Marsh McLennan bags $3.5b in Q3 Revenue for insurance

EPS rose 3% to $1.51.

Marsh McLennan’s third quarter (Q3 2024) net income increased by 2.3% year-on-year (YoY) to $747m, whilst year-to-date (9M 2024) also climbed 9% YoY to $3.3b.

In Q3 2024, the company reported consolidated revenue of $5.7b, a 6% increase from Q3 2023, with underlying revenue up 5%. 

Earnings per share (EPS) rose 3% to $1.51. Adjusted EPS grew 4% to $1.63; however, the prior year's adjusted EPS included a 10-cent benefit from a favorable tax item.

The Risk & Insurance Services segment generated Q3 2024 revenue of $3.5b, up 8%, or 6% on an underlying basis. 

Operating income grew 15% to $733m, with adjusted operating income up 16% to $775m. 

For the first nine months, revenue in this segment was $11.7b, a 9% increase, with underlying growth at 8%. 

Marsh, a key part of the Risk & Insurance Services segment, posted Q3 2024 revenue of $2.9b, a 9% increase, or 7% on an underlying basis. 

In the U.S. and Canada, underlying revenue rose 6%, whilst international operations saw 7% growth, driven by increases of 8% in Latin America, 7% in EMEA, and 5% in Asia Pacific. 

For the nine months ending September 30, 2024, Marsh’s underlying revenue growth was 7%.

Guy Carpenter, also within Risk & Insurance Services, recorded Q3 2024 revenue of $381m, a 6% increase, or 7% on an underlying basis. Over the first nine months, Guy Carpenter’s underlying revenue growth was 8%.