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.
Rhine Rises After Rain, but Low Levels Continue to Hinder Shipping 
Florida Regulators Mulling New Rules on Market Conduct Exams, Reporting 
Viewpoint: The AI Ransomware That Couldn’t Get Paid 
FDA Walks Back Positive Lab Test in Lettuce Cyclospora Outbreak 
