EX-12.1 20 met-xexhibit121ratioofearn.htm EX-12.1 MET -- Exhibit 12.1 (Ratio of Earnings to Fixed Charges)2014


Exhibit 12.1

MetLife, Inc.
Ratio of Earnings to Fixed Charges
 
Years Ended December 31,
 
2014
 
2013
 
2012
 
2011
 
2010
Income (loss) from continuing operations before provision for income tax
$
8,804

  
$
4,052

  
$
1,442

  
$
9,184

  
$
3,729

Less: Undistributed income (loss) from equity investees
669

  
587

  
377

  
180

  
424

Adjusted earnings before fixed charges
$
8,135

  
$
3,465

  
$
1,065

  
$
9,004

  
$
3,305

Add: Fixed charges
 
 
 
 
 
 
 
 
 
Interest and debt issue costs (1)
1,257

  
1,352

  
1,389

  
1,666

  
1,565

Estimated interest component of rent expense
28

  
32

  
28

  
34

  
50

Interest credited to bank deposits
—

  
2

  
78

  
95

  
137

Interest credited to policyholder account balances
6,943

  
8,179

  
7,729

  
5,603

  
4,919

Total fixed charges
$
8,228

  
$
9,565

  
$
9,224

  
$
7,398

  
$
6,671

Preferred stock dividends (2)
169

  
146

  
134

  
385

  
173

Total fixed charges plus preferred stock dividends
$
8,397

  
$
9,711

  
$
9,358

  
$
7,783

  
$
6,844

Total earnings and fixed charges
$
16,363

  
$
13,030

  
$
10,289

  
$
16,402

  
$
9,976

Ratio of earnings to fixed charges
1.99

  
1.36

  
1.12

  
2.22

  
1.50

Total earnings including fixed charges and preferred stock dividends
$
16,532

  
$
13,176

  
$
10,423

  
$
16,787

  
$
10,149

Ratio of earnings to fixed charges and preferred stock dividends
1.97

  
1.36

  
1.11

  
2.16

  
1.48

__________________________________________
(1)
Interest costs include $38 million, $122 million, $163 million and $324 million related to variable interest entities for the years ended December 2014, 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 1.99 and 1.97, 1.37 and 1.36, 1.12 and 1.12, and 2.49 and 2.40, for the years ended December 31, 2014, 2013, 2012 and 2011, respectively.
(2)
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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