Guy Carpenter, a global risk and reinsurance specialist and a business of Marsh McLennan, has reported total revenue in Q4 of 2023 of $252 million, marking an increase of 9% on an underlying basis.
For the year 2023, Guy Carpenter’s revenue grew 12% compared to 2022, or 10% on an underlying basis.
Marsh McLennan’s wider Risk & Insurance Services revenue was $3.3 billion in Q4 of 2023, an increase of 11%, or 8% on an underlying basis.
Meanwhile, operating income rose to $753 million, compared with $472 million in the fourth quarter of 2022. Adjusted operating income increased 15% to $791 million.
For the year 2023, revenue was $14.1 billion, an increase of 11% on both a GAAP and an underlying basis. Operating income was $3.9 billion and adjusted operating income rose 17% to $4.1 billion.
Marsh’s revenue in Q4 of 2023 was $2.9 billion, an increase of 7%, or 6% on an underlying basis. In U.S./Canada, underlying revenue rose 5%. International operations produced underlying revenue growth of 7%, reflecting 11% in Latin America, 10% in Asia Pacific, and 5% in EMEA.
For the year 2023, Marsh’s revenue growth was 8% on both a GAAP and underlying basis.
Overall, Marsh McLennan’s consolidated revenue in Q4 of 2023 was $5.6 billion, an increase of 11% compared with the fourth quarter of 2022. On an underlying basis, revenue increased 7%.
Operating income was $1.1 billion. Adjusted operating income, which excludes noteworthy items as presented in the attached supplemental schedules, rose 16% to $1.2 billion.
Net income attributable to the company was $756 million. Earnings per share increased 63% to $1.52. Adjusted earnings per share increased 14% to $1.68.
For the full year 2023, revenue was $22.7 billion, an increase of 10% compared with 2022, or 9% on an underlying basis. Operating income was $5.3 billion, and adjusted operating income rose 17% to $5.6 billion.
For 2023, net income attributable to the company was $3.8 billion. Earnings per share increased 25% to $7.53. Adjusted earnings per share increased 17% to $7.99.
Finally, Marsh McLennan’s consulting business revenue was $2.3 billion in the fourth quarter of 2023, an increase of 10%, or 7% on an underlying basis. Operating income increased 32% to $443 million, compared with $336 million in the fourth quarter of 2022.
For the year 2023, revenue was $8.7 billion, an increase of 7% on both a GAAP and underlying basis. Operating income was $1.7 billion. Adjusted operating income increased 13% to $1.7 billion.
“Our fourth quarter results highlight a strong finish to another outstanding year for Marsh McLennan. For the full year, we generated 9% underlying revenue growth, 17% adjusted EPS growth and 130 basis points of margin expansion, marking our 16th consecutive year of reported margin expansion,” John Doyle, President and CEO of Marsh McLennan, said.
“In addition, we continued to make substantial organic and inorganic investments in our business with significant acquisition activity in 2023,” Doyle continued.
“Our results and investments have us well positioned for 2024 as we remain focused on supporting our clients and helping them thrive,” Doyle concluded.
