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    Marsh McLennan Reports Second Quarter 2024 Results

    7/18/24 7:00:00 AM ET
    $MMC
    Specialty Insurers
    Finance
    Get the next $MMC alert in real time by email

    GAAP Revenue Increases 6%; Underlying Revenue Rises 6%

    Growth in GAAP Operating Income of 13% and Adjusted Operating Income of 11%

    Second Quarter GAAP EPS Rises 10% to $2.27 and Adjusted EPS Increases 10% to $2.41

    Six Months GAAP EPS Rises 12% to $5.08 and Adjusted EPS Increases 12% to $5.30

    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 second quarter ended June 30, 2024.

    John Doyle, President and CEO, said: "We generated strong results in the second quarter with 6% underlying revenue growth, 10% adjusted EPS growth, and 130 basis points of margin expansion."

    "We continued to invest in our talent and capabilities to deliver for clients. We also deployed capital into high quality acquisitions and recently announced a 15% increase in our dividend. Our first half results leave us well positioned for another great year in 2024."

    Consolidated Results

    Consolidated revenue in the second quarter of 2024 was $6.2 billion, an increase of 6% compared with the second quarter of 2023. On an underlying basis, revenue increased 6%. Operating income rose 13% to $1.6 billion. Adjusted operating income, which excludes noteworthy items as presented in the attached supplemental schedules, rose 11% to $1.7 billion. Net income attributable to the Company was $1.1 billion. Earnings per share increased 10% to $2.27. Adjusted earnings per share increased 10% to $2.41.

    For the six months ended June 30, 2024, consolidated revenue was $12.7 billion, an increase of 8% on both a GAAP and underlying basis compared to the prior period. Operating income was $3.6 billion, an increase of 12% from the prior year period. Adjusted operating income rose 11% to $3.7 billion. Net income attributable to the Company was $2.5 billion, or $5.08 per diluted share, compared with $4.55 in the first six months of 2023. Adjusted earnings per share increased 12% to $5.30.

    Risk & Insurance Services

    Risk & Insurance Services revenue was $4.0 billion in the second quarter of 2024, an increase of 8%, or 7% on an underlying basis. Operating income increased 12% to $1.3 billion, while adjusted operating income increased 12% to $1.3 billion. For the six months ended June 30, 2024, revenue was $8.3 billion, an increase of 9%, or 8% on an underlying basis. Operating income rose 12% to $2.9 billion, and adjusted operating income increased 12% to $2.9 billion.

    Marsh's revenue in the second quarter of 2024 was $3.3 billion, an increase of 8%, or 7% on an underlying basis. In U.S./Canada, underlying revenue rose 6%. International operations produced underlying revenue growth of 7%, reflecting 8% growth in Latin America, 7% growth in EMEA, and 7% growth in Asia Pacific. For the six months ended June 30, 2024, Marsh's underlying revenue growth was 7%.

    Guy Carpenter's revenue in the second quarter was $632 million, an increase of 10%, or 11% on an underlying basis. For the six months ended June 30, 2024, Guy Carpenter's underlying revenue growth was 9%.

    Consulting

    Consulting revenue was $2.2 billion in the second quarter of 2024, an increase of 2%, or 4% on an underlying basis. Operating income increased 5% to $410 million, while adjusted operating income increased 6% to $426 million. For the first six months ended June 30, 2024, revenue was $4.4 billion, an increase of 5%, or 6% on an underlying basis. Operating income rose 5% to $842 million, and adjusted operating income increased 7% to $870 million.

    Mercer's revenue in the second quarter was $1.4 billion, flat on a GAAP basis, or an increase of 5% on an underlying basis. Health revenue of $547 million increased 9% on an underlying basis. Wealth revenue of $612 million increased 3% on an underlying basis. Career revenue of $220 million increased 2% on an underlying basis. For the six months ended June 30, 2024, Mercer's revenue was $2.8 billion, an increase of 6% on an underlying basis.

    Oliver Wyman's revenue in the second quarter of 2024 was $837 million, an increase of 3% on an underlying basis. For the six months ended June 30, 2024, Oliver Wyman's revenue was $1.6 billion, an increase of 8% on an underlying basis.

    Other Items

    The Company repurchased 1.5 million shares of stock for $300 million in the second quarter of 2024. Through six months ended June 30, 2024, the Company has repurchased 3.0 million shares of stock for $600 million.

    In the second quarter of 2024, the Company repaid $600 million of senior notes that matured.

    Last week, the Board of Directors increased the quarterly dividend 15% to $0.815 per share, with the third quarter dividend payable on August 15, 2024.

    In June, Marsh McLennan Agency (MMA) completed the acquisition of Fisher Brown Bottrell Insurance, Inc., one of the largest bank-affiliated insurance agencies in the U.S.

    Conference Call

    A conference call to discuss second quarter 2024 results will be held today at 8:30 a.m. Eastern time. The live audio webcast may be accessed at marshmclennan.com. A replay of the webcast will be available approximately two hours after the event. The webcast is listen-only. Those interested in participating in the question-and-answer session may register here to receive the dial-in numbers and unique PIN to access the call.

    About Marsh McLennan

    Marsh McLennan (NYSE:MMC) is a global leader in risk, strategy and people, advising clients in 130 countries across four businesses: Marsh, Guy Carpenter, Mercer and Oliver Wyman. With annual revenue of $23 billion and more than 85,000 colleagues, Marsh McLennan helps build the confidence to thrive through the power of perspective. For more information, visit marshmclennan.com, or follow us on LinkedIn and X.

    INFORMATION CONCERNING FORWARD-LOOKING STATEMENTS

    This press release contains "forward-looking statements," as defined in the Private Securities Litigation Reform Act of 1995. These statements, which express management's current views concerning future events or results, use words like "anticipate," "assume," "believe," "continue," "estimate," "expect," "intend," "plan," "project" and similar terms, and future or conditional tense verbs like "could," "may," "might," "should," "will" and "would".

    Forward-looking statements are subject to inherent risks and uncertainties that could cause actual results to differ materially from those expressed or implied in our forward-looking statements. Factors that could materially affect our future results include, among other things:

    • the impact of geopolitical or macroeconomic conditions on us, our clients and the countries and industries in which we operate, including from multiple major wars, escalating conflict throughout the Middle East and rising tension in the South China Sea, slower GDP growth or recession, lower interest rates, capital markets volatility, inflation and changes in insurance premium rates;
    • the impact from lawsuits or investigations arising from errors and omissions, breaches of fiduciary duty or other claims against us in our capacity as a broker or investment advisor, including claims related to our investment business' ability to execute timely trades;
    • the increasing prevalence of ransomware, supply chain and other forms of cyber attacks, and their potential to disrupt our operations, or the operations of our third party vendors, and result in the disclosure of confidential client or company information;
    • the financial and operational impact of complying with laws and regulations, including domestic and international sanctions regimes, anti-corruption laws such as the U.S. Foreign Corrupt Practices Act, U.K. Anti Bribery Act and cybersecurity, data privacy and artificial intelligence regulations;
    • our ability to attract, retain and develop industry leading talent;
    • our ability to compete effectively and adapt to competitive pressures in each of our businesses, including from disintermediation as well as technological change, digital disruption and other types of innovation such as artificial intelligence;
    • our ability to manage potential conflicts of interest, including where our services to a client conflict, or are perceived to conflict, with the interests of another client or our own interests;
    • the impact of changes in tax laws, guidance and interpretations, such as the implementation of the Organization for Economic Cooperation and Development international tax framework, or the increasing number of challenges from tax authorities in the current global tax environment; and
    • the regulatory, contractual and reputational risks that arise based on insurance placement activities and insurer revenue streams.

