EX-12.1 5 dex121.htm STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Statement Re: Computation of 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)

 

     

Three

Months

Ended

March 31,

2010

(Unaudited)

    Years Ended December 31,
      2009    2008    2007    2006    2005

Earnings

                  

Income before income taxes (a)

    $391    $598    $604    $   855    $   904    $296

Interest expense

    60    241    220    267    303    332

Portion of rents representative of the interest factor

    40    142    156    170    170    149
     $491    $981    $980    $1,292    $1,377    $777

Fixed Charges

                  

Interest expense

    $  60    $241    $220    $   267    $   303    $332

Portion of rents representative of the interest factor

    40    142    156    170    170    149
     $100    $383    $376    $   437    $   473    $481

Ratio of Earnings to Fixed Charges

    4.9    2.6    2.6    3.0    2.9    1.6

 

(a)

Excludes goodwill impairment charges of $315 million and $540 million recorded in the Risk Consulting & Technology segment in 2009 and 2008, respectively. Including these charges, the Ratio of Earnings to Fixed Charges was 1.7 and 1.2 for the years ended December 31, 2009 and 2008, respectively.