Guy Carp boosts parent Marsh’s results in ‘historic’ year for business
Guy Carpenter helped boost parent Marsh & McLennan’s 2019 results, in the year the broker made the biggest acquisition in its history in the form of Jardine Lloyd Thompson (JLT).
Its reinsurance brokerage arm Guy Carpenter achieved underlying revenue growth of 5 percent in 2019, with Q4 revenue of $152 million, up 10 percent on an underlying basis.
The results supported the 2019 revenue growth of parent company Marsh & McLennan, which reported full year net income of $1.7 billion. Its 2019 revenue was $16.7 billion, an increase of 11 percent compared with 2018, calculated as if Marsh & McLennan and JLT were a combined company a year ago.
For the year 2019, Marsh & McLennan’s risk and insurance revenue was $9.6 billion, an increase of 17 percent, or 4 percent on an underlying basis.
"2019 was a historic year for Marsh & McLennan,” said Dan Glaser, president and CEO.
"We closed the largest transaction in our company’s history, maintained our momentum through the integration and met our key milestones. We grew total revenue 11 percent and generated 4 percent underlying growth. We increased our adjusted operating income by 14 percent, adjusted margin by 110 basis points and adjusted EPS by 7 percent. With a solid fourth quarter, we enter 2020 well positioned for continued growth."
