Marsh McLennan grows 9% in re/insurance broking lines, ups margin

Global re/insurance and advisory group Marsh McLennan managed 9% organic revenue growth in its risk and insurance services business in the first quarter of 2024 while further boosting its operating margin in the segment to 36.6%. 

Risk and insurance services - chiefly the insurance brokerage Marsh and the reinsurance broker Guy Carpenter - ended with a $4.3 billion top line, a 9% increase in both reported and underlying terms. 

Operating income for the segment rose 12% to $1.6 billion, an 11% gain on an adjusted basis. That rendered the 0.9 percentage point increase in Q1 operating margin to 36.6%. 

The primary insurance brokerage unit Marsh enjoyed a 9% increase in reported revenues to $3.0 billion, called an 8% underlying gain. Underlying revenues were up 8% in the US and Canada and 8% in the international division, reflecting 9% growth in EMEA, 8% growth in Latin America, and 6% growth in Asia Pacific.

The reinsurance broker Guy Carpenter laid claim to $1.1 billion in Q1 revenue, an increase of 7% reported, or 8% on an underlying basis.

After wrapping in results from consulting units, the Marsh McLennan group ended with revenue of $6.5 billion, a 9% year on year gain in both reported and underlying measures. 

Operating income of $1.9 billion was up 12% leading to attributable net income of $1.4 billion.

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