Marsh & McLennan has announced that revenue in the first quarter of 2020 was $4.7bn (£3.7bn), an increase of 14%, or 5% on an underlying basis, compared with the year prior.
The global insurance firm also revealed that operating income was $1.1bn (£877m) in the three months ended 31 March 2020, compared with $938m (£748m) in 2019.
Meanwhile, adjusted operating income, which excludes noteworthy items as presented in the attached supplemental schedules, rose 15% to $1.2bn (£957m).
Net income in the first quarter was $754m (£601m), or $1.48 per diluted share, against $716m (£570m), or $1.40 per diluted share, the previous year. Adjusted earnings per share rose 8% to $1.64 compared with $1.52 for the prior year period.
Dan Glaser, president and CEO, said: “Marsh and McLennan had an excellent first quarter. We marked the one-year anniversary of our acquisition of JLT and are realizing the benefits of the combination.
“In the quarter, we grew total revenue 14% and delivered strong underlying revenue growth of 5%, with underlying growth across both risk and insurance services and consulting.”
He added: “We also increased our adjusted operating income by 15%, adjusted margin by 80 basis points and adjusted EPS by 8%.
“Although the COVID-19 pandemic will affect all businesses in 2020, Marsh and McLennan has proven to be a resilient firm with unique capabilities, talent and expertise that will allow us to help our clients in this time of need.”