Marsh & McLennan Companies, Inc. (MMC) has reported full-year revenue growth of 3% over 2020, helped by revenue growth of 7% in its reinsurance broking arm, Guy Carpenter.
MMC’s revenue for Q4 was $4.4 billion, bringing its total for the year to $17.2 billion. This compares with revenue of $4.3 billion and $16.7 billion for the same periods in 2019, respectively.
The Risk & Insurance Services segment contributed $2.5 billion to the Q4 revenue figure, representing an increase of 6%, or 3% on an underlying basis.
Operating income for this segment was $463 million, compared with $365 million in the fourth quarter of 2019, although adjusted operating income decreased 5% to $525 million.
For the full-year 2020, revenue was $10.3 billion and operating income was $2.3 billion.
Within the Risk & Insurance Services segment, Guy Carpenter accounted for $162 million of the Q4 revenue total, which was an increase of 7% compared with Q4 2019, or 5% on an underlying basis.
And looking at the whole year, Guy Carpenter’s revenue grew 15% compared to a year ago, or 6% on an underlying basis.
The remaining Q4 revenue of $2.4 billion in this segment was contributed by Marsh, which grew its revenue by 7% overall during Q4, and also for the full-year.
MMC’s Consulting segment revenue was $1.9 billion in Q4 and $7.0 billion over 2020, representing an increase of 1% and a decrease of 2%, respectively, when compared to the same periods in the previous year.
“2020 was a year like no other,” said MMC’s President and CEO, Dan Glaser.
“I am proud of how our colleagues rose to the challenge, helping clients and one another and achieving impressive financial performance. We ended the year with a strong fourth quarter with positive underlying revenue growth,” Glaser continued.
“In 2020, we achieved revenue growth of 3% with underlying revenue growth of 1% and grew adjusted EPS 7%. We demonstrated our resilience as a company in 2020 and are well positioned for growth in 2021.”