‘Another excellent quarter’: Marsh McLennan Q3 sales up 8%
31 October 2022
Marsh McLennan has reported a third-quarter 8% jump in underlying revenue to $US4.77 billion ($7.43 billion).
The Asia Pacific outperformed, with revenue jumping 14% to $US312 million ($486.09 million), bringing the year-to-date sales in that region to $US1.02 billion ($1.59 billion).
“Marsh McLennan had another excellent quarter, demonstrating continued momentum across the business,” said President and CEO Dan Glaser, who hands over the reins to John Doyle from January as he retires.
“Our advice and solutions remain in high demand as our clients navigate an uncertain and volatile macroeconomic and geopolitical landscape.”
Net income rose 12% to $US546 million ($850.63 million).
Marsh McLennan says the result extends “the best run of quarterly underlying growth in over two decades”. The third quarter was the sixth consecutive quarter of 8% or higher top-line growth.
“While the economic and geopolitical backdrop is uncertain, we have a proven track record of being resilient through cycles and are well-positioned,” Mr Doyle said.
Marsh’s revenue rose 8% to $US2.5 billion ($3.89 billion) in the third quarter.
Guy Carpenter sales grew 7%, Mercer’s 5%, and Oliver Wyman’s 13% – its seventh consecutive quarter of double-digit growth.
For the nine months ended September 30, underlying revenue rose 9% to $US15.7 billion ($24.46 billion) while operating income rose 8% from a year earlier to $US3.6 billion ($5.61 billion).