Marsh McLennan announces first-half financials
Marsh McLennan announces first-half financials | Insurance Business Canada
Insurance News
Marsh McLennan announces first-half financials
Here’s how its results stack up…
Insurance News
By
Gia Snape
Marsh McLennan has reported its financial results for the second quarter and first half of 2023, ending June 30.
The global brokerage and consulting group posted consolidated revenue of US$5.9 billion in the second quarter of 2023, a 9% rise compared to the same period last year. Revenue rose 11% on an underlying basis.
Operating income sat at US$1.5 billion, a 7% rise from the second quarter of 2022, while adjusted operating income surged 17% to US$1.5 billion.
The company’s net income for the quarter was US$1.0 billion, or US$2.07 per diluted share, compared to US$1.91 in the second quarter of 2022. Adjusted earnings per share increased 16% to US$2.20 per diluted share, compared with US$1.89 a year ago, Marsh McLennan reported.
In the first six months of the year, the company’s consolidated revenue was US$11.8 billion, an increase of 8%, or 10% on an underlying basis, compared to the prior period.
John Doyle, Marsh McLennan president and CEO, said he was proud of the group’s performance in the first half of 2023.
“We delivered another excellent quarter, demonstrating continued momentum and strength across our business,” said Doyle.
“Our results reflect the strength of our position, the value we deliver to our clients, and terrific execution by our colleagues.”
Risk and insurance services
The group’s risk and insurance services revenue for Q2 2023 saw a 12% increase, or 13% on an underlying basis, at US$3.7 billion. Operating income rose 20% to US$1.2 billion, while adjusted operating income was US$1.2 billion, an 18% increase from a year ago.
For the first six months of the year, the segment generated US$7.6 billion in revenue, a rise of 11%, or 12% on an underlying basis. Operating income grew 22% to US$2.6 billion, while adjusted operating income was US$2.6 billion, surging 17% from a year ago.
Marsh’s revenue rose 10% on an underlying basis, to US$3.0 billion. Strong performance by all geographies contributed to this result: in the US and Canada, underlying revenue grew 9%, while international operations produced 10% underlying revenue growth. For the first six months, Marsh’s revenue growth was 9%.
Guy Carpenter’s revenue in the second quarter was US$576 million, an 11% rise on an underlying basis. For the first six months of the year, its underlying revenue growth was 10%.
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