The global professional services firm that’s home to big names in insurance and risk, like Guy Carpenter and Marsh, has now reported its Q3 results – and in line with its results in Q2 of this year, Marsh & McLennan (MMC) has continued its winning streak, according to key indicators.
In the second quarter, MMC reported a 30% bump in operating income to US$885 million (around CA$1,164 million), while its adjusted operating income jumped by 10% to US$984 million (around CA$1,294 million). It was the same story for the third quarter ended September 30, with operating income up 15% (to US$540 million from US$467 million) and adjusted operating income increasing 9%. Additionally, for the whole of the nine-month period, operating income was up by 20% and adjusted operating income saw a bump of 12%.
Notably, global broker Marsh’s Q3 revenue came in at US$2 billion, an increase of 3% on an underlying basis. Looking at specific regions, underlying revenue rose 5% in the US and Canada, while international operations produced 2% underlying revenue growth – with 4% growth in Asia-Pacific, 2% growth in Latin America, and flat in EMEA on an underlying basis.
Meanwhile, Guy Carpenter’s revenue in the third quarter was US$274 million, which was flat on an underlying basis, compared with the third quarter 2019. However, for the nine-month period, the firm’s underlying revenue growth was 6%.
A few figures that didn’t shine included MMC’s consolidated revenue, which remained flat at US$4 billion from Q3 2019. However, for the nine months ended September 30, consolidated revenue totalled US$12.8 billion, which was an increase of 3%, or 1% on an underlying basis from 2019. Underlying revenue meanwhile declined 1% compared to the prior period.
“Marsh & McLennan’s strong performance in this period of uncertainty demonstrates our continued excellent execution and the resilience of our business,” said Dan Glaser, MMC’s president and CEO. “I am proud of the extraordinary dedication of our colleagues in serving our clients and supporting each other.”
