Marsh & McLennan Companies has revealed its third-quarter financial results, reporting solid revenue growth for the quarter.
“In the third quarter, on a consolidated basis, we generated solid underlying revenue growth of 3% and adjusted operating income growth of 11%,” said President and CEO Dan Glaser. “Underlying revenue growth was 3% in risk and insurance services and 2% in consulting, with margin expansion in both segments on an adjusted basis. Earnings per share increased 4% to US$0.76, while adjusted EPS rose 14% to US$0.79.”
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Glaser said that all four of Marsh & McLennan’s operating companies generated underlying revenue growth and solid earnings growth through the first nine months of the year.
“With strong performance through the first three quarters of the year, we believe the company is well-positioned to deliver underlying revenue growth, margin expansion in both segments, and strong earnings-per-share growth for the full year,” Glaser said.
Consolidated revenue in the third quarter was US$3.3 billion, a 7% increase from the third quarter of 2016. Operating income was US$597 million, a 4% hike from the same period last year. Net income attributable to the company was US$393 million.
The company’s risk and insurance services revenue was US$1.8 billion in the third quarter, an 8% hike over Q3 of 2016, or 3% on an underlying basis. Operating income was US$314 million – essentially flat compared to the prior year. Adjusted operating income rose 12% to US$337 million. Risk and insurance services revenue was US$5.7 billion for the nine months ended, a 6% increase (3% on an underlying basis).
Marsh’s revenue in Q3 was US$1.5 billion, an increase of 9%.
Guy Carpenter’s Q3 revenue was US$270 million, a 4% increase.
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