EX-12.1 6 sep0303_ex1201.txt Exhibit 12.1 Marsh & McLennan Companies, Inc. and Subsidiaries Ratio of Earnings to Fixed Charges (In millions, except ratios) -------------------------------------------------------------------------------------------------------------------------------- Six Months Ended Years Ended December 31, June 30, ------------------------------------------------------ --------------------------- 2003 2002 2002 2001 2000 1999 1998 -------------------------------------------------------------------------------------------------------------------------------- Earnings -------- Income before income taxes and minority interest* $1,240 $1,186 $2,133 $1,590 $1,955 $1,255 $1,305 Interest expense 89 75 160 196 247 233 140 Portion of rents representative of the interest factor 75 59 135 122 120 121 104 Amortization of capitalized interest - - - - - 1 1 -------------------------------------------------------------------------------------------------------------------------------- $1,404 $1,320 $2,428 $1,908 $2,322 $1,610 $1,550 ================================================================================================================================ Fixed Charges ------------- Interest expense $89 $75 $160 $196 $247 $233 $140 Portion of rents representative of the interest factor 75 59 135 122 120 121 104 -------------------------------------------------------------------------------------------------------------------------------- $164 $134 $295 $318 $367 $354 $244 ================================================================================================================================ Ratio of Earnings to Fixed Charges 8.6 9.9 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.