Marsh McLennan has reported attributable net income of $730m for the third quarter of 2023, a surge of 33% compared with $546m a year ago.
For the quarter ended 30 September, revenues were $5.38bn, up 13% versus $4.77bn a year earlier.
US-based Marsh McLennan offers services in the areas of risk, strategy and consultancy through its re/insurance companies Marsh and Guy Carpenter, and consulting firms Mercer and Oliver Wyman.
Combined revenue from risk and insurance services offered by Marsh and Guy Carpenter was $3.19bn, an increase of 12% from 2.83bn last year.
Specifically, with $2.7bn in revenue in the third quarter, Marsh saw an underlying 8% growth in revenue year on year (YoY).
In North America, underlying revenue increased by 6%. Underlying revenue growth from international operations was 10%, with Latin America seeing growth of 14%, Asia Pacific seeing growth of 10%, and EMEA experiencing growth of 9%.
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Guy Carpenter’s revenue increased by 8% on an underlying basis to $359m between July and September 2023.
Year-to-date revenue of Marsh McLennan increased by 9.4% to $17.18bn from $15.69bn in the first three quarters of 2022.
Marsh McLennan president and CEO John Doyle said: ” Marsh McLennan’s Q3 results were outstanding, reflecting strength across the business. We had another quarter of double-digit underlying revenue growth, strong adjusted EPS growth and margin expansion.
“We achieved these results while also continuing to make significant investments for the future. With our performance through the third quarter, we are on track for another terrific year.”
The group’s operating expenses increased to $4.34bn from $3.98bn a year earlier.