EX-12 6 ratioexhibit12-1.txt RATIO OF EARNINGS Exhibit 12.1 Marsh & McLennan Companies, Inc. and Subsidiaries Ratio of Earnings to Fixed Charges (In millions, except ratios)
Three Months Ended March 31, Years Ended December 31, 2003 ---------------------------------------- (Unaudited) 2002 2001 2000 1999(1) 1998 Earnings -------- Income before income taxes and minority Interest* $ 443 $2,133 $1,590 $1,955 $1,255 $1,305 Interest expense 43 160 196 247 233 140 Portion of rents representative of the interest factor 35 135 122 120 121 104 Amortization of capitalized interest - - - - 1 1 ------------------------------------------------- $ 521 $2,428 $1,908 $2,322 $1,610 $1,550 ------------------------------------------------- Fixed Charges ------------- Interest expense $43 $160 $196 $247 $233 $140 Portion of rents representative of the interest factor 35 135 122 120 121 104 ------------------------------------------------ $78 $295 $318 $367 $354 $244 ------------------------------------------------ Ratio of Earnings to Fixed Charges 6.7 8.2 6.0 6.3 4.5 6.4 * Minority interest has been reclassified in the prior years (1998-1999) to conform to the current year presentation.