Global insurance and risk services firm Marsh & McLennan Companies reported financial results for the third quarter that include $3.3 billion in consolidated revenue, an increase of seven percent over third quarter last year.
MMC also reported net income of $393 million.
Overall Risk & Insurance Services revenue was $1.8 billion in the third quarter of 2017, an increase of eight percent. Operating income of $314 million was essentially flat with the prior year.
Marsh, the insurance brokerage division of MMC, saw revenue up nine percent in the third quarter to $1.5 billion. Reinsurance broker Guy Carpenter’s revenue in the third quarter was $270 million, an increase of four percent.
The Consulting division – which includes Mercer and Oliver Wyman– reported $1.6 billion in revenue in the third quarter, an increase of five percent. Operating income increased six percent. Mercer’s revenue was up four percent for the quarter to $1.1 billion while Oliver Wyman’s revenue was $438 million in the third quarter, an increase of seven percent.
“Through the first nine months we have generated underlying revenue growth in all four operating companies and solid earnings growth. With strong performance through the first three quarters of the year, we believe the Company is well positioned to deliver underlying revenue growth, margin expansion in both segments, and strong earnings per share growth for the full year,” Dan Glaser, president and CEO, said.
During the quarter, Marsh, through its subsidiary The Schinnerer Group, acquired International Catastrophe Insurance Managers (ICAT), a managing general providing property catastrophe insurance.