Marsh posts strong growth; Guy Carp revenues fall
Marsh & McLennan Companies (MMC) posted a solid set of results in the second quarter of 2015, despite revenues falling at Guy Carpenter.
Profits fell slightly to $419 million in the second quarter of 2015, compared with $431 million in the second quarter of 2014.
MMC’s consolidated revenue in the second quarter of 2015 was $3.2 billion, a decline of 2 percent compared with $3.3 billion in the second quarter of 2014, reflecting the continuing impact of the strong US dollar.
Within its risk and insurance services lines, which includes Guy Carpenter and Marsh, revenue was $1.8 billion in the second quarter of 2015, an increase of 2 percent.
Marsh’s revenue increased 3 percent to $1.5 billion in the second quarter of 2015. Its US/Canada division had underlying revenue growth of 4 percent, while its international operations produced underlying revenue growth of 2 percent and its EMEA division grew 3 percent. Its Asia-Pacific division reported flat revenues and its Latin America division grew 5 percent.
However, Guy Carpenter’s second quarter revenue was $275 million, a decrease of 2 percent compared with $295 million in the second quarter of 2014.
Dan Glaser, president and chief executive officer, said: "Given the macro headwinds we are facing, I am pleased with our performance in the first half of the year. For the first six months of 2015, adjusted EPS rose 6 percent. In the second quarter, adjusted EPS of $.80 was a slight increase from the prior year.
“Underlying revenue was up 3 percent, reflecting growth of 2 percent in risk and insurance services and 4 percent in consulting. Looking forward, we’re on track to deliver underlying revenue growth, margin expansion and strong growth in earnings per share in the second half of the year."
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