Marsh & McLennan Companies is reporting strong revenues and earnings for both the quarter and six months ended June 30. For the quarter, MMC’s revenues rose 11 percent to $2.5 billion. Net income grew 21 percent to $276 million and earnings per share rose 17 percent to $.96.
For the same period of 1999, net income was $228 million and earnings per share was $.82, excluding a special charge. For the six months, MMC’s revenues reached $5.1 billion, up 12 percent from $4.6 billion in 1999.
Net income increased 21 percent to $613 million and earnings per share grew 16 percent to $2.15, compared with $507 million and $1.85, respectively, for the same period of 1999, excluding the special charge.
Recent initiatives in Marsh, along with changing business conditions, led to revenue growth for the quarter. Ongoing consolidation savings associated with the integration of Sedgwick contributed to Marsh’s strong earnings. Revenues rose 6 percent to $1.2 billion and operating income increased 20 percent to $204 million. Putnam continued to achieve high levels of growth despite volatility in equity markets.
Revenues for the second quarter rose 19 percent to $788 million and operating income grew 17 percent to $256 million. Strong performance and net new sales contributed to assets under management for the second quarter averaging $394 billion. This compares with average assets under management of $315 billion for the same period last year and $403 billion for the first quarter of 2000.
Assets under management at June 30 were $407 billion. Mercer reported growth across all major consulting practices worldwide. Revenues in the second quarter rose 9 percent to $538 million and operating income grew 19 percent to $86 million, with continued margin improvement.
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