Marsh & McLennan Companies, Inc. (MMC) has reported financial results for the quarter ended March 31, 2002, with consolidated revenues of $2.6 billion unchanged from last year. Net income grew 13 percent to $418 million, and earnings per share rose 16 percent to $1.47.
“We are pleased with MMC’s first quarter performance,” chairman Jeffrey Greenberg commented. “Risk and insurance services had excellent results and is experiencing strong demand worldwide for its professional services. In a challenging environment, investment management and consulting are managing expenses in a disciplined way while continuing to invest for future growth.”
Risk and insurance services revenues rose 9 percent to $1.5 billion. Marsh’s underlying revenues, which exclude such items as foreign exchange, acquisitions and dispositions, grew 12 percent, while operating income increased 21 percent to $462 million. In the first quarter, clients continued to experience difficult conditions in the transfer of commercial risk.
MMC’s continued financial strength enabled the company to repurchase 2.2 million shares of common stock in the first quarter. MMC expects to continue its share repurchase program throughout the year.
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