Marsh had ‘outstanding year’ despite 5% drop

Marsh has reported revenue of $4.3bn (£2.74bn), a decline of 5% on the same period the previous year, or a 1% fall on an underlying basis, in its full-year results for 2009.

Marsh’s fourth-quarter revenue increased 4% to $1.2bn on the same period in the last year, but declined 1% on an underlying basis.

The broker posted full-year underlying revenue growth of 2% in international operations, which was led by Latin America with 9% growth and Asia Pacific with 5% growth. Underlying revenue was flat in EMEA and declined 4% in the USA/Canada region.

It said the agreement to acquire HSBC Insurance Brokers, announced in December, is expected to close early in the second quarter.

Marsh & McLennan Companies president and chief executive Brian Duperreault said: “MMC is much stronger today than it was a year ago. Our marked improvement in adjusted operating income in 2009 was driven by a very strong performance in risk and insurance services, with substantial margin improvement. I am particularly pleased with our fourth-quarter results, since each of our operating segments achieved double-digit growth in adjusted operating income. Marsh had an outstanding year, implementing operational improvements to enhance profitability."