EX-12.1 2 dex121.htm AMENDED RATIO OF EARNINGS TO FIXED CHARGES Amended Ratio of Earnings to Fixed Charges

EXHIBIT 12.1

Marsh & McLennan Companies, Inc. and Subsidiaries

Ratio of Earnings to Fixed Charges

(In millions, except ratios)

 

      Years Ended December 31,
      2008     2007    2006    2005    2004

Earnings

              

Income before income taxes

   $ 604 (a)    $ 855    $ 904    $ 296    $ 280

Interest expense

      220        267      303      332      219

Portion of rents representative of the interest factor

      156        170      170      149      153
     $ 980      $ 1,292    $ 1,377    $ 777    $ 652

Fixed Charges

              

Interest expense

    $ 220      $ 267    $ 303    $ 332    $ 219

Portion of rents representative of the interest factor

      156        170      170      149      153
     $ 376      $ 437    $ 473    $ 481    $ 372

Ratio of Earnings to Fixed Charges

      2.6        3.0      2.9      1.6      1.8

 

(a) Excludes the non-cash goodwill impairment charge of $540 million recorded in the Risk Consulting & Technology segment in 2008.