
$
6,850

  
$
8,135

  
$
3,465

  
$
1,065

  
$
9,004

Add: Fixed charges
 
 
 
 
 
 
 
 
 
Interest and debt issue costs (1)
1,585

 
1,257

  
1,352

  
1,389

  
1,666

Estimated interest component of rent expense
25

 
28

  
32

  
28

  
34

Interest credited to bank deposits
—

  
—

 
2

  
78

  
95

Interest credited to policyholder account balances
5,610

 
6,943

  
8,179

  
7,729

  
5,603

Total fixed charges
$
7,220

  
$
8,228

  
$
9,565

  
$
9,224

  
$
7,398

Preferred stock dividends (2)
221

 
169

  
146

  
134

  
385

Total fixed charges and preferred stock dividends
$
7,441

  
$
8,397

  
$
9,711

  
$
9,358

  
$
7,783

Total earnings and fixed charges
$
14,070

  
$
16,363

  
$
13,030

  
$
10,289

  
$
16,402

Ratio of earnings to fixed charges
1.95

  
1.99

  
1.36

  
1.12

  
2.22

Total earnings, including fixed charges and preferred stock dividends
$
14,291

  
$
16,532

  
$
13,176

  
$
10,423

  
$
16,787

Ratio of earnings to fixed charges and preferred stock dividends
1.92

  
1.97

  
1.36

  
1.11

  
2.16

__________________________________________
(1)
Interest costs include $8 million, $38 million, $122 million, $163 million and $324 million related to variable interest entities for the years ended December 2015, 2014, 2013, 2012 and 2011, respectively. Excluding these costs would have no effect on both the ratio of earnings to fixed charges and the ratio of earnings to fixed charges and preferred stock dividends for each of the years ended December 31, 2015 and 2014, and would not have a significant effect on such ratios for each of the years ended December 31, 2013, 2012 and 2011.
(2)
For the year ended December 31, 2015, preferred stock dividends includes the repurchase premium of $59 million associated with the repurchased and canceled 6.50% non-cumulative Series B preferred stock. For the year ended December 31, 2011, preferred stock dividends includes the repurchase premium of $211 million associated with the convertible preferred stock repurchased and canceled in March 2011.

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