SEC 8-K filings with transcript text
Oct 15, 2026
2 mmc3q2026ex991newsrelease.htm
Document
Marsh 212 345 5000 www.marsh.com
News release Exhibit 99.1
Marsh reports third quarter 2026 results
•Revenue Growth of 8%; Underlying Revenue Growth of 5%
•GAAP Operating Income Increases 4%; Adjusted Operating Income Increases 6%
•Third Quarter GAAP EPS of $1.69; Adjusted EPS Increases 10% to $2.03
•Nine Months GAAP EPS of $6.68; Adjusted EPS Increases 9% to $8.29
NEW YORK, October 15, 2026 – Marsh (NYSE: MRSH), a global leader in risk, reinsurance and capital, people and investments, and management consulting, today reported financial results for the third quarter ended September 30, 2026.
John Doyle, President and CEO, said: "Marsh delivered a strong third quarter, generating 5% underlying revenue growth and double-digit EPS growth. We also made significant progress in executing our Thrive program and successfully completed our brand transition."
"These results reflect the strength of our market position, the value we deliver to clients, and the commitment of our colleagues around the world."
Consolidated Results
Effective January 14, 2026, the Company updated its brand name from Marsh McLennan to Marsh and the brand names of Marsh and Oliver Wyman Group businesses to Marsh Risk ("Risk") and Marsh Management Consulting ("Management Consulting"), respectively. As a result of the Company's previously announced brand change, results that were previously reported under our Guy Carpenter business will now be reported as "Reinsurance" and results that were previously reported as Mercer will now be reported as "People and Investments". Within People and Investments, results for Wealth will now be reported as "Investments and Retirement", Health will now be reported as "Health and Benefits" and Career will now be reported as "Workforce and Rewards".
Consolidated revenue in the third quarter of 2026 was $6.9 billion, an increase of 8% compared with the third quarter of 2025, or 5% on an underlying basis. Operating income increased 4% to $1.2 billion. Adjusted operating income, which excludes noteworthy items and identified intangible amortization expense as presented in the attached supplemental schedules, rose 6% to $1.5 billion. Net income attributable to the Company was $808 million. Earnings per share were $1.69. Adjusted earnings per share increased 10% to $2.03.
1
For the nine months ended September 30, 2026, consolidated revenue was $21.9 billion, an increase of 7% on a GAAP basis or 5% on an underlying basis, compared to the prior year period. Operating income was $4.9 billion, a decrease of 3% from the prior year period. Adjusted operating income rose 7% to $6.1 billion. Net income attributable to the Company was $3.2 billion, or $6.68 per diluted share, compared with $6.75 in the first nine months of 2025. Adjusted earnings per share increased 9% to $8.29.
Risk and Insurance Services
Risk and Insurance Services revenue was $4.2 billion in the third quarter of 2026, an increase of 7%, or 3% on an underlying basis. Operating income decreased 1% to $745 million, while adjusted operating income increased 4% to $1.0 billion. For the nine months ended September 30, 2026, revenue was $14.1 billion, an increase of 6%, or 3% on an underlying basis. Operating income decreased 7% to $3.5 billion, and adjusted operating income increased 5% to $4.6 billion.
Risk's revenue in the third quarter of 2026 was $3.7 billion, an increase of 10%, or 5% on an underlying basis. In U.S./Canada, underlying revenue growth was 4%. In International, underlying revenue growth was 6%, and included 7% growth in EMEA, 4% growth in Asia Pacific, and flat in Latin America. For the nine months ended September 30, 2026, Risk’s underlying revenue growth was 4%.
Reinsurance's revenue in the third quarter was $374 million, a decrease of 6%, on both a GAAP and underlying basis. For the nine months ended September 30, 2026, Reinsurance's revenue decreased 1% on an underlying basis.
Consulting
Consulting revenue was $2.7 billion in the third quarter of 2026, an increase of 9%, or 8% on an underlying basis. Operating income increased 12% to $563 million, while adjusted operating income increased 9% to $593 million. For the nine months ended September 30, 2026, revenue was $7.8 billion, an increase of 10%, or 7% on an underlying basis. Operating income rose 13% to $1.6 billion, and adjusted operating income increased 11% to $1.7 billion.
People and Investments' revenue in the third quarter was $1.7 billion, an increase of 6%, or 5% on an underlying basis. Investments and Retirement revenue grew 8%, Health and Benefits revenue increased 5%, and Workforce and Rewards revenue decreased 1%, all on an underlying basis. For the nine months ended September 30, 2026, People and Investments’ revenue was $4.9 billion, an increase of 5% on an underlying basis.
Management Consulting's revenue in the third quarter of 2026 was $1.0 billion, an increase of 1
Jul 21, 2026
2 mmc2q2026ex991newsrelease.htm
Document
Marsh 212 345 5000 www.corporate.marsh.com
News release Exhibit 99.1
Marsh reports second quarter 2026 results
•Revenue Growth of 6%; Underlying Revenue Growth of 5%
•GAAP Operating Income Increases 4%; Adjusted Operating Income Increases 5%
•Second Quarter GAAP EPS of $2.63; Adjusted EPS Increases 9% to $2.96
•Six Months GAAP EPS of $4.99; Adjusted EPS Increases 8% to $6.25
NEW YORK, July 21, 2026 – Marsh (NYSE: MRSH), a global leader in risk, reinsurance and capital, people and investments, and management consulting, today reported financial results for the second quarter ended June 30, 2026.
John Doyle, President and CEO, said: "I am pleased with our solid results in the quarter and our execution in a dynamic environment. Our performance in the first half underscores strong demand for Marsh's expertise and capabilities across risk, people, strategy, and investments.
"For the quarter, we generated 6% overall revenue growth, 5% underlying revenue growth, and 9% growth in adjusted EPS."
Consolidated Results
Consolidated revenue in the second quarter of 2026 was $7.4 billion, an increase of 6% compared with the second quarter of 2025, or 5% on an underlying basis. Operating income increased 4% to $1.9 billion. Adjusted operating income, which excludes noteworthy items and identified intangible amortization expense as presented in the attached supplemental schedules, rose 5% to $2.2 billion. Net income attributable to the Company was $1.3 billion. Earnings per share were $2.63. Adjusted earnings per share increased 9% to $2.96.
For the six months ended June 30, 2026, consolidated revenue was $15.0 billion, an increase of 7% on a GAAP basis or 4% on an underlying basis, compared to the prior year period. Operating income was $3.7 billion, a decrease of 5% from the prior year period. Adjusted operating income rose 7% to $4.6 billion. Net income attributable to the Company was $2.4 billion, or $4.99 per diluted share, compared with $5.23 in the first six months of 2025. Adjusted earnings per share increased 8% to $6.25.
1
Risk & Insurance Services
Risk & Insurance Services revenue was $4.8 billion in the second quarter of 2026, an increase of 4%, or 3% on an underlying basis. Operating income increased 2% to $1.5 billion, while adjusted operating income increased 3% to $1.7 billion. For the six months ended June 30, 2026, revenue was $9.9 billion, an increase of 5%, or 3% on an underlying basis. Operating income decreased 9% to $2.8 billion, and adjusted operating income increased 5% to $3.6 billion.
Marsh Risk's revenue in the second quarter of 2026 was $4.1 billion, an increase of 6%, or 4% on an underlying basis. In U.S./Canada, underlying revenue growth was 4%. In International, underlying revenue growth was 5%, and included 5% growth in EMEA, 5% growth in Asia Pacific, and 8% growth in Latin America. For the six months ended June 30, 2026, Marsh Risk’s underlying revenue growth was 4%.
Guy Carpenter's revenue in the second quarter was $664 million, a decrease of 2%, on both a GAAP and underlying basis. For the six months ended June 30, 2026, Guy Carpenter’s revenue was flat on an underlying basis.
Consulting
Consulting revenue was $2.6 billion in the second quarter of 2026, an increase of 10%, or 8% on an underlying basis. Operating income increased 10% to $502 million, while adjusted operating income increased 11% to $533 million. For the six months ended June 30, 2026, revenue was $5.2 billion, an increase of 10%, or 7% on an underlying basis. Operating income rose 12% to $1.0 billion, and adjusted operating income increased 12% to $1.1 billion.
Mercer's revenue in the second quarter was $1.6 billion, an increase of 7%, or 5% on an underlying basis. Wealth revenue grew 8%, Health revenue increased 3%, and Career revenue increased 2%, all on an underlying basis. For the six months ended June 30, 2026, Mercer’s revenue was $3.3 billion, an increase of 5% on an underlying basis.
Marsh Management Consulting's revenue in the second quarter of 2026 was $1.0 billion, an increase of 15%, or 13% on an underlying basis. For the six months ended June 30, 2026, Marsh Management Consulting’s revenue was $1.9 billion, an increase of 10% on an underlying basis.
Other Items
The Company repurchased approximately 4.5 million shares of stock for $750 million in the second quarter of 2026. Through six months ended June 30, 2026, the Company has repurchased 8.7 million shares of stock for $1.5 billion.
On July 8, the Board of Directors increased the quarterly dividend by 10% to $0.990 per share, with the third quarter dividend payable on August 14, 2026.
2
Conference Call
A conference call to discuss second quarter 2026 results will be held today at 8:30 a.m. Eastern time. The live audio webcast may be accessed at corporate.marsh.com. A replay of the webcast will be available approximately two hours after the event. The w
Apr 16, 2026
2 mmc1q2026ex991newsrelease.htm
Document
Marsh 212 345 5000 www.corporate.marsh.com
News release Exhibit 99.1
Marsh reports strong first quarter 2026 results
•Revenue Growth of 8%; Underlying Revenue Growth of 4%
•GAAP Operating Income Decreases 12%; Adjusted Operating Income Increases 8%
•First Quarter GAAP EPS of $2.36; Adjusted EPS Increases 8% to $3.29
NEW YORK, April 16, 2026 – Marsh (NYSE: MRSH), a global leader in risk, reinsurance and capital, people and investments, and management consulting, today reported financial results for the first quarter ended March 31, 2026.
