Guy Carpenter, a leading global risk and reinsurance specialist and a business of Marsh McLennan, has reported total revenue in Q2 of 2023 was $576 million, marking an increase of 11% on an underlying basis.
Marsh McLennan’s wider Risk & Insurance Services revenue was $3.7 billion in Q2 of 2023, an increase of 12%, or 13% on an underlying basis. Meanwhile, operating income rose 20% to $1.2 billion, and adjusted operating income was $1.2 billion, an increase of 18% versus a year ago.
For the six months ended June 30, 2023, revenue was $7.6 billion, an increase of 11%, or 12% on an underlying basis. operating income rose 22% to $2.6 billion, and adjusted operating income was $2.6 billion, an increase of 17% versus a year ago.
Marsh’s revenue in Q2 was $3.0 billion, an increase of 10% on an underlying basis. In U.S./Canada, underlying revenue rose 9%. International operations produced underlying revenue growth of 10%, which Marsh McLennan said reflects 17% growth in Latin America, 11% growth in EMEA, and 6% growth in Asia Pacific.
For the six months ended June 30, 2023, Marsh’s underlying revenue growth was 9%, while Guy Carpenter’s underlying revenue growth was 10%.
Marsh McLennan’s consolidated revenue in Q2 of 2023 was $5.9 billion, an increase of 9% compared with the same quarter last year. On an underlying basis, revenue increased 11%.
Operating income was $1.5 billion, an increase of 7% from a year ago. Meanwhile, adjusted operating income, which excludes noteworthy items as presented in the attached supplemental schedules, rose 17% to $1.5 billion.
Net income attributable to the firm was $1.0 billion, or $2.07 per diluted share, compared with $1.91 in Q2 of 2022. Adjusted earnings per share rose 16% to $2.20 per diluted share compared with $1.89 a year ago.
For the six months ended June 30, 2023, consolidated revenue was $11.8 billion, an increase of 8%, or 10% on an underlying basis compared to the prior period. Operating income was $3.2 billion, an increase of 13% from the prior year period.
Adjusted operating income rose 15% to $3.3 billion. Net income attributable to the firm was $2.3 billion, or $4.55 per diluted share, compared with $4.01 in the first six months of 2022.
Adjusted earnings per share increased 13% to $4.74 per diluted share compared with $4.19 for the first six months of 2022.
Consulting
Finally, Marsh McLennan’s consulting revenue was $2.2 billion in Q2 of 2023, an increase of 4%, or 8% on an underlying basis.
Operating income decreased 18% to $388 million, while adjusted operating income increased 9% to $403 million.
For the first six months ended June 30, 2023, revenue was $4.2 billion, an increase of 3%, or 6% on an underlying basis. Operating income of $799 million decreased 8%, while adjusted operating income increased 5% to $809 million.
Commenting on the results, John Doyle, President and CEO of Marsh McLennan, said, “We delivered another excellent quarter, demonstrating continued momentum and strength across our business. We generated underlying revenue growth of 11%, adjusted EPS growth of 16%, and we continued to expand margins.
“I am proud of our performance in the first half of 2023. Our results reflect the strength of our position, the value we deliver to our clients, and terrific execution by our colleagues.”
