Marsh McLennan (MMC), the parent company of businesses including Marsh, Guy Carpenter and Oliver Wyman has today revealed its financial results for Q3 2021, ended September 30, 2021.
The group has reported consolidated revenue of US$4.6 billion (approx. CA$5.67 billion) for the quarter, up 16% compared with Q3 2020. MMC’s underlying revenue increased 13% year on year while operating income stands at US$740 million, up 37% from last year, and adjusted operating income rose 19% to US$759 million. Meanwhile, net income attributable to the company clocked in at US$537 million.
Commenting on the results, Dan Glaser, MMC’s president and CEO said: “We delivered another quarter of excellent results. For the second consecutive quarter, underlying growth was at the highest level in over two decades… Given the outstanding quarter and year-to-date performance, we are on track for a terrific year.”
For the nine months ended September 30, 2021, consolidated revenue stands at US$14.7 billion, an increase of 15%, or 10% on an underlying basis, compared to the prior period. Operating income registers at US$3.3 billion, up 33% from last year, and adjusted operating income was up 21% to US$3.4 billion. Net income attributable to the company for the first three quarters was US$2.3 billion.
MMC reported that its risk & insurance services revenue was US$2.7 billion in Q3 2021, an increase of 17%, or 13% on an underlying basis. Operating income has risen 21% to US$403 million, while adjusted operating income was US$469 million, an increase of 21% from the prior-year period. For the nine months ended September 30, 2021, revenue was US$9.0 billion, up 16%, or 11% on an underlying basis, operating income was up 28% to US$2.4 billion, and adjusted operating income was up 20% to US$2.5 billion.
Marsh’s revenue in Q3 2021 was US$2.4 billion, an increase of 13% on an underlying basis. In the US/Canada, underlying revenue rose 16%, while international operations produced underlying revenue growth of 9% (reflecting 12% growth in Latin America, 9% growth in Asia-Pacific, and 8% growth in EMEA). For the nine months ended September 30, 2021, Marsh’s underlying revenue growth was 12% compared to this period last year.
Guy Carpenter’s revenue in the third quarter hit US$314 million, an increase of 15% on an underlying basis, while for the nine months ended September 30, 2021, Guy Carpenter’s underlying revenue growth was 10%.
Consulting revenue in the third quarter was US$1.9 billion, an increase of 13%, or 12% on an underlying basis, compared to last year. Operating income increased 45% to US$404 million, and adjusted operating income increased 15% to US$350 million. For the first nine months of 2021, revenue was US$5.7 billion, up 12%, or 9% on an underlying basis. Operating income of US$1.1 billion increased 36% and adjusted operating income increased 25% to US$1.1 billion.
Mercer’s revenue was US$1.3 billion in Q3 2021, up 7% on an underlying basis. On an underlying basis, career revenue was up 13% to US$253 million, wealth revenue up 6% to US$613 million and health revenue up 4% to US$449 million. For the nine months ended September 30, 2021, Mercer’s revenue was US$3.9 billion, an increase of 4% on an underlying basis compared to the same period a year ago.
Oliver Wyman’s revenue was US$610 million in the third quarter, an increase of 25% on an underlying basis. For the first nine months ended September 30, 2021, Oliver Wyman’s revenue was US$1.8 billion, an increase of 21% on an underlying basis.
