EX-12.1 26 met-20161231xex121ratioofe.htm EXHIBIT 12.1 Exhibit


Exhibit 12.1

MetLife, Inc.
Ratio of Earnings to Fixed Charges
 
Years Ended December 31,
 
2016
 
2015
 
2014
 
2013
 
2012
 
(In millions, except ratios)
Income (loss) from continuing operations before provision for income tax
$
(195
)
 
$
7,470

  
$
8,804

  
$
4,052

  
$
1,442

Less: Undistributed income (loss) from equity investees
335

 
620

  
669

  
587

  
377

Adjusted earnings before fixed charges (1)
$
(530
)
  
$
6,850

  
$
8,135

  
$
3,465

  
$
1,065

Add: Fixed charges
 
 
 
 
 
 
 
 
 
Interest and debt issue costs
1,238

 
1,585

  
1,257

  
1,352

  
1,389

Estimated interest component of rent expense
24

 
25

  
28

  
32

  
28

Interest credited to bank deposits
—

  
—

 
—

  
2

  
78

Interest credited to policyholder account balances
6,282

 
5,610

  
6,943

  
8,179

  
7,729

Total fixed charges
$
7,544

  
$
7,220

  
$
8,228

  
$
9,565

  
$
9,224

Preferred stock dividends (2)
159

 
221

  
169

  
146

  
134

Total fixed charges and preferred stock dividends
$
7,703

  
$
7,441

  
$
8,397

  
$
9,711

  
$
9,358

Total earnings and fixed charges
$
7,014

  
$
14,070

  
$
16,363

  
$
13,030

  
$
10,289

Ratio of earnings to fixed charges (1)
—

  
1.95

  
1.99

  
1.36

  
1.12

Total earnings, including fixed charges and preferred stock dividends
$
7,173

  
$
14,291

  
$
16,532

  
$
13,176

  
$
10,423

Ratio of earnings to fixed charges and preferred stock dividends (1)
—

  
1.92

  
1.97

  
1.36

  
1.11

__________________________________________
(1)
Earnings were insufficient to cover fixed charges at a 1:1 ratio by $530 million for the year ended December 31, 2016, primarily driven by an unfavorable change in net derivative losses.
(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.

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