    The factors identified above are not exhaustive. Marsh McLennan and its subsidiaries (collectively, the "Company") operate in a dynamic business environment in which new risks emerge frequently. Accordingly, we caution readers not to place undue reliance on any forward-looking statements, which are based only on information currently available to us and speak only as of the dates on which they are made. The Company undertakes no obligation to update or revise any forward-looking statement to reflect events or circumstances arising after the date on which it is made.

    Further information concerning the Company, including information about factors that could materially affect our results of operations and financial condition, is contained in the Company's filings with the Securities and Exchange Commission, including the "Risk Factors" section and the "Management's Discussion and Analysis of Financial Condition and Results of Operations" section of our most recently filed Annual Report on Form 10-K.

    Marsh & McLennan Companies, Inc.

    Consolidated Statements of Income

    (In millions, except per share data)

    (Unaudited)

     

     

     

    Three Months Ended

    June 30,

     

    Six Months Ended

    June 30,

     

     

     

    2024

     

     

     

    2023

     

     

     

    2024

     

     

     

    2023

     

    Revenue

     

    $

    6,221

     

     

    $

    5,876

     

     

    $

    12,694

     

     

    $

    11,800

     

    Expense:

     

     

     

     

     

     

     

     

    Compensation and benefits

     

     

    3,454

     

     

     

    3,337

     

     

     

    6,924

     

     

     

    6,544

     

    Other operating expenses

     

     

    1,125

     

     

     

    1,082

     

     

     

    2,203

     

     

     

    2,073

     

    Operating expenses

     

     

    4,579

     

     

     

    4,419

     

     

     

    9,127

     

     

     

    8,617

     

    Operating income

     

     

    1,642

     

     

     

    1,457

     

     

     

    3,567

     

     

     

    3,183

     

    Other net benefit credits

     

     

    66

     

     

     

    60

     

     

     

    133

     

     

     

    118

     

    Interest income

     

     

    12

     

     

     

    10

     

     

     

    49

     

     

     

    24

     

    Interest expense

     

     

    (156

    )

     

     

    (146

    )

     

     

    (315

    )

     

     

    (282

    )

    Investment income

     

     

    1

     

     

     

    3

     

     

     

    2

     

     

     

    5

     

    Income before income taxes

     

     

    1,565

     

     

     

    1,384

     

     

     

    3,436

     

     

     

    3,048

     

    Income tax expense

     

     

    425

     

     

     

    337

     

     

     

    872

     

     

     

    749

     

    Net income before non-controlling interests

     

     

    1,140

     

     

     

    1,047

     

     

     

    2,564

     

     

     

    2,299

     

    Less: Net income attributable to non-controlling interests

     

     

    15

     

     

     

    12

     

     

     

    39

     

     

     

    29

     

    Net income attributable to the Company

     

    $

    1,125

     

     

    $

    1,035

     

     

    $

    2,525

     

     

    $

    2,270

     

    Net income per share attributable to the Company:

     

     

     

     

     

     

     

     

    - Basic

     

    $

    2.28

     

     

    $

    2.09

     

     

    $

    5.13

     

     

    $

    4.59

     

    - Diluted

     

    $

    2.27

     

     

    $

    2.07

     

     

    $

    5.08

     

     

    $

    4.55

     

    Average number of shares outstanding:

     

     

     

     

     

     

     

     

    - Basic

     

     

    492

     

     

     

    495

     

     

     

    492

     

     

     

    495

     

    - Diluted

     

     

    496

     

     

     

    499

     

     

     

    497

     

     

     

    499

     

    Shares outstanding at June 30

     

     

    492

     

     

     

    494

     

     

     

    492

     

     

     

    494

     

    Marsh & McLennan Companies, Inc.

    Supplemental Information - Revenue Analysis

    Three Months Ended June 30

    (Millions) (Unaudited)

    The Company advises clients in 130 countries. As a result, foreign exchange rate movements may impact period over period comparisons of revenue. Similarly, certain other items such as acquisitions and dispositions, including transfers among businesses, may impact period over period comparisons of revenue. Non-GAAP underlying revenue measures the change in revenue from one period to the next by isolating these impacts.

     

     

     

     

     

     

    Components of Revenue Change*

     

     

    Three Months Ended

    June 30,

     

    % Change

    GAAP Revenue*

     

    Currency Impact

     

    Acquisitions/

    Dispositions/ Other Impact**

     

    Non-GAAP

    Underlying Revenue

     

     

     

    2024

     

     

     

    2023

     

     

    Risk and Insurance Services

     

     

     

     

     

     

     

     

     

     

     

     

    Marsh

     

    $

    3,265

     

     

    $

    3,038

     

     

    8

    %

     

    (1

    )%

     

    2

    %

     

    7

    %

    Guy Carpenter

     

     

    632

     

     

     

    576

     

     

    10

    %

     

    (1

    )%

     

    —

     

     

    11

    %

    Subtotal

     

     

    3,897

     

     

     

    3,614

     

     

    8

    %

     

    (1

    )%

     

    2

    %

     

    7

    %

    Fiduciary interest income

     

     

    125

     

     

     

    108

     

     

     

     

     

     

     

     

     

    Total Risk and Insurance Services

     

     

    4,022

     

     

     

    3,722

     

     

    8

    %

     

    (1

    )%

     

    2

    %

     

    7

    %

    Consulting

     

     

     

     

     

     

     

     

     

     

     

     

    Mercer

     

     

    1,379

     

     

     

    1,374

     

     

    —

     

     

    (1

    )%

     

    (3

    )%

     

    5

    %

    Oliver Wyman Group

     

     

    837

     

     

     

    798

     

     

    5

    %

     

    —

     

     

    2

    %

     

    3

    %

    Total Consulting

     

     

    2,216

     

     

     

    2,172

     

     

    2

    %

     

    (1

    )%

     

    (1

    )%

     

    4

    %

    Corporate Eliminations

     

     

    (17

    )

     

     

    (18

    )

     

     

     

     

     

     

     

     

    Total Revenue

     

    $

    6,221

     

     

    $

    5,876

     

     

    6

    %

     

    (1

    )%

     

    1

    %

     

    6

    %

    Revenue Details

    The following table provides more detailed revenue information for certain of the components presented above:

     

     

     

     

     

     

    Components of Revenue Change*

     

     

    Three Months Ended

    June 30,

     

    % Change

    GAAP Revenue*

     

    Currency Impact

     

    Acquisitions/

    Dispositions/ Other Impact**

     

    Non-GAAP

    Underlying Revenue

     

     

     

    2024

     

     

    2023

     

    Marsh:

     

     

     

     

     

     

     

     

     

     

     

     

    EMEA

     

    $

    912

     

    $

    858

     

    6

    %

     

    —

     

     

    —

     

     

    7

    %

    Asia Pacific

     

     

    391

     

     

    357

     

    9

    %

     

    (4

    )%

     

    6

    %

     

    7

    %

    Latin America

     

     

    137

     

     

    137

     

    1

    %

     

    (10

    )%

     

    3

    %

     

    8

    %

    Total International

     

     

    1,440

     

     

    1,352

     

    7

    %

     

    (2

    )%

     

    2

    %

     

    7

    %

    U.S./Canada

     

     

    1,825

     

     

    1,686

     

    8

    %

     

    —

     

     

    2

    %

     

    6

    %

    Total Marsh

     

    $

    3,265

     

    $

    3,038

     

    8

    %

     

    (1

    )%

     

    2

    %

     

    7

    %

    Mercer:

     

     

     

     

     

     

     

     

     

     

     

     

    Wealth

     

    $

    612

     

    $

    637

     

    (4

    )%

     

    (1

    )%

     

    (6

    )%

     

    3

    %

    Health

     

     

    547

     

     

    518

     

    6

    %

     

    (1

    )%

     

    (2

    )%

     

    9

    %

    Career

     

     

    220

     

     

    219

     

    1

    %

     

    (3

    )%

     

    1

    %

     

    2

    %

    Total Mercer

     

    $

    1,379

     

    $

    1,374

     

    —

     

     

    (1

    )%

     

    (3

    )%

     

    5

    %

    *

    Rounded to whole percentages. Components of revenue may not add due to rounding.

