MMC reports Q1 profits of Cdn$3.1 billion

Marsh & McLennan Companies Inc. (MMC) reported revenues of US$2.8 billion [approximately Cdn$3.1 billion] and a profit of $1.5 billion [approximately Cdn$1.66 billion] in its risk and insurance services during the 2007 Q1, an increase of 1% from 2006 Q1.
Marshs revenues included $540 million [approximately Cdn$597 billion] in the Americas, a decline of 5% from the prior years quarter, an MMC statement says.
New risk and insurance services business increased 7% in the first quarter of 2007, reflecting growth of 5% in the Americas.
Underlying revenues declined 3% during this time, primarily due to lower retention in the United States, MMC reports.
Guy Carpenter, an MMC subsidiary, revenues increased 4% in 2007 Q1 to $292 million [approximately Cdn$323 million], driven by 11% growth in new business, the MMC statement says.
These results were achieved despite the decline in U.S. property catastrophe rates from the peak levels seen in the mid-year 2006 renewal season and higher risk retention by clients.
The first quarter demonstrated the strength of MMC as a diversified company, Michael G. Cherasky, president and CEO of MMC, said in a statement.
We met our overall corporate performance expectations while we continued to position Marsh for success in the future.
Cherasky noted that the companys consulting segment performed well, growing revenues 13% with annual revenues approaching $4.5 billion [approximately Cdn$4.9 billion].