Marsh & McLennan Companies Inc. reported 12 percent combined revenue growth for the second quarter, reflecting new business and increased retention in insurance and risk services, along with growth in consulting.
Consolidated revenue in the second quarter of 2011 was $2.9 billion, an increase of 12 percent from the second quarter of 2010. Operating income rose to $465 million, compared to a loss in the prior year period.
In the second quarter of 2011, net income rose 19 percent to $282 million, compared to $236 million last year.
Risk and Insurance Services revenue (Marsh and Guy Carpenter) increased 11 percent to $1.6 billion in the second quarter of 2011. Operating income increased 38 percent to $356 million. For the first six months of 2011, this segment’s revenue was $3.3 billion, an increase of 10 percent from the prior year period.
Insurance broker Marsh’s revenue in the second quarter of 2011 was $1.4 billion, an increase of 12 percent. International operations grew underlying revenue 6 percent in the second quarter, reflecting growth of 18 percent in Latin America, 6 percent in Asia Pacific, and 4 percent in EMEA. In the United States/Canada region, underlying revenue grew 3 percent.
Guy Carpenter’s second quarter revenue increased 6 percent to $257 million.
Consulting segment revenue increased 13 percent to $1.3 billion in the second quarter of 2011. Operating income was $152 million, compared to a loss of $275 million due to a litigation settlement last year.
“We are very pleased with our performance in the first half of 2011. Our excellent second quarter performance successfully built on our strong first quarter results,” said Brian Duperreault, president and CEO.
Topics Profit Loss
Was this article valuable?
Here are more articles you may enjoy.
AIG General Insurance Chairman McElroy to Retire May 1 
Progressive Gains as Drivers Shop Around for Auto Insurance—Again 
Trump’s Bond Insurer Tells Judge Shortfall Is ‘Inconceivable’ 
JPMorgan Client Who Lost $50 Million Fortune Faces Court Setback 
