Marsh McLennan has reported an 8% increase in revenue, on an underlying basis, sitting at US$4.77 billion in the third quarter of 2022. Growth was driven across all geographies, with operations outside of the US and Canada producing underlying revenue growth of 11%.
The global professional services firm posted a net income of $546 million for the third quarter of 2022, or $1.08 per diluted share, compared to $1.05 in the same period last year.
Operating income was $791 million in the period ended September 30, an increase of 7% from the year prior. Adjusted operating income rose 12% to $851 million.
Marsh’s risk and insurance services arm saw a revenue increase of 6% to $2.8 billion during the period. Operating income rose 32% to $529 million, and adjusted operating income was $562 million, 20% higher than a year ago. Guy Carpenter’s revenue in the third quarter was $328 million, an increase of 7% on an underlying basis.
Meanwhile, the group’s consulting revenue was $2 billion in Q3 2022, an increase of 1%, or 8% on an underlying basis. Operating income was lower by 14% at $350 million, while adjusted operating income increased 3% to $362 million.
Mercer’s Q3 revenue was $1.3 billion, a 5% increase on an underlying basis. Oliver Wyman’s revenue in the third quarter was $667 million, an increase of 13% on an underlying basis.
Dan Glaser, Marsh McLennan’s outgoing president and CEO, hailed “another excellent quarter” for the group.
“Our advice and solutions remain in high demand as our clients navigate an uncertain and volatile macroeconomic and geopolitical landscape,” he said in a statement.
Glaser is due to retire at the end of the year. John Doyle will succeed him effective January 1, 2023.
“It has been a privilege to work side by side with our talented colleagues, and I am proud of everything we have accomplished together,” Glaser said. “There is no one I trust more than John to lead our company, and I am confident Marsh McLennan’s extraordinary success will continue under his leadership.”