Company Announcements

Marsh McLennan Reports Third Quarter 2024 Results

  • GAAP Revenue Increases 6%; Underlying Revenue Rises 5%
  • Growth in GAAP Operating Income of 11% and Adjusted Operating Income of 12%
  • Third Quarter GAAP EPS Rises 3% to $1.51 and Adjusted EPS Increases 4% to $1.63
  • Nine Months GAAP EPS Rises 10% to $6.59 and Adjusted EPS Increases 10% to $6.93

NEW YORK--(BUSINESS WIRE)--Oct. 17, 2024-- Marsh McLennan (NYSE: MMC), a global leader in risk, strategy and people, today reported financial results for the third quarter ended September 30, 2024.

John Doyle, President and CEO, said: "This was a milestone quarter for Marsh McLennan as we delivered strong results and announced the acquisition of McGriff Insurance Services. Our performance demonstrated continued momentum, with 5% underlying revenue growth, 110 basis points of margin expansion and adjusted EPS growth of 4%, or 11% excluding a one-time tax benefit a year ago. We remain on track for another great year in 2024."

"McGriff's excellent leadership, outstanding talent and record of strong growth complement Marsh McLennan Agency's capabilities and culture. I am excited about our future as we come together to help our clients thrive."

Consolidated Results

Consolidated revenue in the third quarter of 2024 was $5.7 billion, an increase of 6% compared with the third quarter of 2023. On an underlying basis, revenue increased 5%. Operating income rose 11% to $1.1 billion. Adjusted operating income, which excludes noteworthy items as presented in the attached supplemental schedules, rose 12% to $1.2 billion. Net income attributable to the Company was $747 million. Earnings per share increased 3% to $1.51. Adjusted earnings per share increased 4% to $1.63. Adjusted EPS in the prior year period included a 10-cent per share benefit from a favorable discrete tax item.

For the nine months ended September 30, 2024, consolidated revenue was $18.4 billion, an increase of 7% on both a GAAP and underlying basis, compared to the prior year period. Operating income was $4.7 billion, an increase of 12% from the prior year period. Adjusted operating income rose 12% to $4.9 billion. Net income attributable to the Company was $3.3 billion, or $6.59 per diluted share, compared with $6.01 in the first nine months of 2023. Adjusted earnings per share increased 10% to $6.93.

Risk & Insurance Services

Risk & Insurance Services revenue was $3.5 billion in the third quarter of 2024, an increase of 8%, or 6% on an underlying basis. Operating income increased 15% to $733 million, while adjusted operating income increased 16% to $775 million. For the nine months ended September 30, 2024, revenue was $11.7 billion, an increase of 9%, or 8% on an underlying basis. Operating income rose 13% to $3.6 billion, and adjusted operating income increased 12% to $3.7 billion.

Marsh's revenue in the third quarter of 2024 was $2.9 billion, an increase of 9%, or 7% on an underlying basis. In U.S./Canada, underlying revenue rose 6%. International operations produced underlying revenue growth of 7%, reflecting 8% growth in Latin America, 7% growth in EMEA, and 5% growth in Asia Pacific. For the nine months ended September 30, 2024, Marsh’s underlying revenue growth was 7%.

Guy Carpenter's revenue in the third quarter of 2024 was $381 million, an increase of 6%, or 7% on an underlying basis. For the nine months ended September 30, 2024, Guy Carpenter’s underlying revenue growth was 8%.

Consulting

Consulting revenue was $2.3 billion in the third quarter of 2024, an increase of 3%, or 4% on an underlying basis. Operating income increased 9% to $462 million, while adjusted operating income increased 7% to $478 million. For the first nine months ended September 30, 2024, revenue was $6.7 billion, an increase of 4%, or 5% on an underlying basis. Operating income rose 7% to $1.3 billion, and adjusted operating income increased 7% to $1.3 billion.

Mercer's revenue in the third quarter was $1.5 billion, an increase of 2%, or 5% on an underlying basis. Health revenue of $520 million increased 8% on an underlying basis. Wealth revenue of $625 million increased 4% on an underlying basis. Career revenue of $307 million increased 5% on an underlying basis. For the nine months ended September 30, 2024, Mercer’s revenue was $4.3 billion, an increase of 6% on an underlying basis.

Oliver Wyman’s revenue in the third quarter of 2024 was $810 million, an increase of 4%, or 1% on an underlying basis. For the nine months ended September 30, 2024, Oliver Wyman’s revenue was $2.4 billion, an increase of 5% on an underlying basis.

Other Items

The Company repurchased 1.4 million shares of stock for $300 million in the third quarter of 2024. Through nine months ended September 30, 2024, the Company has repurchased 4.3 million shares of stock for $900 million.

On September 29, 2024, the Company entered into an agreement to acquire McGriff Insurance Services, LLC, a leading provider of insurance broking and risk management services in the United States, with $1.3 billion of revenue for the trailing twelve months ended June 30, 2024. Under the terms of the transaction, Marsh McLennan will pay $7.75 billion in cash consideration, funded by a combination of cash and proceeds from debt financing. In conjunction with the transaction, Marsh McLennan expects to assume a deferred tax asset valued at approximately $500 million. The transaction is targeted to close by year-end, subject to regulatory clearance and other standard closing conditions.

Conference Call

A conference call to discuss third quarter 2024 results will be held today at 8:00 a.m. Eastern time. The live audio webcast may be accessed at marshmclennan.com. A replay of the webcast will be available approximately two hours after the event. The webcast is listen-only. Those interested in participating in the question-and-answer session may register here to receive the dial-in numbers and unique PIN to access the call.

About Marsh McLennan
Marsh McLennan (NYSE: MMC) is a global leader in risk, strategy and people, advising clients in 130 countries across four businesses: Marsh, Guy Carpenter, Mercer and Oliver Wyman. With annual revenue of $23 billion and more than 85,000 colleagues, Marsh McLennan helps build the confidence to thrive through the power of perspective. For more information, visit marshmclennan.com, or follow us on LinkedIn and X.

INFORMATION CONCERNING FORWARD-LOOKING STATEMENTS

This press release contains "forward-looking statements," as defined in the Private Securities Litigation Reform Act of 1995. These statements, which express management's current views concerning future events or results, use words like "anticipate," "assume," "believe," "continue," "estimate," "expect," "intend," "plan," "project" and similar terms, and future or conditional tense verbs like "could," "may," "might," "should," "will" and "would".

