Exhibit 12.1

Marsh & McLennan Companies, Inc. and Subsidiaries

Ratio of Earnings to Fixed Charges

(In millions, except ratios)

	Three Months Ended March 31, 2013		Years Ended December 31,
	(Unaudited)			2012		2011		2010		2009		2008
Earnings
Income before income taxes	$	588		$	1,696	$	1,404	$	769	$	552	$	494
Interest expense	44			181		199		233		241		220
Portion of rents representative of the interest factor	34			139		143		140		132		145
	$	666		$	2,016	$	1,746	$	1,142	$	925	$	859
Fixed Charges
Interest expense	$	44		$	181	$	199	$	233	$	241	$	220
Portion of rents representative of the interest factor	34			139		143		140		132		145
	$	78		$	320	$	342	$	373	$	373	$	365
Ratio of Earnings to Fixed Charges	8.5			6.3		5.1		3.1		2.5		2.4