    **

    Acquisitions, dispositions, and other includes the impact of current and prior year items excluded from the calculation of non-GAAP underlying revenue for comparability purposes. Details on these items are provided in the reconciliation of non-GAAP revenue to GAAP revenue tables included in this release.

    Marsh & McLennan Companies, Inc.

    Supplemental Information - Revenue Analysis

    Six Months Ended June 30

    (Millions) (Unaudited)

    The Company advises clients in 130 countries. As a result, foreign exchange rate movements may impact period over period comparisons of revenue. Similarly, certain other items such as acquisitions and dispositions, including transfers among businesses, may impact period over period comparisons of revenue. Non-GAAP underlying revenue measures the change in revenue from one period to the next by isolating these impacts.

     

     

     

     

     

     

    Components of Revenue Change*

     

     

    Six Months Ended

    June 30,

     

    % Change

    GAAP Revenue*

     

    Currency Impact

     

    Acquisitions/

    Dispositions/ Other Impact**

     

    Non-GAAP

    Underlying Revenue

     

     

     

    2024

     

     

     

    2023

     

     

    Risk and Insurance Services

     

     

     

     

     

     

     

     

     

     

     

     

    Marsh

     

    $

    6,268

     

     

    $

    5,782

     

     

    8

    %

     

    (1

    )%

     

    2

    %

     

    7

    %

    Guy Carpenter

     

     

    1,780

     

     

     

    1,647

     

     

    8

    %

     

    —

     

     

    (1

    )%

     

    9

    %

    Subtotal

     

     

    8,048

     

     

     

    7,429

     

     

    8

    %

     

    (1

    )%

     

    1

    %

     

    8

    %

    Fiduciary interest income

     

     

    247

     

     

     

    199

     

     

     

     

     

     

     

     

     

    Total Risk and Insurance Services

     

     

    8,295

     

     

     

    7,628

     

     

    9

    %

     

    (1

    )%

     

    1

    %

     

    8

    %

    Consulting

     

     

     

     

     

     

     

     

     

     

     

     

    Mercer (a)

     

     

    2,804

     

     

     

    2,718

     

     

    3

    %

     

    (1

    )%

     

    (1

    )%

     

    6

    %

    Oliver Wyman Group

     

     

    1,626

     

     

     

    1,485

     

     

    9

    %

     

    —

     

     

    2

    %

     

    8

    %

    Total Consulting

     

     

    4,430

     

     

     

    4,203

     

     

    5

    %

     

    (1

    )%

     

    —

     

     

    6

    %

    Corporate Eliminations

     

     

    (31

    )

     

     

    (31

    )

     

     

     

     

     

     

     

     

    Total Revenue

     

    $

    12,694

     

     

    $

    11,800

     

     

    8

    %

     

    (1

    )%

     

    1

    %

     

    8

    %

    Revenue Details

    The following table provides more detailed revenue information for certain of the components presented above:

     

     

     

     

     

     

    Components of Revenue Change*

     

     

    Six Months Ended

    June 30,

     

    % Change

    GAAP Revenue*

     

    Currency Impact

     

    Acquisitions/

    Dispositions/ Other Impact**

     

    Non-GAAP

    Underlying Revenue

     

     

     

    2024

     

     

    2023

     

    Marsh:

     

     

     

     

     

     

     

     

     

     

     

     

    EMEA

     

    $

    1,937

     

    $

    1,790

     

    8

    %

     

    —

     

     

    —

     

     

    8

    %

    Asia Pacific

     

     

    727

     

     

    669

     

    9

    %

     

    (4

    )%

     

    6

    %

     

    7

    %

    Latin America

     

     

    262

     

     

    252

     

    4

    %

     

    (7

    )%

     

    3

    %

     

    8

    %

    Total International

     

     

    2,926

     

     

    2,711

     

    8

    %

     

    (1

    )%

     

    2

    %

     

    8

    %

    U.S./Canada

     

     

    3,342

     

     

    3,071

     

    9

    %

     

    —

     

     

    2

    %

     

    7

    %

    Total Marsh

     

    $

    6,268

     

    $

    5,782

     

    8

    %

     

    (1

    )%

     

    2

    %

     

    7

    %

    Mercer:

     

     

     

     

     

     

     

     

     

     

     

     

    Wealth (a)

     

    $

    1,284

     

    $

    1,218

     

    5

    %

     

    —

     

     

    2

    %

     

    4

    %

    Health (a)

     

     

    1,085

     

     

    1,063

     

    2

    %

     

    (1

    )%

     

    (6

    )%

     

    10

    %

    Career

     

     

    435

     

     

    437

     

    —

     

     

    (2

    )%

     

    —

     

     

    2

    %

    Total Mercer

     

    $

    2,804

     

    $

    2,718

     

    3

    %

     

    (1

    )%

     

    (1

    )%

     

    6

    %

    (a)

    Acquisitions, dispositions and other in 2024 includes a net gain of $21 million from the sale of the U.K. pension administration and U.S. health and benefits administration businesses, that comprised of a $66 million gain in Wealth, offset by a $45 million loss in Health.

     

    *

    Rounded to whole percentages. Components of revenue may not add due to rounding.

    **

    Acquisitions, dispositions, and other includes the impact of current and prior year items excluded from the calculation of non-GAAP underlying revenue for comparability purposes. Details on these items are provided in the reconciliation of non-GAAP revenue to GAAP revenue tables included in this release.

    Marsh & McLennan Companies, Inc.

    Reconciliation of Non-GAAP Measures

    Three Months Ended June 30

    (Millions) (Unaudited)

    Overview

    The Company reports its financial results in accordance with accounting principles generally accepted in the United States (referred to in this release as in accordance with "GAAP" or "reported" results). The Company also refers to and presents certain additional non-GAAP financial measures, within the meaning of Regulation G and item 10(e) Regulation S-K in accordance with the Securities Exchange Act of 1934. These measures are: non-GAAP revenue, adjusted operating income (loss), adjusted operating margin, adjusted income, net of tax and adjusted earnings per share (EPS). The Company has included reconciliations of these non-GAAP financial measures to the most directly comparable financial measure calculated in accordance with GAAP in the following tables.

    The Company believes these non-GAAP financial measures provide useful supplemental information that enables investors to better compare the Company's performance across periods. Management also uses these measures internally to assess the operating performance of its businesses and to decide how to allocate resources. However, investors should not consider these non-GAAP measures in isolation from, or as a substitute for, the financial information that the Company reports in accordance with GAAP. The Company's non-GAAP measures include adjustments that reflect how management views its businesses, and may differ from similarly titled non-GAAP measures presented by other companies.

    Adjusted Operating Income (Loss) and Adjusted Operating Margin

    Adjusted operating income (loss) is calculated by excluding the impact of certain noteworthy items from the Company's GAAP operating income (loss). The following tables identify these noteworthy items and reconcile adjusted operating income (loss) to GAAP operating income (loss), on a consolidated and reportable segment basis, for the three and six months ended June 30, 2024 and 2023. The following tables also present adjusted operating margin. For the three and six months ended June 30, 2024 and 2023, adjusted operating margin is calculated by dividing the sum of adjusted operating income and identified intangible asset amortization by consolidated or segment adjusted revenue. The Company's adjusted revenue used in the determination of adjusted operating margin is calculated by excluding the impact of certain noteworthy items from the Company's GAAP revenue.

