EX-12.1 33 y87657exv12w1.htm EX-12.1 exv12w1
Exhibit 12.1
MetLife, Inc.
Ratio of Earnings to Fixed Charges
                                         
    Years Ended December 31,  
    2010     2009     2008     2007     2006  
Income (loss) from continuing operations before provision for income tax
  $ 3,958     $ (4,334 )   $ 5,059     $ 5,778     $ 3,941  
Undistributed income and losses from investees
    (424 )     1,473       784       (596 )     (169 )
 
                             
Adjusted earnings before fixed charges (1)
  $ 3,534     $ (2,861 )   $ 5,843     $ 5,182     $ 3,772  
 
                             
Add: fixed charges
                                       
Interest and debt issue costs (2)
    1,565       1,083       1,157       1,117       900  
Estimated interest component of rent expense
    50       74       46       71       80  
Interest credited to bank deposits
    137       163       166       199       194  
Interest credited to policyholder account balances
    4,925       4,849       4,788       5,461       4,899  
 
                             
Total fixed charges
  $ 6,677     $ 6,169     $ 6,157     $ 6,848     $ 6,073  
 
                             
Preferred stock dividends
    174       228       181       193       182  
 
                             
Total fixed charges plus preferred stock dividends
  $ 6,851     $ 6,397     $ 6,338     $ 7,041     $ 6,255  
 
                             
Total earnings and fixed charges
  $ 10,211     $ 3,308     $ 12,000     $ 12,030     $ 9,845  
 
                             
Ratio of earnings to fixed charges (1)
    1.53             1.95       1.76       1.62  
 
                             
Total earnings including fixed charges and preferred stock dividends
  $ 10,385     $ 3,536     $ 12,181     $ 12,223     $ 10,027  
 
                             
Ratio of earnings to fixed charges and preferred stock dividends (1)
    1.52             1.92       1.74       1.60  
 
                             
 
(1)   Earnings were insufficient to cover fixed charges at a 1:1 ratio by $2,861 million for the year ended December 31, 2009, primarily due to increased net investment losses on freestanding derivatives, partially offset by gains on embedded derivatives.
 
(2)   Interest costs include $411 million related to consolidated securitization entities for the year ended December 31, 2010. Excluding these costs would result in a ratio of earnings to fixed charges and ratio of earnings to fixed charges including preferred stock dividends of 1.56 and 1.55, respectively.

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