John Doyle, President and CEO, said: "We had a solid start to the year, and I am pleased with our execution in a dynamic and challenging environment. For the quarter, we generated 8% overall revenue growth, 4% underlying revenue growth, 8% adjusted operating income growth, and 8% adjusted EPS growth."
"Our results reflect Marsh's market leadership, our clients' trust in our team's expertise, and the strength of our data and insights."
Consolidated Results
Consolidated revenue in the first quarter of 2026 was $7.6 billion, an increase of 8% compared with the first quarter of 2025, or 4% on an underlying basis. Operating income fell 12% to $1.8 billion and included a $425 million charge related to the Greensill litigation. Adjusted operating income, which excludes noteworthy items and identified intangible amortization expense as presented in the attached supplemental schedules, rose 8% to $2.4 billion. Net income attributable to the Company was $1.1 billion. Earnings per share were $2.36. Adjusted earnings per share increased 8% to $3.29.
1
Risk and Insurance Services
Risk & Insurance Services revenue was $5.1 billion in the first quarter of 2026, an increase of 6%, or 3% on an underlying basis. Operating income decreased 19% to $1.3 billion and included the charge related to the Greensill litigation, while adjusted operating income increased 7% to $1.9 billion.
Marsh Risk's revenue in the first quarter of 2026 was $3.7 billion, an increase of 8%, or 4% on an underlying basis. In U.S./Canada, underlying revenue growth was 3%. In International, underlying revenue growth was 5%, and included 6% growth in EMEA, 5% growth in Asia Pacific, and 2% growth in Latin America.
Guy Carpenter's revenue in the first quarter was $1.2 billion, an increase of 3%, or 2% on an underlying basis.
Consulting
Consulting revenue was $2.6 billion in the first quarter of 2026, an increase of 11%, or 5% on an underlying basis. Operating income increased 15% to $525 million, while adjusted operating income increased 13% to $552 million.
Mercer's revenue in the first quarter was $1.7 billion, an increase of 11%, or 5% on an underlying basis. Wealth revenue grew 5%, Health revenue increased 6%, and Career revenue declined 2%, all on an underlying basis.
Marsh Management Consulting's revenue in the first quarter of 2026 was $897 million, an increase of 10%, or 6% on an underlying basis.
Other Items
The Company repurchased approximately 4.2 million shares of stock for $750 million in the first quarter of 2026.
In the first quarter of 2026, the Company issued $600 million of senior notes and repaid $600 million of senior notes that matured.
Conference Call
A conference call to discuss first quarter 2026 results will be held today at 8:30 a.m. Eastern time. The live audio webcast may be accessed at corporate.marsh.com. A replay of the webcast will be available approximately two hours after the event. The webcast is listen-only. Those interested in participating in the question-and-answer session may register here to receive the dial-in numbers and unique PIN to access the call.
About Marsh
Marsh (NYSE: MRSH) is a global leader in risk, reinsurance and capital, people and investments, and management consulting, advising clients in 130 countries. With annual revenue of $27 billion and more than 95,000 colleagues, Marsh helps build the confidence to thrive through the power of perspective. For more information, visit corporate.marsh.com, or follow us on LinkedIn and X.
2
This press release contains "forward-looking statements," as defined in the Private Securities Litigation Reform Act of 1995. These statements, which express management's current views concerning future events or results, use words like "anticipate," "assume," "believe," "continue," "estimate," "expect," "intend," "plan," "project" and similar terms, and future or conditional tense verbs like "could," "may," "might," "should," "will" and "would".
•the impact of geopolitical or macroeconomic conditions on us, our
Jan 29, 2026
2 mmc4q2025ex991newsrelease.htm
Document
Marsh 212 345 5000 www.corporate.marsh.com
News release Exhibit 99.1
Marsh reports solid fourth quarter and full-year 2025 results
•Full-Year Revenue Growth of 10%; Underlying Revenue Growth of 4%
•Full-Year GAAP Operating Income Increases 7%; Adjusted Operating Income Increases 11%
•Full-Year GAAP EPS of $8.43; Adjusted EPS Increases 9% to $9.75
•Fourth Quarter GAAP EPS of $1.68; Adjusted EPS Increases 10% to $2.12
NEW YORK, January 29, 2026 – Marsh (NYSE: MRSH), a global leader in risk, reinsurance and capital, people and investments, and management consulting, today reported financial results for the fourth quarter and year ended December 31, 2025.
John Doyle, President and CEO, said: "Our fourth quarter results capped another solid year for Marsh. For the full year, we generated 10% revenue growth, 4% underlying revenue growth, double-digit adjusted NOI growth, 9% adjusted EPS growth and our 18th consecutive year of reported margin expansion. We also launched our new brand, successfully completed the integration of McGriff and announced our Thrive program."
"Our team performed well in a complex environment, and we are positioned for sustained momentum in 2026."
Consolidated Results
As a result of the Company's previously announced brand change, results that were previously reported under our Marsh business will now be reported as "Marsh Risk" and results that were previously reported as "Oliver Wyman Group" will now be reported as "Marsh Management Consulting." Mercer and Guy Carpenter will continue to be reported under their current brands through a transition period.
Consolidated revenue in the fourth quarter of 2025 was $6.6 billion, an increase of 9% compared with the fourth quarter of 2024, or 4% on an underlying basis. Operating income rose 7% to $1.2 billion. Adjusted operating income, which excludes noteworthy items and identified intangible amortization expense as presented in the attached supplemental schedules, rose 12% to $1.6 billion. Net income attributable to the Company was $821 million. Earnings per share were $1.68.
Adjusted earnings per share increased 10% to $2.12, and included a benefit of 7 cents per share from favorable discrete tax items as well as a benefit of 2 cents per share from foreign exchange.
1
For the full year 2025, revenue was $27.0 billion, an increase of 10% on a GAAP basis or 4% on an underlying basis compared to 2024. Operating income was $6.2 billion, an increase of 7% from 2024. Adjusted operating income rose 11% to $7.3 billion. Net income attributable to the Company was $4.2 billion or $8.43 per diluted share, compared with $8.18 in 2024. Adjusted earnings per share increased 9% to $9.75.
Risk & Insurance Services
Risk & Insurance Services revenue was $4.0 billion in the fourth quarter of 2025, an increase of 9%, or 2% on an underlying basis. Operating income increased 8% to $830 million, while adjusted operating income increased 11% to $1.1 billion. For the year 2025, revenue was $17.3 billion, an increase of 12%, or 4% on an underlying basis. Operating income rose 6% to $4.6 billion, and adjusted operating income increased 12% to $5.5 billion.
Marsh Risk's revenue in the fourth quarter of 2025 was $3.7 billion, an increase of 10%, or 3% on an underlying basis. In U.S./Canada, underlying revenue growth was 3%. In International, underlying revenue growth was 4%, and included 6% growth in EMEA, 2% growth in Asia Pacific, and a 4% decline in Latin America. For the year 2025, Marsh Risk’s revenue was $14.4 billion, an increase of 15% compared to a year ago, or 4% on an underlying basis.
Guy Carpenter's revenue in the fourth quarter was $215 million, an increase of 7%, or 5% on an underlying basis. For the year 2025, Guy Carpenter’s revenue was $2.5 billion, an increase of 6% compared to a year ago, or 5% on an underlying basis.
Consulting
Consulting revenue was $2.6 billion in the fourth quarter of 2025, an increase of 8%, or 5% on an underlying basis. Operating income increased 4% to $483 million, while adjusted operating income increased 10% to $550 million. For the year 2025, revenue was $9.8 billion, an increase of 7%, or 5% on an underlying basis. Operating income rose 7% to $1.9 billion, and adjusted operating income increased 10% to $2.1 billion.
Mercer’s revenue in the fourth quarter was $1.6 billion, an increase of 9%, or 4% on an underlying basis. Wealth revenue grew 5%, Health revenue increased 6%, and Career revenue declined 2%, all on an underlying basis. For the year 2025, Mercer’s revenue was $6.2 billion, an increase of 8%, or 4% on an underlying basis.
Marsh Management Consulting’s revenue in the fourth quarter of 2025 was $1.0 billion, an increase of 8% on a GAAP and underlying basis. For the year 2025, Marsh Management Consulting’s revenue was $3.6 billion, an increase of 6% on a GAAP and underlying basis.
Other Items
The Company repurcha
Oct 16, 2025
Jul 17, 2025
mmc-20250717
0000062709falseCHX00000627092025-07-172025-07-170000062709exch:XNYS2025-07-172025-07-170000062709exch:XCHI2025-07-172025-07-17
Washington, D.C. 20549
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of report (Date of earliest event reported)July 17, 2025
Marsh & McLennan Companies, Inc.
(Exact Name of Registrant as Specified in its Charter)
Delaware1-599836-2668272
(State or Other Jurisdiction of Incorporation)(Commission File Number)(IRS Employer Identification No.)
1166 Avenue of the Americas,New York,NY10036
(Address of Principal Executive Offices)(Zip Code)
Registrant’s telephone number, including area code(212)345-5000
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbol(s)Name of exchange on which registered
Common Stock, par value $1.00 per shareMMCNew York Stock Exchange
NYSE Texas
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition
On July 17, 2025, Marsh & McLennan Companies, Inc. issued a press release reporting financial results for the second quarter ended June 30, 2025, and announcing that a conference call to discuss such results will be held at 8:30 a.m. Eastern time on July 17, 2025. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference. For purposes of Section 18 of the Securities Exchange Act of 1934, the press release is deemed furnished not filed.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
99.1 Press release issued by Marsh & McLennan Companies, Inc. on July 17, 2025.
2
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
MARSH & McLENNAN COMPANIES, INC.
By:/s/ Connor Kuratek
Name:Connor Kuratek
Title:Deputy General Counsel & Corporate Secretary
Date: July 17, 2025
3
Exhibit No. Exhibit
99.1
Press release issued by Marsh & McLennan Companies, Inc. on July 17, 2025
4
Apr 17, 2025
2 mmc1q2025ex991newsrelease.htm
Document
Marsh McLennan 1166 Avenue of the Americas New York, New York 10036-2774 212 345 5000 www.marshmclennan.com
News release Exhibit 99.1
Marsh McLennan reports first quarter 2025 results
•Revenue Growth of 9%; Underlying Revenue Growth of 4%
•GAAP Operating Income Increases 4%; Adjusted Operating Income Increases 8%
•First Quarter GAAP EPS of $2.79; Adjusted EPS Increases 5% to $3.06
NEW YORK, April 17, 2025 – Marsh McLennan (NYSE: MMC), the world's leading professional services firm in the areas of risk, strategy and people, today reported financial results for the first quarter ended March 31, 2025.