     

     

    Risk & Insurance Services

     

    Consulting

     

    Corporate/

    Eliminations

     

    Total

    Three Months Ended June 30, 2024

     

     

     

     

     

     

     

     

    Operating income (loss)

     

    $

    1,297

     

     

    $

    410

     

     

    $

    (65

    )

     

    $

    1,642

     

    Operating margin

     

     

    32.2

    %

     

     

    18.5

    %

     

     

    N/A

     

     

     

    26.4

    %

    Add (deduct) impact of noteworthy items:

     

     

     

     

     

     

     

     

    Restructuring (a)

     

     

    29

     

     

     

    5

     

     

     

    10

     

     

     

    44

     

    Changes in fair value of contingent consideration

     

     

    7

     

     

     

    2

     

     

     

    —

     

     

     

    9

     

    Acquisition related costs (b)

     

     

    11

     

     

     

    9

     

     

     

    —

     

     

     

    20

     

    Operating income adjustments

     

     

    47

     

     

     

    16

     

     

     

    10

     

     

     

    73

     

    Adjusted operating income (loss)

     

    $

    1,344

     

     

    $

    426

     

     

    $

    (55

    )

     

    $

    1,715

     

    Total identified intangible amortization expense

     

    $

    77

     

     

    $

    12

     

     

    $

    —

     

     

    $

    89

     

    Adjusted operating margin

     

     

    35.3

    %

     

     

    19.8

    %

     

     

    N/A

     

     

     

    29.0

    %

     

     

     

     

     

     

     

     

     

    Three Months Ended June 30, 2023

     

     

     

     

     

     

     

     

    Operating income (loss)

     

    $

    1,157

     

     

    $

    388

     

     

    $

    (88

    )

     

    $

    1,457

     

    Operating margin

     

     

    31.1

    %

     

     

    17.9

    %

     

     

    N/A

     

     

     

    24.8

    %

    Add (deduct) impact of noteworthy items:

     

     

     

     

     

     

     

     

    Restructuring (a)

     

     

    31

     

     

     

    7

     

     

     

    27

     

     

     

    65

     

    Changes in fair value of contingent consideration

     

     

    10

     

     

     

    —

     

     

     

    —

     

     

     

    10

     

    Acquisition related costs (b)

     

     

    —

     

     

     

    10

     

     

     

    —

     

     

     

    10

     

    Disposal of businesses

     

     

    —

     

     

     

    (2

    )

     

     

    —

     

     

     

    (2

    )

    Operating income adjustments

     

     

    41

     

     

     

    15

     

     

     

    27

     

     

     

    83

     

    Adjusted operating income (loss)

     

    $

    1,198

     

     

    $

    403

     

     

    $

    (61

    )

     

    $

    1,540

     

    Total identified intangible amortization expense

     

    $

    73

     

     

    $

    14

     

     

    $

    —

     

     

    $

    87

     

    Adjusted operating margin

     

     

    34.2

    %

     

     

    19.2

    %

     

     

    N/A

     

     

     

    27.7

    %

     

     

     

     

     

     

     

     

     

    (a)

    Costs primarily include severance and lease exit charges for activities focused on workforce actions, rationalization of technology and functional resources, and reductions in real estate.

    (b)

    Primarily reflects one-time acquisition related costs.

    Marsh & McLennan Companies, Inc.

    Reconciliation of Non-GAAP Measures

    Six Months Ended June 30

    (Millions) (Unaudited)

     

     

     

    Risk & Insurance Services

     

    Consulting

     

    Corporate/

    Eliminations

     

    Total

    Six Months Ended June 30, 2024

     

     

     

     

     

     

     

     

    Operating income (loss)

     

    $

    2,862

     

     

    $

    842

     

     

    $

    (137

    )

     

    $

    3,567

     

    Operating margin

     

     

    34.5

    %

     

     

    19.0

    %

     

     

    N/A

     

     

     

    28.1

    %

    Add (deduct) impact of noteworthy items:

     

     

     

     

     

     

     

     

    Restructuring (a)

     

     

    51

     

     

     

    16

     

     

     

    19

     

     

     

    86

     

    Changes in contingent consideration

     

     

    12

     

     

     

    3

     

     

     

    —

     

     

     

    15

     

    Acquisition and disposition related costs (b)

     

     

    12

     

     

     

    30

     

     

     

    —

     

     

     

    42

     

    Disposal of businesses (c)

     

     

    —

     

     

     

    (21

    )

     

     

    —

     

     

     

    (21

    )

    Operating income adjustments

     

     

    75

     

     

     

    28

     

     

     

    19

     

     

     

    122

     

    Adjusted operating income (loss)

     

    $

    2,937

     

     

    $

    870

     

     

    $

    (118

    )

     

    $

    3,689

     

    Total identified intangible amortization expense

     

    $

    156

     

     

    $

    23

     

     

    $

    —

     

     

    $

    179

     

    Adjusted operating margin

     

     

    37.3

    %

     

     

    20.3

    %

     

     

    N/A

     

     

     

    30.5

    %

     

     

     

     

     

     

     

     

     

    Six Months Ended June 30, 2023

     

     

     

     

     

     

     

     

    Operating income (loss)

     

    $

    2,552

     

     

    $

    799

     

     

    $

    (168

    )

     

    $

    3,183

     

    Operating margin

     

     

    33.5

    %

     

     

    19.0

    %

     

     

    N/A

     

     

     

    27.0

    %

    Add (deduct) impact of noteworthy items:

     

     

     

     

     

     

     

     

    Restructuring (a)

     

     

    63

     

     

     

    16

     

     

     

    39

     

     

     

    118

     

    Changes in contingent consideration

     

     

    16

     

     

     

    1

     

     

     

    —

     

     

     

    17

     

    Acquisition related costs (b)

     

     

    —

     

     

     

    27

     

     

     

    —

     

     

     

    27

     

    Disposal of businesses (c)

     

     

    —

     

     

     

    17

     

     

     

    —

     

     

     

    17

     

    JLT legacy legal charges (d)

     

     

    —

     

     

     

    (51

    )

     

     

    —

     

     

     

    (51

    )

    Operating income adjustments

     

     

    79

     

     

     

    10

     

     

     

    39

     

     

     

    128

     

    Adjusted operating income (loss)

     

    $

    2,631

     

     

    $

    809

     

     

    $

    (129

    )

     

    $

    3,311

     

    Total identified intangible amortization expense

     

    $

    147

     

     

    $

    25

     

     

    $

    —

     

     

    $

    172

     

    Adjusted operating margin

     

     

    36.4

    %

     

     

    19.8

    %

     

     

    N/A

     

     

     

    29.5

    %

     

    (a)

    Costs primarily include severance and lease exit charges for activities focused on workforce actions, rationalization of technology and functional resources, and reductions in real estate.

    (b)

    Primarily reflects exit costs for the disposition of the Mercer U.K. pension administration and U.S. health and benefits administration businesses and one-time acquisition related costs. 2023 includes integration costs related to the Westpac superannuation fund transaction.

    (c)

    Net gain on sale of the Mercer U.K. pension administration and U.S. health and benefits administration businesses. In 2023, the amount reflects a loss on sale of a small individual financial advisory business in Canada. These amounts are included in revenue in the consolidated statements of income and excluded from non-GAAP revenue and adjusted revenue used in the calculation of adjusted operating margin.

    (d)

    Insurance and indemnity recoveries for a legacy JLT E&O matter relating to suitability of advice provided to individuals for defined benefit pension transfers in the U.K.

    Marsh & McLennan Companies, Inc.

    Reconciliation of Non-GAAP Measures

    Three and Six Months Ended June 30

    (In millions, except per share data)

    (Unaudited)

    Adjusted income, net of tax is calculated as the Company's GAAP income from continuing operations, adjusted to reflect the after tax impact of the operating income adjustments in the preceding tables and the additional items listed below. Adjusted EPS is calculated by dividing the Company's adjusted income, net of tax, by the average number of shares outstanding-diluted for the relevant period. The following tables reconcile adjusted income, net of tax to GAAP income from continuing operations and adjusted EPS to GAAP EPS for the three and six months ended June 30, 2024 and 2023.

