TIDMMHM
Marsh McLennan (NYSE: MMC), the world's leading professional
services firm in the areas of risk, strategy and people, today
reported financial results for the first quarter ended March 31,
2023.
Commenting on the results, John Doyle, President and CEO, said:
"Marsh McLennan is off to a strong start in 2023. For the first
quarter, we generated 9% underlying revenue growth, grew adjusted
EPS by 10%, and expanded our margin."
"We have momentum across our business and are well positioned
for another good year, reflecting the importance of the work we do
for our clients and excellent execution on the part of our
colleagues."
Consolidated Results
Consolidated revenue in the first quarter of 2023 was $5.9
billion, an increase of 7% compared with the first quarter of 2022.
On an underlying basis, revenue increased 9%. Operating income was
$1.7 billion, an increase of 19% from the prior year. Adjusted
operating income, which excludes noteworthy items as presented in
the attached supplemental schedules, rose 13% to $1.8 billion. Net
income attributable to the Company was $1.2 billion, or $2.47 per
diluted share, compared with $2.10 in the first quarter of 2022.
Adjusted earnings per share rose 10% to $2.53 per diluted share
compared with $2.30 a year ago.
Risk & Insurance Services
Risk & Insurance Services revenue was $3.9 billion in the
first quarter of 2023, an increase of 10%, or 11% on an underlying
basis. Operating income rose 24% to $1.4 billion, and adjusted
operating income was $1.4 billion, an increase of 17% versus a year
ago.
Marsh's revenue in the first quarter was $2.7 billion, an
increase of 9% on an underlying basis. In U.S./Canada, underlying
revenue rose 7%. International operations produced underlying
revenue growth of 10%, reflecting 11% growth in Asia Pacific, 10%
growth in EMEA, and 10% growth in Latin America.
Guy Carpenter's revenue in the first quarter was $1.1 billion,
an increase of 10% on an underlying basis.
Consulting
Consulting revenue was $2.0 billion in the first quarter of
2023, an increase of 1%, or 5% on an underlying basis. Operating
income increased 5% to $411 million, while adjusted operating
income increased 1% to $406 million.
Mercer's revenue in the first quarter was $1.3 billion, an
increase of 7% on an underlying basis. Health revenue of $545
million increased 12% on an underlying basis. Wealth revenue of
$581 million increased 2% on an underlying basis. Career revenue of
$218 million was up 12% on an underlying basis.
Oliver Wyman's revenue in the first quarter was $687 million,
flat on an underlying basis.
Other Items
The Company repurchased 1.8 million shares of stock for $300
million in the first quarter of 2023.
In the first quarter of 2023, the Company issued $600 million of
30-year senior notes.
In April, Mercer Australia completed the merger of BT Super into
the Mercer Super Trust, as well as the acquisition of Advance Asset
Management Limited.
Conference Call
A conference call to discuss first quarter 2023 results will be
held today at 8:30 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 the world's leading professional
services firm in the areas of risk, strategy and people. The
Company's more than 85,000 colleagues advise clients in 130
countries. With annual revenue of over $20 billion, Marsh McLennan
helps clients navigate an increasingly dynamic and complex
environment through four market-leading businesses. Marsh provides
data-driven risk advisory services and insurance solutions to
commercial and consumer clients. Guy Carpenter develops advanced
risk, reinsurance and capital strategies that help clients grow
profitably and pursue emerging opportunities. Mercer delivers
advice and technology-driven solutions that help organizations
redefine the world of work, reshape retirement and investment
outcomes, and unlock health and well being for a changing
workforce. Oliver Wyman serves as a critical strategic, economic
and brand advisor to private sector and governmental clients. For
more information, visit marshmclennan.com or follow us on LinkedIn
and Twitter.
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 conflicts such as the war in Ukraine, slower GDP growth or recession,
capital markets volatility, instability in the banking sector and
inflation;
-- 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 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 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 and data privacy 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;
-- 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 disagreements with tax
authorities; and
-- the regulatory, contractual and reputational risks that arise based on
insurance placement activities and insurer revenue streams.
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 Marsh McLennan and its
businesses, 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
March 31,
2023 2022
Revenue $ 5,924 $5,549
Expense:
Compensation and benefits 3,207 3,100
Other operating expenses 991 1,004
Operating expenses 4,198 4,104
Operating income 1,726 1,445
Other net benefit credits 58 62
Interest income 14 1
Interest expense (136 ) (110 )
Investment income 2 26
Income before income taxes 1,664 1,424
Income tax expense 412 338
Net income before non-controlling
interests 1,252 1,086
Less: Net income attributable to
non-controlling interests 17 15
Net income attributable to the Company $ 1,235 $1,071
Net income per share attributable to
the Company:
- Basic $ 2.50 $2.13
- Diluted $ 2.47 $2.10
Average number of shares outstanding:
- Basic 495 503
- Diluted 500 509
Shares outstanding at March 31 495 502
Marsh & McLennan Companies, Inc.
