Marsh reported an 8% increase in third-quarter revenue to $6.9 billion, with strong management consulting growth helping offset a decline in reinsurance revenue and slower expansion across its insurance services segment.
Underlying revenue grew 5% in the quarter ended September 30, while adjusted earnings per share increased 10% to $2.03. GAAP operating income rose 4% to $1.2 billion, and adjusted operating income increased 6% to $1.5 billion.
The results put Marsh’s group underlying growth at the same numerical level as the 5% organic revenue growth reported by both Aon and WTW in the second quarter. Gallagher reported 6% organic growth across its combined brokerage and risk management businesses over that period. The comparisons cover different quarters and company-defined growth measures.
“Marsh delivered a strong third quarter, generating 5% underlying revenue growth and double-digit EPS growth. We also made significant progress in executing our Thrive program and successfully completed our brand transition,” said John Doyle, president and CEO.
“These results reflect the strength of our market position, the value we deliver to clients, and the commitment of our colleagues around the world.”
Marsh’s Risk and Insurance Services segment generated revenue of $4.2 billion, up 7% on a reported basis but 3% on an underlying basis. Operating income declined 1% to $745 million, while adjusted operating income increased 4% to $1 billion.
Within the segment, Marsh Risk posted revenue of $3.7 billion, increasing 10% overall and 5% on an underlying basis. Underlying growth was 4% in the US and Canada and 6% internationally. EMEA led international growth at 7%, followed by Asia Pacific at 4%, while Latin America was flat.
Marsh’s reinsurance business was weaker. Quarterly revenue fell 6% on both a reported and underlying basis to $374 million, leaving underlying revenue down 1% for the first nine months of 2026. The supplied release did not explain the decline.
Consulting provided Marsh’s strongest underlying growth. Segment revenue increased 9% to $2.7 billion, or 8% on an underlying basis. Operating income rose 12% to $563 million, while adjusted operating income increased 9% to $593 million.
Management Consulting, formerly Oliver Wyman Group, generated $1 billion in revenue, up 14% on both a reported and underlying basis. People and Investments, formerly Mercer, reported revenue of $1.7 billion, increasing 6% overall and 5% on an underlying basis.
Within People and Investments, underlying revenue grew 8% in Investments and Retirement and 5% in Health and Benefits. Workforce and Rewards revenue declined 1%.
For the first nine months, Marsh’s consolidated revenue increased 7% to $21.9 billion, with underlying growth of 5%. GAAP operating income fell 3% to $4.9 billion, while adjusted operating income rose 7% to $6.1 billion. GAAP earnings per share declined to $6.68 from $6.75, while adjusted earnings per share increased 9% to $8.29.
Marsh repurchased $500 million of shares during the quarter, bringing its nine-month buybacks to $2 billion.
Marsh’s results come as insurance buyers benefit from increased competition and falling prices across several major commercial lines. Its Global Insurance Market Index recorded a 6% decline in global commercial insurance rates in the second quarter of 2026, the eighth consecutive quarterly reduction.
Property rates fell 12%, while cyber rates declined 4%. Marsh attributed the competition to factors including strong insurer profitability, surplus capital and lower reinsurance costs.
However, conditions remain uneven: Marsh’s index showed US casualty rates rising 7% in the second quarter, reflecting elevated claims severity and litigation pressures, even as US property rates fell 13%.
Reinsurance buyers have also gained negotiating power. Aon’s midyear renewal report found double-digit pricing reductions and improved terms for property catastrophe placements at the June and July renewals. Global reinsurance demand nevertheless increased more than 10%, as insurers sought additional protection, particularly at the top of US programs.