     

    Three Months Ended

    June 30, 2024

     

    Three Months Ended

    June 30, 2023

     

    Amount

     

    Adjusted EPS

     

    Amount

     

    Adjusted EPS

    Net income before non-controlling interests, as reported

     

     

    $

    1,140

     

     

     

     

     

    $

    1,047

     

     

    Less: Non-controlling interest, net of tax

     

     

     

    15

     

     

     

     

     

     

    12

     

     

    Subtotal

     

     

    $

    1,125

     

    $

    2.27

     

     

     

    $

    1,035

     

    $

    2.07

    Operating income adjustments

    $

    73

     

     

     

     

     

     

    $

    83

     

     

     

     

     

    Investments adjustment

     

    (1

    )

     

     

     

     

     

     

    (1

    )

     

     

     

     

    Pension settlement

     

    1

     

     

     

     

     

     

     

    —

     

     

     

     

     

    Income tax effect of adjustments (a)

     

    (4

    )

     

     

     

     

     

     

    (17

    )

     

     

     

     

     

     

     

     

    69

     

     

    0.14

     

     

     

     

    65

     

     

    0.13

    Adjusted income, net of tax

     

     

    $

    1,194

     

    $

    2.41

     

     

     

    $

    1,100

     

    $

    2.20

     

     

     

     

     

     

     

     

     

     

     

     

     

    Six Months Ended

    June 30, 2024

     

    Six Months Ended

    June 30, 2023

     

    Amount

     

    Adjusted EPS

     

    Amount

     

    Adjusted EPS

    Net income before non-controlling interests, as reported

     

     

    $

    2,564

     

     

     

     

     

    $

    2,299

     

     

    Less: Non-controlling interest, net of tax

     

     

     

    39

     

     

     

     

     

     

    29

     

     

    Subtotal

     

     

    $

    2,525

     

    $

    5.08

     

     

     

    $

    2,270

     

    $

    4.55

    Operating income adjustments

    $

    122

     

     

     

     

     

     

    $

    128

     

     

     

     

     

    Investments adjustment

     

    (2

    )

     

     

     

     

     

     

    1

     

     

     

     

     

    Pension settlement adjustment

     

    2

     

     

     

     

     

     

     

    —

     

     

     

     

     

    Income tax effect of adjustments (a)

     

    (15

    )

     

     

     

     

     

     

    (33

    )

     

     

     

     

     

     

     

     

    107

     

     

    0.22

     

     

     

     

    96

     

     

    0.19

    Adjusted income, net of tax

     

     

    $

    2,632

     

    $

    5.30

     

     

     

    $

    2,366

     

    $

    4.74

     

     

     

     

     

     

     

     

     

     

     

     

    (a)

    For items with an income tax impact, the tax effect was calculated using an effective tax rate based on the tax jurisdiction for each item.

    Marsh & McLennan Companies, Inc.

    Supplemental Information

    Three and Six Months Ended June 30

    (Millions) (Unaudited)

     

     

     

    Three Months Ended

    June 30,

     

    Six Months Ended

    June 30,

     

     

     

    2024

     

     

    2023

     

     

    2024

     

     

    2023

    Consolidated

     

     

     

     

     

     

     

     

    Compensation and benefits

     

    $

    3,454

     

    $

    3,337

     

    $

    6,924

     

    $

    6,544

    Other operating expenses

     

     

    1,125

     

     

    1,082

     

     

    2,203

     

     

    2,073

    Total expenses

     

    $

    4,579

     

    $

    4,419

     

    $

    9,127

     

    $

    8,617

     

     

     

     

     

     

     

     

     

    Depreciation and amortization expense

     

    $

    87

     

    $

    91

     

    $

    186

     

    $

    175

    Identified intangible amortization expense

     

     

    89

     

     

    87

     

     

    179

     

     

    172

    Total

     

    $

    176

     

    $

    178

     

    $

    365

     

    $

    347

     

     

     

     

     

     

     

     

     

    Risk and Insurance Services

     

     

     

     

     

     

     

     

    Compensation and benefits (a)

     

    $

    2,108

     

    $

    1,965

     

    $

    4,226

     

    $

    3,896

    Other operating expenses (a)

     

     

    617

     

     

    600

     

     

    1,207

     

     

    1,180

    Total expenses

     

    $

    2,725

     

    $

    2,565

     

    $

    5,433

     

    $

    5,076

     

     

     

     

     

     

     

     

     

    Depreciation and amortization expense

     

    $

    46

     

    $

    49

     

    $

    92

     

    $

    86

    Identified intangible amortization expense

     

     

    77

     

     

    73

     

     

    156

     

     

    147

    Total

     

    $

    123

     

    $

    122

     

    $

    248

     

    $

    233

     

     

     

     

     

     

     

     

     

    Consulting

     

     

     

     

     

     

     

     

    Compensation and benefits (a)

     

    $

    1,314

     

    $

    1,336

     

    $

    2,628

     

    $

    2,571

    Other operating expenses (a)

     

     

    492

     

     

    448

     

     

    960

     

     

    833

    Total expenses

     

    $

    1,806

     

    $

    1,784

     

    $

    3,588

     

    $

    3,404

     

     

     

     

     

     

     

     

     

    Depreciation and amortization expense

     

    $

    26

     

    $

    27

     

    $

    63

     

    $

    48

    Identified intangible amortization expense

     

     

    12

     

     

    14

     

     

    23

     

     

    25

    Total

     

    $

    38

     

    $

    41

     

    $

    86

     

    $

    73

    (a)

    The Company reclassified certain prior period amounts between Compensation and benefits and Other operating expenses for each reporting segment for comparability purposes. The reclassification had no impact on consolidated or reporting segment total expenses.

    Marsh & McLennan Companies, Inc.

    Consolidated Balance Sheets

    (Millions)

     

     

     

    (Unaudited)

    June 30,

    2024

     

    December 31, 2023

    ASSETS

     

     

     

     

    Current assets:

     

     

     

     

    Cash and cash equivalents

     

    $

    1,653

     

    $

    3,358

    Cash and cash equivalents held in a fiduciary capacity

     

     

    11,497

     

     

    10,794

    Net receivables

     

     

    7,739

     

     

    6,418

    Other current assets

     

     

    1,133

     

     

    1,178

    Total current assets

     

     

    22,022

     

     

    21,748

     

     

     

     

     

    Goodwill and intangible assets

     

     

    20,154

     

     

    19,861

    Fixed assets, net

     

     

    879

     

     

    882

    Pension related assets

     

     

    2,187

     

     

    2,051

    Right of use assets

     

     

    1,468

     

     

    1,541

    Deferred tax assets

     

     

    285

     

     

    357

    Other assets

     

     

    1,596

     

     

    1,590

    TOTAL ASSETS

     

    $

    48,591

     

    $

    48,030

     

     

     

     

     

    LIABILITIES AND EQUITY

     

     

     

     

    Current liabilities:

     

     

     

     

    Short-term debt

     

    $

    1,267

     

    $

    1,619

    Accounts payable and accrued liabilities

     

     

    3,205

     

     

    3,403

    Accrued compensation and employee benefits

     

     

    2,086

     

     

    3,346

    Current lease liabilities

     

     

    304

     

     

    312

    Accrued income taxes

     

     

    505

     

     

    321

    Fiduciary liabilities

     

     

    11,497

     

     

    10,794

    Total current liabilities

     

     

    18,864

     

     

    19,795

     

     

     

     

     

    Long-term debt

     

     

    12,278

     

     

    11,844

    Pension, post-retirement and post-employment benefits

     

     

    715

     

     

    779

    Long-term lease liabilities

     

     

    1,586

     

     

    1,661

    Liabilities for errors and omissions

     

     

    322

     

     

    314

    Other liabilities

     

     

    1,261

     

     

    1,267

     

     

     

     

     

    Total equity

     

     

    13,565

     

     

    12,370

    TOTAL LIABILITIES AND EQUITY

     

    $

    48,591

     

    $

    48,030

    Marsh & McLennan Companies, Inc.

