EX-12.1 2 mmc12312015ex_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,
 
2015

 
2014

 
2013

 
2012
 
2011
 
Earnings
 
 
 
 
 
 
 
 
 
 
Income before income taxes
$
2,307

 
$
2,057

 
$
1,973

 
$
1,696

 
$
1,404

 
Interest expense
163

 
165

 
167

 
181

 
199

 
Portion of rents representative of the interest factor
127

 
131

 
134

 
139

 
143

 
 
$
2,597

 
$
2,353

 
$
2,274

 
$
2,016

 
$
1,746

 
Fixed Charges
 
 
 
 
 
 
 
 
 
 
Interest expense
$
163

 
$
165

 
$
167

 
$
181

 
$
199

 
Portion of rents representative of the interest factor
127

 
131

 
134

 
139

 
143

 
 
$
290

 
$
296

 
$
301

 
$
320

 
$
342

 
Ratio of Earnings to Fixed Charges
9.0

 
7.9

 
7.6

 
6.3

 
5.1