Marsh & McLennan Cos. Inc. reported a double-digit rise in underlying revenue in the first quarter and expects continued growth throughout 2022.

Insurance rates rose by double digits in the first quarter, too, senior Marsh McLennan executives said on a call with analysts Thursday.

The company also reported a rise in compensation and benefits expenses as it continued its recruitment drive.

Marsh McLennan reported underlying or organic revenue growth of 10% in the first quarter.

“Based on our current outlook, we continue to expect mid-single digit or better underlying revenue growth for the full year,” said Dan Glaser, president and CEO.

Consolidated revenue for the quarter was $5.55 billion, up 9.2% compared with the same period last year.

Net income increased 9% over last year’s first quarter to $1.07 billion.

Compensation and benefits expenses increased 10.4% to $3.1 billion as the company continued to recruit staff. Last year, Marsh McLennan added nearly 6,000 staff.

In the next two to three quarters, “expense growth is going to be in the rearview mirror, but the capability and the growth kicker will remain,” Mr. Glaser said.

Risk and insurance services, which includes Marsh McLennan’s core insurance and reinsurance brokerage operations, reported $3.55 billion in revenue, up 10.1%. On an underlying revenue basis, which excludes the impact of foreign currency fluctuations and acquisitions, revenue for the sector increased 11%.

Marsh LLC, its insurance brokerage unit, reported $1.28 billion in revenue from the United States and Canada, up 10% on an underlying basis; $842 million from Europe, the Middle East and Africa, up 9%; $321 million from Asia Pacific, up 17%; and $104 million from Latin America, up 16%.

Insurance rates continued to increase in the quarter, said John Doyle, group president, chief operating officer and vice chair of Marsh McLennan.

Marsh’s global insurance market index for the first quarter showed price increases of 11% year over year, he said.

“This marks the 18th consecutive quarter of rate increases in the commercial (property/casualty) insurance marketplace,” Mr. Doyle said.

Global property insurance prices were up 7% and global casualty rates were up in the mid-single digits on average, he said.

“Global financial and professional lines excluding cyber increased high single digits, while cyber rates more than doubled in some geographies,” Mr. Doyle said.

Marsh McLennan incurred a $52 million mainly noncash charge related to its decision to transfer ownership of its Russian business to its local management, said Mark McGivney, chief financial officer of Marsh McLennan.

“In terms of ongoing impact, revenues and operating income from Russia are not significant,” he said.