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Marsh & McLennan Cos. Inc. on Thursday reported higher consolidated revenue in the fourth quarter of 2016 despite challenging global risks that are likely to persist in 2017.
The brokerage’s consolidated revenue in the fourth quarter of 2016 was $3.36 billion, an increase of 0.8% compared with the fourth quarter of 2015, the company said in its fourth-quarter earnings report.
Consolidated revenue for the full year rose to $13.2 billion, an increase of 2.5% from 2015, due to balanced revenue growth in both its risk and consulting divisions and building its business through acquisitions, Dan Glaser, president and CEO, said during the company’s earnings conference call on Thursday.
He referenced key social and political risks that characterized 2016, including the Brexit vote of the United Kingdom to leave the European Union, continued terrorism activity and the income and wealth disparity highlighted in the World Economic Forum’s Global Risks Report 2017.
“Looking at 2017, we see the operating environment as broadly similar to last year, including modest global economic growth, political instability and foreign currency fluctuations,” he said. “We see geopolitical risk, specifically its impact on foreign exchange rates, being a potential downside, but difficult to predict. That said, I have more hope than I had six months ago with regard to the U.S. around GDP growth, inflation, interest rates and possible U.S. corporate tax reform.”
Net income in the fourth quarter of 2016 rose 16.3% to $436 million from the $375 million in the same period of 2015, according to the earnings release.
Risk and insurance services revenue was $1.79 billion in the fourth quarter of 2016, an increase of 3.5% over the same period of 2015. Revenue for the Guy Carpenter & Co. L.L.C. reinsurance brokerage unit rose 3% to $222 million in the fourth quarter, while revenue for Marsh L.L.C. increased 3.6% to $1.57 billion.
Consulting revenue, meanwhile, declined 2.1% to $1.58 billion in the fourth quarter compared with the same period in 2015 as Mercer L.L.C.’s revenue dropped 3.9% to $1.1 billion and Oliver Wyman rose 2.1% to $486 million.
Net income for the full year rose to nearly $1.77 billion, a 10.6% increase from 2015, according to the report.
Marsh & McLennan Cos. Inc. on Tuesday reported consolidated revenue of $3.14 billion in the third quarter of 2016, an increase of about 1% from the $3.12 billion reported in the third quarter of last year, although its consulting division’s revenue was negatively affected, in part, by uncertainty over the U.K. vote to leave the European Union.