Global reinsurance broker Guy Carpenter, a Marsh business, has reported second-quarter revenue of $664 million, down around 2% on both a GAAP and underlying basis, with a softer reinsurance market as the likely culprit for the decline.
For the first half of the year, Guy Carpenter’s revenue remained flat on an underlying basis at $1.9 billion.
Guy Carpenter sits within Marsh’s broader Risk & Insurance Services segment alongside Marsh Risk.
This segment generated $4.8 billion in revenue in Q2 2026, an increase of 4%, or 3% on an underlying basis, with Marsh Risk contributing $4.1 billion to that total.
The segment’s operating income rose 2% to $1.5 billion in Q2 2026, while adjusted operating income increased 3% to $1.7 billion.
For H1 2026, Risk & Insurance Services revenue reached $9.9 billion, up 5%, or 3% on an underlying basis.
Across the entire firm, Marsh’s consolidated revenue in Q2 2026 reached $7.4 billion, representing a 6% increase compared to Q2 2025, or 5% on an underlying basis.
Overall operating income increased 4% to $1.9 billion in Q2 2026, adjusted operating income rose 5% to $2.2 billion, and net income attributable to the firm reached $1.3 billion.
For H1 2026, consolidated revenue grew to $15 billion, up 7% on a GAAP basis or 4% on an underlying basis compared to the prior year period.
Meanwhile, H1 2026 operating income dipped 5% to $3.7 billion, though adjusted operating income rose 7% to $4.6 billion.
Net income attributable to Marsh in H1 2026 was $2.4 billion.
Marsh’s Consulting segment, which houses Mercer and Marsh Management Consulting, also posted strong results.
Revenue in this segment hit $2.6 billion in Q2 2026, up 10%, or 8% on an underlying basis. Operating income grew 10% to $502 million in Q2 2026, with adjusted operating income rising 11% to $533 million.
For H1 2026, the Consulting segment contributed $5.2 billion to total revenue, an increase of 10%, or 7% on an underlying basis, while operating income and adjusted operating income both rose 12% to reach $1 billion and $1.1 billion, respectively.
John Doyle, President and CEO of Marsh, commented, “I am pleased with our solid results in the quarter and our execution in a dynamic environment.
“Our performance in the first half underscores strong demand for Marsh’s expertise and capabilities across risk, people, strategy, and investments.”
