{"id":749409,"date":"2023-04-20T07:05:38","date_gmt":"2023-04-20T11:05:38","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/marsh-mclennan-reports-first-quarter-2023-results\/"},"modified":"2023-04-20T07:05:38","modified_gmt":"2023-04-20T11:05:38","slug":"marsh-mclennan-reports-first-quarter-2023-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/marsh-mclennan-reports-first-quarter-2023-results\/","title":{"rendered":"Marsh McLennan Reports First Quarter 2023 Results"},"content":{"rendered":"

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Marsh McLennan Reports First Quarter 2023 Results<\/b><\/p>\n

GAAP Revenue Increases 7%; Underlying Revenue Rises 9%<\/i><\/b><\/p>\n

Growth in GAAP Operating Income of 19% and Adjusted Operating Income of 13%<\/i><\/b><\/p>\n

First<\/i> Quarter GAAP EPS Rises 18% to $2.47 and Adjusted EPS Increases 10% to $2.53<\/i><\/b><\/p>\n

NEW YORK–(BUSINESS WIRE<\/a>)–
\nMarsh McLennan (NYSE: MMC), the world\u2019s leading professional services firm in the areas of risk, strategy and people, today reported financial results for the first quarter ended March 31, 2023.<\/p>\n

\nCommenting on the results, John Doyle, President and CEO, said: “Marsh McLennan is off to a strong start in 2023. For the first quarter, we generated 9% underlying revenue growth, grew adjusted EPS by 10%, and expanded our margin.”<\/p>\n

\n“We have momentum across our business and are well positioned for another good year, reflecting the importance of the work we do for our clients and excellent execution on the part of our colleagues.”<\/p>\n

Consolidated Results<\/span><\/p>\n

\nConsolidated revenue in the first quarter of 2023 was $5.9 billion, an increase of 7% compared with the first quarter of 2022. On an underlying basis, revenue increased 9%. Operating income was $1.7 billion, an increase of 19% from the prior year. Adjusted operating income, which excludes noteworthy items as presented in the attached supplemental schedules, rose 13% to $1.8 billion. Net income attributable to the Company was $1.2 billion, or $2.47 per diluted share, compared with $2.10 in the first quarter of 2022. Adjusted earnings per share rose 10% to $2.53 per diluted share compared with $2.30 a year ago.<\/p>\n

Risk & Insurance Services<\/span><\/p>\n

\nRisk & Insurance Services revenue was $3.9 billion in the first quarter of 2023, an increase of 10%, or 11% on an underlying basis. Operating income rose 24% to $1.4 billion, and adjusted operating income was $1.4 billion, an increase of 17% versus a year ago.<\/p>\n

\nMarsh’s revenue in the first quarter was $2.7 billion, an increase of 9% on an underlying basis. In U.S.\/Canada, underlying revenue rose 7%. International operations produced underlying revenue growth of 10%, reflecting 11% growth in Asia Pacific, 10% growth in EMEA, and 10% growth in Latin America.<\/p>\n

\nGuy Carpenter’s revenue in the first quarter was $1.1 billion, an increase of 10% on an underlying basis.<\/p>\n

Consulting<\/span><\/p>\n

\nConsulting revenue was $2.0 billion in the first quarter of 2023, an increase of 1%, or 5% on an underlying basis. Operating income increased 5% to $411 million, while adjusted operating income increased 1% to $406 million.<\/p>\n

\nMercer’s revenue in the first quarter was $1.3 billion, an increase of 7% on an underlying basis. Health revenue of $545 million increased 12% on an underlying basis. Wealth revenue of $581 million increased 2% on an underlying basis. Career revenue of $218 million was up 12% on an underlying basis.<\/p>\n

\nOliver Wyman\u2019s revenue in the first quarter was $687 million, flat on an underlying basis.<\/p>\n

Other Items<\/span><\/p>\n

\nThe Company repurchased 1.8 million shares of stock for $300 million in the first quarter of 2023.<\/p>\n

\nIn the first quarter of 2023, the Company issued $600 million of 30-year senior notes.<\/p>\n

\nIn April, Mercer Australia completed the merger of BT Super into the Mercer Super Trust, as well as the acquisition of Advance Asset Management Limited.<\/p>\n

Conference Call<\/span><\/p>\n

\nA conference call to discuss first quarter 2023 results will be held today at 8:30 a.m. Eastern time. The live audio webcast may be accessed at marshmclennan.com<\/a>. A replay of the webcast will be available approximately two hours after the event. The webcast is listen-only. Those interested in participating in the question-and-answer session may register here<\/a> to receive the dial-in numbers and unique PIN to access the call.<\/p>\n

About Marsh McLennan<\/b><\/p>\n

\nMarsh McLennan (NYSE: MMC) is the world\u2019s leading professional services firm in the areas of risk, strategy and people. The Company\u2019s more than 85,000 colleagues advise clients in 130 countries. With annual revenue of over $20 billion, Marsh McLennan helps clients navigate an increasingly dynamic and complex environment through four market-leading businesses. Marsh<\/a> provides data-driven risk advisory services and insurance solutions to commercial and consumer clients. Guy Carpenter<\/a> develops advanced risk, reinsurance and capital strategies that help clients grow profitably and pursue emerging opportunities. Mercer<\/a> delivers advice and technology-driven solutions that help organizations redefine the world of work, reshape retirement and investment outcomes, and unlock health and well being for a changing workforce. Oliver Wyman<\/a> serves as a critical strategic, economic and brand advisor to private sector and governmental clients. For more information, visit marshmclennan.com<\/a> or follow us on LinkedIn<\/a> and Twitter<\/a>.<\/p>\n

INFORMATION CONCERNING FORWARD-LOOKING STATEMENTS<\/b><\/p>\n

\nThis press release contains “forward-looking statements,” as defined in the Private Securities Litigation Reform Act of 1995. These statements, which express management’s current views concerning future events or results, use words like “anticipate,” “assume,” “believe,” “continue,” “estimate,” “expect,” “intend,” “plan,” “project” and similar terms, and future or conditional tense verbs like “could,” “may,” “might,” “should,” “will” and “would”.<\/p>\n

\nForward-looking statements are subject to inherent risks and uncertainties that could cause actual results to differ materially from those expressed or implied in our forward-looking statements. Factors that could materially affect our future results include, among other things:<\/p>\n