John Doyle, President and CEO, said: "We had a solid start to the year with 9% revenue growth reflecting momentum across our business and the contribution from acquisitions. For the quarter, we generated 4% underlying revenue growth, 8% growth in adjusted operating income, and 5% growth in adjusted EPS."
"Marsh McLennan is a resilient business built to deliver across market cycles. Clients value our advice and solutions, particularly in uncertain times."
Consolidated Results
Consolidated revenue in the first quarter of 2025 was $7.1 billion, an increase of 9% compared with the first quarter of 2024, or 4% on an underlying basis. Operating income was $2.0 billion. Adjusted operating income, which excludes noteworthy items and identified intangible amortization expense as presented in the attached supplemental schedules, rose 8% to $2.2 billion. Net income attributable to the Company was $1.4 billion. Earnings per share decreased 1% to $2.79. Adjusted earnings per share increased 5% to $3.06 and included a benefit of 10 cents per share from favorable discrete tax items, as well as a headwind of 5 cents per share from foreign exchange. Adjusted EPS in the prior year period included a 10 cent per share benefit from favorable discrete tax items.
1
Risk & Insurance Services
Risk & Insurance Services revenue was $4.8 billion in the first quarter of 2025, an increase of 11%, or 4% on an underlying basis. Operating income was $1.6 billion. Adjusted operating income increased 8% to $1.8 billion.
Marsh's revenue in the first quarter of 2025 was $3.5 billion, an increase of 15%, or 5% on an underlying basis. In U.S./Canada, underlying revenue rose 4%. International operations produced underlying revenue growth of 6%, including 8% in Latin America, 6% in EMEA, and 4% in Asia Pacific.
Guy Carpenter's first quarter revenue was $1.2 billion, an increase of 5% on both a GAAP and underlying basis.
Consulting
Consulting revenue was $2.3 billion in the first quarter of 2025, an increase of 5%, or 4% on an underlying basis. Operating income was $456 million. Adjusted operating income increased 8% to $491 million.
Mercer's revenue was $1.5 billion in the first quarter of 2025, an increase of 5%, or 4% on an underlying basis. Wealth revenue increased 3% on an underlying basis, Health revenue increased 7% on an underlying basis, and Career revenue decreased 1% on an underlying basis.
Oliver Wyman’s revenue was $818 million in the first quarter of 2025, an increase of 4% on both a GAAP and underlying basis.
Other Items
The Company repurchased 1.3 million shares of stock for $300 million in the first quarter of 2025.
In the first quarter of 2025, the Company repaid $500 million of senior notes that matured in March.
Conference Call
A conference call to discuss first quarter 2025 results will be held today at 8:30 a.m. Eastern time. The live audio webcast may be accessed at marshmclennan.com. A replay of the webcast will be available approximately two hours after the event. The webcast is listen-only. Those interested in participating in the question-and-answer session may register here to receive the dial-in numbers and unique PIN to access the call.
About Marsh McLennan
Marsh McLennan (NYSE: MMC) is a global leader in risk, strategy and people, advising clients in 130 countries across four businesses: Marsh, Guy Carpenter, Mercer and Oliver Wyman. With annual revenue of $24 billion and more than 90,000 colleagues, Marsh McLennan helps build the confidence to thrive through the power of perspective. For more information, visit marshmclennan.com, or follow us on LinkedIn and X.
2
This press release contains "forward-looking statements," as defined in the Private Securities Litigation Reform Act of 1995. These statements, which express management's current views concerning future events or results, use words like "anticipate," "assume," "believe," "continue," "estimate," "expect," "intend," "plan," "project" and similar terms, and future or conditional tense verbs like "could," "may," "might," "should," "will" and "would".
Jan 30, 2025
Oct 17, 2024
2 mmc3q2024ex991newsrelease.htm
Document
Marsh McLennan 1166 Avenue of the Americas New York, New York 10036-2774 212 345 5000 www.marshmclennan.com
News release Exhibit 99.1
Marsh McLennan reports third quarter 2024 results
•GAAP Revenue Increases 6%; Underlying Revenue Rises 5%
•Growth in GAAP Operating Income of 11% and Adjusted Operating Income of 12%
•Third Quarter GAAP EPS Rises 3% to $1.51 and Adjusted EPS Increases 4% to $1.63
•Nine Months GAAP EPS Rises 10% to $6.59 and Adjusted EPS Increases 10% to $6.93
NEW YORK, October 17, 2024 – Marsh McLennan (NYSE: MMC), a global leader in risk, strategy and people, today reported financial results for the third quarter ended September 30, 2024.
John Doyle, President and CEO, said: "This was a milestone quarter for Marsh McLennan as we delivered strong results and announced the acquisition of McGriff Insurance Services. Our performance demonstrated continued momentum, with 5% underlying revenue growth, 110 basis points of margin expansion and adjusted EPS growth of 4%, or 11% excluding a one-time tax benefit a year ago. We remain on track for another great year in 2024."
"McGriff's excellent leadership, outstanding talent and record of strong growth complement Marsh McLennan Agency's capabilities and culture. I am excited about our future as we come together to help our clients thrive."
Consolidated Results
Consolidated revenue in the third quarter of 2024 was $5.7 billion, an increase of 6% compared with the third quarter of 2023. On an underlying basis, revenue increased 5%. Operating income rose 11% to $1.1 billion. Adjusted operating income, which excludes noteworthy items as presented in the attached supplemental schedules, rose 12% to $1.2 billion. Net income attributable to the Company was $747 million. Earnings per share increased 3% to $1.51. Adjusted earnings per share increased 4% to $1.63. Adjusted EPS in the prior year period included a 10-cent per share benefit from a favorable discrete tax item.
1
For the nine months ended September 30, 2024, consolidated revenue was $18.4 billion, an increase of 7% on both a GAAP and underlying basis, compared to the prior year period. Operating income was $4.7 billion, an increase of 12% from the prior year period. Adjusted operating income rose 12% to $4.9 billion. Net income attributable to the Company was $3.3 billion, or $6.59 per diluted share, compared with $6.01 in the first nine months of 2023. Adjusted earnings per share increased 10% to $6.93.
Risk & Insurance Services
Risk & Insurance Services revenue was $3.5 billion in the third quarter of 2024, an increase of 8%, or 6% on an underlying basis. Operating income increased 15% to $733 million, while adjusted operating income increased 16% to $775 million. For the nine months ended September 30, 2024, revenue was $11.7 billion, an increase of 9%, or 8% on an underlying basis. Operating income rose 13% to $3.6 billion, and adjusted operating income increased 12% to $3.7 billion.
Marsh's revenue in the third quarter of 2024 was $2.9 billion, an increase of 9%, or 7% on an underlying basis. In U.S./Canada, underlying revenue rose 6%. International operations produced underlying revenue growth of 7%, reflecting 8% growth in Latin America, 7% growth in EMEA, and 5% growth in Asia Pacific. For the nine months ended September 30, 2024, Marsh’s underlying revenue growth was 7%.
Guy Carpenter's revenue in the third quarter of 2024 was $381 million, an increase of 6%, or 7% on an underlying basis. For the nine months ended September 30, 2024, Guy Carpenter’s underlying revenue growth was 8%.
Consulting
Consulting revenue was $2.3 billion in the third quarter of 2024, an increase of 3%, or 4% on an underlying basis. Operating income increased 9% to $462 million, while adjusted operating income increased 7% to $478 million. For the first nine months ended September 30, 2024, revenue was $6.7 billion, an increase of 4%, or 5% on an underlying basis. Operating income rose 7% to $1.3 billion, and adjusted operating income increased 7% to $1.3 billion.
Mercer's revenue in the third quarter was $1.5 billion, an increase of 2%, or 5% on an underlying basis. Health revenue of $520 million increased 8% on an underlying basis. Wealth revenue of $625 million increased 4% on an underlying basis. Career revenue of $307 million increased 5% on an underlying basis. For the nine months ended September 30, 2024, Mercer’s revenue was $4.3 billion, an increase of 6% on an underlying basis.
Oliver Wyman’s revenue in the third quarter of 2024 was $810 million, an increase of 4%, or 1% on an underlying basis. For the nine months ended September 30, 2024, Oliver Wyman’s revenue was $2.4 billion, an increase of 5% on an underlying basis.
2
Other Items
The Company repurchased 1.4 million shares of stock for $300 million in the third quarter of 2024. Through nine months ended September 30, 2024, the Company has repurcha
Jul 18, 2024
2 mmc2q2024ex991newsrelease.htm
Document
Exhibit 99.1
Marsh McLennan 1166 Avenue of the Americas New York, New York 10036-2774 212 345 5000 www.marshmclennan.com
MARSH McLENNAN REPORTS SECOND QUARTER 2024 RESULTS
GAAP Revenue Increases 6%; Underlying Revenue Rises 6%
Growth in GAAP Operating Income of 13% and Adjusted Operating Income of 11%
Second Quarter GAAP EPS Rises 10% to $2.27 and Adjusted EPS Increases 10% to $2.41
Six Months GAAP EPS Rises 12% to $5.08 and Adjusted EPS Increases 12% to $5.30
NEW YORK, July 18, 2024 – Marsh McLennan (NYSE: MMC), the world’s leading professional services firm in the areas of risk, strategy and people, today reported financial results for the second quarter ended June 30, 2024.
John Doyle, President and CEO, said: "We generated strong results in the second quarter with 6% underlying revenue growth, 10% adjusted EPS growth, and 130 basis points of margin expansion."
"We continued to invest in our talent and capabilities to deliver for clients. We also deployed capital into high quality acquisitions and recently announced a 15% increase in our dividend. Our first half results leave us well positioned for another great year in 2024."