Supplemental Information - Revenue Analysis
Three Months Ended March 31
(Millions) (Unaudited)
The Company conducts business in 130 countries. As a result,
foreign exchange rate movements may impact period-to-period
comparisons of revenue. Similarly, certain other items such as
acquisitions and dispositions, including transfers among
businesses, may impact period-to-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*
Acquisitions/
% Change Dispositions/ Non-GAAP
Three Months GAAP Currency Other Underlying
Ended March 31, Revenue* Impact Impact** Revenue
2023 2022
Risk and
Insurance
Services
Marsh $2,744 $2,546 8% (3)% 2% 9%
Guy Carpenter 1,071 999 7% (2)% (1)% 10%
Subtotal 3,815 3,545 8% (3)% 1% 9%
Fiduciary
interest
income 91 4
Total Risk and
Insurance
Services 3,906 3,549 10% (3)% 1% 11%
Consulting
Mercer 1,344 1,343 -- (4)% (3)% 7%
Oliver Wyman
Group 687 667 3% (2)% 5% --
Total Consulting 2,031 2,010 1% (3)% (1)% 5%
Corporate
Eliminations (13 ) (10 )
Total Revenue $5,924 $5,549 7% (3)% 1% 9%
Revenue Details
The following table provides more detailed revenue information
for certain of the components presented above:
Components of Revenue Change*
Acquisitions/
Three Months % Change Dispositions/ Non-GAAP
Ended March GAAP Currency Other Underlying
31, Revenue* Impact Impact** Revenue
2023 2022
Marsh:
EMEA (a) $932 $869 7% (6)% 3% 10%
Asia Pacific (a) 312 294 6% (5)% -- 11%
Latin America 115 104 11% -- -- 10%
Total
International 1,359 1,267 7% (5)% 2% 10%
U.S./Canada 1,385 1,279 8% -- 2% 7%
Total Marsh $2,744 $2,546 8% (3)% 2% 9%
Mercer:
Wealth $581 $617 (6)% (5)% (4)% 2%
Health 545 524 4% (3)% (5)% 12%
Career 218 202 8% (4)% -- 12%
Total Mercer $1,344 $1,343 -- (4)% (3)% 7%
(a) Starting In the first quarter of 2023, the Company began reporting the
Marsh India operations in EMEA. Prior year results for India have been
reclassified from Asia Pacific to EMEA for comparative purposes.
* 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 March 31
(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 months ended March 31, 2023 and 2022.
The following tables also present adjusted operating margin. For
the three months ended March 31, 2023 and 2022, 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 Corporate/
Services Consulting Eliminations Total
Three Months Ended
March 31, 2023
Operating income
(loss) $1,395 $ 411 $ (80 ) $1,726
Operating margin 35.7 % 20.2 % N/A 29.1 %
Add (deduct) impact
of noteworthy
items:
Restructuring,
excluding JLT (a) 19 9 12 40
Changes in contingent
consideration (b) 6 1 -- 7
JLT integration and
restructuring costs
(c) 13 -- -- 13
JLT legacy legal
charges (d) -- (51 ) -- (51 )
Pre-acquisition
related costs (e) -- 17 -- 17
Disposal of business
(f) -- 19 -- 19
Operating income
adjustments 38 (5 ) 12 45
Adjusted operating
income (loss) $1,433 $ 406 $ (68 ) $1,771
Total identified
intangible
amortization
expense $74 $ 11 $ -- $85
Adjusted operating
margin 38.6 % 20.3 % N/A 31.2 %
Three Months Ended
March 31, 2022
Operating income
(loss) $1,121 $ 392 $ (68 ) $1,445
Operating margin 31.6 % 19.5 % N/A 26.0 %
Add (deduct) impact
of noteworthy
items:
Restructuring,
excluding JLT (a) 9 2 7 18
Changes in contingent
consideration (b) 10 -- -- 10
JLT integration and
restructuring costs
(c) 6 5 1 12
JLT legacy legal
charges (d) -- (10 ) -- (10 )
JLT
acquisition-related
costs and other (g) 12 1 -- 13
Legal claims (h) 30 -- -- 30
Deconsolidation of
Russian businesses
and other related
charges (i) 40 12 -- 52
Operating income
adjustments 107 10 8 125
Adjusted operating
income (loss) $1,228 $ 402 $ (60 ) $1,570
Total identified
intangible
amortization
expense $78 $ 13 $ -- $91
Adjusted operating
margin 36.5 % 20.6 % N/A 29.7 %
(a) In 2023, 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. Costs also
reflect charges for Marsh's operational excellence program.
