Attached files
| file | filename |
|---|---|
| 8-K - 8-K - METLIFE INC | d625601d8k.htm |
| EX-1.1 - EX-1.1 - METLIFE INC | d625601dex11.htm |
| EX-1.2 - EX-1.2 - METLIFE INC | d625601dex12.htm |
| EX-4.1 - EX-4.1 - METLIFE INC | d625601dex41.htm |
| EX-5.1 - EX-5.1 - METLIFE INC | d625601dex51.htm |
Exhibit 12.1
MetLife, Inc.
Ratio of Earnings to Fixed Charges
| Nine Months Ended September 30, |
Years Ended December 31, | |||||||||||||||||||||||||||
| 2013 | 2012 | 2012 | 2011 | 2010 | 2009 | 2008 | ||||||||||||||||||||||
| (In millions, except ratios) | ||||||||||||||||||||||||||||
| Income (loss) from continuing operations before provision for income tax |
$ | 2,784 | $ | 1,919 | $ | 1,442 | $ | 9,184 | $ | 3,729 | $ | (4,618 | ) | $ | 4,936 | |||||||||||||
| Less: Undistributed income (loss) from equity investees |
359 | 305 | 377 | 180 | 424 | (1,473 | ) | (784 | ) | |||||||||||||||||||
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| Adjusted earnings before fixed charges (1) |
2,425 | 1,614 | 1,065 | 9,004 | 3,305 | (3,145 | ) | 5,720 | ||||||||||||||||||||
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| Add: Fixed charges |
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| Interest and debt issue costs (2) |
1,011 | 1,045 | 1,389 | 1,666 | 1,565 | 1,083 | 1,157 | |||||||||||||||||||||
| Estimated interest component of rent expense |
23 | 22 | 28 | 34 | 50 | 74 | 46 | |||||||||||||||||||||
| Interest credited to bank deposits |
2 | 60 | 78 | 95 | 137 | 163 | 166 | |||||||||||||||||||||
| Interest credited to policyholder account balances |
6,036 | 5,681 | 7,729 | 5,603 | 4,919 | 4,845 | 4,787 | |||||||||||||||||||||
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| Total fixed charges |
7,072 | 6,808 | 9,224 | 7,398 | 6,671 | 6,165 | 6,156 | |||||||||||||||||||||
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| Preferred stock dividends (3) |
103 | 145 | 134 | 385 | 173 | 225 | 181 | |||||||||||||||||||||
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| Total fixed charges plus preferred stock dividends |
7,175 | 6,953 | 9,358 | 7,783 | 6,844 | 6,390 | 6,337 | |||||||||||||||||||||
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| Total earnings and fixed charges |
$ | 9,497 | $ | 8,422 | $ | 10,289 | $ | 16,402 | $ | 9,976 | $ | 3,020 | $ | 11,876 | ||||||||||||||
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| Ratio of earnings to fixed charges (1) |
1.34 | 1.24 | 1.12 | 2.22 | 1.50 | — | 1.93 | |||||||||||||||||||||
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| Total earnings including fixed charges and preferred stock dividends |
$ | 9,600 | $ | 8,567 | $ | 10,423 | $ | 16,787 | $ | 10,149 | $ | 3,245 | $ | 12,057 | ||||||||||||||
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| Ratio of earnings to fixed charges and preferred stock dividends (1) |
1.34 | 1.23 | 1.11 | 2.16 | 1.48 | — | 1.90 | |||||||||||||||||||||
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| (1) | Earnings were insufficient to cover fixed charges at a 1:1 ratio by $3,145 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 $96 million and $125 million related to variable interest entities for the nine months ended September 30, 2013 and 2012, 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 1.35 and 1.34, and 1.24 and 1.24, respectively. Interest costs include $163 million, $324 million and $411 million related to variable interest entities for the years ended December 31, 2012, 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 1.12 and 1.12, 2.49 and 2.40, and 1.53 and 1.51, 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. |