Consolidated Results
Consolidated revenue in the second quarter of 2024 was $6.2 billion, an increase of 6% compared with the second quarter of 2023. On an underlying basis, revenue increased 6%. Operating income rose 13% to $1.6 billion. Adjusted operating income, which excludes noteworthy items as presented in the attached supplemental schedules, rose 11% to $1.7 billion. Net income attributable to the Company was $1.1 billion. Earnings per share increased 10% to $2.27. Adjusted earnings per share increased 10% to $2.41.
1
For the six months ended June 30, 2024, consolidated revenue was $12.7 billion, an increase of 8% on both a GAAP and underlying basis compared to the prior period. Operating income was $3.6 billion, an increase of 12% from the prior year period. Adjusted operating income rose 11% to $3.7 billion. Net income attributable to the Company was $2.5 billion, or $5.08 per diluted share, compared with $4.55 in the first six months of 2023. Adjusted earnings per share increased 12% to $5.30.
Risk & Insurance Services
Risk & Insurance Services revenue was $4.0 billion in the second quarter of 2024, an increase of 8%, or 7% on an underlying basis. Operating income increased 12% to $1.3 billion, while adjusted operating income increased 12% to $1.3 billion. For the six months ended June 30, 2024, revenue was $8.3 billion, an increase of 9%, or 8% on an underlying basis. Operating income rose 12% to $2.9 billion, and adjusted operating income increased 12% to $2.9 billion.
Marsh's revenue in the second quarter of 2024 was $3.3 billion, an increase of 8%, or 7% on an underlying basis. In U.S./Canada, underlying revenue rose 6%. International operations produced underlying revenue growth of 7%, reflecting 8% growth in Latin America, 7% growth in EMEA, and 7% growth in Asia Pacific. For the six months ended June 30, 2024, Marsh’s underlying revenue growth was 7%.
Guy Carpenter's revenue in the second quarter was $632 million, an increase of 10%, or 11% on an underlying basis. For the six months ended June 30, 2024, Guy Carpenter’s underlying revenue growth was 9%.
Consulting
Consulting revenue was $2.2 billion in the second quarter of 2024, an increase of 2%, or 4% on an underlying basis. Operating income increased 5% to $410 million, while adjusted operating income increased 6% to $426 million. For the first six months ended June 30, 2024, revenue was $4.4 billion, an increase of 5%, or 6% on an underlying basis. Operating income rose 5% to $842 million, and adjusted operating income increased 7% to $870 million.
Mercer's revenue in the second quarter was $1.4 billion, flat on a GAAP basis, or an increase of 5% on an underlying basis. Health revenue of $547 million increased 9% on an underlying basis. Wealth revenue of $612 million increased 3% on an underlying basis. Career revenue of $220 million increased 2% on an underlying basis. For the six months ended June 30, 2024, Mercer’s revenue was $2.8 billion, an increase of 6% on an underlying basis.
Oliver Wyman’s revenue in the second quarter of 2024 was $837 million, an increase of 3% on an underlying basis. For the six months ended June 30, 2024, Oliver Wyman’s revenue was $1.6 billion, an increase of 8% on an underlying basis.
2
Other Items
The Company repurchased 1.5 million shares of stock for $300 million in the second quarter of 2024. Through six months ended June 30, 2024, the Company has repurchased 3.0 million shares of stock for $600 million.
In the second quarter of 2024, the Company repaid $600 million of senior notes that matured.
Last week, the Board of Directors increased the quarterly dividend 15% to $0.815 per share, with the third quarter dividend payable on August 15, 2024.
In June, Marsh
Apr 18, 2024
2 mmc1q2024ex991newsrelease.htm
Document
Marsh McLennan 1166 Avenue of the Americas New York, New York 10036-2774 212 345 5000 www.marshmclennan.com
Exhibit 99.1
MARSH McLENNAN REPORTS FIRST QUARTER 2024 RESULTS
GAAP Revenue Increases 9%; Underlying Revenue Rises 9%
Growth in GAAP Operating Income of 12% and Adjusted Operating Income of 11%
First Quarter GAAP EPS Rises 14% to $2.82 and Adjusted EPS Increases 14% to $2.89
NEW YORK, April 18, 2024 – Marsh McLennan (NYSE: MMC), the world’s leading professional services firm in the areas of risk, strategy and people, today reported financial results for the first quarter ended March 31, 2024.
John Doyle, President and CEO, said: "We had a terrific start to the year, reflecting continued momentum across our business. For the quarter, we generated 9% underlying revenue growth, 14% adjusted EPS growth, and 80 basis points of margin expansion. With this strong start, we are well positioned for another good year in 2024."
"I am proud of our colleagues' dedication as they focus on helping our clients thrive in a complex and dynamic environment."
Consolidated Results
Consolidated revenue in the first quarter of 2024 was $6.5 billion, an increase of 9% compared with the first quarter of 2023. On an underlying basis, revenue increased 9%. Operating income rose 12% to $1.9 billion. Adjusted operating income, which excludes noteworthy items as presented in the attached supplemental schedules, rose 11% to $2.0 billion. Net income attributable to the Company was $1.4 billion. Earnings per share increased 14% to $2.82. Adjusted earnings per share increased 14% to $2.89.
1
Risk & Insurance Services
Risk & Insurance Services revenue was $4.3 billion in the first quarter of 2024, an increase of 9% on both a GAAP and underlying basis. Operating income increased 12% to $1.6 billion, while adjusted operating income increased 11% to $1.6 billion.
Marsh's revenue in the first quarter of 2024 was $3.0 billion, an increase of 9%, or 8% on an underlying basis. In U.S./Canada, underlying revenue rose 8%. International operations produced underlying revenue growth of 8%, reflecting 9% growth in EMEA, 8% growth in Latin America, and 6% growth in Asia Pacific.
Guy Carpenter's revenue in the first quarter was $1.1 billion, an increase of 7%, or 8% on an underlying basis.
Consulting
Consulting revenue was $2.2 billion in the first quarter of 2024, an increase of 9% on both a GAAP and underlying basis. Operating income increased 5% to $432 million, while adjusted operating income increased 9% to $444 million.
Mercer's revenue in the first quarter was $1.4 billion, an increase of 6% on both a GAAP and underlying basis. Health revenue of $538 million increased 10% on an underlying basis. Wealth revenue of $672 million increased 5% on an underlying basis. Career revenue of $215 million increased 1% on an underlying basis.
Oliver Wyman’s revenue in the first quarter of 2024 was $789 million, an increase of 13% on an underlying basis.
Other Items
The Company repurchased 1.5 million shares of stock for $300 million in the first quarter of 2024.
In the first quarter of 2024, the Company issued $1 billion of senior notes and repaid $1 billion of senior notes that matured.
In February, Oliver Wyman completed the acquisition of SeaTec Consulting, a leading provider of consulting, engineering, and digital expertise across the aviation, aerospace and defense, and transportation industries.
In March, Marsh McLennan Agency (MMA) completed the acquisition of Querbes & Nelson and Louisiana Companies, two leading middle-market agencies in Louisiana, and Mercer completed the acquisition of Vanguard's U.S. Outsourced Chief Investment Officer (OCIO) business.
2
Conference Call
A conference call to discuss first quarter 2024 results will be held today at 8:30 a.m. Eastern time. The live audio webcast may be accessed at marshmclennan.com. A replay of the webcast will be available approximately two hours after the event. The webcast is listen-only. Those interested in participating in the question-and-answer session may register here to receive the dial-in numbers and unique PIN to access the call.
About Marsh McLennan
Marsh McLennan (NYSE: MMC) is the world’s leading professional services firm in the areas of risk, strategy and people. The Company’s more than 85,000 colleagues advise clients in over 130 countries. With annual revenue of $23 billion, Marsh McLennan helps clients navigate an increasingly dynamic and complex environment through four market-leading businesses. Marsh provides data-driven risk advisory services and insurance solutions to commercial and consumer clients. Guy Carpenter develops advanced risk, reinsurance and capital strategies that help clients grow profitably and pursue emerging opportunities. Mercer delivers advice and technology-driven solutions that help organizations redefine the world of work, reshape r
Jan 25, 2024
2 mmc4q2023ex991newsrelease.htm
Document
Marsh McLennan 1166 Avenue of the Americas New York, New York 10036-2774 212 345 5000 www.marshmclennan.com
Exhibit 99.1
MARSH McLENNAN REPORTS FOURTH QUARTER AND FULL-YEAR 2023 RESULTS
Full-Year Revenue Growth of 10%; Underlying Revenue Growth of 9%
Full-Year GAAP Operating Income Increases 23%; Adjusted Operating Income Increases 17%
Full-Year GAAP EPS of $7.53; Adjusted EPS Increases 17% to $7.99
Fourth Quarter GAAP EPS of $1.52; Adjusted EPS Increases 14% to $1.68
NEW YORK, January 25, 2024 – Marsh McLennan (NYSE: MMC), the world’s leading professional services firm in the areas of risk, strategy and people, today reported financial results for the fourth quarter and year ended December 31, 2023.
John Doyle, President and CEO, said: "Our fourth quarter results highlight a strong finish to another outstanding year for Marsh McLennan. For the full year, we generated 9% underlying revenue growth, 17% adjusted EPS growth and 130 basis points of margin expansion, marking our 16th consecutive year of reported margin expansion. In addition, we continued to make substantial organic and inorganic investments in our business with significant acquisition activity in 2023."
"Our results and investments have us well positioned for 2024 as we remain focused on supporting our clients and helping them thrive."
Consolidated Results
Consolidated revenue in the fourth quarter of 2023 was $5.6 billion, an increase of 11% compared with the fourth quarter of 2022, or an increase of 7% on an underlying basis. Operating income was $1.1 billion. Adjusted operating income, which excludes noteworthy items as presented in the attached supplemental schedules, rose 16% to $1.2 billion. Net income attributable to the Company was $756 million. Earnings per share increased 63% to $1.52. Adjusted earnings per share increased 14% to $1.68.
1
For the full year 2023, revenue was $22.7 billion, an increase of 10% compared with 2022, or 9% on an underlying basis. Operating income was $5.3 billion, and adjusted operating income rose 17% to $5.6 billion. Net income attributable to the Company was $3.8 billion. Earnings per share increased 25% to $7.53. Adjusted earnings per share increased 17% to $7.99.