Forward-looking statements are subject to inherent risks and uncertainties that could cause actual results to differ materially from those expressed or implied in our forward-looking statements. Factors that could materially affect our future results include, among other things:

  • the impact of geopolitical or macroeconomic conditions on us, our clients and the countries and industries in which we operate, including from multiple major wars, escalating conflict throughout the Middle East and rising tension in the South China Sea, slower GDP growth or recession, lower interest rates, capital markets volatility, inflation and changes in insurance premium rates;
  • the impact from lawsuits or investigations arising from errors and omissions, breaches of fiduciary duty or other claims against us in our capacity as a broker or investment advisor, including claims related to our investment business’ ability to execute timely trades;
  • the increasing prevalence of ransomware, supply chain and other forms of cyber attacks, and their potential to disrupt our operations, or the operations of our third party vendors, and result in the disclosure of confidential client or company information;
  • the financial and operational impact of complying with laws and regulations, including domestic and international sanctions regimes, anti-corruption laws such as the U.S. Foreign Corrupt Practices Act, U.K. Anti Bribery Act and cybersecurity, data privacy and artificial intelligence regulations;
  • our ability to attract, retain and develop industry leading talent;
  • our ability to compete effectively and adapt to competitive pressures in each of our businesses, including from disintermediation as well as technological change, digital disruption and other types of innovation such as artificial intelligence;
  • our ability to manage potential conflicts of interest, including where our services to a client conflict, or are perceived to conflict, with the interests of another client or our own interests;
  • the impact of changes in tax laws, guidance and interpretations, such as the implementation of the Organization for Economic Cooperation and Development international tax framework, or the increasing number of challenges from tax authorities in the current global tax environment;
  • the regulatory, contractual and reputational risks that arise based on insurance placement activities and insurer revenue streams; and
  • our ability to successfully integrate or achieve the intended benefits of the acquisition of McGriff.

The factors identified above are not exhaustive. Marsh McLennan and its subsidiaries (collectively, the "Company") operate in a dynamic business environment in which new risks emerge frequently. Accordingly, we caution readers not to place undue reliance on any forward-looking statements, which are based only on information currently available to us and speak only as of the dates on which they are made. The Company undertakes no obligation to update or revise any forward-looking statement to reflect events or circumstances arising after the date on which it is made.

Further information concerning the Company, including information about factors that could materially affect our results of operations and financial condition, is contained in the Company's filings with the Securities and Exchange Commission, including the "Risk Factors" section and the "Management’s Discussion and Analysis of Financial Condition and Results of Operations" section of our most recently filed Annual Report on Form 10-K.

Marsh & McLennan Companies, Inc.

Consolidated Statements of Income

(In millions, except per share data)

(Unaudited)

 

 

 

Three Months Ended

September 30,

 

Nine Months Ended

September 30,

 

 

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

Revenue

 

$

5,697

 

 

$

5,382

 

 

$

18,391

 

 

$

17,182

 

Expense:

 

 

 

 

 

 

 

 

Compensation and benefits

 

 

3,442

 

 

 

3,287

 

 

 

10,366

 

 

 

9,831

 

Other operating expenses

 

 

1,147

 

 

 

1,099

 

 

 

3,350

 

 

 

3,172

 

Operating expenses

 

 

4,589

 

 

 

4,386

 

 

 

13,716

 

 

 

13,003

 

Operating income

 

 

1,108

 

 

 

996

 

 

 

4,675

 

 

 

4,179

 

Other net benefit credits

 

 

68

 

 

 

62

 

 

 

201

 

 

 

180

 

Interest income

 

 

12

 

 

 

16

 

 

 

61

 

 

 

40

 

Interest expense

 

 

(154

)

 

 

(145

)

 

 

(469

)

 

 

(427

)

Investment income

 

 

1

 

 

 

1

 

 

 

3

 

 

 

6

 

Income before income taxes

 

 

1,035

 

 

 

930

 

 

 

4,471

 

 

 

3,978

 

Income tax expense

 

 

283

 

 

 

192

 

 

 

1,155

 

 

 

941

 

Net income before non-controlling interests

 

 

752

 

 

 

738

 

 

 

3,316

 

 

 

3,037

 

Less: Net income attributable to non-controlling interests

 

 

5

 

 

 

8

 

 

 

44

 

 

 

37

 

Net income attributable to the Company

 

$

747

 

 

$

730

 

 

$

3,272

 

 

$

3,000

 

Net income per share attributable to the Company:

 

 

 

 

 

 

 

 

- Basic

 

$

1.52

 

 

$

1.48

 

 

$

6.65

 

 

$

6.07

 

- Diluted

 

$

1.51

 

 

$

1.47

 

 

$

6.59

 

 

$

6.01

 

Average number of shares outstanding:

 

 

 

 

 

 

 

 

- Basic

 

 

492

 

 

 

494

 

 

 

492

 

 

 

494

 

- Diluted

 

 

496

 

 

 

499

 

 

 

496

 

 

 

499

 

Shares outstanding at September 30

 

 

491

 

 

 

493

 

 

 

491

 

 

 

493

 

Marsh & McLennan Companies, Inc.
Supplemental Information - Revenue Analysis
Three Months Ended September 30
(Millions) (Unaudited)

The Company advises clients in 130 countries. As a result, foreign exchange rate movements may impact period over period comparisons of revenue. Similarly, certain other items such as acquisitions and dispositions, including transfers among businesses, may impact period over period comparisons of revenue. Non-GAAP underlying revenue measures the change in revenue from one period to the next by isolating these impacts.

