Guy Carp sees growth as parent CEO Glaser eyes retirement
Reinsurance broker Guy Carpenter posted $328 million of revenues in Q3, an increase of 7% on an underlying basis, its parent Marsh McLennan has revealed. For the first nine months, its underlying revenue growth was 10%.
Its parent’s consolidated revenue in the third quarter of 2022 was $4.8 billion, an increase of 4% compared with the third quarter of 2021. On an underlying basis, revenue increased 8%.
Its operating income was $791 million, an increase of 7% from the prior year. Net income attributable to the company was $546 million.
Dan Glaser, President and CEO, said: "Marsh McLennan had another excellent quarter, demonstrating continued momentum across the business. We generated 8% underlying revenue growth and 110 basis points of adjusted operating margin expansion, which translated into solid 9% growth in adjusted EPS. Our advice and solutions remain in high demand as our clients navigate an uncertain and volatile macroeconomic and geopolitical landscape."
As previously announced, Glaser will retire at the end of the year and John Doyle will succeed him as president and CEO, effective January 1, 2023.
Glaser said: "It has been a privilege to work side by side with our talented colleagues, and I am proud of everything we have accomplished together. There is no one I trust more than John to lead our Company, and I am confident Marsh McLennan's extraordinary success will continue under his leadership."
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