EX-12.1 4 mmc0930201710qex_121.htm STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Exhibit


Exhibit 12.1

Marsh & McLennan Companies, Inc. and Subsidiaries
Ratio of Earnings to Fixed Charges
(In millions, except ratios)
 
Nine Months Ended September 30, 2017
Years Ended December 31,
 
(Unaudited)
 
2016
 
2015
 
2014
 
2013
 
2012
Earnings
 
 
 
 
 
 
 
 
 
 
 
Income before income taxes
$
2,001

 
$
2,480

 
$
2,307

 
$
2,057

 
$
1,973

 
$
1,696

Interest expense
178

 
189

 
163

 
165

 
167

 
181

Portion of rents representative of the interest factor
84

 
122

 
127

 
131

 
134

 
139

 
$
2,263

 
$
2,791

 
$
2,597

 
$
2,353

 
$
2,274

 
$
2,016

Fixed Charges
 
 
 
 
 
 
 
 
 
 
 
Interest expense
$
178

 
$
189

 
$
163

 
$
165

 
$
167

 
$
181

Portion of rents representative of the interest factor
84

 
122

 
127

 
131

 
134

 
139

 
$
262

 
$
311

 
$
290

 
$
296

 
$
301

 
$
320

Ratio of Earnings to Fixed Charges
8.6

 
9.0

 
9.0

 
7.9

 
7.6

 
6.3