Risk & Insurance Services
Risk & Insurance Services revenue was $3.3 billion in the fourth quarter of 2023, an increase of 11%, or 8% on an underlying basis. Operating income was $753 million, compared with $472 million in the fourth quarter of 2022. Adjusted operating income increased 15% to $791 million. For the year 2023, revenue was $14.1 billion, an increase of 11% on both a GAAP and an underlying basis. Operating income was $3.9 billion. Adjusted operating income rose 17% to $4.1 billion.
Marsh's revenue in the fourth quarter of 2023 was $2.9 billion, an increase of 7%, or 6% on an underlying basis. In U.S./Canada, underlying revenue rose 5%. International operations produced underlying revenue growth of 7%, reflecting 11% in Latin America, 10% in Asia Pacific, and 5% in EMEA. For the year 2023, Marsh’s revenue growth was 8% on both a GAAP and underlying basis.
Guy Carpenter's fourth quarter revenue was $252 million, an increase of 48%, or 9% on an underlying basis. For the year 2023, Guy Carpenter’s revenue grew 12% compared to a year ago, or 10% on an underlying basis.
Consulting
Consulting revenue was $2.3 billion in the fourth quarter of 2023, an increase of 10%, or 7% on an underlying basis. Operating income increased 32% to $443 million, compared with $336 million in the fourth quarter of 2022. Adjusted operating income was $480 million, an increase of 18% compared with $407 million in the fourth quarter of 2022. For the year 2023, revenue was $8.7 billion, an increase of 7% on both a GAAP and underlying basis. Operating income was $1.7 billion. Adjusted operating income increased 13% to $1.7 billion.
Mercer’s revenue was $1.4 billion in the fourth quarter of 2023, an increase of 9%, or 5% on an underlying basis. Wealth revenue of $654 million increased 4% on an underlying basis. Health revenue of $502 million increased 9% on an underlying basis. Career revenue of $288 million increased 1% on an underlying basis. For the year 2023, Mercer’s revenue increased 5%, or 7% on an underlying basis.
Oliver Wyman’s revenue was $856 million in the fourth quarter of 2023, an increase of 9% on an underlying basis. For the year 2023, Oliver Wyman’s revenue was $3.1 billion, an increase of 8% on an underlying basis.
2
Other Items
The Company repurchased 1.3 million shares of stock for $250 million in the fourth quarter. For the year 2023, the Company repurchased 6.4 million shares for $1.15 billion.
On October 16, 2023, the Company repaid $250 million of senior notes that matured.
In November, Marsh completed the acquisition of Honan Insurance Group, a leading insurance broker in Australia and New Zealand.
Conference Call
A
Oct 19, 2023
2 mmc3q2023ex991newsrelease.htm
Document
Marsh McLennan 1166 Avenue of the Americas New York, New York 10036-2774 212 345 5000 www.marshmclennan.com
Exhibit 99.1
MARSH McLENNAN REPORTS THIRD QUARTER 2023 RESULTS
GAAP Revenue Increases 13%; Underlying Revenue Rises 10%
Growth in GAAP Operating Income of 26% and Adjusted Operating Income of 24%
Third Quarter GAAP EPS Rises 36% to $1.47 and Adjusted EPS Increases 33% to $1.57
Nine Months GAAP EPS Rises 18% to $6.01 and Adjusted EPS Increases 17% to $6.31
NEW YORK, October 19, 2023 – Marsh McLennan (NYSE: MMC), the world’s leading professional services firm in the areas of risk, strategy and people, today reported financial results for the third quarter ended September 30, 2023.
John Doyle, President and CEO, said: "Marsh McLennan's third quarter results were outstanding, reflecting strength across the business. We had another quarter of double-digit underlying revenue growth, strong adjusted EPS growth and margin expansion. We achieved these results while also continuing to make significant investments for the future."
"With our performance through the third quarter, we are on track for another terrific year."
Consolidated Results
Consolidated revenue in the third quarter of 2023 was $5.4 billion, an increase of 13% compared with the third quarter of 2022. On an underlying basis, revenue increased 10%. Operating income was $996 million, an increase of 26% from a year ago. Adjusted operating income, which excludes noteworthy items as presented in the attached supplemental schedules, rose 24% to $1.1 billion. Net income attributable to the Company was $730 million, or $1.47 per diluted share, compared with $1.08 in the third quarter of 2022. Adjusted earnings per share rose 33% to $1.57 per diluted share compared with $1.18 a year ago and included a benefit of 10 cents per share from favorable discrete tax items.
1
For the nine months ended September 30, 2023, consolidated revenue was $17.2 billion, an increase of 9%, or 10% on an underlying basis compared to the prior period. Operating income was $4.2 billion, an increase of 16% from the prior year period. Adjusted operating income rose 17% to $4.4 billion.
Net income attributable to the Company was $3.0 billion, or $6.01 per diluted share, compared with $5.11 in the first nine months of 2022. Adjusted earnings per share increased 17% to $6.31 per diluted share compared with $5.38 for the first nine months of 2022.
Risk & Insurance Services
Risk & Insurance Services revenue was $3.2 billion in the third quarter of 2023, an increase of 12%, or 11% on an underlying basis. Operating income rose 21% to $640 million, and adjusted operating income was $671 million, an increase of 19% versus a year ago. For the nine months ended September 30, 2023, revenue was $10.8 billion, an increase of 12% both on a GAAP and underlying basis. Operating income rose 22% to $3.2 billion, and adjusted operating income was $3.3 billion, an increase of 18% versus a year ago.
Marsh's revenue in the third quarter was $2.7 billion, an increase of 8% on an underlying basis. In U.S./Canada, underlying revenue rose 6%. International operations produced underlying revenue growth of 10%, reflecting 14% growth in Latin America, 10% growth in Asia Pacific, and 9% growth in EMEA. For the nine months ended September 30, 2023, Marsh’s underlying revenue growth was 9%.
Guy Carpenter's revenue in the third quarter was $359 million, an increase of 8% on an underlying basis. For the nine months ended September 30, 2023, Guy Carpenter’s underlying revenue growth was 10%.
Consulting
Consulting revenue was $2.2 billion in the third quarter of 2023, an increase of 13%, or 9% on an underlying basis. Operating income increased 21% to $424 million, while adjusted operating income increased 24% to $447 million. For the first nine months ended September 30, 2023, revenue was $6.4 billion, an increase of 6%, or 7% on an underlying basis. Operating income of $1.2 billion rose 1% versus a year ago, while adjusted operating income increased 11% to $1.3 billion.
Mercer's revenue in the third quarter was $1.4 billion, an increase of 8% on an underlying basis. Health revenue of $496 million increased 8% on an underlying basis. Wealth revenue of $635 million increased 7% on an underlying basis. Career revenue of $294 million increased 7% on an underlying basis. For the nine months ended September 30, 2023, Mercer’s revenue was $4.1 billion, an increase of 7% on an underlying basis.
2
Oliver Wyman’s revenue in the third quarter was $781 million, an increase of 12% on an underlying basis. For the nine months ended September 30, 2023, Oliver Wyman’s revenue was $2.3 billion, an increase of 8% on an underlying basis.
Other Items
The Company repurchased 1.6 million shares of stock for $300 million in the third quarter of 2023. Through nine months ended September 30, 2023, the Company has repurch
Jul 20, 2023
2 mmc2q2023ex991newsrelease.htm
Document
Marsh McLennan 1166 Avenue of the Americas New York, New York 10036-2774 212 345 5000 www.marshmclennan.com
Exhibit 99.1
MARSH McLENNAN REPORTS SECOND QUARTER 2023 RESULTS
GAAP Revenue Increases 9%; Underlying Revenue Rises 11%
Growth in GAAP Operating Income of 7% and Adjusted Operating Income of 17%
Second Quarter GAAP EPS Rises 8% to $2.07 and Adjusted EPS Increases 16% to $2.20
Six Months GAAP EPS Rises 13% to $4.55 and Adjusted EPS Increases 13% to $4.74
NEW YORK, July 20, 2023 – Marsh McLennan (NYSE: MMC), the world’s leading professional services firm in the areas of risk, strategy and people, today reported financial results for the second quarter ended June 30, 2023.
Commenting on the results, John Doyle, President and CEO, said: "We delivered another excellent quarter, demonstrating continued momentum and strength across our business. We generated underlying revenue growth of 11%, adjusted EPS growth of 16%, and we continued to expand margins."
"I am proud of our performance in the first half of 2023. Our results reflect the strength of our position, the value we deliver to our clients, and terrific execution by our colleagues."
Consolidated Results
Consolidated revenue in the second quarter of 2023 was $5.9 billion, an increase of 9% compared with the second quarter of 2022. On an underlying basis, revenue increased 11%. Operating income was $1.5 billion, an increase of 7% from a year ago. Adjusted operating income, which excludes noteworthy items as presented in the attached supplemental schedules, rose 17% to $1.5 billion. Net income attributable to the Company was $1.0 billion, or $2.07 per diluted share, compared with $1.91 in the second quarter of 2022. Adjusted earnings per share rose 16% to $2.20 per diluted share compared with $1.89 a year ago.
For the six months ended June 30, 2023, consolidated revenue was $11.8 billion, an increase of 8%, or 10% on an underlying basis compared to the prior period. Operating income was $3.2 billion, an increase of 13% from the prior year period. Adjusted operating income rose 15% to $3.3 billion.
1
Net income attributable to the Company was $2.3 billion, or $4.55 per diluted share, compared with $4.01 in the first six months of 2022. Adjusted earnings per share increased 13% to $4.74 per diluted share compared with $4.19 for the first six months of 2022.
Risk & Insurance Services
Risk & Insurance Services revenue was $3.7 billion in the second quarter of 2023, an increase of 12%, or 13% on an underlying basis. Operating income rose 20% to $1.2 billion, and adjusted operating income was $1.2 billion, an increase of 18% versus a year ago. For the six months ended June 30, 2023, revenue was $7.6 billion, an increase of 11%, or 12% on an underlying basis. Operating income rose 22% to $2.6 billion, and adjusted operating income was $2.6 billion, an increase of 17% versus a year ago.