    Consolidated Statements of Cash Flows

    (Millions) (Unaudited)

     

     

     

    Six Months Ended

    June 30,

     

     

     

    2024

     

     

     

    2023

     

    Operating cash flows:

     

     

     

     

    Net income before non-controlling interests

     

    $

    2,564

     

     

    $

    2,299

     

    Adjustments to reconcile net income to cash provided by operations:

     

     

     

     

    Depreciation and amortization

     

     

    365

     

     

     

    347

     

    Non-cash lease expense

     

     

    132

     

     

     

    143

     

    Share-based compensation expense

     

     

    193

     

     

     

    191

     

    Net gain on investments, disposition of assets and other

     

     

    (97

    )

     

     

    (9

    )

     

     

     

     

     

    Changes in assets and liabilities:

     

     

     

     

    Accrued compensation and employee benefits

     

     

    (1,226

    )

     

     

    (1,101

    )

    Provision for taxes, net of payments and refunds

     

     

    214

     

     

     

    245

     

    Net receivables

     

     

    (1,287

    )

     

     

    (1,029

    )

    Other changes to assets and liabilities

     

     

    (92

    )

     

     

    (98

    )

    Contributions to pension and other benefit plans in excess of current year credit

     

     

    (182

    )

     

     

    (164

    )

    Operating lease liabilities

     

     

    (150

    )

     

     

    (159

    )

    Net cash provided by operations

     

     

    434

     

     

     

    665

     

    Financing cash flows:

     

     

     

     

    Purchase of treasury shares

     

     

    (600

    )

     

     

    (600

    )

    Borrowings from term-loan and credit facilities

     

     

    —

     

     

     

    200

     

    Net proceeds from issuance of commercial paper

     

     

    749

     

     

     

    308

     

    Proceeds from issuance of debt

     

     

    988

     

     

     

    589

     

    Repayments of debt

     

     

    (1,609

    )

     

     

    (8

    )

    Net issuance of common stock from treasury shares

     

     

    (6

    )

     

     

    (21

    )

    Net distributions of non-controlling interests and deferred/contingent consideration

     

     

    (101

    )

     

     

    (332

    )

    Dividends paid

     

     

    (706

    )

     

     

    (591

    )

    Change in fiduciary liabilities

     

     

    901

     

     

     

    682

     

    Net cash (used for) provided by financing activities

     

     

    (384

    )

     

     

    227

     

    Investing cash flows:

     

     

     

     

    Capital expenditures

     

     

    (167

    )

     

     

    (185

    )

    Purchases of long term investments and other

     

     

    (13

    )

     

     

    (23

    )

    Sales of long term investments

     

     

    14

     

     

     

    16

     

    Dispositions

     

     

    27

     

     

     

    (17

    )

    Acquisitions, net of cash and cash held in a fiduciary capacity acquired

     

     

    (644

    )

     

     

    (292

    )

    Net cash used for investing activities

     

     

    (783

    )

     

     

    (501

    )

    Effect of exchange rate changes on cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity

     

     

    (269

    )

     

     

    242

     

    (Decrease)/increase in cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity

     

     

    (1,002

    )

     

     

    633

     

    Cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity at beginning of period

     

     

    14,152

     

     

     

    12,102

     

    Cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity at end of period

     

    $

    13,150

     

     

    $

    12,735

     

    Reconciliation of cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity to the Consolidated Balance Sheets

     

    Balance at June 30,

     

     

    2024

     

     

     

    2023

     

    (In millions)

     

     

     

     

     

     

    Cash and cash equivalents

     

    $

    1,653

     

     

    $

    1,171

     

    Cash and cash equivalents held in a fiduciary capacity

     

     

    11,497

     

     

     

    11,564

     

    Total cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity

     

    $

    13,150

     

     

    $

    12,735

     

    Marsh & McLennan Companies, Inc.

    Reconciliation of Non-GAAP Measures

    Three Months Ended June 30

    (Millions) (Unaudited)

    Non-GAAP revenue isolates the impact of foreign exchange rate movements and certain transaction-related items from the current period GAAP revenue. The non-GAAP revenue measure is presented on a constant currency basis, excluding the impact of foreign currency fluctuations. The Company isolates the impact of foreign exchange rate movements period over period, by translating the current period foreign currency GAAP revenue into U.S. Dollars based on the difference in the current and corresponding prior period exchange rates. Similarly, certain other items such as acquisitions and dispositions, including transfers among businesses, may impact period over period comparisons of revenue and are consistently excluded from current and prior period GAAP revenues for comparability purposes. Percentage changes, referred to as non-GAAP underlying revenue, are calculated by dividing the period over period change in non-GAAP revenue by the prior period non-GAAP revenue.

    The following table provides the reconciliation of GAAP revenue to non-GAAP revenue:

     

     

    2024

     

     

    2023

     

    Three Months Ended June 30,

     

    GAAP Revenue

     

    Currency Impact

     

    Acquisitions/

    Dispositions/

    Other Impact

     

    Non-GAAP Revenue

     

    GAAP Revenue

     

    Acquisitions/

    Dispositions/

    Other Impact

     

    Non-GAAP Revenue

    Risk and Insurance Services

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Marsh

     

    $

    3,265

     

     

    $

    33

     

    $

    (64

    )

     

    $

    3,234

     

     

    $

    3,038

     

     

    $

    (1

    )

     

    $

    3,037

     

    Guy Carpenter

     

     

    632

     

     

     

    6

     

     

    —

     

     

     

    638

     

     

     

    576

     

     

     

    —

     

     

     

    576

     

    Subtotal

     

     

    3,897

     

     

     

    39

     

     

    (64

    )

     

     

    3,872

     

     

     

    3,614

     

     

     

    (1

    )

     

     

    3,613

     

    Fiduciary interest income

     

     

    125

     

     

     

    1

     

     

    —

     

     

     

    126

     

     

     

    108

     

     

     

    —

     

     

     

    108

     

    Total Risk and Insurance Services

     

     

    4,022

     

     

     

    40

     

     

    (64

    )

     

     

    3,998

     

     

     

    3,722

     

     

     

    (1

    )

     

     

    3,721

     

    Consulting

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Mercer

     

     

    1,379

     

     

     

    17

     

     

    (26

    )

     

     

    1,370

     

     

     

    1,374

     

     

     

    (68

    )

     

     

    1,306

     

    Oliver Wyman Group

     

     

    837

     

     

     

    3

     

     

    (19

    )

     

     

    821

     

     

     

    798

     

     

     

    —

     

     

     

    798

     

    Total Consulting

     

     

    2,216

     

     

     

    20

     

     

    (45

    )

     

     

    2,191

     

     

     

    2,172

     

     

     

    (68

    )

     

     

    2,104

     

    Corporate Eliminations

     

     

    (17

    )

     

     

    —

     

     

    —

     

     

     

    (17

    )

     

     

    (18

    )

     

     

    —

     

     

     

    (18

    )

    Total Revenue

     

    $

    6,221

     

     

    $

    60

     

    $

    (109

    )

     

    $

    6,172

     

     

    $

    5,876

     

     

    $

    (69

    )

     

    $

    5,807

     

    Revenue Details

    The following table provides more detailed revenue information for certain of the components presented above:

     

     

    2024

     

    2023

    Three Months Ended June 30,

     

    GAAP Revenue

     

    Currency Impact

     

    Acquisitions/

    Dispositions/

    Other Impact

     

    Non-GAAP Revenue

     

    GAAP Revenue

     

