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Member, Beacon International Group, Ltd.
NEW YORK—Marsh & McLennan Cos. Inc.’s revenues rose 7% to $7.8 billion for the first nine months of the year, MMC reported Tuesday.
But revenues increased only 2% on an underlying basis that excludes the impact of acquisitions, dispositions and fluctuating currency exchange rates, MMC said.
Revenue for New York-based retail brokerage unit Marsh Inc. grew about 9% to about $3.5 billion during the first nine months of the year, but remained basically flat—increasing 1%—on an underlying basis.
Revenues at reinsurance brokerage unit Guy Carpenter & Co. L.L.C. grew 9% to $791 million, but 2% on an underlying basis.
MMC also reported higher net income, which rose to $652 million during the first nine months of the year from $204 million during the same period last year.
For the third quarter, net income was $168 million, down from $221 million during the previous year. Consolidated revenue during the same period grew 7% to $2.5 billion, although only 2% on an underlying basis.
“We are pleased with the progress our company has made, not only in the third quarter but throughout the year,” MMC President and CEO Brian Duperreault said in a statement announcing the results.
“The risk and insurance services segment grew revenue in an environment of continued soft market conditions in the property and casualty marketplace,” he said in the statement. “Marsh produced strong new business globally, with revenue growth across all geographic regions. Guy Carpenter generated excellent revenue growth, reflecting new business production and high retention rates.”