Exhibit 12.1

Marsh & McLennan Companies, Inc. and Subsidiaries

Ratio of Earnings to Fixed Charges

(In millions, except ratios)

			Years Ended December 31,
	2014		2013		2012		2011		2010
Earnings
Income before income taxes	$	2,057	$	1,973	$	1,696	$	1,404	$	769
Interest expense	165		167		181		199		233
Portion of rents representative of the interest factor	131		134		139		143		140
	$	2,353	$	2,274	$	2,016	$	1,746	$	1,142
Fixed Charges
Interest expense	$	165	$	167	$	181	$	199	$	233
Portion of rents representative of the interest factor	131		134		139		143		140
	$	296	$	301	$	320	$	342	$	373
Ratio of Earnings to Fixed Charges	7.9		7.6		6.3		5.1		3.1