Global reinsurance broker Guy Carpenter generated revenue of $1.2 billion in the first quarter of 2026, up 3%, or 2% year-on-year on an underlying basis, supporting a robust start to the year for broking group Marsh.
Group-wide, insurance and reinsurance broker Marsh produced consolidated revenue of $7.6 billion in Q1’26, reflecting year-on-year growth of 8%, or 4% on an underlying basis.
However, operating income decreased by 12% to $1.8 billion amid a $425 million charge related to the Greensill litigation. Adjusted operating income, which excludes noteworthy items, increased by 8% year-on-year to $2.4 billion.
Net income attributable to the company amounted to $1.1 billion in Q1’26, a decrease from the prior year’s $1.4 billion, while earnings per share were $2.36 in Q1’26, compared with $2.79 in Q1’25.
Within the broker’s Risk and Insurance Services segment, which includes Guy Carpenter and Marsh Risk, total revenue was $5.1 billion in Q1’26, an increase of 6%, or 3% on an underlying basis. The segment’s operating income decreased 19% to $1.3 billion and included the charge related to the Greensill litigation, as adjusted operating income increased by 7% to $1.9 billion.
At Marsh Risk, revenue in the period was $3.7 billion, up 8%, or 4% year-on-year on an underlying basis. In US/Canada, Marsh Risk saw underlying revenue growth of 3%, in International, underlying revenue growth was 5% – including 6% growth in EMEA, 5% growth in APAC, and 2% growth in Latin America.
Marsh’s Consulting business also performed well this quarter, producing revenue of $2.6 billion, reflecting year-on-year growth of 11%, or 5% on an underlying basis. The segment’s operating income rose 15% to $525 million in Q1’26, as adjusted operating income increased 13% to $552 million.
Mercer’s revenue hit $1.7 billion in Q1’26, a rise of 11%, or 5% on an underlying basis, as Wealth revenue increased 5% and Health revenue increased 6%, partially offset by a 2% revenue decrease in the Career business, all on an underlying basis.
Marsh Management Consulting’s revenue also increased year-on-year to $897 million in Q1’26, reflecting growth of 10%, or 6% on an underlying basis.
John Doyle, President and CEO, Marsh, commented on the Q1’26 performance: “We had a solid start to the year, and I am pleased with our execution in a dynamic and challenging environment. For the quarter, we generated 8% overall revenue growth, 4% underlying revenue growth, 8% adjusted operating income growth, and 8% adjusted EPS growth.
“Our results reflect Marsh’s market leadership, our clients’ trust in our team’s expertise, and the strength of our data and insights.”
