Global re/insurance broker Marsh McLennan (MMC) has today reported consolidated revenue across its operations of $5.9 billion for the first quarter of 2023, a rise of 9% on an underlying basis, supported by growth at its reinsurance broking arm, Guy Carpenter.
Group-wide, revenue increased from the $5.6 billion reported a year earlier, as operating income hit $1.7 billion and investment income declined to $2 million, resulting in net income for the quarter of roughly $1.2 billion in Q1 2023, compared with $1.1 billion in Q1 2022.
The international brokerage has reported a solid performance across its businesses in the opening quarter of the year, including within Risk & Insurance Services, which saw revenue hit $3.9 billion, reflecting growth of 10%, or 11% on an underlying basis. The unit’s operating income jumped 24% year-on-year to $1.4 billion.
Within the Risk & Insurance Services division sits reinsurance broker Guy Carpenter, which for Q1 2023 recorded revenue growth of 10% on an underlying basis to $1.1 billion.
The division also includes Marsh, which reported revenue growth of 9% on an underlying basis to $2.7 billion, driven by 7% growth in U.S. and Canada, 10% growth in international operations, 11% growth in Asia Pacific, and 10% growth in both the EMEA and Latin America.
In its Consulting business, which includes Mercer and Oliver Wyman, MMC has announced consolidated revenue of $2 billion, reflecting growth of 1%, or 5% on an underlying basis. Operating income increased by 5% year-on-year to $411 million.
Within Mercer, revenue increased by 7% on an underlying basis to $1.3 billion, with MMC reporting growth in health, wealth, and career revenue during the period.
Oliver Wyman’s Q1 2023 revenue was flat on an underlying basis, at $687 million.
“Marsh McLennan is off to a strong start in 2023. For the first quarter, we generated 9% underlying revenue growth, grew adjusted EPS by 10%, and expanded our margin,” said John Doyle, President and Chief Executive Officer (CEO).
“We have momentum across our business and are well positioned for another good year, reflecting the importance of the work we do for our clients and excellent execution on the part of our colleagues,” he added.