(b) Change in fair value of contingent consideration related to
acquisitions and dispositions measured each quarter.
(c) Reflects adjustments to restructuring liabilities for future rent under
non-cancelable leases for a legacy JLT U.K. location.
(d) Reflects 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.
(e) Integration costs for the Westpac superannuation fund transaction in
Australia, which closed on April 1, 2023.
(f) Loss on sale of a small individual financial advisory business in
Canada. This amount is 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.
(g) Retention costs and legal charges related to the acquisition of JLT.
(h) Settlement charges and legal costs related to strategic recruiting.
(i) Loss on deconsolidation of Russian businesses and other related
charges. The loss on deconsolidation of $39 million is 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. The remaining expense charges of $13 million
are included in other operating expenses in the consolidated statements
of income.
Marsh & McLennan Companies, Inc.
Reconciliation of Non-GAAP Measures
Three Months Ended March 31
(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 months ended March 31, 2023 and
2022.
Three Months Ended Three Months Ended
March 31, 2023 March 31, 2022
Adjusted Adjusted
Amount EPS Amount EPS
Net income
before
non-controlling
interests, as
reported $1,252 $1,086
Less:
Non-controlling
interest, net
of tax 17 15
Subtotal $1,235 $ 2.47 $1,071 $ 2.10
Operating income
adjustments $45 $125
Investments
adjustment (a) 2 (9 )
Income tax
effect of
adjustments
(b) (16) (18)
31 0.06 98 0.20
Adjusted income,
net of tax $1,266 $ 2.53 $1,169 $ 2.30
(a) Represents mark-to-market losses and gains.
(b) 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 Months Ended March 31
(Millions) (Unaudited)
Three Months Ended
March 31,
2023 2022
Consolidated
Compensation and benefits $ 3,207 $3,100
Other operating expenses 991 1,004
Total expenses $ 4,198 $4,104
Depreciation and amortization expense $ 84 $89
Identified intangible amortization expense 85 91
Total $ 169 $180
Risk and Insurance Services
Compensation and benefits $ 1,880 $1,801
Other operating expenses 631 627
Total expenses $ 2,511 $2,428
Depreciation and amortization expense $ 37 $43
Identified intangible amortization expense 74 78
Total $ 111 $121
Consulting
Compensation and benefits $ 1,168 $1,164
Other operating expenses 452 454
Total expenses $ 1,620 $1,618
Depreciation and amortization expense $ 21 $26
Identified intangible amortization expense 11 13
Total $ 32 $39
Marsh & McLennan Companies, Inc.
Consolidated Balance Sheets
(Millions)
(Unaudited)
March 31, December 31,
2023 2022
ASSETS
Current assets:
Cash and cash equivalents $ 1,006 $ 1,442
Net receivables 6,700 5,852
Other current assets 1,407 1,005
Total current assets 9,113 8,299
Goodwill and intangible assets 18,752 18,788
Fixed assets, net 867 871
Pension related assets 2,200 2,127
Right of use assets 1,586 1,562
Deferred tax assets 369 358
Other assets 1,471 1,449
TOTAL ASSETS $ 34,358 $ 33,454
LIABILITIES AND EQUITY
Current liabilities:
Short-term debt $ 2,111 $ 268
Accounts payable and accrued
liabilities 3,406 3,278
Accrued compensation and employee
benefits 1,443 3,095
Current lease liabilities 306 310
Accrued income taxes 356 221
Dividends payable 292 --
Total current liabilities 7,914 7,172
Fiduciary liabilities 10,834 10,660
Less - cash and cash equivalents held
in a fiduciary capacity (10,834 ) (10,660 )
-- --
Long-term debt 10,841 11,227
Pension, post-retirement and
post-employment benefits 896 921
Long-term lease liabilities 1,723 1,667
Liabilities for errors and omissions 355 355
Other liabilities 1,433 1,363
Total equity 11,196 10,749
TOTAL LIABILITIES AND EQUITY $ 34,358 $ 33,454
Marsh & McLennan Companies, Inc.
