Dan Glaser

The broking division of Marsh & McLennan Companies (MMC) made an operating profit of $535m (£367m) in the first quarter of 2016, almost unchanged from the $533m it reported in the same quarter last year.

The division, which comprises insurance broker Marsh and reinsurance broker Guy Carpenter, brought in total revenue of $1.9bn, up 4% on the $1.8bn revenue it generated in 2015.

After stripping out acquisition gains and foreign exchange losses, organic revenue growth was 2%.

As a group, MMC made a profit before tax of $686m in the first quarter of 2016, down 2.6% on the $704m it made in the same quarter last year.

Revenues grew by 3.8% to $3.3bn (Q1 2015: $3.2bn), but operating expenses also increased by 5% to $2.6bn (Q1 2015: $2.5bn).

MMC chief executive Dan Glaser (pictured) said: “We are pleased with our performance in the first quarter.

 “We are off to a strong start to the year, and believe the Company is well positioned to deliver underlying revenue growth, meaningful margin expansion in both operating segments and strong earnings per share growth in 2016.”