Marsh McLennan reports 9% revenue growth for Q1

Marsh McLennan reported $6.47bin in revenue for the first quarter of 2024, a 9.3% increase from the same period last year, as it tracked slower rate increases in the first quarter in several major lines and rate cuts for some specialty coverages.

The company’s revenue increased a similar amount on an underlying basis, which excludes the effect of foreign exchange fluctuations, and acquisitions and dispositions.

In its risk and insurance services division, Marsh reported revenue of $3bn for the quarter, a 9.4% increase over the same period last year and up 8% on an underlying basis. Guy Carpenter, its reinsurance brokerage unit, reported revenue of $1.15bn, a 7.2% increase and up 8% on an underlying basis.

In its consulting business, Mercer reported $1.43bn in revenue, a 6% increase, and Oliver Wyman reported revenue of $789m up 14.8%.

Net income increased to $1.4bn, a 13.4% increase over last year’s first quarter.

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