MMC broking group boosts operating profit by 5%
Global insurance broker Marsh generated revenue of $1.45bn (£861m) in the first quarter of 2014, up 5% on the $1.39bn it made in the same quarter last year.
Organic growth for the quarter at Marsh was 4%.
Parent group Marsh & McLennan Companies’ risk and insurance services division, which includes Marsh and sister reinsurance broker Guy Carpenter, generated total revenues of $1.84bn in Q1 2014, up 4% on the $1.77bn it produced in Q1 2013.
The division’s operating profit increased by 5.3% to $493m (Q1 2013: $468m).
Marsh & McLennan Companies as a whole made a net profit of $443m in Q1 2014, up 7.3% on the $413m it made in Q1 2013.
Total group revenues increased 4.4% to $3.26bn (Q1 2013: $3.13bn).
Marsh & McLennan Companies chief executive Dan Glaser said: “We produced double-digit earnings growth and meaningful margin expansion in the first quarter, with adjusted earnings per share rising 11% to $.81.
“This represents a strong start to 2014 and continues the excellent momentum we have achieved over the past several years.
“On a consolidated basis, underlying revenue growth was 4%, adjusted operating income rose 11%, and the adjusted margin increased 120 basis points to 20.9%, reflecting continued margin expansion in both the risk and insurance services and consulting segments.”