EX-12.1 8 mmc0630201610qex_121.htm STATEMENT RE COMPUTATION OF RATIO EARNINGS TO FIXED CHARGES Exhibit


Exhibit 12.1

Marsh & McLennan Companies, Inc. and Subsidiaries
Ratio of Earnings to Fixed Charges
(In millions, except ratios)
 
Six Months Ended June 30, 2016
Years Ended December 31,
 
(Unaudited)
 
2015
 
2014
 
2013
 
2012
 
2011
Earnings
 
 
 
 
 
 
 
 
 
 
 
Income before income taxes
$
1,367

 
$
2,307

 
$
2,057

 
$
1,973

 
$
1,696

 
$
1,404

Interest expense
94

 
163

 
165

 
167

 
181

 
199

Portion of rents representative of the interest factor
72

 
127

 
131

 
134

 
139

 
143

 
$
1,533

 
$
2,597

 
$
2,353

 
$
2,274

 
$
2,016

 
$
1,746

Fixed Charges
 
 
 
 
 
 
 
 
 
 
 
Interest expense
$
94

 
$
163

 
$
165

 
$
167

 
$
181

 
$
199

Portion of rents representative of the interest factor
72

 
127

 
131

 
134

 
139

 
143

 
$
166

 
$
290

 
$
296

 
$
301

 
$
320

 
$
342

Ratio of Earnings to Fixed Charges
9.2

 
9.0

 
7.9

 
7.6

 
6.3

 
5.1