Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - METLIFE INC | d798279d8k.htm |
| EX-1.1 - EX-1.1 - METLIFE INC | d798279dex11.htm |
Exhibit 12.1
MetLife, Inc.
Ratio of Earnings to Fixed Charges
| Six Months Ended June 30, |
Years Ended December 31, | |||||||||||||||||||||||||||
| (In millions, except ratios) | ||||||||||||||||||||||||||||
| 2014 | 2013 | 2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||||
| Income (loss) from continuing operations before provision for income tax |
3776 | $ | 1,808 | $ | 4,052 | $ | 1,442 | $ | 9,184 | $ | 3,729 | $ | (4,618 | ) | ||||||||||||||
| Less: Undistributed income (loss) from equity investees |
288 | 333 | 587 | 377 | 180 | 424 | (1,473 | ) | ||||||||||||||||||||
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| Adjusted earnings before fixed charges (1) |
$ | 3,488 | $ | 1,475 | $ | 3,465 | $ | 1,065 | $ | 9,004 | $ | 3,305 | $ | (3,145 | ) | |||||||||||||
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| Add: Fixed charges |
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| Interest and debt issue costs (2) |
645 | 675 | 1,352 | 1,389 | 1,666 | 1,565 | 1,083 | |||||||||||||||||||||
| Estimated interest component of rent expense |
18 | 17 | 32 | 28 | 34 | 50 | 74 | |||||||||||||||||||||
| Interest credited to bank deposits |
— | 2 | 2 | 78 | 95 | 137 | 163 | |||||||||||||||||||||
| Interest credited to policyholder account balances |
3,178 | 4,436 | 8,179 | 7,729 | 5,603 | 4,919 | 4,845 | |||||||||||||||||||||
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| Total fixed charges |
$ | 3,841 | $ | 5,130 | $ | 9,565 | $ | 9,224 | $ | 7,398 | $ | 6,671 | $ | 6,165 | ||||||||||||||
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| Preferred stock dividends (3) |
85 | 73 | 146 | 134 | 385 | 173 | 225 | |||||||||||||||||||||
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| Total fixed charges plus preferred stock dividends |
$ | 3,926 | $ | 5,203 | $ | 9,711 | $ | 9,358 | $ | 7,783 | $ | 6,844 | $ | 6,390 | ||||||||||||||
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| Total earnings and fixed charges |
$ | 7,329 | $ | 6,605 | $ | 13,030 | $ | 10,289 | $ | 16,402 | $ | 9,976 | $ | 3,020 | ||||||||||||||
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| Ratio of earnings to fixed charges (1) |
1.91 | 1.29 | 1.36 | 1.12 | 2.22 | 1.50 | — | |||||||||||||||||||||
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| Total earnings including fixed charges and preferred stock dividends |
$ | 7,414 | $ | 6,678 | $ | 13,176 | $ | 10,423 | $ | 16,787 | $ | 10,149 | $ | 3,245 | ||||||||||||||
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| Ratio of earnings to fixed charges and preferred stock dividends (1) |
1.89 | 1.28 | 1.36 | 1.11 | 2.16 | 1.48 | — | |||||||||||||||||||||
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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 $31 million and $67 million related to variable interest entities for the six months ended June 30, 2014 and 2013, respectively. Excluding these costs would result in a ratio of earnings to fixed charges and a ratio of earnings to fixed charges including preferred stock dividends of 1.92 and 1.90 and 1.29 and 1.29, respectively, for the six months ended June 30, 2014 and 2013, respectively. Interest costs included $122 million, $163 million and $324 million related to variable interest entities for the years ended December 31, 2013, 2012 and 2011, 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 1.37 and 1.36, 1.12 and 1.12, and 2.49 and 2.40, for the years ended December 31, 2013, 2012 and 2011, 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. |
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