Marsh McLennan reported fourth quarter net income of $788 million, compared with $756 billion during Q4 2023.
For the full-year 2024, MMC had net income of $4.1 billion, compared with $3.8 billion reported for FY 2023. Operating income for the year rose to $5.8 billion from $5.3 billion in 2023.
Consolidated revenue for Q4 2024 was $6.1 billion, an increase of 9% compared with the fourth quarter of 2023, or 7% on an underlying (organic) basis (Q4 2023 revenue: $5.6 billion). Revenue for full-year 2024 was $24.5 billion, an increase of 8% compared with 2023, or 7% on an underlying basis (full-year 2023 revenue: $22.7 billion).
“Our fourth quarter results capped a terrific year for Marsh McLennan. We delivered on our strategic objectives, generated excellent financial performance, and had the largest year of acquisitions in our history,” commented John Doyle, president and CEO, . (Included in its 2024 acquisitions was the $7.75 billion purchase of McGriff Å˽ðÁ«´«Ã½Ó³» Services, completed in November).
“For the full year, we generated 7% underlying revenue growth, 10% adjusted EPS growth and 80 basis points of adjusted margin expansion, marking our 17th consecutive year of reported margin expansion,” he added.
Risk and Å˽ðÁ«´«Ã½Ó³» Services Segment
Marsh McLennan’s Risk and Å˽ðÁ«´«Ã½Ó³» Services (RIS) segment (which consists of Marsh and Guy Carpenter), reported fourth quarter operating income of $770 million, compared with $753 million during Q4 2023. For the full year, RIS’ operating income was $4.4 billion compared with $4.0 billion for 2023.
RIS’ Q4 revenue was $3.6 billion, an increase of 11%, or 8% on an underlying (organic) basis. For the year 2024, RIS’ revenue was $15.4 billion, an increase of 9% compared with 2023, or 8% on an underlying basis.
Marsh’s revenue in the fourth quarter of 2024 was $3.3 billion, an increase of 15%, or 8% on an underlying basis. In U.S./Canada, underlying (organic) revenue rose 8%, while international operations produced underlying revenue growth of 9%, including 13% in Latin America, 9% in EMEA, and 6% in Asia Pacific.
For the year 2024, Marsh’s revenue growth was 10% compared to a year ago, or 7% on an underlying basis.
Guy Carpenter’s fourth quarter revenue was $201 million, a decrease of 20%, or an increase of 7% on an underlying basis. For the year 2024, Guy Carpenter’s revenue grew 5% compared to a year ago, or 8% on an underlying basis.
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