 

 

 

 

 

 

Components of Revenue Change*

 

 

Three Months Ended

September 30,

 

% Change

GAAP Revenue*

 

Currency Impact

 

Acquisitions/

Dispositions/ Other Impact**

 

Non-GAAP

Underlying Revenue

 

 

 

2024

 

 

 

2023

 

 

Risk and Insurance Services

 

 

 

 

 

 

 

 

 

 

 

 

Marsh

 

$

2,934

 

 

$

2,700

 

 

9

%

 

 

2

%

 

7

%

Guy Carpenter

 

 

381

 

 

 

359

 

 

6

%

 

 

 

 

7

%

Subtotal

 

 

3,315

 

 

 

3,059

 

 

8

%

 

 

2

%

 

7

%

Fiduciary interest income

 

 

138

 

 

 

131

 

 

 

 

 

 

 

 

 

Total Risk and Insurance Services

 

 

3,453

 

 

 

3,190

 

 

8

%

 

 

2

%

 

6

%

Consulting

 

 

 

 

 

 

 

 

 

 

 

 

Mercer

 

 

1,452

 

 

 

1,425

 

 

2

%

 

 

(3

)%

 

5

%

Oliver Wyman Group

 

 

810

 

 

 

781

 

 

4

%

 

 

3

%

 

1

%

Total Consulting

 

 

2,262

 

 

 

2,206

 

 

3

%

 

 

(1

)%

 

4

%

Corporate Eliminations

 

 

(18

)

 

 

(14

)

 

 

 

 

 

 

 

 

Total Revenue

 

$

5,697

 

 

$

5,382

 

 

6

%

 

 

1

%

 

5

%

Revenue Details

The following table provides more detailed revenue information for certain of the components presented above:

 

 

 

 

 

 

Components of Revenue Change*

 

 

Three Months Ended

September 30,

 

% Change

GAAP Revenue*

 

Currency Impact

 

Acquisitions/

Dispositions/ Other Impact**

 

Non-GAAP

Underlying Revenue

 

 

 

2024

 

 

2023

 

Marsh:

 

 

 

 

 

 

 

 

 

 

 

 

EMEA

 

$

747

 

$

692

 

8

%

 

1

%

 

 

 

7

%

Asia Pacific

 

 

342

 

 

311

 

10

%

 

 

 

5

%

 

5

%

Latin America

 

 

134

 

 

134

 

(1

)%

 

(10

)%

 

2

%

 

8

%

Total International

 

 

1,223

 

 

1,137

 

7

%

 

(1

)%

 

1

%

 

7

%

U.S./Canada

 

 

1,711

 

 

1,563

 

10

%

 

 

 

3

%

 

6

%

Total Marsh

 

$

2,934

 

$

2,700

 

9

%

 

 

 

2

%

 

7

%

Mercer:

 

 

 

 

 

 

 

 

 

 

 

 

Wealth

 

$

625

 

$

635

 

(2

)%

 

1

%

 

(6

)%

 

4

%

Health

 

 

520

 

 

496

 

5

%

 

(1

)%

 

(2

)%

 

8

%

Career

 

 

307

 

 

294

 

4

%

 

(1

)%

 

1

%

 

5

%

Total Mercer

 

$

1,452

 

$

1,425

 

2

%

 

 

 

(3

)%

 

5

%

*

Rounded to whole percentages. Components of revenue may not add due to rounding.

**

Acquisitions, dispositions, and other includes the impact of current and prior year items excluded from the calculation of non-GAAP underlying revenue for comparability purposes. Details on these items are provided in the reconciliation of non-GAAP revenue to GAAP revenue tables included in this release.

Marsh & McLennan Companies, Inc.
Supplemental Information - Revenue Analysis
Nine Months Ended September 30
(Millions) (Unaudited)

The Company advises clients in 130 countries. As a result, foreign exchange rate movements may impact period over period comparisons of revenue. Similarly, certain other items such as acquisitions and dispositions, including transfers among businesses, may impact period over period comparisons of revenue. Non-GAAP underlying revenue measures the change in revenue from one period to the next by isolating these impacts.

 

 

 

 

 

 

Components of Revenue Change*

 

 

Nine Months Ended

September 30,

 

% Change

GAAP Revenue*

 

Currency Impact

 

Acquisitions/

Dispositions/ Other Impact**

 

Non-GAAP

Underlying Revenue

 

 

 

2024

 

 

 

2023

 

 

Risk and Insurance Services

 

 

 

 

 

 

 

 

 

 

 

 

Marsh

 

$

9,202

 

 

$

8,482

 

 

8

%

 

(1

)%

 

2

%

 

7

%

Guy Carpenter

 

 

2,161

 

 

 

2,006

 

 

8

%

 

 

 

 

 

8

%

Subtotal

 

 

11,363

 

 

 

10,488

 

 

8

%

 

(1

)%

 

2

%

 

7

%

Fiduciary interest income

 

 

385

 

 

 

330

 

 

 

 

 

 

 

 

 

Total Risk and Insurance Services

 

 

11,748

 

 

 

10,818

 

 

9

%

 

(1

)%

 

1

%

 

8

%

Consulting

 

 

 

 

 

 

 

 

 

 

 

 

Mercer (a)

 

 

4,256

 

 

 

4,143

 

 

3

%

 

(1

)%

 

(2

)%

 

6

%

Oliver Wyman Group

 

 

2,436

 

 

 

2,266

 

 

8

%

 

 

 

2

%

 

5

%

Total Consulting

 

 

6,692

 

 

 

6,409

 

 

4

%

 

 

 

(1

)%

 

5

%

Corporate Eliminations

 

 

(49

)

 

 

(45

)

 

 

 

 

 

 

 

 

Total Revenue

 

$

18,391

 

 

$

17,182

 

 

7

%

 

 

 

1

%

 

7

%

Revenue Details

The following table provides more detailed revenue information for certain of the components presented above:

 

 

 

 

 

 

Components of Revenue Change*

 

 

Nine Months Ended

September 30,

 

% Change

GAAP Revenue*

 

Currency Impact

 

Acquisitions/

Dispositions/ Other Impact**

 

Non-GAAP

Underlying Revenue

 

 

 

2024

 

 

2023

 

Marsh:

 

 

 

 

 

 

 

 

 

 

 

 

EMEA

 

$

2,684

 

$

2,482

 

8

%

 

 

 

 

 

8

%

Asia Pacific

 

 

1,069

 

 

980

 

9

%

 

(3

)%

 

6

%

 

6

%

Latin America

 

 

396

 

 

386

 

3

%

 

(8

)%

 

3

%

 

8

%

Total International

 

 

4,149

 

 

3,848

 

8

%

 

(1

)%

 

2

%

 

7

%

U.S./Canada

 

