Marsh & McLennan delivers ‘strong’ revenue growth in Q1

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.” 

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