Marsh McLennan reports Q1 2023 results
Firm off to a 'strong start' this year, CEO says
Marsh McLennan reports Q1 2023 results
INSURANCE NEWS
By Gia Snape
20 Apr 2023

Marsh McLennan has unveiled financial results for the first quarter of 2023, reporting $5.9 billion in revenue, a 7% increase compared to the same period last year. Revenue increased 9% on an underlying basis.

Operating income was $1.7 billion, 19% higher than the previous year. Adjusted operating income rose 13% to $1.8 billion.

Net income attributable to the company was $1.2 billion, or $2.47 per diluted share, compared with $2.10 in the first quarter of 2022. Adjusted earnings per share rose 10% to $2.53 per diluted share compared with $2.30 a year ago.

Risk and insurance services

The risk and insurance services segment generated $3.9 billion in revenue during Q1 2023, an increase of 10%, or 11% on an underlying basis.

Marsh’s revenue was $2.7 billion, a 9% rise on an underlying basis. North America posted a 7% increase, while international operations showed 10% growth (11% in Asia-Pacific, 10% in EMEA, and 10% in Latin America)

Guy Carpenter’s revenue in Q1 2023 was $1.1 billion, a 10% increase on an underlying basis.

Consulting

Marsh McLennan’s consulting arm showed comparatively modest growth, with $2.0 billion revenue in Q1 2023, an increase of 1%, or 5% on an underlying basis.

Operating income rose 5% to $411 million; on an adjusted basis, growth was 1% to $406 million.

Mercer’s revenue in the first quarter was $1.3 billion, an increase of 7% on an underlying basis. Health revenue ($545 million) increased 12% on an underlying basis. Wealth revenue increased 2% ($581 million) while career revenue ($218 million) was up 12%, both on an underlying basis.

Oliver Wyman’s revenue in the first quarter was $687 million, flat on an underlying basis.

“Marsh McLennan is off to a strong start in 2023,” said president and CEO John Doyle. “For the first quarter, we generated 9% underlying revenue growth, grew adjusted EPS by 10%, and expanded our margin.

“We have momentum across our business and are well positioned for another good year, reflecting the importance of the work we do for our clients and excellent execution on the part of our colleagues.”

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