    Acquisitions/

    Dispositions/

    Other Impact

     

    Non-GAAP Revenue

    Marsh:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    EMEA

     

    $

    912

     

    $

    5

     

    $

    (1

    )

     

    $

    916

     

    $

    858

     

    $

    (1

    )

     

    $

    857

    Asia Pacific

     

     

    391

     

     

    12

     

     

    (20

    )

     

     

    383

     

     

    357

     

     

    —

     

     

     

    357

    Latin America

     

     

    137

     

     

    14

     

     

    (4

    )

     

     

    147

     

     

    137

     

     

    —

     

     

     

    137

    Total International

     

     

    1,440

     

     

    31

     

     

    (25

    )

     

     

    1,446

     

     

    1,352

     

     

    (1

    )

     

     

    1,351

    U.S./Canada

     

     

    1,825

     

     

    2

     

     

    (39

    )

     

     

    1,788

     

     

    1,686

     

     

    —

     

     

     

    1,686

    Total Marsh

     

    $

    3,265

     

    $

    33

     

    $

    (64

    )

     

    $

    3,234

     

    $

    3,038

     

    $

    (1

    )

     

    $

    3,037

    Mercer:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Wealth

     

    $

    612

     

    $

    4

     

    $

    (12

    )

     

    $

    604

     

    $

    637

     

    $

    (49

    )

     

    $

    588

    Health

     

     

    547

     

     

    7

     

     

    (10

    )

     

     

    544

     

     

    518

     

     

    (19

    )

     

     

    499

    Career

     

     

    220

     

     

    6

     

     

    (4

    )

     

     

    222

     

     

    219

     

     

    —

     

     

     

    219

    Total Mercer

     

    $

    1,379

     

    $

    17

     

    $

    (26

    )

     

    $

    1,370

     

    $

    1,374

     

    $

    (68

    )

     

    $

    1,306

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Note: Amounts in the tables above are rounded to whole numbers.

    Marsh & McLennan Companies, Inc.

    Reconciliation of Non-GAAP Measures

    Six Months Ended June 30

    (Millions) (Unaudited)

    The following table provides the reconciliation of GAAP revenue to non-GAAP revenue:

     

     

    2024

     

     

    2023

     

    Six Months Ended June 30,

     

    GAAP Revenue

     

    Currency Impact

     

    Acquisitions/

    Dispositions/

    Other Impact

     

    Non-GAAP Revenue

     

    GAAP Revenue

     

    Acquisitions/

    Dispositions/

    Other Impact

     

    Non-GAAP Revenue

    Risk and Insurance Services

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Marsh

     

    $

    6,268

     

     

    $

    39

     

     

    $

    (103

    )

     

    $

    6,204

     

     

    $

    5,782

     

     

    $

    (1

    )

     

    $

    5,781

     

    Guy Carpenter

     

     

    1,780

     

     

     

    4

     

     

     

    (3

    )

     

     

    1,781

     

     

     

    1,647

     

     

     

    (12

    )

     

     

    1,635

     

    Subtotal

     

     

    8,048

     

     

     

    43

     

     

     

    (106

    )

     

     

    7,985

     

     

     

    7,429

     

     

     

    (13

    )

     

     

    7,416

     

    Fiduciary interest income

     

     

    247

     

     

     

    1

     

     

     

    (1

    )

     

     

    247

     

     

     

    199

     

     

     

    —

     

     

     

    199

     

    Total Risk and Insurance Services

     

     

    8,295

     

     

     

    44

     

     

     

    (107

    )

     

     

    8,232

     

     

     

    7,628

     

     

     

    (13

    )

     

     

    7,615

     

    Consulting

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Mercer (a)

     

     

    2,804

     

     

     

    25

     

     

     

    (54

    )

     

     

    2,775

     

     

     

    2,718

     

     

     

    (92

    )

     

     

    2,626

     

    Oliver Wyman Group

     

     

    1,626

     

     

     

    (1

    )

     

     

    (29

    )

     

     

    1,596

     

     

     

    1,485

     

     

     

    (1

    )

     

     

    1,484

     

    Total Consulting

     

     

    4,430

     

     

     

    24

     

     

     

    (83

    )

     

     

    4,371

     

     

     

    4,203

     

     

     

    (93

    )

     

     

    4,110

     

    Corporate Eliminations

     

     

    (31

    )

     

     

    —

     

     

     

    —

     

     

     

    (31

    )

     

     

    (31

    )

     

     

    —

     

     

     

    (31

    )

    Total Revenue

     

    $

    12,694

     

     

    $

    68

     

     

    $

    (190

    )

     

    $

    12,572

     

     

    $

    11,800

     

     

    $

    (106

    )

     

    $

    11,694

     

    Revenue Details

    The following table provides more detailed revenue information for certain of the components presented above:

     

     

    2024

     

    2023

    Six Months Ended June 30,

     

    GAAP Revenue

     

    Currency Impact

     

    Acquisitions/

    Dispositions/

    Other Impact

     

    Non-GAAP Revenue

     

    GAAP Revenue

     

    Acquisitions/

    Dispositions/

    Other Impact

     

    Non-GAAP Revenue

    Marsh:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    EMEA

     

    $

    1,937

     

    $

    (5

    )

     

    $

    (2

    )

     

    $

    1,930

     

    $

    1,790

     

    $

    (1

    )

     

    $

    1,789

    Asia Pacific

     

     

    727

     

     

    25

     

     

     

    (39

    )

     

     

    713

     

     

    669

     

     

    —

     

     

     

    669

    Latin America

     

     

    262

     

     

    17

     

     

     

    (8

    )

     

     

    271

     

     

    252

     

     

    —

     

     

     

    252

    Total International

     

     

    2,926

     

     

    37

     

     

     

    (49

    )

     

     

    2,914

     

     

    2,711

     

     

    (1

    )

     

     

    2,710

    U.S./Canada

     

     

    3,342

     

     

    2

     

     

     

    (54

    )

     

     

    3,290

     

     

    3,071

     

     

    —

     

     

     

    3,071

    Total Marsh

     

    $

    6,268

     

    $

    39

     

     

    $

    (103

    )

     

    $

    6,204

     

    $

    5,782

     

    $

    (1

    )

     

    $

    5,781

    Mercer:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Wealth (a)

     

    $

    1,284

     

    $

    6

     

     

    $

    (74

    )

     

    $

    1,216

     

    $

    1,218

     

    $

    (48

    )

     

    $

    1,170

    Health (a)

     

     

    1,085

     

     

    9

     

     

     

    22

     

     

     

    1,116

     

     

    1,063

     

     

    (44

    )

     

     

    1,019

    Career

     

     

    435

     

     

    10

     

     

     

    (2

    )

     

     

    443

     

     

    437

     

     

    —

     

     

     

    437

    Total Mercer

     

    $

    2,804

     

    $

    25

     

     

    $

    (54

    )

     

    $

    2,775

     

    $

    2,718

     

    $

    (92

    )

     

    $

    2,626

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    (a)

    Acquisitions, dispositions and other in 2024 includes a net gain of $21 million from the sale of the U.K. pension administration and U.S. health and benefits administration businesses, that comprised of a $66 million gain in Wealth, offset by a $45 million loss in Health.

     

    Note: Amounts in the tables above are rounded to whole numbers.

