Marsh & McLennan Cos. Inc. announced its fourth-quarter 2001 profit fell nearly 50 percent, impacted by several one-time items.
Reuters reported the New York-based company owns mutual fund firm Putnam Investments, whose earnings and revenues dropped in the quarter as assets under management fell amid the rough stock market conditions. Marsh & McLennan also owns the Mercer Consulting Group, which posted revenue and profit declines as well. Marsh & McLennan reported net income of $144 million, or 51 cents a share, down from $286 million, or 98 cents a share, in the year-earlier period.
Excluding one-time items, the company reported earnings totaled $286 million, or 99 cents a share, for the latest quarter.
Revenues related to risk and insurance services grew 11 percent to $1.3 billion in the fourth quarter, while operating income rose 22 percent to $265 million. However revenue at its Boston-based Putnam unit fell 15 percent to $629 million, a sign of the stock market slump.
Topics Profit Loss
Was this article valuable?
Here are more articles you may enjoy.
Acrisure Goes After Former Owners of Businesses it Acquired for Leaving to Compete 
DeSantis Plan to Cut Florida Property Taxes Heads to Ballot—With Schools Removed 
Karen Read Sues Police Agencies That Investigated Her Boyfriend’s Death 
AIG’s Turnaround Under Zaffino Sets Stage for New Leadership 