 

5,053

 

 

4,634

 

9

%

 

 

 

2

%

 

7

%

Total Marsh

 

$

9,202

 

$

8,482

 

8

%

 

(1

)%

 

2

%

 

7

%

Mercer:

 

 

 

 

 

 

 

 

 

 

 

 

Wealth (a)

 

$

1,909

 

$

1,853

 

3

%

 

 

 

(1

)%

 

4

%

Health (a)

 

 

1,605

 

 

1,559

 

3

%

 

(1

)%

 

(5

)%

 

9

%

Career

 

 

742

 

 

731

 

2

%

 

(2

)%

 

1

%

 

3

%

Total Mercer

 

$

4,256

 

$

4,143

 

3

%

 

(1

)%

 

(2

)%

 

6

%

(a)

Acquisitions, dispositions, and other in 2024 includes a net gain of $21 million from the sale of the U.K. pension administration and U.S. health and benefits administration businesses, that comprised of a $66 million gain in Wealth, offset by a $45 million loss in Health.

 

*

Rounded to whole percentages. Components of revenue may not add due to rounding.

**

Acquisitions, dispositions, and other includes the impact of current and prior year items excluded from the calculation of non-GAAP underlying revenue for comparability purposes. Details on these items are provided in the reconciliation of non-GAAP revenue to GAAP revenue tables included in this release.

Marsh & McLennan Companies, Inc.
Reconciliation of Non-GAAP Measures
Three Months Ended September 30
(Millions) (Unaudited)

Overview

The Company reports its financial results in accordance with accounting principles generally accepted in the United States (referred to in this release as in accordance with "GAAP" or "reported" results). The Company also refers to and presents certain additional non-GAAP financial measures, within the meaning of Regulation G and item 10(e) Regulation S-K in accordance with the Securities Exchange Act of 1934. These measures are: non-GAAP revenue,adjusted operating income (loss), adjusted operating margin, adjusted income, net of tax and adjusted earnings per share (EPS). The Company has included reconciliations of these non-GAAP financial measures to the most directly comparable financial measure calculated in accordance with GAAP in the following tables.

The Company believes these non-GAAP financial measures provide useful supplemental information that enables investors to better compare the Company’s performance across periods. Management also uses these measures internally to assess the operating performance of its businesses and to decide how to allocate resources. However, investors should not consider these non-GAAP measures in isolation from, or as a substitute for, the financial information that the Company reports in accordance with GAAP. The Company's non-GAAP measures include adjustments that reflect how management views its businesses, and may differ from similarly titled non-GAAP measures presented by other companies.

Adjusted Operating Income (Loss) and Adjusted Operating Margin

Adjusted operating income (loss) is calculated by excluding the impact of certain noteworthy items from the Company's GAAP operating income (loss). The following tables identify these noteworthy items and reconcile adjusted operating income (loss) to GAAP operating income (loss), on a consolidated and reportable segment basis, for the three and nine months ended September 30, 2024 and 2023. The following tables also present adjusted operating margin. For the three and nine months ended September 30, 2024 and 2023, adjusted operating margin is calculated by dividing the sum of adjusted operating income and identified intangible asset amortization by consolidated or segment adjusted revenue. The Company's adjusted revenue used in the determination of adjusted operating margin is calculated by excluding the impact of certain noteworthy items from the Company's GAAP revenue.

 

 

Risk & Insurance Services

 

Consulting

 

Corporate/

Eliminations

 

Total

Three Months Ended September 30, 2024

 

 

 

 

 

 

 

 

Operating income (loss)

 

$

733

 

 

$

462

 

 

$

(87

)

 

$

1,108

 

Operating margin

 

 

21.2

%

 

 

20.4

%

 

 

N/A

 

 

 

19.5

%

Add (deduct) impact of noteworthy items:

 

 

 

 

 

 

 

 

Restructuring (a)

 

 

22

 

 

 

14

 

 

 

18

 

 

 

54

 

Changes in fair value of contingent consideration

 

 

5

 

 

 

1

 

 

 

 

 

 

6

 

Acquisition related costs (b)

 

 

15

 

 

 

1

 

 

 

2

 

 

 

18

 

Operating income adjustments

 

 

42

 

 

 

16

 

 

 

20

 

 

 

78

 

Adjusted operating income (loss)

 

$

775

 

 

$

478

 

 

$

(67

)

 

$

1,186

 

Total identified intangible amortization expense

 

$

77

 

 

$

13

 

 

$

 

 

$

90

 

Adjusted operating margin

 

 

24.7

%

 

 

21.7

%

 

 

N/A

 

 

 

22.4

%

 

 

 

 

 

 

 

 

 

Three Months Ended September 30, 2023

 

 

 

 

 

 

 

 

Operating income (loss)

 

$

640

 

 

$

424

 

 

$

(68

)

 

$

996

 

Operating margin

 

 

20.0

%

 

 

19.2

%

 

 

N/A

 

 

 

18.5

%

Add (deduct) impact of noteworthy items:

 

 

 

 

 

 

 

 

Restructuring (a)

 

 

26

 

 

 

17

 

 

 

9

 

 

 

52

 

Changes in fair value of contingent consideration

 

 

4

 

 

 

 

 

 

 

 

 

4

 

Acquisition related costs (b)

 

 

 

 

 

5

 

 

 

 

 

 

5

 

Other

 

 

1

 

 

 

1

 

 

 

 

 

 

2

 

Operating income adjustments

 

 

31

 

 

 

23

 

 

 

9

 

 

 

63

 

Adjusted operating income (loss)

 

$

671

 

 

$

447

 

 

$

(59

)

 

$

1,059

 

Total identified intangible amortization expense

 

$

74

 

 

$

11

 

 

$

 

 

$

85

 

Adjusted operating margin

 

 

23.4

%

 

 

20.8

%

 

 

N/A

 

 

 

21.3

%

 

 

 

 

 

 

 

 

 

 

(a)

Costs primarily include severance and lease exit charges for activities focused on workforce actions, rationalization of technology and functional resources, and reductions in real estate.

(b) Primarily reflects one-time acquisition related retention costs.

Marsh & McLennan Companies, Inc.

