Attached files
| file | filename |
|---|---|
| 8-K - 8-K - METLIFE INC | d39041d8k.htm |
| EX-1.2 - EX-1.2 - METLIFE INC | d39041dex12.htm |
| EX-1.1 - EX-1.1 - METLIFE INC | d39041dex11.htm |
| EX-4.1 - EX-4.1 - METLIFE INC | d39041dex41.htm |
| EX-5.1 - EX-5.1 - METLIFE INC | d39041dex51.htm |
| EX-4.2 - EX-4.2 - METLIFE INC | d39041dex42.htm |
Exhibit 12.1
MetLife, Inc.
Ratio of Earnings to Fixed Charges
| Nine Months Ended September 30, |
Years Ended December 31, | |||||||||||||||||||||||||||
| 2015 | 2014 | 2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||||||||
| (In millions, except ratios) | ||||||||||||||||||||||||||||
| Income (loss) from continuing operations before provision for income tax |
$ | 6,335 | $ | 6,729 | $ | 8,804 | $ | 4,052 | $ | 1,442 | $ | 9,184 | $ | 3,729 | ||||||||||||||
| Less: Undistributed income (loss) from equity investees |
499 | 540 | 669 | 587 | 377 | 180 | 424 | |||||||||||||||||||||
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| Adjusted earnings before fixed charges |
$ | 5,836 | $ | 6,189 | $ | 8,135 | $ | 3,465 | $ | 1,065 | $ | 9,004 | $ | 3,305 | ||||||||||||||
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| Add: fixed charges |
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| Interest and debt issue costs (1) |
$ | 1,269 | $ | 950 | $ | 1,257 | $ | 1,352 | $ | 1,389 | $ | 1,666 | $ | 1,565 | ||||||||||||||
| Estimated interest component of rent expense |
18 | 26 | 28 | 32 | 28 | 34 | 50 | |||||||||||||||||||||
| Interest credited to bank deposits |
— | — | — | 2 | 78 | 95 | 137 | |||||||||||||||||||||
| Interest credited to policyholder account balances |
3,940 | 4,995 | 6,943 | 8,179 | 7,729 | 5,603 | 4,919 | |||||||||||||||||||||
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| Total fixed charges |
$ | 5,227 | $ | 5,971 | $ | 8,228 | $ | 9,565 | $ | 9,224 | $ | 7,398 | $ | 6,671 | ||||||||||||||
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| Preferred stock dividends (2) |
154 | 128 | 169 | 146 | 134 | 385 | 173 | |||||||||||||||||||||
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| Total fixed charges plus preferred stock dividends |
$ | 5,381 | $ | 6,099 | $ | 8,397 | $ | 9,711 | $ | 9,358 | $ | 7,783 | $ | 6,844 | ||||||||||||||
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| Total earnings and fixed charges |
$ | 11,063 | $ | 12,160 | $ | 16,363 | $ | 13,030 | $ | 10,289 | $ | 16,402 | $ | 9,976 | ||||||||||||||
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| Ratio of earnings to fixed charges |
2.12 | 2.04 | 1.99 | 1.36 | 1.12 | 2.22 | 1.50 | |||||||||||||||||||||
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| Total earnings including fixed charges and preferred stock dividends |
$ | 11,217 | $ | 12,288 | $ | 16,532 | $ | 13,176 | $ | 10,423 | $ | 16,787 | $ | 10,149 | ||||||||||||||
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| Ratio of earnings to fixed charges and preferred stock dividends (1) |
2.08 | 2.01 | 1.97 | 1.36 | 1.11 | 2.16 | 1.48 | |||||||||||||||||||||
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| (1) | Interest costs include $10 million and $34 million related to variable interest entities for the nine months ended September 30, 2015 and 2014, respectively. Excluding these costs would not have a significant effect on the ratio of earnings to fixed charges and ratio of earnings to fixed charges including preferred stock dividends for both the nine months ended September 30, 2015 and 2014. Interest costs include $38 million, $122 million, $163 million, $324 million and $411 million related to variable interest entities for the years ended December 2014, 2013, 2012, 2011 and 2010, 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 1.99 and 1.97, 1.37 and 1.36, 1.12 and 1.12, 2.49 and 2.40, and 1.53 and 1.51 for the years ended December 31, 2014, 2013, 2012, 2011 and 2010, respectively. |
| (2) | For the nine months ended September 30, 2015, preferred stock dividends includes the repurchase premium of $59 million associated with the repurchased and canceled 6.50% non-cumulative Series B preferred stock. For the year ended December 31, 2011, preferred stock dividends includes the repurchase premium of $211 million associated with the convertible preferred stock repurchased and canceled in March 2011. |