EX-12.1 4 mmc12312017ex_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)
 
Years Ended December 31,
 
2017

 
2016

 
2015

 
2014

 
2013
Earnings
 
 
 
 
 
 
 
 
 
Income before income taxes
$
2,643

 
$
2,480

 
$
2,307

 
$
2,057

 
$
1,973

Interest expense
237

 
189

 
163

 
165

 
167

Portion of rents representative of the interest factor
118

 
122

 
127

 
131

 
134

 
$
2,998

 
$
2,791

 
$
2,597

 
$
2,353

 
$
2,274

Fixed Charges
 
 
 
 
 
 
 
 
 
Interest expense
$
237

 
$
189

 
$
163

 
$
165

 
$
167

Portion of rents representative of the interest factor
118

 
122

 
127

 
131

 
134

 
$
355

 
$
311

 
$
290

 
$
296

 
$
301

Ratio of Earnings to Fixed Charges
8.4

 
9.0

 
9.0

 
7.9

 
7.6