Marsh McLennan has reported net income attributable to the company of $1.47bn for the first quarter (Q1) of 2024, an increase of 13.3% from $1.23bn a year ago.
For the quarter ended 31 March 2024, the company’s overall revenue grew by 9.3% to $6.47bn from $5.92bn last year.
Marsh McLennan’s risk & insurance services business, which includes Marsh and Guy Carpenter, recorded $4.27bn in revenue, up by 9% year-on-year (YoY).
Marsh alone reported revenues of $3bn in Q1 2024, a jump from $2.74bn in the first three months of 2023.
Guy Carpenter’s revenue for Q1 stood at $1.14bn, marking a 7% increase YoY.
The consulting business, which includes Mercer and Oliver Wyman, also reported revenue growth, with a combined revenue of $2.21bn.
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By GlobalData
Mercer’s revenue for the quarter was $1.42bn, up 6% in comparison with Q1 2023.
During the three months under review, Oliver Wyman’s revenue increased by 15% to $789m.
Marsh McLennan has also been active in its expansion strategies, with Oliver Wyman completing the acquisition of SeaTec Consulting in February.
In March, Marsh McLennan Agency acquired Querbes & Nelson and Louisiana Companies and Mercer completed the acquisition of Vanguard’s US Outsourced Chief Investment Officer business.
The company’s stock repurchase programme remained active, with 1.5 million shares bought back for $300m in Q1 2024.
Marsh McLennan president and CEO John Doyle 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.”
