Quarterly revenue up 4.2% at Marsh & McLennanReprints
Marsh & McLennan Cos. Inc.'s revenue rose 4.2% to $3.26 billion in the first quarter, the company said Friday.
Net income increased 7.3% to $443 million in the quarter.
Revenue for the risk and insurance services business rose 4.0% over the first quarter of 2013 to $1.84 billion. Within that sector, revenue for Marsh L.L.C. increased 4.3% to $1.45 billion while that of Guy Carpenter & Co. L.L.C. increased 1.6% to $381 million, along with fiduciary interest income of $6 million.
Marsh’s international operations produced underlying, or organic, revenue growth of 4%, reflecting gains of 11% in Latin America; 9% in Asia Pacific; and 2% in Europe, the Middle East and Africa, according to Marsh & McLennan’s earnings release. For the U.S./Canada division, underlying revenue increased 2%.
Total revenue for the consulting sector, which includes Mercer L.L.C. and Oliver Wyman Group, rose 5.1% to $1.43 billion. Within that sector, revenue for Mercer's rose 1.9% to $1.06 billion. Oliver Wyman Group's revenue jumped 15.6% to $371 million.
“This represents a strong start to 2014 and continues the excellent momentum we have achieved over the last several years,” Marsh & McLennan President and CEO Dan Glaser said in a statement.