EX-12 5 ex12_3qtr2004.txt EARNINGS Exhibit 12.1 Marsh & McLennan Companies, Inc. and Subsidiaries Ratio of Earnings to Fixed Charges (In millions, except ratios)
Nine Months Ended September 30, Years Ended December 31, 2004 ------------------------------------------------------- (Unaudited) 2003 2002 2001 2000 1999 Earnings Income before income taxes and minority interest* $1,395 $2,335 $2,133 $1,590 $1,955 $1,255 Interest expense 153 185 160 196 247 233 Portion of rents representative of the interest factor 122 156 132 122 120 121 Amortization of capitalized interest - - - - - 1 ------------------------------------------------------------------------------------------------------------------- $1,670 $2,676 $2,425 $1,908 $2,322 $1,610 ------------------------------------------------------------------------------------------------------------------- Fixed Charges Interest expense $153 $ 185 $ 160 $ 196 $ 247 $ 233 Portion of rents representative of the interest factor 122 156 132 122 120 121 ------------------------------------------------------------------------------------------------------------------- $ 275 $ 341 $ 292 $ 318 $ 367 $ 354 ------------------------------------------------------------------------------------------------------------------- Ratio of Earnings to Fixed Charges 6.1 7.8 8.3 6.0 6.3 4.5 -------------------------------------------------------------------------------------------------------------------
* Minority interest has been reclassified in 1999 to conform to the current year presentation.