Revenue rises 4% for growing broker

Revenue rises 4% for growing broker | Insurance Business America

Revenue rises 4% for growing broker
Global brokerage and consulting firm Marsh & McLennan posted 4% growth in its fourth quarter revenue Tuesday, along with a 17% increase in net income, year over year.

Marsh & McLennan enjoyed $3.12bn in revenue, with a $303mn net income in the last quarter of 2013. Its consulting operations, including Mercer and Oliver Wyman Group, were particularly successful with revenue rising 6.4% to 1.49bn.

Meanwhile, risk and insurance services operations like Marsh LLC and Guy Carpenter saw revenue rise 4.4% to $1.62bn. Marsh LLC alone supplied $1.42bn of that revenue, the firm said.

As a result of the brokerage’s profitable performance, Marsh & McLennan’s net income rose 16.9% to $1.28bn. It exited the year with cash and cash equivalents totaling $2.3bn and long-term debt of $2.62bn.

Commenting on the results during an early morning conference call, Marsh & McLennan President and CEO Dan Glaser said:

“Marsh produced another year of strong performance, with underlying revenue growth across all major geographies and record new business development.”

2014 has already been busy for Marsh & McLennan. Just last week, the group announced its largest ever acquisition, taking over San Diego-based Barney & Barney. The transaction follows Marsh & McLennan’s January purchase of Scotland-based Insurance Services.

The acquisitions are part of Marsh & McLennan’s bid to expand its global presence and increase its market share in emerging sectors like the oil and gas industry.