Marsh & McLennan reports third-quarter growth across all sectors

Marsh & McLennan Cos. Inc. reported 2014 third-quarter revenue of $3.14 billion on Tuesday, a 7.1% increase over the same period last year.

The company, the world's largest commercial insurance brokerage, according to Business Insurance's latest ranking, recorded a 17.4% increase in net income over the prior-year quarter to $297 million.

Marsh L.L.C., the company's commercial brokerage unit, posted $1.34 billion in revenue, an 8.3% increase over the prior-year period. Reinsurance brokerage unit Guy Carpenter & Co. L.L.C. recorded third-quarter revenue growth of 1.5% over the same period in 2013 to $266 million.

Benefits consulting unit Mercer L.L.C. posted $1.11 billion in revenue, a 3.7% increase over the third quarter of 2013, while Marsh & McLennan's management consulting arm, Oliver Wyman Group, reported a 17.5% increase in revenue to $429 million for the third quarter.

“The company delivered its 13th consecutive quarter of double-digit growth in adjusted earnings per share,” Marsh & McLennan President and CEO Dan Glaser said in a statement. “This strong performance reflects revenue growth of 7% and underlying revenue growth of 5%, with all operating companies contributing.”

Marsh & McLennan reported revenue of $9.71 billion for the first nine months of 2014, a 6.1% increase over the same period in 2013. Net income for the nine-month period rose 11.1% to $1.17 billion.