MARSH & MCLENNAN COMPANIES, INC. - FORM 10-Q - EX-12.1 - STATEMENT RE COMPUTATION OF RATIO EARNINGS TO FIXED CHARGES - August 1, 2016

Attached files

file	filename
EX-10.2 - FORM OF RSU AWARD APRIL 2016 - MARSH & MCLENNAN COMPANIES, INC.	formofrsuawardapril-2016ex.htm
EX-32.1 - SECTION 1350 CERTIFICATIONS - MARSH & MCLENNAN COMPANIES, INC.	mmc0630201610qex_321.htm
EX-31.2 - RULE 13A-14(A)/15D-14(A) CERTIFICATION OF CHIEF FINANCIAL OFFICER - MARSH & MCLENNAN COMPANIES, INC.	mmc0630201610qex_312.htm
EX-31.1 - RULE 13A-14(A)/15D-14(A) CERTIFICATION OF CHIEF EXECUTIVE OFFICER - MARSH & MCLENNAN COMPANIES, INC.	mmc0630201610qex_311.htm
EX-10.6 - DESCRIPTION OF COMPENSATION ARRANGEMENTS FOR INDEPENDENT DIRECTORS - MARSH & MCLENNAN COMPANIES, INC.	descripofcomp-arrgmtsxnone.htm
EX-10.5 - ZAFFINO LETTER AGREEMENT - MARSH & MCLENNAN COMPANIES, INC.	termsofemployment-zaffinoe.htm
EX-10.4 - PORTALATIN LETTER AGREEMENT - MARSH & MCLENNAN COMPANIES, INC.	termsofemployment-portalat.htm
EX-10.3 - BISCHOFF WAIVER AND RELEASE AGREEMENT - MARSH & MCLENNAN COMPANIES, INC.	waiver-releaseagrmtaprilx2.htm
EX-10.1 - GLASER LETTER AGREEMENT - MARSH & MCLENNAN COMPANIES, INC.	termsofemployment-glaserex.htm
10-Q - FORM 10-Q - MARSH & MCLENNAN COMPANIES, INC.	mmc0630201610q.htm

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