Marsh parent reports 16% profit increase

Marsh & McLennan Companies (MMC) made a 2011 profit of $993m (£591m), up 16% on the $855m it made in 2010.

The group, which owns global insurance broker Marsh, achieved the profit on the back of a 9.3% increase in revenue to $11.5bn (2010: $10.6bn).

Marsh itself reported revenue growth of 10% to $5.2bn (2010: $4.7bn), Stripping out currency effects and acquisitions, Marsh’s organic revenue growth for the 2011 year was 4%.

MMC’s risk and insurance division, which includes Marsh and reinsurance broker Guy Carpenter, made a 2011 operating profit of $1.2bn, up 26% on the $972m it made in 2010.

For the fourth quarter of 2011 alone, MMC made a profit of $256m, up 26% on the $203m it made in the fourth quarter of 2010. Marsh’s revenue growth was 6% in the quarter (4% on an organic basis).

“We are very pleased with our company’s performance, both for the fourth quarter, and for the entire year,” MMC chief executive Brian Duperreault said in a statement. “For the second consecutive year, we achieved double-digit growth in adjusted operating income.”