Reconciliation of Non-GAAP Measures

Nine Months Ended September 30

(Millions) (Unaudited)

 

 

 

Risk & Insurance Services

 

Consulting

 

Corporate/

Eliminations

 

Total

Nine Months Ended September 30, 2024

 

 

 

 

 

 

 

 

Operating income (loss)

 

$

3,595

 

 

$

1,304

 

 

$

(224

)

 

$

4,675

 

Operating margin

 

 

30.6

%

 

 

19.5

%

 

 

N/A

 

 

 

25.4

%

Add (deduct) impact of noteworthy items:

 

 

 

 

 

 

 

 

Restructuring (a)

 

 

73

 

 

 

30

 

 

 

37

 

 

 

140

 

Changes in contingent consideration

 

 

17

 

 

 

4

 

 

 

 

 

 

21

 

Acquisition and disposition related costs (b)

 

 

27

 

 

 

31

 

 

 

2

 

 

 

60

 

Disposal of businesses (c)

 

 

 

 

 

(21

)

 

 

 

 

 

(21

)

Operating income adjustments

 

 

117

 

 

 

44

 

 

 

39

 

 

 

200

 

Adjusted operating income (loss)

 

$

3,712

 

 

$

1,348

 

 

$

(185

)

 

$

4,875

 

Total identified intangible amortization expense

 

$

233

 

 

$

36

 

 

$

 

 

$

269

 

Adjusted operating margin

 

 

33.6

%

 

 

20.7

%

 

 

N/A

 

 

 

28.0

%

 

 

 

 

 

 

 

 

 

Nine Months Ended September 30, 2023

 

 

 

 

 

 

 

 

Operating income (loss)

 

$

3,192

 

 

$

1,223

 

 

$

(236

)

 

$

4,179

 

Operating margin

 

 

29.5

%

 

 

19.1

%

 

 

N/A

 

 

 

24.3

%

Add (deduct) impact of noteworthy items:

 

 

 

 

 

 

 

 

Restructuring (a)

 

 

89

 

 

 

33

 

 

 

48

 

 

 

170

 

Changes in contingent consideration

 

 

20

 

 

 

1

 

 

 

 

 

 

21

 

Acquisition related costs (b)

 

 

 

 

 

32

 

 

 

 

 

 

32

 

Disposal of businesses (c)

 

 

 

 

 

17

 

 

 

 

 

 

17

 

JLT legacy legal charges (d)

 

 

 

 

 

(51

)

 

 

 

 

 

(51

)

Other

 

 

1

 

 

 

1

 

 

 

 

 

 

2

 

Operating income adjustments

 

 

110

 

 

 

33

 

 

 

48

 

 

 

191

 

Adjusted operating income (loss)

 

$

3,302

 

 

$

1,256

 

 

$

(188

)

 

$

4,370

 

Total identified intangible amortization expense

 

$

221

 

 

$

36

 

 

$

 

 

$

257

 

Adjusted operating margin

 

 

32.6

%

 

 

20.1

%

 

 

N/A

 

 

 

26.9

%

 

 

(a)  

Costs primarily include severance and lease exit charges for activities focused on workforce actions, rationalization of technology and functional resources, and reductions in real estate.

(b)  

Primarily reflects exit costs for the disposition of the Mercer U.K. pension administration and U.S. health and benefits administration businesses and one-time acquisition related retention costs. Amounts in 2023 include integration costs related to the Westpac superannuation fund transaction.

(c)  

Net gain on sale of the Mercer U.K. pension administration and U.S. health and benefits administration businesses. In 2023, the amount reflects a loss on sale of a small individual financial advisory business in Canada. These amounts are included in revenue in the consolidated statements of income and excluded from non-GAAP revenue and adjusted revenue used in the calculation of adjusted operating margin.

(d)  

Insurance and indemnity recoveries for a legacy JLT E&O matter relating to suitability of advice provided to individuals for defined benefit pension transfers in the U.K.

Marsh & McLennan Companies, Inc.
Reconciliation of Non-GAAP Measures
Three and Nine Months Ended September 30
(In millions, except per share data)
(Unaudited)

Adjusted income, net of tax is calculated as the Company's GAAP income from continuing operations, adjusted to reflect the after tax impact of the operating income adjustments in the preceding tables and the additional items listed below. Adjusted EPS is calculated by dividing the Company’s adjusted income, net of tax, by the average number of shares outstanding-diluted for the relevant period. The following tables reconcile adjusted income, net of tax to GAAP income from continuing operations and adjusted EPS to GAAP EPS for the three and nine months ended September 30, 2024 and 2023.

 

Three Months Ended
September 30, 2024

 

Three Months Ended

September 30, 2023

 

Amount

 

Adjusted EPS

 

Amount

 

Adjusted EPS

Net income before non-controlling interests, as reported

 

 

$

752

 

 

 

 

 

$

738

 

 

Less: Non-controlling interest, net of tax

 

 

 

5

 

 

 

 

 

 

8

 

 

Subtotal

 

 

$

747

 

$

1.51

 

 

 

$

730

 

$

1.47

Operating income adjustments

$

78

 

 

 

 

 

 

$

63

 

 

 

 

 

Investments adjustment

 

 

 

 

 

 

 

 

1

 

 

 

 

 

Income tax effect of adjustments (a)

 

(15

)

 

 

 

 

 

 

(12

)

 

 

 

 

 

 

 

 

63

 

 

0.12

 

 

 

 

52

 

 

0.10

Adjusted income, net of tax

 

 

$

810

 

$

1.63

 

 

 

$

782

 

$

1.57

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended

September 30, 2024

 

Nine Months Ended

September 30, 2023

 

Amount

 

Adjusted EPS

 

Amount

 

Adjusted EPS

Net income before non-controlling interests, as reported

 

 

$

3,316

 

 

 

 

 

$

3,037

 

 

Less: Non-controlling interest, net of tax

 

 

 

44

 

 

 

 

 

 

37

 

 

Subtotal

 

 

$

3,272

 

$

6.59

 

 

 

$

3,000

 

$

6.01

Operating income adjustments

$

200

 

 

 

 

 

 

$

191

 

 

 

 

 

Investments adjustment

 

(2

)

 

 

 

 

 

 

2

 

 

 

 

 

Pension settlement adjustment

 

2

 

 

 

 

 

 

 

 

 

 

 

 

Income tax effect of adjustments (a)

 

(30

)

 

 

 

 

 

 

(45

)

 

 

 

 

 

 

 

 

170

 

 

0.34

 

 

 

 

148

 

 

0.30

Adjusted income, net of tax

 

 

$

3,442

 

$

6.93

 

 

 

$

3,148

 

$

6.31

 

 

 

 

 

 

 

 

 

 

 

 

 

(a)

For items with an income tax impact, the tax effect was calculated using an effective tax rate based on the tax jurisdiction for each item.

