MMC benefits from strong growth at Marsh & Guy Carp
Marsh & McLennan Companies (MMC) posted a solid set of results for the first quarter of 2015, with growth at Marsh and Guy Carpenter driving profits.
Its profits hiked to $482 million in the first quarter of 2015, compared with $443 million in the same period of the prior year.
In the first quarter of 2015, revenues fell to $3.2 billion, a decline of 1 percent compared with the first quarter of 2014, reflecting a 6 percent negative currency impact. On an underlying basis revenue increased 4 percent.
Within its risk and insurance services business, which includes Guy Carpenter and Marsh, its revenues increased by 3 percent to $1.8 billion in the first quarter of 2015. Operating income rose 8 percent to $533 million in the first quarter of 2015, compared with $493 million, and adjusted operating income was up 9% to $546 million.
Marsh's revenue in the first quarter was $1.4 billion, an increase of 3 percent on an underlying basis. This was mainly driven by Asia-Pacific and Latin America, with revenue increases of 5 percent and 6 percent respectively.
Guy Carpenter’s revenue in the first quarter of 2015 grew 2 percent on an underlying basis.
Dan Glaser, president and chief executive officer, said: “In the first quarter, Marsh & McLennan Companies produced underlying revenue growth across all operating companies with increased profitability in both our risk and insurance services and consulting segments.
“We are off to a good start and are on track to deliver underlying revenue growth, margin expansion, and solid growth in earnings per share this year.”
