NEW YORK–(BUSINESS WIRE)–Marsh McLennan (NYSE: MMC), the world’s leading professional services firm in the areas of risk, strategy and people, today reported financial results for the first quarter ended March 31, 2024.
John Doyle, President and CEO, said: “We had a terrific start to the year, reflecting continued momentum across our business. For the quarter, we generated 9% underlying revenue growth, 14% adjusted EPS growth, and 80 basis points of margin expansion. With this strong start, we are well positioned for another good year in 2024.”
“I am proud of our colleagues’ dedication as they focus on helping our clients thrive in a complex and dynamic environment.”
Consolidated Results
Consolidated revenue in the first quarter of 2024 was $6.5 billion, an increase of 9% compared with the first quarter of 2023. On an underlying basis, revenue increased 9%. Operating income rose 12% to $1.9 billion. Adjusted operating income, which excludes noteworthy items as presented in the attached supplemental schedules, rose 11% to $2.0 billion. Net income attributable to the Company was $1.4 billion. Earnings per share increased 14% to $2.82. Adjusted earnings per share increased 14% to $2.89.
Risk & Insurance Services
Risk & Insurance Services revenue was $4.3 billion in the first quarter of 2024, an increase of 9% on both a GAAP and underlying basis. Operating income increased 12% to $1.6 billion, while adjusted operating income increased 11% to $1.6 billion.
Marsh’s revenue in the first quarter of 2024 was $3.0 billion, an increase of 9%, or 8% on an underlying basis. In U.S./Canada, underlying revenue rose 8%. International operations produced underlying revenue growth of 8%, reflecting 9% growth in EMEA, 8% growth in Latin America, and 6% growth in Asia Pacific.
Guy Carpenter’s revenue in the first quarter was $1.1 billion, an increase of 7%, or 8% on an underlying basis.
Consulting
Consulting revenue was $2.2 billion in the first quarter of 2024, an increase of 9% on both a GAAP and underlying basis. Operating income increased 5% to $432 million, while adjusted operating income increased 9% to $444 million.
Mercer’s revenue in the first quarter was $1.4 billion, an increase of 6% on both a GAAP and underlying basis. Health revenue of $538 million increased 10% on an underlying basis. Wealth revenue of $672 million increased 5% on an underlying basis. Career revenue of $215 million increased 1% on an underlying basis.
Oliver Wyman’s revenue in the first quarter of 2024 was $789 million, an increase of 13% on an underlying basis.
Other Items
The Company repurchased 1.5 million shares of stock for $300 million in the first quarter of 2024.
In the first quarter of 2024, the Company issued $1 billion of senior notes and repaid $1 billion of senior notes that matured.
In February, Oliver Wyman completed the acquisition of SeaTec Consulting, a leading provider of consulting, engineering, and digital expertise across the aviation, aerospace and defense, and transportation industries.
In March, Marsh McLennan Agency (MMA) completed the acquisition of Querbes & Nelson and Louisiana Companies, two leading middle-market agencies in Louisiana, and Mercer completed the acquisition of Vanguard’s U.S. Outsourced Chief Investment Officer (OCIO) business.
About Marsh McLennan
Marsh McLennan (NYSE: MMC) is the world’s leading professional services firm in the areas of risk, strategy and people. The Company’s more than 85,000 colleagues advise clients in over 130 countries. With annual revenue of $23 billion, Marsh McLennan helps clients navigate an increasingly dynamic and complex environment through four market-leading businesses. Marsh provides data-driven risk advisory services and insurance solutions to commercial and consumer clients. Guy Carpenter develops advanced risk, reinsurance and capital strategies that help clients grow profitably and pursue emerging opportunities. Mercer delivers advice and technology-driven solutions that help organizations redefine the world of work, reshape retirement and investment outcomes, and unlock health and well being for a changing workforce. Oliver Wyman serves as a critical strategic, economic and brand advisor to private sector and governmental clients. For more information, visit marshmclennan.com, or follow us on LinkedIn and X.