Marsh & McLennan Companies, Inc.

Supplemental Information

Three and Nine Months Ended September 30

(Millions) (Unaudited)

 

 

 

Three Months Ended

September 30,

 

Nine Months Ended

September 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

Consolidated

 

 

 

 

 

 

 

 

Compensation and benefits

 

$

3,442

 

$

3,287

 

$

10,366

 

$

9,831

Other operating expenses

 

 

1,147

 

 

1,099

 

 

3,350

 

 

3,172

Total expenses

 

$

4,589

 

$

4,386

 

$

13,716

 

$

13,003

 

 

 

 

 

 

 

 

 

Depreciation and amortization expense

 

$

90

 

$

95

 

$

276

 

$

270

Identified intangible amortization expense

 

 

90

 

 

85

 

 

269

 

 

257

Total

 

$

180

 

$

180

 

$

545

 

$

527

 

 

 

 

 

 

 

 

 

Risk and Insurance Services

 

 

 

 

 

 

 

 

Compensation and benefits (a)

 

$

2,095

 

$

1,938

 

$

6,321

 

$

5,834

Other operating expenses (a)

 

 

625

 

 

612

 

 

1,832

 

 

1,792

Total expenses

 

$

2,720

 

$

2,550

 

$

8,153

 

$

7,626

 

 

 

 

 

 

 

 

 

Depreciation and amortization expense

 

$

48

 

$

49

 

$

140

 

$

135

Identified intangible amortization expense

 

 

77

 

 

74

 

 

233

 

 

221

Total

 

$

125

 

$

123

 

$

373

 

$

356

 

 

 

 

 

 

 

 

 

Consulting

 

 

 

 

 

 

 

 

Compensation and benefits (a)

 

$

1,309

 

$

1,316

 

$

3,937

 

$

3,887

Other operating expenses (a)

 

 

491

 

 

466

 

 

1,451

 

 

1,299

Total expenses

 

$

1,800

 

$

1,782

 

$

5,388

 

$

5,186

 

 

 

 

 

 

 

 

 

Depreciation and amortization expense

 

$

25

 

$

30

 

$

88

 

$

78

Identified intangible amortization expense

 

 

13

 

 

11

 

 

36

 

 

36

Total

 

$

38

 

$

41

 

$

124

 

$

114

(a)

The Company reclassified certain prior period amounts between Compensation and benefits and Other operating expenses for each reporting segment for comparability purposes. The reclassification had no impact on consolidated or reporting segment total expenses.

 

Marsh & McLennan Companies, Inc.

Consolidated Balance Sheets

(Millions)

 

 

 

(Unaudited)

September 30,

2024

 

December 31,

2023

ASSETS

 

 

 

 

Current assets:

 

 

 

 

Cash and cash equivalents

 

$

1,798

 

$

3,358

Cash and cash equivalents held in a fiduciary capacity

 

 

11,923

 

 

10,794

Net receivables

 

 

7,422

 

 

6,418

Other current assets

 

 

1,143

 

 

1,178

Total current assets

 

 

22,286

 

 

21,748

 

 

 

 

 

Goodwill and intangible assets

 

 

20,955

 

 

19,861

Fixed assets, net

 

 

884

 

 

882

Pension related assets

 

 

2,384

 

 

2,051

Right of use assets

 

 

1,487

 

 

1,541

Deferred tax assets

 

 

242

 

 

357

Other assets

 

 

1,626

 

 

1,590

TOTAL ASSETS

 

$

49,864

 

$

48,030

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

Current liabilities:

 

 

 

 

Short-term debt

 

$

518

 

$

1,619

Accounts payable and accrued liabilities

 

 

3,099

 

 

3,403

Accrued compensation and employee benefits

 

 

2,785

 

 

3,346

Current lease liabilities

 

 

313

 

 

312

Accrued income taxes

 

 

565

 

 

321

Dividends payable

 

 

401

 

 

Fiduciary liabilities

 

 

11,923

 

 

10,794

Total current liabilities

 

 

19,604

 

 

19,795

 

 

 

 

 

Long-term debt

 

 

12,330

 

 

11,844

Pension, post-retirement and post-employment benefits

 

 

704

 

 

779

Long-term lease liabilities

 

 

1,618

 

 

1,661

Liabilities for errors and omissions

 

 

330

 

 

314

Other liabilities

 

 

1,396

 

 

1,267

 

 

 

 

 

Total equity

 

 

13,882

 

 

12,370

TOTAL LIABILITIES AND EQUITY

 

$

49,864

 

$

48,030

Marsh & McLennan Companies, Inc.

Consolidated Statements of Cash Flows

(Millions) (Unaudited)

 

 

 

Nine Months Ended

September 30,

 

 

 

2024

 

 

 

2023

 

Operating cash flows:

 

 

 

 

Net income before non-controlling interests

 

$

3,316

 

 

$

3,037

 

Adjustments to reconcile net income to cash provided by operations:

 

 

 

 

Depreciation and amortization

 

 

545

 

 

 

527

 

Non-cash lease expense

 

 

206

 

 

 

215

 

Share-based compensation expense

 

 

283

 

 

 

273

 

Net gain on investments, disposition of assets and other

 

 

(87

)

 

 

(7

)

 

 

 

 

 

Changes in assets and liabilities:

 

 

 

 

Accrued compensation and employee benefits

 

 

(582

)

 

 

(458

)

Provision for taxes, net of payments and refunds

 

 

233

 

 

 

242

 

Net receivables

 

 

(821

)

 

 

(670

)

Other changes to assets and liabilities

 

 

(256

)

 

 

(201

)

Contributions to pension and other benefit plans in excess of current year credit

 

 

(262

)

 

 

(246

)

