EX-12 5 ex12ratio-2005.txt EARNINGS Exhibit 12.1 Marsh & McLennan Companies, Inc. and Subsidiaries Ratio of Earnings to Fixed Charges (In millions, except ratios) Years Ended December 31, -------------------------------------------------------------------- 2004 2003 2002 2001 2000 -------------------------------------------------------------------- Earnings -------- Income before income taxes and minority interest $ 454 $ 2,335 $ 2,133 $ 1,590 $ 1,955 Interest expense 219 185 160 196 247 Portion of rents representative of the interest factor 168 156 132 122 120 Amortization of capitalized interest - - - - - -------------------------------------------------------------------- $ 841 $ 2,676 $ 2,425 $ 1,908 $ 2,322 ==================================================================== Fixed Charges ------------- Interest expense $ 219 $ 185 $ 160 $ 196 $ 247 Portion of rents representative of the interest factor 168 156 132 122 120 -------------------------------------------------------------------- $ 387 $ 341 $ 292 $ 318 $ 367 ==================================================================== Ratio of Earnings to Fixed Charges 2.2 7.8 8.3 6.0 6.3