Agency off to a ‘sturdy begin’ this 12 months, CEO says
Marsh McLennan has unveiled monetary outcomes for the primary quarter of 2023, reporting $5.9 billion in income, a 7% enhance in comparison with the identical interval final 12 months. Income elevated 9% on an underlying foundation.
Working revenue was $1.7 billion, 19% increased than the earlier 12 months. Adjusted working revenue rose 13% to $1.8 billion.
Web revenue attributable to the corporate was $1.2 billion, or $2.47 per diluted share, in contrast with $2.10 within the first quarter of 2022. Adjusted earnings per share rose 10% to $2.53 per diluted share in contrast with $2.30 a 12 months in the past.
Danger and insurance coverage companies
The danger and insurance coverage companies phase generated $3.9 billion in income throughout Q1 2023, a rise of 10%, or 11% on an underlying foundation.
Marsh’s income was $2.7 billion, a 9% rise on an underlying foundation. North America posted a 7% enhance, whereas worldwide operations confirmed 10% progress (11% in Asia-Pacific, 10% in EMEA, and 10% in Latin America)
Man Carpenter’s income in Q1 2023 was $1.1 billion, a ten% enhance on an underlying foundation.
Marsh McLennan’s consulting arm confirmed comparatively modest progress, with $2.0 billion income in Q1 2023, a rise of 1%, or 5% on an underlying foundation.
Working revenue rose 5% to $411 million; on an adjusted foundation, progress was 1% to $406 million.
Mercer’s income within the first quarter was $1.3 billion, a rise of seven% on an underlying foundation. Well being income ($545 million) elevated 12% on an underlying foundation. Wealth income elevated 2% ($581 million) whereas profession income ($218 million) was up 12%, each on an underlying foundation.
Oliver Wyman’s income within the first quarter was $687 million, flat on an underlying foundation.
“Marsh McLennan is off to a powerful begin in 2023,” mentioned president and CEO John Doyle. “For the primary quarter, we generated 9% underlying income progress, grew adjusted EPS by 10%, and expanded our margin.
“We’ve momentum throughout our enterprise and are nicely positioned for an additional good 12 months, reflecting the significance of the work we do for our shoppers and glorious execution on the a part of our colleagues.”
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