Marsh McLennan has kicked off 2025 with a solid financial performance in the first quarter, reporting revenue growth propelled by organic expansion and recent acquisitions.
The global professional services firm posted consolidated revenue of $7.1 billion for the quarter ended March 31, 2025, up 9% from the prior year, including 4% growth on an underlying basis.
Adjusted operating income rose 8% to $2.2 billion, while GAAP operating income increased 4% to $2.0 billion. Adjusted earnings per share climbed 5% to $3.06, despite foreign exchange headwinds and a tougher tax comparison.
“We had a solid start to the year with 9% revenue growth reflecting momentum across our business and the contribution from acquisitions,” said John Doyle, president and CEO of Marsh McLennan. “Marsh McLennan is a resilient business built to deliver across market cycles. Clients value our advice and solutions, particularly in uncertain times.”
Risk & insurance services, Marsh McLennan’s largest business segment, generated $4.8 billion in revenue, an 11% increase year-over-year (4% underlying). Adjusted operating income rose 8% to $1.8 billion.
Insurance broking unit Marsh posted standout results with revenue of $3.5 billion, up 15% overall and 5% on an underlying basis. Regional growth was led by Latin America (+8% underlying), followed by EMEA (+6%), Asia Pacific (+4%), and the US/Canada (+4%).
Guy Carpenter, the reinsurance arm, recorded $1.2 billion in revenue, up 5% on both GAAP and underlying bases.
Consulting revenue rose 5% to $2.3 billion (4% underlying), with adjusted operating income growing 8% to $491 million.
Mercer, which focuses on health, wealth, and career consulting, delivered $1.5 billion in revenue. Underlying growth was led by the health business at 7%, while wealth grew 3%. The career segment saw a slight 1% decline.
Management consulting division Oliver Wyman generated $818 million in revenue, up 4% on both reported and underlying bases.
The company remained active in capital allocation, repurchasing 1.3 million shares for $300 million and repaying $500 million in senior notes that matured during the quarter.
