Marsh & McLennan Cos. Inc. reported a double-digit increase in underlying revenue in the second quarter and expects continued growth in 2022 despite the rising risk of a recession.

Insurance prices remain firm and while the GDP growth outlook has softened, the company will benefit from higher inflation as insured values and loss costs increase, and demand for its services grows, senior Marsh McLennan executives said on a call with analysts Thursday.

Even if a recession does emerge, Marsh McLennan is well-positioned to perform through the economic cycle, said Dan Glaser, president and CEO.

“We have demonstrated our ability to manage our expense base in good and tough times and run our business to grow revenues faster than expenses,” Mr. Glaser said.

Since going public in 1962 the company has grown earnings per share during all recessionary periods even in severe recessions that accompanied the global financial crisis and the pandemic in 2020, he said.

The company expects to deliver at the high end of its mid-single digit or higher revenue growth guidance for the full year, he said.

Marsh McLennan reported second-quarter revenue of $5.4 billion, a 7% increase over the same period in 2021, and up 10% on an underlying basis, according to the brokerage’s earnings statement released Thursday before the markets opened.

Net income for the second quarter was $967 million, up 18%.

Risk and insurance services, which includes its insurance and reinsurance broking units, reported second-quarter revenue of $3.31 billion, up 5% and a 9% increase on an underlying basis.

Marsh LLC, its commercial insurance unit, reported $2.78 billion in revenue, a 5% increase over 2021’s second quarter and up 9% on an underlying basis.

In the U.S. and Canada Marsh’s underlying revenue rose 10%, while revenue in Europe, the Middle East and Africa grew 7%. Revenue from Latin America grew 14% on an underlying basis, while Asia Pacific saw growth of 11%.

Guy Carpenter & Co. LLC, the company’s reinsurance brokerage, reported $522 million in second-quarter revenue, up 9% on an underlying basis.

Rate increases in the marketplace persist, along with continued concerns around the impact of inflation on loss costs and a tightening reinsurance market, said John Doyle, group president, chief operating officer and vice chair of Marsh McLennan.

The Marsh Global Insurance Market Index showed price increases of 9% year over year, its 19th consecutive quarter of rate increases, Mr. Doyle said.

Global property insurance and global casualty rates were up 6%, and global financial and professional lines excluding cyber were up in the low single digits, while cyber rates rose 80% in some geographies, Mr. Doyle said.

Marsh McLennan has returned to a more normal pattern of hiring following its surge last year that saw it add a net 6,000 employees in 2021, Mr. Glaser said.

The company is prepared to act as economic conditions warrant and is focused on delivering higher levels of client service and lowering internal costs, Mr. Glaser said.

Efficiencies include technology modernization, real estate rationalization and different ways of working, he said.

“You don’t want to get too cautious too early. Our business is doing well,” Mr. Glaser told analysts.

First-half revenue rose 8% in 2022 to $10.9 billion, or 10% on an underlying basis. Net income for the first half was $2.0 billion, up 13%.