Attached files
Exhibit 12.1
Marsh & McLennan Companies, Inc. and Subsidiaries
Ratio of Earnings to Fixed Charges
(In millions, except ratios)
Six Months Ended June 30, 2014 | Years Ended December 31, | ||||||||||||||||||||||
(Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||
Earnings | |||||||||||||||||||||||
Income before income taxes | $ | 1,257 | $ | 1,973 | $ | 1,696 | $ | 1,404 | $ | 769 | $ | 552 | |||||||||||
Interest expense | 84 | 167 | 181 | 199 | 233 | 241 | |||||||||||||||||
Portion of rents representative of the interest factor | 73 | 134 | 139 | 143 | 140 | 132 | |||||||||||||||||
$ | 1,414 | $ | 2,274 | $ | 2,016 | $ | 1,746 | $ | 1,142 | $ | 925 | ||||||||||||
Fixed Charges | |||||||||||||||||||||||
Interest expense | $ | 84 | $ | 167 | $ | 181 | $ | 199 | $ | 233 | $ | 241 | |||||||||||
Portion of rents representative of the interest factor | 73 | 134 | 139 | 143 | 140 | 132 | |||||||||||||||||
$ | 157 | $ | 301 | $ | 320 | $ | 342 | $ | 373 | $ | 373 | ||||||||||||
Ratio of Earnings to Fixed Charges | 9.0 | 7.6 | 6.3 | 5.1 | 3.1 | 2.5 |