Marsh's revenue in the second quarter was $3.0 billion, an increase of 10% on an underlying basis. In U.S./Canada, underlying revenue rose 9%. International operations produced underlying revenue growth of 10%, reflecting 17% growth in Latin America, 11% growth in EMEA, and 6% growth in Asia Pacific. For the six months ended June 30, 2023, Marsh’s underlying revenue growth was 9%.
Guy Carpenter's revenue in the second quarter was $576 million, an increase of 11% on an underlying basis. For the six months ended June 30, 2023, Guy Carpenter’s underlying revenue growth was 10%.
Consulting
Consulting revenue was $2.2 billion in the second quarter of 2023, an increase of 4%, or 8% on an underlying basis. Operating income decreased 18% to $388 million, while adjusted operating income increased 9% to $403 million. For the first six months ended June 30, 2023, revenue was $4.2 billion, an increase of 3%, or 6% on an underlying basis. Operating income of $799 million decreased 8%, while adjusted operating income increased 5% to $809 million.
Mercer's revenue in the second quarter was $1.4 billion, an increase of 6% on an underlying basis. Health revenue of $518 million increased 10% on an underlying basis. Wealth revenue of $637 million increased 3% on an underlying basis. Career revenue of $219 million increased 6% on an underlying basis. For the six months ended June 30, 2023, Mercer’s revenue was $2.7 billion, an increase of 7% on an underlying basis.
Oliver Wyman’s revenue in the second quarter was $798 million, an increase of 11% on an underlying basis. For the six months ended June 30, 2023, Oliver Wyman’s revenue was $1.5 billion, an increase of 6% on an underlying basis.
2
Other Items
The Company repurchased 1.7 million shares of stock for $300 million in the second quarter of 2023. Through six months ended June 30, 2023, the Company has repurchased 3.5 million shares of stock for $600 million.
Last week, the Board of Directors increased the quarterly dividend 20%
Apr 20, 2023
2 mmc1q2023ex991newsrelease.htm
Document
Marsh McLennan 1166 Avenue of the Americas New York, New York 10036-2774 212 345 5000 www.marshmclennan.com
Exhibit 99.1
MARSH McLENNAN REPORTS FIRST QUARTER 2023 RESULTS
GAAP Revenue Increases 7%; Underlying Revenue Rises 9%
Growth in GAAP Operating Income of 19% and Adjusted Operating Income of 13%
First Quarter GAAP EPS Rises 18% to $2.47 and Adjusted EPS Increases 10% to $2.53
NEW YORK, April 20, 2023 – Marsh McLennan (NYSE: MMC), the world’s leading professional services firm in the areas of risk, strategy and people, today reported financial results for the first quarter ended March 31, 2023.
Commenting on the results, John Doyle, President and CEO, said: "Marsh McLennan is off to a strong start in 2023. For the first quarter, we generated 9% underlying revenue growth, grew adjusted EPS by 10%, and expanded our margin."
"We have momentum across our business and are well positioned for another good year, reflecting the importance of the work we do for our clients and excellent execution on the part of our colleagues."
Consolidated Results
Consolidated revenue in the first quarter of 2023 was $5.9 billion, an increase of 7% compared with the first quarter of 2022. On an underlying basis, revenue increased 9%. Operating income was $1.7 billion, an increase of 19% from the prior year. Adjusted operating income, which excludes noteworthy items as presented in the attached supplemental schedules, rose 13% to $1.8 billion. Net income attributable to the Company was $1.2 billion, or $2.47 per diluted share, compared with $2.10 in the first quarter of 2022. Adjusted earnings per share rose 10% to $2.53 per diluted share compared with $2.30 a year ago.
1
Risk & Insurance Services
Risk & Insurance Services revenue was $3.9 billion in the first quarter of 2023, an increase of 10%, or 11% on an underlying basis. Operating income rose 24% to $1.4 billion, and adjusted operating income was $1.4 billion, an increase of 17% versus a year ago.
Marsh's revenue in the first quarter was $2.7 billion, an increase of 9% on an underlying basis. In U.S./Canada, underlying revenue rose 7%. International operations produced underlying revenue growth of 10%, reflecting 11% growth in Asia Pacific, 10% growth in EMEA, and 10% growth in Latin America.
Guy Carpenter's revenue in the first quarter was $1.1 billion, an increase of 10% on an underlying basis.
Consulting
Consulting revenue was $2.0 billion in the first quarter of 2023, an increase of 1%, or 5% on an underlying basis. Operating income increased 5% to $411 million, while adjusted operating income increased 1% to $406 million.
Mercer's revenue in the first quarter was $1.3 billion, an increase of 7% on an underlying basis. Health revenue of $545 million increased 12% on an underlying basis. Wealth revenue of $581 million increased 2% on an underlying basis. Career revenue of $218 million was up 12% on an underlying basis.
Oliver Wyman’s revenue in the first quarter was $687 million, flat on an underlying basis.
Other Items
The Company repurchased 1.8 million shares of stock for $300 million in the first quarter of 2023.
In the first quarter of 2023, the Company issued $600 million of 30-year senior notes.
In April, Mercer Australia completed the merger of BT Super into the Mercer Super Trust, as well as the acquisition of Advance Asset Management Limited.
2
Conference Call
A conference call to discuss first quarter 2023 results will be held today at 8:30 a.m. Eastern time. The live audio webcast may be accessed at marshmclennan.com. A replay of the webcast will be available approximately two hours after the event. The webcast is listen-only. Those interested in participating in the question-and-answer session may register here to receive the dial-in numbers and unique PIN to access the call.
About Marsh McLennan
Marsh McLennan (NYSE: MMC) is the world’s leading professional services firm in the areas of risk, strategy and people. The Company’s more than 85,000 colleagues advise clients in 130 countries. With annual revenue of over $20 billion, Marsh McLennan helps clients navigate an increasingly dynamic and complex environment through four market-leading businesses. Marsh provides data-driven risk advisory services and insurance solutions to commercial and consumer clients. Guy Carpenter develops advanced risk, reinsurance and capital strategies that help clients grow profitably and pursue emerging opportunities. Mercer delivers advice and technology-driven solutions that help organizations redefine the world of work, reshape retirement and investment outcomes, and unlock health and well being for a changing workforce. Oliver Wyman serves as a critical strategic, economic and brand advisor to private sector and governmental clients. For more information, visit marshmclennan.com or follow us on LinkedIn and Twitter.
3
Jan 26, 2023
2 mmc4q2022ex991newsrelease.htm
Document
Marsh McLennan 1166 Avenue of the Americas New York, New York 10036-2774 212 345 5000 www.marshmclennan.com
Exhibit 99.1
MARSH McLENNAN REPORTS FOURTH QUARTER AND FULL-YEAR 2022 RESULTS
Full-Year Revenue Growth of 5%; Underlying Revenue Growth of 9%
Full-Year GAAP Operating Income Decreases 1%; Adjusted Operating Income Increases 11%
Full-Year GAAP EPS of $6.04; Adjusted EPS Increases 11% to $6.85
Fourth Quarter GAAP EPS of $0.93; Adjusted EPS Increases 8% to $1.47
NEW YORK, January 26, 2023 – Marsh McLennan (NYSE: MMC), the world’s leading professional services firm in the areas of risk, strategy and people, today reported financial results for the fourth quarter and year ended December 31, 2022.
John Doyle, President and CEO, said: "2022 was an outstanding year for Marsh McLennan. We generated underlying revenue growth of 9%, grew adjusted EPS by 11%, and expanded adjusted margins for the 15th consecutive year. We achieved these strong results while continuing to invest in our talent and capabilities, both organically and through acquisitions."
"It is a privilege to lead this exceptional firm. Our expertise across the important areas of risk, strategy and people is more relevant than ever as we help clients navigate an uncertain world. I am excited about the possibilities ahead."
Consolidated Results
Consolidated revenue in the fourth quarter of 2022 was $5.0 billion, a decrease of 2% compared with the fourth quarter of 2021, or an increase of 7% on an underlying basis. Operating income was $680 million compared with $986 million in the prior year period. Adjusted operating income, which excludes noteworthy items as presented in the attached supplemental schedules, rose 13% to $1.0 billion, compared with $905 million in the prior year period. Net income attributable to the Company was $466 million, or $0.93 per diluted share, compared with $1.57 in the fourth quarter of 2021. Adjusted earnings per share was $1.47, compared with $1.36 for the prior year period.
1
For the year 2022, revenue was $20.7 billion, an increase of 5% compared with 2021, or 9% on an underlying basis. Operating income was $4.3 billion, and adjusted operating income rose 11% to $4.8 billion. Net income attributable to the Company was $3.0 billion. Earnings per share decreased 1% to $6.04. Adjusted earnings per share increased 11% to $6.85 compared with $6.17 in 2021.
Risk & Insurance Services
Risk & Insurance Services revenue was $2.9 billion in the fourth quarter of 2022, a decrease of 3%, or an increase of 8% on an underlying basis. Operating income was $472 million, compared with $667 million in the fourth quarter of 2021. Adjusted operating income increased 23% to $685 million. For the year 2022, revenue was $12.6 billion, an increase of 5%, or 9% on an underlying basis. Operating income was $3.1 billion. Adjusted operating income rose 15% to $3.5 billion.
Marsh's revenue in the fourth quarter of 2022 was $2.7 billion, a decrease of 6%, or an increase of 6% on an underlying basis. In U.S./Canada, underlying revenue rose 5%. International operations produced underlying revenue growth of 8%, reflecting underlying growth of 12% in Asia Pacific, 7% in EMEA, and 4% in Latin America. For the year 2022, Marsh’s revenue growth was 3%, or 8% on an underlying basis.
Guy Carpenter's fourth quarter revenue was $171 million, an increase of 1%, or 5% on an underlying basis. For the year 2022, Guy Carpenter’s revenue grew 8% compared to a year ago, or 9% on an underlying basis.
