MMC: Strong Third Quarter, Nine Months Results

October 23, 2000

Marsh & McLennan Companies has reported strong revenues and earnings for both the quarter and nine months that ended Sept. 30. For the quarter, MMC’s revenues rose 14 percent to $2.5 billion from $2.2 billion in 1999. Net income grew 26 percent to $282 million from $223 million, and earnings per share rose 20 percent.

For the nine months, MMC’s revenues reached $7.7 billion, a 13 percent increase from $6.8 billion in 1999. Net income increased 22 percent to $895 million and earnings per share grew 17 percent to $3.12, compared with $731 million and $2.66 respectively in 1999. MMC revenues rose 7 percent in the third quarter to $1.1 billion, driven by net new business. Operating income increased 21 percent to $200 million, reflecting continued savings from consolidation associated with the integration of Sedgwick.

Putnam performed well despite continuing volatility in equity markets. Revenues in the third quarter rose 28 percent to $863 million, and operating income grew 31 percent to $275 million, compared with the third quarter were $412 billion, compared with $323 billion in the same period of 1999 and $394 billion in the second quarter 2000.

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