Operating lease liabilities

 

 

(229

)

 

 

(237

)

Net cash provided by operations

 

 

2,346

 

 

 

2,475

 

Financing cash flows:

 

 

 

 

Purchase of treasury shares

 

 

(900

)

 

 

(900

)

Proceeds from issuance of debt

 

 

988

 

 

 

2,170

 

Repayments of debt

 

 

(1,613

)

 

 

(12

)

Payment of bridge loan commitment fees

 

 

(23

)

 

 

 

Net issuance of common stock from treasury shares

 

 

44

 

 

 

20

 

Net distributions of non-controlling interests and deferred/contingent consideration

 

 

(122

)

 

 

(342

)

Dividends paid

 

 

(1,110

)

 

 

(944

)

Change in fiduciary liabilities

 

 

916

 

 

 

1,223

 

Net cash (used for) provided by financing activities

 

 

(1,820

)

 

 

1,215

 

Investing cash flows:

 

 

 

 

Capital expenditures

 

 

(240

)

 

 

(296

)

Purchases of long term investments and other

 

 

(17

)

 

 

(28

)

Sales of long term investments

 

 

17

 

 

 

18

 

Dispositions

 

 

106

 

 

 

(18

)

Acquisitions, net of cash and cash held in a fiduciary capacity acquired

 

 

(1,042

)

 

 

(619

)

Net cash used for investing activities

 

 

(1,176

)

 

 

(943

)

Effect of exchange rate changes on cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity

 

 

219

 

 

 

(120

)

(Decrease)/increase in cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity

 

 

(431

)

 

 

2,627

 

Cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity at beginning of period

 

 

14,152

 

 

 

12,102

 

Cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity at end of period

 

$

13,721

 

 

$

14,729

 

Reconciliation of cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity to the Consolidated Balance Sheets

Balance at September 30,

 

 

2024

 

 

2023

(In millions)

 

 

 

 

Cash and cash equivalents

 

$

1,798

 

$

2,901

Cash and cash equivalents held in a fiduciary capacity

 

 

11,923

 

 

11,828

Total cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity

 

$

13,721

 

$

14,729

Marsh & McLennan Companies, Inc.
Reconciliation of Non-GAAP Measures
Three Months Ended September 30
(Millions) (Unaudited)

Non-GAAP revenue isolates the impact of foreign exchange rate movements and certain transaction-related items from the current period GAAP revenue. The non-GAAP revenue measure is presented on a constant currency basis, excluding the impact of foreign currency fluctuations. The Company isolates the impact of foreign exchange rate movements period over period, by translating the current period foreign currency GAAP revenue into U.S. Dollars based on the difference in the current and corresponding prior period exchange rates. Similarly, certain other items such as acquisitions and dispositions, including transfers among businesses, may impact period over period comparisons of revenue and are consistently excluded from current and prior period GAAP revenues for comparability purposes. Percentage changes, referred to as non-GAAP underlying revenue, are calculated by dividing the period over period change in non-GAAP revenue by the prior period non-GAAP revenue.

The following table provides the reconciliation of GAAP revenue to non-GAAP revenue:

 

 

2024

 

 

2023

 

Three Months Ended September 30,

 

GAAP Revenue

 

Currency Impact

 

Acquisitions/
Dispositions/
Other Impact

 

Non-GAAP Revenue

 

GAAP Revenue

 

Acquisitions/
Dispositions/
Other Impact

 

Non-GAAP Revenue

Risk and Insurance Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Marsh

 

$

2,934

 

 

$

11

 

 

$

(68

)

 

$

2,877

 

 

$

2,700

 

 

$

(1

)

 

$

2,699

 

Guy Carpenter

 

 

381

 

 

 

1

 

 

 

 

 

 

382

 

 

 

359

 

 

 

 

 

 

359

 

Subtotal

 

 

3,315

 

 

 

12

 

 

 

(68

)

 

 

3,259

 

 

 

3,059

 

 

 

(1

)

 

 

3,058

 

Fiduciary interest income

 

 

138

 

 

 

 

 

 

(1

)

 

 

137

 

 

 

131

 

 

 

 

 

 

131

 

Total Risk and Insurance Services

 

 

3,453

 

 

 

12

 

 

 

(69

)

 

 

3,396

 

 

 

3,190

 

 

 

(1

)

 

 

3,189

 

Consulting

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mercer

 

 

1,452

 

 

 

5

 

 

 

(23

)

 

 

1,434

 

 

 

1,425

 

 

 

(67

)

 

 

1,358

 

Oliver Wyman Group

 

 

810

 

 

 

(2

)

 

 

(21

)

 

 

787

 

 

 

781

 

 

 

 

 

 

781

 

Total Consulting

 

 

2,262

 

 

 

3

 

 

 

(44

)

 

 

2,221

 

 

 

2,206

 

 

 

(67

)

 

 

2,139

 

Corporate Eliminations

 

 

(18

)

 

 

 

 

 

 

 

 

(18

)

 

 

(14

)

 

 

 

 

 

(14

)

Total Revenue

 

$

5,697

 

 

$

15

 

 

$

(113

)

 

$

5,599

 

 

$

5,382

 

 

$

(68

)

 

$

5,314

 

Revenue Details

The following table provides more detailed revenue information for certain of the components presented above:

 

 

2024

 

 

2023

 

Three Months Ended September 30,

 

GAAP Revenue

 

Currency Impact

 

Acquisitions/
Dispositions/
Other Impact

 

Non-GAAP Revenue

 

GAAP Revenue

 

Acquisitions/

Dispositions/

Other Impact

 

Non-GAAP Revenue

Marsh:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EMEA

 

$

747

 

 

$

(5

)

 

$

(1

)

 

$

741

 

 

$

692

 

 

$

(1

)

 

$

691

 

Asia Pacific

 

 

342

 

 

 

 

 

 

(15

)

 

 

327

 

 

 

311

 

 

 

 

 

 

311

 

Latin America

 

 

134

 

 

 

14

 

 

 

(2

)

 

 

146

 

 

 

134

 

 

 

 

 

 

134

 

Total International

 

 

1,223

 

 

 

9

 

 

 

(18

)

 

 

1,214

 

 

 

1,137

 

 

 

(1

)

 

 

1,136

 