Consulting
Consulting revenue was $2.1 billion in the fourth quarter of 2022, an increase of 6% on an underlying basis. Operating income decreased 15% to $336 million, compared with $395 million in the fourth quarter of 2021. Adjusted operating income was $407 million, a decrease of 1% compared with $410 million in the fourth quarter of 2021. For the year 2022, revenue was $8.1 billion, an increase of 5%, or 8% on an underlying basis. Operating income was $1.6 billion, compared with $1.5 billion in 2021. Adjusted operating income increased 4% to $1.5 billion.
Mercer’s revenue was $1.3 billion in the fourth quarter of 2022, a decrease of 3%, or an increase of 5% on an underlying basis. Wealth, with revenue of $591 million, was unchanged on an underlying basis. Health, with revenue of $455 million, increased 8% on an underlying basis. Career revenue of $283 million increased 12% on an underlying basis. For the year 2022, Mercer’s revenue increased 2%, or 6% on an underlying basis.
Oliver Wyman’s revenue was $765 million in the fourth quarter of 2022, an increase of 8% on an underlying basis. For the year 2022, Oliver Wyman’s revenue was $2.8 billion, an increase of 13% on an underlying basis.
2
Other Items
The Company repurchased 2.2 million shares of stock for $350 million in the fourth quarter. For the year 2022, the Company repurchased 12.2 million sha
Oct 20, 2022
2 mmc3q2022ex991newsrelease.htm
Document
Marsh McLennan 1166 Avenue of the Americas New York, New York 10036-2774 212 345 5000 www.marshmclennan.com
Exhibit 99.1
MARSH McLENNAN REPORTS THIRD QUARTER 2022 RESULTS
GAAP Revenue Increases 4%; Underlying Revenue Rises 8%
Growth in GAAP Operating Income of 7% and Adjusted Operating Income of 12%
Third Quarter GAAP EPS Rises 3% to $1.08 and Adjusted EPS Increases 9% to $1.18
Nine Months GAAP EPS Rises 12% to $5.11 and Adjusted EPS Increases 12% to $5.38
NEW YORK, October 20, 2022 – Marsh McLennan (NYSE: MMC), the world’s leading professional services firm in the areas of risk, strategy and people, today reported financial results for the third quarter ended September 30, 2022.
Dan Glaser, President and CEO, said: "Marsh McLennan had another excellent quarter, demonstrating continued momentum across the business. We generated 8% underlying revenue growth and 110 basis points of adjusted operating margin expansion, which translated into solid 9% growth in adjusted EPS. Our advice and solutions remain in high demand as our clients navigate an uncertain and volatile macroeconomic and geopolitical landscape."
As previously announced, Dan Glaser will retire at the end of the year and John Doyle will succeed him as President and Chief Executive Officer, effective January 1, 2023. Mr. Glaser said, "It has been a privilege to work side by side with our talented colleagues, and I am proud of everything we have accomplished together. There is no one I trust more than John to lead our Company, and I am confident Marsh McLennan's extraordinary success will continue under his leadership."
1
Consolidated Results
Consolidated revenue in the third quarter of 2022 was $4.8 billion, an increase of 4% compared with the third quarter of 2021. On an underlying basis, revenue increased 8%. Operating income was $791 million, an increase of 7% from the prior year. Adjusted operating income, which excludes noteworthy items as presented in the attached supplemental schedules, rose 12% to $851 million. Net income attributable to the Company was $546 million, or $1.08 per diluted share, compared with $1.05 in the third quarter of 2021. Adjusted earnings per share rose 9% to $1.18 per diluted share compared with $1.08 a year ago.
For the nine months ended September 30, 2022, consolidated revenue was $15.7 billion, an increase of 7% compared to the prior year period. On an underlying basis, revenue increased 9%. Operating income was $3.6 billion, an increase of 8% from a year ago. Adjusted operating income, which excludes noteworthy items as presented in the attached supplemental schedules, rose 11% to $3.7 billion. Net income attributable to the Company was $2.6 billion, or $5.11 per diluted share, compared with $4.56 in the first nine months of 2021. Adjusted earnings per share rose 12% to $5.38 per diluted share compared with $4.82 for the first nine months of 2021.
Risk & Insurance Services
Risk & Insurance Services revenue was $2.8 billion in the third quarter of 2022, an increase of 6%, or 9% on an underlying basis. Operating income rose 32% to $529 million, and adjusted operating income was $562 million, an increase of 20% versus a year ago. For the first nine months ended September 30, 2022, revenue was $9.7 billion, an increase of 7%, or 10% on an underlying basis. Operating income rose 8% to $2.6 billion, and adjusted operating income was $2.8 billion, an increase of 13% versus a year ago.
Marsh's revenue in the third quarter was $2.5 billion, an increase of 8% on an underlying basis. In U.S./Canada, underlying revenue rose 5%. International operations produced underlying revenue growth of 11%, reflecting 15% growth in Latin America, 14% growth in Asia Pacific, and 9% growth in EMEA. For the first nine months ended September 30, 2022, Marsh's underlying revenue growth was 9%.
Guy Carpenter's revenue in the third quarter was $328 million, an increase of 7% on an underlying basis. For the first nine months ended September 30, 2022, Guy Carpenter's underlying revenue growth was 10%.
2
Consulting
Consulting revenue was $2.0 billion in the third quarter of 2022, an increase of 1%, or 8% on an underlying basis. Operating income decreased 14% to $350 million, while adjusted operating income increased 3% to $362 million. For the first nine months ended September 30, 2022, Consulting revenue was $6.0 billion, an increase of 6%, or 9% on an underlying basis. Operating income of $1.2 billion increased 10% and adjusted operating income increased 5% to $1.1 billion.
Mercer's revenue in the third quarter was $1.3 billion, an increase of 5% on an underlying basis. Career revenue of $272 million was up 15% on an underlying basis. Health revenue of $451 million increased 10% on an underlying basis, and Wealth revenue of $561 million decreased 1% on an underlying basis. For the first nine months ended September 30, 2022, Merce
Jul 21, 2022
2 mmc2q2022ex991newsrelease.htm
Document
Marsh McLennan 1166 Avenue of the Americas New York, New York 10036-2774 212 345 5000 www.marshmclennan.com
Exhibit 99.1
MARSH McLENNAN REPORTS SECOND QUARTER 2022 RESULTS
GAAP Revenue Increases 7%; Underlying Revenue Rises 10%
Growth in GAAP Operating Income of 11% and Adjusted Operating Income of 8%
Second Quarter GAAP EPS Rises 19% to $1.91 and Adjusted EPS Increases 8% to $1.89
Six Months GAAP EPS Rises 14% to $4.01 and Adjusted EPS Increases 12% to $4.19
NEW YORK, July 21, 2022 – Marsh McLennan (NYSE: MMC), the world’s leading professional services firm in the areas of risk, strategy and people, today reported financial results for the second quarter ended June 30, 2022.
Dan Glaser, President and CEO, said: "Marsh McLennan delivered another strong quarter. We generated double-digit underlying growth, margin expansion and solid growth in adjusted EPS with momentum across all of our businesses. Our performance reflects continued demand for our advice and solutions and the value we deliver for clients."
Consolidated Results
Consolidated revenue in the second quarter of 2022 was $5.4 billion, an increase of 7% compared with the second quarter of 2021. On an underlying basis, revenue increased 10%. Operating income was $1.4 billion, an increase of 11% from the prior year. Adjusted operating income, which excludes noteworthy items as presented in the attached supplemental schedules, rose 8% to $1.3 billion. Net income attributable to the Company was $967 million, or $1.91 per diluted share, compared with $1.60 in the second quarter of 2021. Adjusted earnings per share rose 8% to $1.89 per diluted share compared with $1.75 a year ago and included a headwind of 3 cents per share from foreign exchange.
For the six months ended June 30, 2022, consolidated revenue was $10.9 billion, an increase of 8% compared to the prior year period. On an underlying basis, revenue increased 10%. Operating income was $2.8 billion, an increase of 9% from a year ago. Adjusted operating income, which excludes noteworthy items as presented in the attached supplemental schedules, rose 10% to $2.9 billion. Net income attributable to the Company was $2.0 billion, or $4.01 per diluted share, compared with $3.51 in the first six months of 2021. Adjusted earnings per share rose 12% to $4.19 per diluted share compared with $3.74 for the first six months of 2021.
1
Risk & Insurance Services
Risk & Insurance Services revenue was $3.3 billion in the second quarter of 2022, an increase of 5%, or 9% on an underlying basis. Operating income rose 2% to $967 million, and adjusted operating income was $1.0 billion, an increase of 9% versus a year ago. For the first six months ended June 30, 2022, revenue was $6.9 billion, an increase of 8%, or 10% on an underlying basis. Operating income rose 4% to $2.1 billion, and adjusted operating income was $2.2 billion, an increase of 11% versus a year ago.
Marsh's revenue in the second quarter was $2.8 billion, an increase of 9% on an underlying basis. In U.S./Canada, underlying revenue rose 10%. International operations produced underlying revenue growth of 9%, reflecting 14% growth in Latin America, 11% growth in Asia Pacific, and 7% growth in EMEA. For the first six months ended June 30, 2022, Marsh's underlying revenue growth was 10%.
Guy Carpenter's revenue in the second quarter was $522 million, an increase of 9% on an underlying basis. For the first six months ended June 30, 2022, Guy Carpenter's underlying revenue growth was 10%.
Consulting
Consulting revenue was $2.1 billion in the second quarter of 2022, an increase of 10% on both a reported and underlying basis. Operating income increased 39% to $475 million, and adjusted operating income increased 4% to $369 million. For the first six months ended June 30, 2022, Consulting revenue was $4.1 billion, an increase of 9%, or 10% on an underlying basis. Operating income of $867 million increased 23% and adjusted operating income increased 6% to $771 million.
Mercer's revenue in the second quarter was $1.4 billion, an increase of 7% on an underlying basis. Career revenue of $205 million was up 17% on an underlying basis. Health revenue of $587 million increased 10% on an underlying basis, and Wealth revenue of $597 million increased 1% on an underlying basis. For the first six months ended June 30, 2022, Mercer's revenue was $2.7 billion, an increase of 7% on an underlying basis.
Oliver Wyman’s revenue in the second quarter was $695 million, an increase of 16% on an underlying basis. For the first six months ended June 30, 2022, Oliver Wyman’s revenue was $1.4 billion, an increase of 16% on an underlying basis.
