EX-12.1 14 met-xexhibit121ratioofearn.htm EX-12.1 MET -- Exhibit 12.1 (Ratio of Earnings to Fixed Charges)


Exhibit 12.1

MetLife, Inc.
Ratio of Earnings to Fixed Charges
 
Years Ended December 31,
 
2013
 
2012
 
2011
 
2010
 
2009
Income (loss) from continuing operations before provision for income tax
$
4,052

  
$
1,442

  
$
9,184

  
$
3,729

  
$
(4,618
)
Less: Undistributed income (loss) from equity investees
587

  
377

  
180

  
424

  
(1,473
)
Adjusted earnings before fixed charges (1)
$
3,465

  
$
1,065

  
$
9,004

  
$
3,305

  
$
(3,145
)
Add: Fixed charges
 
 
 
 
 
 
 
 
 
Interest and debt issue costs (2)
1,352

  
1,389

  
1,666

  
1,565

  
1,083

Estimated interest component of rent expense
32

  
28

  
34

  
50

  
74

Interest credited to bank deposits
2

  
78

  
95

  
137

  
163

Interest credited to policyholder account balances
8,179

  
7,729

  
5,603

  
4,919

  
4,845

Total fixed charges
$
9,565

  
$
9,224

  
$
7,398

  
$
6,671

  
$
6,165

Preferred stock dividends (3)
146

  
134

  
385

  
173

  
225

Total fixed charges plus preferred stock dividends
$
9,711

  
$
9,358

  
$
7,783

  
$
6,844

  
$
6,390

Total earnings and fixed charges
$
13,030

  
$
10,289

  
$
16,402

  
$
9,976

  
$
3,020

Ratio of earnings to fixed charges (1)
1.36

  
1.12

  
2.22

  
1.50

  
—

Total earnings including fixed charges and preferred stock dividends
$
13,176

  
$
10,423

  
$
16,787

  
$
10,149

  
$
3,245

Ratio of earnings to fixed charges and preferred stock dividends (1)
1.36

  
1.11

  
2.16

  
1.48

  
—

__________________________________________
(1)
Earnings were insufficient to cover fixed charges at a 1:1 ratio by $3,145 million for the year ended December 31, 2009, primarily due to increased derivatives losses on freestanding derivatives, partially offset by gains on embedded derivatives.
(2)
Interest costs include $122 million, $163 million and $324 million related to variable interest entities for the years ended December 2013, 2012 and 2011, respectively. 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 1.37 and 1.36, 1.12 and 1.12, and 2.49 and 2.40, for the years ended December 2013, 2012 and 2011, respectively.
(3)
For the year ended December 31, 2011, preferred stock dividends includes the redemption premium of $211 million associated with the convertible preferred stock repurchased and canceled in March 2011.

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