U.S./Canada

 

 

1,711

 

 

 

2

 

 

 

(50

)

 

 

1,663

 

 

 

1,563

 

 

 

 

 

 

1,563

 

Total Marsh

 

$

2,934

 

 

$

11

 

 

$

(68

)

 

$

2,877

 

 

$

2,700

 

 

$

(1

)

 

$

2,699

 

Mercer:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wealth

 

$

625

 

 

$

(4

)

 

$

(9

)

 

$

612

 

 

$

635

 

 

$

(46

)

 

$

589

 

Health

 

 

520

 

 

 

5

 

 

 

(11

)

 

 

514

 

 

 

496

 

 

 

(21

)

 

 

475

 

Career

 

 

307

 

 

 

4

 

 

 

(3

)

 

 

308

 

 

 

294

 

 

 

 

 

 

294

 

Total Mercer

 

$

1,452

 

 

$

5

 

 

$

(23

)

 

$

1,434

 

 

$

1,425

 

 

$

(67

)

 

$

1,358

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Note: Amounts in the tables above are rounded to whole numbers.

 

Marsh & McLennan Companies, Inc.
Reconciliation of Non-GAAP Measures
Nine Months Ended September 30
(Millions) (Unaudited)

The following table provides the reconciliation of GAAP revenue to non-GAAP revenue:

 

 

2024

 

 

2023

 

Nine Months Ended September 30,

 

GAAP Revenue

 

Currency Impact

 

Acquisitions/
Dispositions/
Other Impact

 

Non-GAAP Revenue

 

GAAP Revenue

 

Acquisitions/
Dispositions/
Other Impact

 

Non-GAAP Revenue

Risk and Insurance Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Marsh

 

$

9,202

 

 

$

50

 

 

$

(171

)

 

$

9,081

 

 

$

8,482

 

 

$

(2

)

 

$

8,480

 

Guy Carpenter

 

 

2,161

 

 

 

5

 

 

 

(3

)

 

 

2,163

 

 

 

2,006

 

 

 

(12

)

 

 

1,994

 

Subtotal

 

 

11,363

 

 

 

55

 

 

 

(174

)

 

 

11,244

 

 

 

10,488

 

 

 

(14

)

 

 

10,474

 

Fiduciary interest income

 

 

385

 

 

 

1

 

 

 

(2

)

 

 

384

 

 

 

330

 

 

 

 

 

 

330

 

Total Risk and Insurance Services

 

 

11,748

 

 

 

56

 

 

 

(176

)

 

 

11,628

 

 

 

10,818

 

 

 

(14

)

 

 

10,804

 

Consulting

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mercer (a)

 

 

4,256

 

 

 

30

 

 

 

(77

)

 

 

4,209

 

 

 

4,143

 

 

 

(159

)

 

 

3,984

 

Oliver Wyman Group

 

 

2,436

 

 

 

(3

)

 

 

(50

)

 

 

2,383

 

 

 

2,266

 

 

 

(1

)

 

 

2,265

 

Total Consulting

 

 

6,692

 

 

 

27

 

 

 

(127

)

 

 

6,592

 

 

 

6,409

 

 

 

(160

)

 

 

6,249

 

Corporate Eliminations

 

 

(49

)

 

 

 

 

 

 

 

 

(49

)

 

 

(45

)

 

 

 

 

 

(45

)

Total Revenue

 

$

18,391

 

 

$

83

 

 

$

(303

)

 

$

18,171

 

 

$

17,182

 

 

$

(174

)

 

$

17,008

 

Revenue Details

The following table provides more detailed revenue information for certain of the components presented above:

 

 

2024

 

 

2023

 

Nine Months Ended September 30,

 

GAAP Revenue

 

Currency Impact

 

Acquisitions/
Dispositions/
Other Impact

 

Non-GAAP Revenue

 

GAAP Revenue

 

Acquisitions/
Dispositions/
Other Impact

 

Non-GAAP Revenue

Marsh:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EMEA

 

$

2,684

 

 

$

(10

)

 

$

(3

)

 

$

2,671

 

 

$

2,482

 

 

$

(2

)

 

$

2,480

 

Asia Pacific

 

 

1,069

 

 

 

25

 

 

 

(54

)

 

 

1,040

 

 

 

980

 

 

 

 

 

 

980

 

Latin America

 

 

396

 

 

 

31

 

 

 

(10

)

 

 

417

 

 

 

386

 

 

 

 

 

 

386

 

Total International

 

 

4,149

 

 

 

46

 

 

 

(67

)

 

 

4,128

 

 

 

3,848

 

 

 

(2

)

 

 

3,846

 

U.S./Canada

 

 

5,053

 

 

 

4

 

 

 

(104

)

 

 

4,953

 

 

 

4,634

 

 

 

 

 

 

4,634

 

Total Marsh

 

$

9,202

 

 

$

50

 

 

$

(171

)

 

$

9,081

 

 

$

8,482

 

 

$

(2

)

 

$

8,480

 

Mercer:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wealth (a)

 

$

1,909

 

 

$

2

 

 

$

(83

)

 

$

1,828

 

 

$

1,853

 

 

$

(94

)

 

$

1,759

 

Health (a)

 

 

1,605

 

 

 

14

 

 

 

11

 

 

 

1,630

 

 

 

1,559

 

 

 

(65

)

 

 

1,494

 

Career

 

 

742

 

 

 

14

 

 

 

(5

)

 

 

751

 

 

 

731

 

 

 

 

 

 

731

 

Total Mercer

 

$

4,256

 

 

$

30

 

 

$

(77

)

 

$

4,209

 

 

$

4,143

 

 

$

(159

)

 

$

3,984

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
(a)

Acquisitions, dispositions, and other in 2024 includes a net gain of $21 million from the sale of the U.K. pension administration and U.S. health and benefits administration businesses, that comprised of a $66 million gain in Wealth, offset by a $45 million loss in Health.

 

Note: Amounts in the tables above are rounded to whole numbers.

 

Media:
Erick R. Gustafson
Marsh McLennan
+1 202 263 7788
erick.gustafson@mmc.com

Investor:
Sarah DeWitt
Marsh McLennan
+1 212 345 6750
sarah.dewitt@mmc.com

Source: Marsh McLennan