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20240717145202/en/

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    • Aon and Marsh McLennan Call on (Re)insurance Industry to Aid Ukraine's Resilience

      The firms emphasized that the removal of blanket exclusions would catalyze Ukraine's growth and future reconstruction Aon and Marsh McLennan today called on the (re)insurance industry to build upon the capital, expertise and historical role of the (re)insurance industry to help Ukraine's resilience by catalyzing economic growth and strengthening the country's foundations for a post-conflict economy. The firms emphasized that the removal of blanket exclusions, which ignore the diversity of risk throughout the country, would further support Ukraine's economy. Additionally, since the start of the war, many global reinsurers have grouped risks originating in Ukraine, Russia, and Belarus toget

      9/8/24 3:00:00 AM ET
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    • Marsh McLennan Appoints Jan Siegmund to its Board of Directors

      The Board of Directors of Marsh McLennan (NYSE:MMC), the world's leading professional services firm in the areas of risk, strategy and people, today appointed Jan Siegmund as a director, effective immediately. The Company's Board now consists of 12 directors. Commenting on Mr. Siegmund's appointment, H. Edward Hanway, Chair of the Company's Board of Directors, said, "Effective succession planning and board refreshment are at the core of our commitment to having the right mix of skills and experience on our Board. We are pleased to welcome an executive of Jan's caliber to support the success of Marsh McLennan." John Doyle, President and CEO, Marsh McLennan, said, "I am excited to welcome

      7/10/24 3:00:00 PM ET
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    • Oliver Wyman Unveils Comprehensive Labor Cost Per Vehicle Analysis Amidst Changing Automotive Landscape

      Oliver Wyman, a global leader in management consulting and a business of Marsh McLennan (NYSE:MMC) today launches its latest Labor Cost per Vehicle analysis. As the automotive industry faces economic headwinds, shifting global production landscapes, and rising geopolitical tensions, this comparative analysis examines the labor cost per vehicle (LCPV), a critical metric that influences automaker profitability and competitiveness. Getting Under the Hood of Automotive Labor Cost Per Vehicle, analyzes more than 250 vehicle assembly plants worldwide, revealing an average labor cost gap of nearly $1,700 per vehicle between premium European brands and Chinese manufacturers. The report identifies

      5/6/25 10:30:00 AM ET
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    • GI Partners Teams with Industry Veterans Brad Emmons and Brian Hanuschak to Launch Tech-Enabled MGA Platform

      SAN FRANCISCO, May 5, 2025 /PRNewswire/ -- GI Partners ("GI"), a leading private investment firm, announced today the launch of a tech-enabled Managing General Agency ("MGA") platform in partnership with insurance industry veterans Brad Emmons and Brian Hanuschak. Emmons and Hanuschak bring more than 50 years' combined experience building and scaling insurance businesses. The new platform will focus on acquiring and growing a diversified portfolio of MGAs across multiple lines of coverage. Its strategy centers on underwriting excellence, technology-driven operations, and a strong service orientation toward carriers, brokers, and policyholders. Brad Emmons co-founded Orchid Underwriters in 1

      5/5/25 7:50:00 AM ET
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    • Employers face rising healthcare costs from climate risks and new forecasting tool helps them assess the impact

      NEW YORK, May 5, 2025 /PRNewswire/ -- Mercer, a business of Marsh McLennan (NYSE:MMC) and a global leader in helping clients realize their investment objectives, shape the future of work and enhance health and retirement outcomes for their people, and the National Commission on Climate and Workforce Health, an initiative of the Health Action Alliance (HAA), today announced the launch of the Climate Health Cost Forecaster, a digital tool that enables employers to anticipate the financial impact of climate-driven health risks on their workforce. This model, developed by Mercer,

      5/5/25 7:00:00 AM ET
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    • SEC Form 10-Q filed by Marsh & McLennan Companies Inc.

      10-Q - MARSH & MCLENNAN COMPANIES, INC. (0000062709) (Filer)

      4/17/25 4:09:17 PM ET
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    • Marsh & McLennan Companies Inc. filed SEC Form 8-K: Results of Operations and Financial Condition, Financial Statements and Exhibits

      8-K - MARSH & MCLENNAN COMPANIES, INC. (0000062709) (Filer)

      4/17/25 7:07:01 AM ET
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    • SEC Form DEFA14A filed by Marsh & McLennan Companies Inc.

      DEFA14A - MARSH & MCLENNAN COMPANIES, INC. (0000062709) (Filer)

      3/28/25 7:19:04 AM ET
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    • SVP, Chief Information Officer Beswick Paul exercised 1,000 shares at a strike of $118.86 and sold $550,302 worth of shares (2,237 units at $246.00), decreasing direct ownership by 8% to 13,522 units (SEC Form 4)

      4 - MARSH & MCLENNAN COMPANIES, INC. (0000062709) (Issuer)

      4/7/25 4:40:18 PM ET
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    • President & CEO, Guy Carpenter Klisura Dean Michael exercised 9,569 shares at a strike of $83.05 and sold $2,344,405 worth of shares (9,569 units at $245.00) (SEC Form 4)

      4 - MARSH & MCLENNAN COMPANIES, INC. (0000062709) (Issuer)

      4/1/25 4:17:42 PM ET
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    • Amendment: Director Fanjul Oscar sold $1,099,428 worth of shares (5,000 units at $219.89), decreasing direct ownership by 9% to 48,393 units (SEC Form 4)

      4/A - MARSH & MCLENNAN COMPANIES, INC. (0000062709) (Issuer)

      3/25/25 4:02:25 PM ET
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    • SEC Form SC 13G/A filed by Marsh & McLennan Companies Inc. (Amendment)

      SC 13G/A - MARSH & MCLENNAN COMPANIES, INC. (0000062709) (Filed by)

      2/8/24 4:13:51 PM ET
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    • SEC Form SC 13G/A filed by Marsh & McLennan Companies Inc. (Amendment)

      SC 13G/A - MARSH & MCLENNAN COMPANIES, INC. (0000062709) (Filed by)

      2/8/23 2:52:15 PM ET
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    • SEC Form SC 13G/A filed by Marsh & McLennan Companies Inc. (Amendment)

      SC 13G/A - MARSH & MCLENNAN COMPANIES, INC. (0000062709) (Subject)

      2/14/22 2:34:23 PM ET
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    • Marsh McLennan Reports First Quarter 2025 Results

      Revenue Growth of 9%; Underlying Revenue Growth of 4% GAAP Operating Income Increases 4%; Adjusted Operating Income Increases 8% First Quarter GAAP EPS of $2.79; Adjusted EPS Increases 5% to $3.06 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, 2025. John Doyle, President and CEO, said: "We had a solid start to the year with 9% revenue growth reflecting momentum across our business and the contribution from acquisitions. For the quarter, we generated 4% underlying revenue growth, 8% growth in adjusted operating income, and 5% growth in adjusted

      4/17/25 7:00:00 AM ET
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    • Marsh McLennan Agency Acquires Arthur Hall Insurance

      Marsh McLennan Agency (MMA), a business of Marsh and a leading provider of business insurance, employee health and benefits, retirement and wealth, and private client insurance solutions across the US and Canada, today announced the acquisition of Arthur Hall Insurance, a West Chester, Pennsylvania-based full-service insurance agency. Terms of the acquisition were not disclosed. Founded in 1966, Arthur Hall provides commercial and personal lines expertise to clients across the country, with specialties in the life sciences, information management, non-profit, craft beverage manufacturing, and municipal industries. All Arthur Hall employees, including President Jim Denham, will join MMA and

      4/2/25 9:00:00 AM ET
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    • Marsh McLennan Declares Quarterly Cash Dividend

      The Board of Directors of Marsh McLennan (NYSE:MMC) today declared a quarterly dividend of $0.815 per share on outstanding common stock, payable on May 15, 2025 to stockholders of record on April 3, 2025. About Marsh McLennan Marsh McLennan (NYSE:MMC) is a global leader in risk, strategy and people, advising clients in 130 countries across four businesses: Marsh, Guy Carpenter, Mercer and Oliver Wyman. With annual revenue of over $24 billion and more than 90,000 colleagues, Marsh McLennan helps build the confidence to thrive through the power of perspective. For more information, visit marshmclennan.com, or follow on LinkedIn and X. View source version on businesswire.com: https://www.bus

      3/12/25 2:00:00 PM ET
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