Other Items
The Company repurchased 3.8 million shares of stock for $600 million in the second quarter. Through six months, the Company has repurchased 7.0 million shares of stock for $1.1 billion.
Last week, the Board of Directors i
Apr 21, 2022
2 mmc1q2022ex991newsrelease.htm
Document
Marsh McLennan 1166 Avenue of the Americas New York, New York 10036-2774 212 345 5000 www.marshmclennan.com
Exhibit 99.1
MARSH McLENNAN REPORTS FIRST QUARTER 2022 RESULTS
GAAP Revenue Increases 9%; Underlying Revenue Rises 10%
First Quarter GAAP EPS Rises 10% to $2.10 and Adjusted EPS Increases 16% to $2.30
Growth in GAAP Operating Income of 6% and Adjusted Operating Income of 12%
NEW YORK, April 21, 2022 – Marsh McLennan (NYSE: MMC), the world’s leading professional services firm in the areas of risk, strategy and people, today reported financial results for the first quarter ended March 31, 2022.
Dan Glaser, President and CEO, said: "Marsh McLennan started 2022 with an excellent first quarter. We generated underlying revenue growth of 10%, adjusted operating income growth of 12%, and adjusted EPS growth of 16%. We are well-positioned for another solid year."
"The current war in Ukraine has reminded us that risk and uncertainty are constants, and I am proud of the work our colleagues are doing to help one another and our clients navigate the widespread challenges created by this horrific situation."
Consolidated Results
Consolidated revenue in the first quarter of 2022 was $5.5 billion, an increase of 9% compared with the first quarter of 2021. On an underlying basis, revenue increased 10%. Operating income was $1.4 billion, an increase of 6% from the prior year. Adjusted operating income, which excludes noteworthy items as presented in the attached supplemental schedules, rose 12% to $1.6 billion.
Net income attributable to the Company was $1.1 billion, or $2.10 per diluted share, compared with $1.91 in the first quarter of 2021. Adjusted earnings per share rose 16% to $2.30 per diluted share compared with $1.99 a year ago.
1
Risk & Insurance Services
Risk & Insurance Services revenue was $3.5 billion in the first quarter of 2022, an increase of 10%, or 11% on an underlying basis. Operating income rose 6% to $1.1 billion, and adjusted operating income was $1.2 billion, an increase of 12% versus a year ago.
Marsh's revenue in the first quarter was $2.5 billion, an increase of 11% on an underlying basis. In U.S./Canada, underlying revenue rose 10%. International operations produced underlying revenue growth of 11%, reflecting 17% growth in Asia Pacific, 16% growth in Latin America, and 9% growth in EMEA.
Guy Carpenter's revenue in the first quarter was $999 million, an increase of 11% on an underlying basis.
Consulting
Consulting revenue was $2.0 billion in the first quarter of 2022, an increase of 7%, or 10% on an underlying basis. Operating income increased 8% to $392 million, and adjusted operating income increased 9% to $402 million.
Mercer's revenue in the first quarter was $1.3 billion, an increase of 6% on an underlying basis. Career revenue of $202 million was up 16% on an underlying basis. Health revenue of $524 million increased 9% on an underlying basis, and Wealth revenue of $617 million increased 2% on an underlying basis.
Oliver Wyman’s revenue in the first quarter was $667 million, an increase of 17% on an underlying basis.
Other Items
The Company repurchased 3.2 million shares of stock for $500 million in the first quarter.
In March, Marsh McLennan announced it would exit all of its businesses in Russia and transfer ownership of its Russian business to local management who will operate independently in the Russian market.
2
Conference Call
A conference call to discuss first quarter 2022 results will be held today at 8:30 a.m. Eastern time. To participate in the teleconference, please dial +1 866 437 7574. Callers from outside the United States should dial +1 409 220 9376. The access code for both numbers is 3058039. The live audio webcast may be accessed at marshmclennan.com. A replay of the webcast will be available approximately two hours after the event.
About Marsh McLennan
Marsh McLennan (NYSE: MMC) is the world’s leading professional services firm in the areas of risk, strategy and people. The Company’s 83,000 colleagues advise clients in 130 countries. With annual revenue of approximately $20 billion, Marsh McLennan helps clients navigate an increasingly dynamic and complex environment through four market-leading businesses. Marsh provides data-driven risk advisory services and insurance solutions to commercial and consumer clients. Guy Carpenter develops advanced risk, reinsurance and capital strategies that help clients grow profitably and pursue emerging opportunities. Mercer delivers advice and technology-driven solutions that help organizations redefine the world of work, reshape retirement and investment outcomes, and unlock health and well being for a changing workforce. Oliver Wyman serves as a critical strategic, economic and brand advisor to private sector and governmental clients. For more information, visit marshmclennan.com, follow us on LinkedIn and Tw
Jan 27, 2022
2 a4q21ex991newsrelease.htm
Document
Marsh McLennan 1166 Avenue of the Americas New York, New York 10036-2774 212 345 5000 www.marshmclennan.com
Exhibit 99.1
MARSH McLENNAN REPORTS FOURTH QUARTER AND FULL-YEAR 2021 RESULTS
Full-Year Revenue Growth of 15%; Underlying Revenue Growth of 10%
Full-Year GAAP Operating Income Rises 41%; Adjusted Operating Income Increases 18%
Full-Year GAAP EPS Increases 56% to $6.13; Adjusted EPS Increases 24% to $6.17
Fourth Quarter GAAP EPS of $1.57; Adjusted EPS Increases 14% to $1.36
NEW YORK, January 27, 2022 – Marsh McLennan (NYSE: MMC), the world’s leading professional services firm in the areas of risk, strategy and people, today reported financial results for the fourth quarter and year ended December 31, 2021.
Dan Glaser, President and CEO, said: “In our 150th year, we produced one of the finest results in our Company's history. We generated underlying revenue growth of 10% and adjusted EPS growth of 24%, both the highest in over two decades. We also grew our adjusted operating income by 18% and expanded adjusted margins for the 14th consecutive year. I am proud of our colleagues' hard work, dedication and unwavering focus in achieving these results. With this outstanding year, we enter 2022 well positioned for continued growth."
Consolidated Results
Consolidated revenue in the fourth quarter of 2021 was $5.1 billion, an increase of 16% compared with the fourth quarter of 2020, or 10% on an underlying basis. Operating income was $986 million compared with $571 million in the prior year period. Adjusted operating income, which excludes noteworthy items as presented in the attached supplemental schedules, was $905 million, compared with $855 million in the prior year period. Net income attributable to the Company was $803 million, or $1.57 per diluted share, compared with $0.73 in the fourth quarter of 2020. Adjusted earnings per share was $1.36, compared with $1.19 for the prior year period.
1
For the year 2021, revenue was $19.8 billion, an increase of 15% compared with 2020, or 10% on an underlying basis. Operating income was $4.3 billion, and adjusted operating income rose 18% to $4.3 billion. Net income attributable to the Company was $3.1 billion. Earnings per share increased 56% to $6.13. Adjusted earnings per share increased 24% to $6.17 compared with $4.97 in 2020.
Risk & Insurance Services
Risk & Insurance Services revenue was $3.0 billion in the fourth quarter of 2021, an increase of 20%, or 9% on an underlying basis. Operating income was $667 million, compared with $463 million in the fourth quarter of 2020. Adjusted operating income increased 6% to $557 million. For the year 2021, revenue was $12.1 billion, an increase of 17%, or 10% on an underlying basis. Operating income was $3.1 billion, compared to $2.3 billion in 2020. Adjusted operating income rose 17% to $3.0 billion.
Marsh's revenue in the fourth quarter of 2021 was $2.9 billion, an increase of 22%, or 9% on an underlying basis. In U.S./Canada, underlying revenue rose 11%. International operations underlying revenue increased 7% compared to the prior year period, reflecting underlying growth of 14% in Latin America, 10% in Asia Pacific and 5% in EMEA. For the year 2021, Marsh’s revenue growth was 19%, or 11% on an underlying basis.
Guy Carpenter's fourth quarter revenue was $170 million, an increase of 4%, or 5% on an underlying basis. For the year 2021, Guy Carpenter’s revenue grew 10% compared to a year ago, or 9% on an underlying basis.
Consulting
Consulting revenue was $2.1 billion in the fourth quarter of 2021, an increase of 10%, or 11% on an underlying basis. Operating income increased 120% to $395 million, compared with $179 million in the fourth quarter of 2020. Adjusted operating income was $410 million, an increase of 6% compared with $387 million in the fourth quarter of 2020. For the year 2021, revenue was $7.8 billion, an increase of 12%, or 10% on an underlying basis. Operating income was $1.5 billion, compared with $1.0 billion in 2020. Adjusted operating income increased 19% to $1.5 billion.
Mercer’s revenue was $1.4 billion in the fourth quarter of 2021, an increase of 5%, or 6% on an underlying basis. Wealth, with revenue of $648 million, increased 4% on an underlying basis. Health, with revenue of $457 million, increased 4% on an underlying basis. Career revenue of $272 million increased 15% on an underlying basis. For the year 2021, Mercer’s revenue increased 7%, or 5% on an underlying basis.
Oliver Wyman’s revenue was $722 million in the fourth quarter of 2021, an increase of 22% on an underlying basis. For the year 2021, Oliver Wyman’s revenue was $2.5 billion, an increase of 21% on an underlying basis.
2
Other Items
For the year 2021, Marsh McLennan Agency (MMA) completed 11 transactions with approximately $170 million of combined revenue, including the acquisition of PayneWest, one of the largest i
This page provides Marsh Common Stock (MRSH) earnings call transcripts from SEC 8-K filings along with AI-powered predictions for post-earnings price movements. Our machine learning models analyze historical earnings data, pre-earnings price patterns, volume changes, and volatility to predict 1-day, 5-day, and 20-day returns after each earnings release.
Earnings transcripts are sourced directly from SEC EDGAR filings. Predictions are generated using gradient boosting models trained on MRSH's historical earnings reactions. All predicted returns are shown as percentages, and predicted prices are calculated from the closing price at the time of prediction. Past performance does not guarantee future results.