EX-12.1 32 d302570dex121.htm STATEMENT RE: COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES Statement re: Computation of Ratios of Earnings to Fixed Charges

Exhibit 12.1

MetLife, Inc.

Ratio of Earnings to Fixed Charges

 

     Years Ended December 31,  
     2011     2010     2009     2008      2007  

Income (loss) from continuing operations before provision for income tax

   $ 10,026      $ 3,912      $ (4,361   $ 5,030       $ 5,751   

Undistributed income and losses from investees

     (180     (424     1,473        784         (596
  

 

 

   

 

 

   

 

 

   

 

 

    

 

 

 

Adjusted earnings before fixed charges (1)

   $ 9,846      $ 3,488      $ (2,888   $ 5,814       $ 5,155   
  

 

 

   

 

 

   

 

 

   

 

 

    

 

 

 

Add: fixed charges

           

Interest and debt issue costs (2)

     1,666        1,565        1,083        1,157         1,117   

Estimated interest component of rent expense

     34        50        74        46         71   

Interest credited to bank deposits

     95        137        163        166         199   

Interest credited to policyholder account balances

     5,603        4,919        4,845        4,787         5,458   
  

 

 

   

 

 

   

 

 

   

 

 

    

 

 

 

Total fixed charges

   $ 7,398      $ 6,671      $ 6,165      $ 6,156       $ 6,845   
  

 

 

   

 

 

   

 

 

   

 

 

    

 

 

 

Preferred stock dividends (3)

     387        174        228        181         193   
  

 

 

   

 

 

   

 

 

   

 

 

    

 

 

 

Total fixed charges plus preferred stock dividends

   $ 7,785      $ 6,845      $ 6,393      $ 6,337       $ 7,038   
  

 

 

   

 

 

   

 

 

   

 

 

    

 

 

 

Total earnings and fixed charges

   $ 17,244      $ 10,159      $ 3,277      $ 11,970       $ 12,000   
  

 

 

   

 

 

   

 

 

   

 

 

    

 

 

 

Ratio of earnings to fixed charges (1)

     2.33        1.52        —          1.94         1.75   
  

 

 

   

 

 

   

 

 

   

 

 

    

 

 

 

Total earnings including fixed charges and preferred stock dividends

   $ 17,631      $ 10,333      $ 3,505      $ 12,151       $ 12,193   
  

 

 

   

 

 

   

 

 

   

 

 

    

 

 

 

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

     2.26        1.51        —          1.92         1.73   
  

 

 

   

 

 

   

 

 

   

 

 

    

 

 

 

 

(1) Earnings were insufficient to cover fixed charges at a 1:1 ratio by $2,888 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 $324 million and $411 million related to variable interest entities for the years ended December 2011 and 2010, 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 2.39 and 2.36 and 1.56 and 1.54, 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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