Exhibit 12.1
Marsh & McLennan Companies, Inc. and Subsidiaries
Ratio of Earnings to Fixed Charges
(In millions, except ratios)
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Six Months Years Ended December 31,
Ended June 30, ------------------------------------------
2000 1999 (1) 1998 1997 (2) 1996 1995
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Earnings
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Income before income taxes $1,001 $1,247 $1,305 $ 715 $ 668 $ 650
Interest expense 128 233 140 107 61 63
Portion of rents
representative of
the interest factor 60 121 104 88 72 73
Amortization of
capitalized interest 0 1 1 1 1 1
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$1,189 $1,602 $1,550 $ 911 $ 802 $ 787
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Fixed Charges
-------------
Interest expense $ 128 $ 233 $ 140 $ 107 $ 61 $ 63
Portion of rents
representative of
the interest factor 60 121 104 88 72 73
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$ 188 $ 354 $ 244 $ 195 $ 133 $ 136
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Ratio of Earnings
to Fixed Charges 6.3 4.5 6.4 4.7 6.0 5.8
(1) For the year ended December 31, 1999, income before income taxes included
a $337 million special charge related to the acquisition and integration
of Sedgwick. Excluding that charge, the ratio of earnings to fixed charges
would have been 5.5.
(2) For the year ended December 31, 1997, income before income taxes included
a $244 million special charge related to the Johnson & Higgins
integration, London real estate and the disposal of certain assets.
Excluding that charge, the ratio of earnings to fixed charges would have
been 5.9.
