Leading insurance broker Marsh & McLennan, has reported increased quarterly profits as higher insurance-related earnings offset lower fees.
The New York-based firm said third-quarter net income rose to £193m, or 35 pence per share. That compares with £108m, or 18 pence per share in the year-earlier quarter.
Many analysts had expected a profit of 35 pence per share on average, with estimates ranging between 34 pence and 38 pence.
Chairman Jeffrey Greenberg said: "The diversity of MMC's market-leading professional services businesses continues to benefit shareholders, even in the current environment.
"Risk and insurance services, our largest business, performed well for clients in a difficult insurance market and generated excellent results for shareholders—strong revenue and earnings growth."
Marsh & Mclennan is the parent company of Marsh Inc - the world's leading risk and insurance services firm. Marsh & McLennan shares closed at $48.42 on Tuesday on the New York Stock Exchange.
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