Parent company MMC’s profits surge almost 300%
Global insurance broker Marsh brought in $4.7bn of revenue in the full year of 2010, up 10% on the $4.3bn it made in 2009.
Of the 10% growth, six points were attributed to acquisitions and dispositions and 1 point to currency fluctuations, leaving organic growth at 2%.
Marsh’s Europe, Middle East and Africa segment posted 2010 revenues of $1.7bn, up 8% on the £1.6bn made in 2009 and up 3% on an organic basis.
The region with the biggest growth overall was Asia Pacific, with 20%, and the region with the most organic growth was Latin America, with
Reinsurance broker Guy Carpenter, a sister company of Marsh within US broking and consulting group Marsh & McLennan Companies (MMC), saw its revenues rise 7% to $975m in 2010 from $911m in 2009.
The risk and insurance services division of MMC as a whole, which includes Marsh and Guy Carpenter, saw its revenue increase 9% to $5.8bn from $5.3bn.
The risk and insurance services division made an operating profit of $1.1bn in 2010, up 10% on the $985m it made in 2009.
Overall, MMC’s net profit surged 277% to $855m in 2010 from $227m in 2009. Overall revenue grew 7% to $10.6bn from $9.8bn.
The 2010 result was helped by a $204m tax credit, compared with a $21m credit in 2009, and a $306mprofit from discontinued operations, compared with a $290m loss in 2009.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
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