MARSH & MCLENNAN COMPANIES, INC. - FORM 10-K - EX-12.1 - STATEMENT RE COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES - February 24, 2017

Attached files

file	filename
EX-4.13 - NINTH SUPPLEMENTAL INDENTURE DATED JANUARY 12, 2017 - MARSH & MCLENNAN COMPANIES, INC.	mmc12312016ex_413.htm
EX-21.1 - LIST OF SUBSIDIARIES OF MMC - MARSH & MCLENNAN COMPANIES, INC.	mmc12312016ex_211.htm
EX-32.1 - SECTION 1350 CERTIFICATIONS - MARSH & MCLENNAN COMPANIES, INC.	mmc12312016ex_321.htm
EX-31.2 - RULE 13A-14(A)/15D-14(A) CERTIFICATION OF CHIEF FINANCIAL OFFICER - MARSH & MCLENNAN COMPANIES, INC.	mmc12312016ex_312.htm
EX-31.1 - RULE 13A-14(A)/15D-14(A) CERTIFICATION OF CHIEF EXECUTIVE OFFICER - MARSH & MCLENNAN COMPANIES, INC.	mmc12312016ex_311.htm
EX-23.1 - CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM - MARSH & MCLENNAN COMPANIES, INC.	mmc12312016ex_231.htm
EX-10.38 - SECOND AMENDMENT TO MMC BENEFIT EQUALIZATION AND SUPPLEMENTAL RETIRMENT PLANS - MARSH & MCLENNAN COMPANIES, INC.	mmc12312016ex_1038.htm
EX-10.37 - FIRST AMENDMENT TO MMC BENEFIT EQUALIZATION AND SUPPLEMENTAL RETIREMENT PLANS - MARSH & MCLENNAN COMPANIES, INC.	mmc12312016ex_1037.htm
EX-10.34 - FIRST AMENDMENT TO THE MMC SUPPLEMENTAL SAVINGS & INVESTMENT PLAN - MARSH & MCLENNAN COMPANIES, INC.	mmc12312016ex_1034.htm
10-K - FORM 10-K - MARSH & MCLENNAN COMPANIES, INC.	mmc1231201610k.htm

Exhibit 12.1

Marsh & McLennan Companies, Inc. and Subsidiaries

Ratio of Earnings to Fixed Charges

(In millions, except ratios)



					Years Ended December 31,
	2016				2015				2014				2013				2012
Earnings
Income before income taxes	$	2,480			$	2,307			$	2,057			$	1,973			$	1,696
Interest expense	189				163				165				167				181
Portion of rents representative of the interest factor	122				127				131				134				139
	$	2,791			$	2,597			$	2,353			$	2,274			$	2,016
Fixed Charges
Interest expense	$	189			$	163			$	165			$	167			$	181
Portion of rents representative of the interest factor	122				127				131				134				139
	$	311			$	290			$	296			$	301			$	320
Ratio of Earnings to Fixed Charges	9.0				9.0				7.9				7.6				6.3