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Marsh & McLennan Group reports strong first quarter with net income of $413 million


May 3, 2013   by Canadian Underwriter


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Marsh & McLennan Companies has reported a strong start to the year in its first quarter financial earnings, recording net income of $413 million, compared with $347 million in the same quarter last year.

Financial

For the three months ended March 31, 2013, the organization reported consolidated revenue of $3.1 billion, a 2% increase over the same quarter of 2012. It also reported operating income for Q1 of $607 million.

“Our quarterly results represent an excellent start to the year, continuing the strong earnings momentum the Company has achieved over the past several years,” president and CEO Dan Glaser noted in a statement on the results.

“Marsh delivered underlying revenue growth across all major geographies, led by strong performance in the International division as well as sequential improvement in the U.S./Canada division,” he said. That geography accounted for $569 million in revenue, up from $528 million in the same quarter of 2012.

“Marsh & McLennan’s adjusted operating income grew 16% in the first quarter, reflecting mid-teens growth and exceptional margin expansion in both the Risk & Insurance Services and Consulting segments,” Glaser added.

For its Risk and Insurance Services division, the company’s revenue increased 5% to $1.8 billion for the first quarter. Operating income for that business segment was about $468 million for the quarter.

Marsh’s revenue was about $1.4 billion for the quarter, while Guy Carpenter reported revenue of $375 million. “Guy Carpenter’s underlying revenue growth in the quarter was driven by strong growth in its International and Global Specialty operations,” Glaser noted.

The company’s Consulting business, which includes the Oliver Wyman Group, reported about $1.36 billion in revenue for the quarter, and operating income of $187 million.


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