Marsh & McLennan Cos. Inc. Thursday reported fourth-quarter revenue of $5.6 billion, up 11% overall from the year-earlier period and 7% on an underlying basis.

Net income jumped 62% to $756 million, up.

For all of 2023, revenue totaled $22.7 billion, up 10% overall from 2022 and 9% on an underlying basis. Net income for the year was $3.756 billion, up 23% from 2022.

Fourth-quarter revenue for the broker’s Risk & Insurance Services segment totaled $3.3 billion, up 11% overall from the year-earlier period and 8% on an underlying basis. For the year, revenue was $14.1 billion, up 11% on an accounting and underlying basis from 2022.

Marsh LLC, Marsh McLennan’s main brokerage arm, reported fourth-quarter revenue of $2.9 billion, an increase of 7% overall from the year-earlier period and 6% on an underlying basis. In the U.S. and Canada, underlying revenue rose 5%, while international operations had underlying revenue growth of 7%.

John Doyle, Marsh McLennan president and CEO, said on an earning call with analysts Thursday morning that primary insurance rates increased for the 25th consecutive quarter and the Marsh Global Insurance Market Index was up 2% overall, compared with a 3% increase in the third quarter. Property rates increased 6%, against 7% in the third quarter, and casualty pricing continued to be up in the low single digits, Mr. Doyle said.

Reinsurance broker Guy Carpenter reported fourth-quarter revenue of $252 million, up 48% overall from the year-earlier period and 9% on an underlying basis. For all of 2023, revenue rose 12% overall and 10% on an underlying basis.

Jan. 1, 2024, reinsurance renewals saw  “a market with more balanced trading conditions than a year ago,” Mr. Doyle said. Underwriting discipline continued, he said, and capacity was “generally adequate.”

Consulting revenue totaled $2.3 billion in the fourth quarter,  up 10% overall from the year-earlier period and 7% on an underlying basis.

For the year, consulting revenue was $8.7 billion, up 7% from 2022 on an accounting and underlying basis.

Mercer reported fourth-quarter revenue of $1.4 billion, up 9% overall and 5% on an underlying basis. For the year, Mercer’s revenue increased 5% overall and 7% on an underlying basis.

Mr. Doyle said on the call that the broker spent $1.6 billion on acquisitions in 2023, including the August purchase of  Philadelphia-based brokerage Graham Co. by Marsh McLennan Agency, the small and midsized brokerage unit of Marsh LLC. Graham was the 63rd-largest brokerage of U.S. business, with $73.5 million in 2022 brokerage revenue, according to Business Insurance’s most recent ranking.