Consolidated Statements of Cash Flows
(Millions) (Unaudited)
Three Months Ended
March 31,
2023 2022
Operating cash flows:
Net income before non-controlling
interests $ 1,252 $1,086
Adjustments to reconcile net income to
cash provided by operations:
Depreciation and amortization 169 180
Non-cash lease expense 73 77
Deconsolidation of Russian businesses -- 39
Share-based compensation expense 99 105
Net loss (gain) on investments,
disposition of assets and other 27 (17 )
Changes in assets and liabilities:
Accrued compensation and employee benefits (1,670 ) (1,528)
Provision for taxes, net of payments and
refunds 189 144
Net receivables (775 ) (429 )
Other changes to assets and liabilities (29 ) (150 )
Contributions to pension and other benefit
plans in excess of current year credit (75 ) (125 )
Operating lease liabilities (79 ) (84 )
Net cash used for operations (819 ) (702 )
Financing cash flows:
Purchase of treasury shares (300 ) (500 )
Borrowings from term-loan and credit
facilities 250 --
Net proceeds from issuance of commercial
paper 594 825
Proceeds from issuance of debt 589 --
Repayments of debt (4 ) (4 )
Net issuance of common stock from treasury
shares (94 ) (100 )
Net distributions of non-controlling
interests and deferred/contingent
consideration (14 ) (20 )
Dividends paid (296 ) (272 )
Increase in fiduciary liabilities 48 926
Net cash provided by financing activities 773 855
Investing cash flows:
Capital expenditures (84 ) (122 )
Purchases of long term investments and
other (1 ) (9 )
Dispositions (20 ) (4 )
Acquisitions, net of cash and cash held in
a fiduciary capacity acquired (263 ) (24 )
Net cash used for investing activities (368 ) (159 )
Effect of exchange rate changes on cash,
cash equivalents, and cash and cash
equivalents held in a fiduciary capacity 152 (136 )
Decrease in cash, cash equivalents, and
cash and cash equivalents held in a
fiduciary capacity (262 ) (142 )
Cash, cash equivalents, and cash and cash
equivalents held in a fiduciary capacity
at beginning of period 12,102 11,375
Cash, cash equivalents, and cash and cash
equivalents held in a fiduciary capacity
at end of period $ 11,840 $11,233
Reconciliation of cash, cash equivalents, and cash and cash
equivalents held in a fiduciary capacity to the Consolidated Balance
Sheets
Balance at March 31, 2023 2022
(In millions)
Cash and cash equivalents $1,006 $772
Cash and cash equivalents held in a fiduciary
capacity 10,834 10,461
Total cash, cash equivalents, and cash and cash
equivalents held in a fiduciary capacity $11,840 $11,233
Marsh & McLennan Companies, Inc.
Reconciliation of Non-GAAP Measures
Three Months Ended March 31
(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:
2023 2022
Three Months Acquisitions/ Acquisitions/
Ended March GAAP Currency Dispositions/ Non-GAAP GAAP Dispositions/ Non-GAAP
31, Revenue Impact Other Impact Revenue Revenue Other Impact Revenue
Risk and
Insurance
Services
Marsh (a) $2,744 $ 71 $ (24 ) $ 2,791 $2,546 $ 22 $ 2,568
Guy Carpenter 1,071 18 (14 ) 1,075 999 (19 ) 980
Subtotal 3,815 89 (38 ) 3,866 3,545 3 3,548
Fiduciary
interest
income 91 2 -- 93 4 -- 4
Total Risk and
Insurance
Services 3,906 91 (38 ) 3,959 3,549 3 3,552
Consulting
Mercer (b) 1,344 50 19 1,413 1,343 (27 ) 1,316
Oliver Wyman
Group (a) 687 16 (24 ) 679 667 11 678
Total
Consulting 2,031 66 (5 ) 2,092 2,010 (16 ) 1,994
Corporate
Eliminations (13 ) -- -- (13 ) (10 ) -- (10 )
Total Revenue $5,924 $ 157 $ (43 ) $ 6,038 $5,549 $ (13 ) $ 5,536
(a) Acquisitions, dispositions, and other in 2022 includes the loss on
deconsolidation of the Company's Russian businesses at Marsh of $27
million and Oliver Wyman Group of $12 million.
(b) Acquisitions, dispositions and other in 2023 includes the loss on sale
of a small individual financial advisory business in Canada of $19
million.
Revenue Details
The following table provides more detailed revenue information
for certain of the components presented above:
2023 2022
Three Months Acquisitions/ Acquisitions/
Ended March GAAP Currency Dispositions/ Non-GAAP GAAP Dispositions/ Non-GAAP
31, Revenue Impact Other Impact Revenue Revenue Other Impact Revenue
Marsh:
EMEA (c) (d) $932 $ 50 $ (3 ) $ 979 $869 $ 22 $ 891
Asia Pacific
(c) 312 15 (1 ) 326 294 -- 294
Latin America 115 -- -- 115 104 -- 104
Total
International 1,359 65 (4 ) 1,420 1,267 22 1,289
U.S./Canada 1,385 6 (20 ) 1,371 1,279 -- 1,279
Total Marsh $2,744 $ 71 $ (24 ) $ 2,791 $2,546 $ 22 $ 2,568
Mercer:
Wealth (e) $581 $ 28 $ 21 $ 630 $617 $ (2 ) $ 615
Health 545 14 (1 ) 558 524 (25 ) 499
Career 218 8 (1 ) 225 202 -- 202
Total Mercer $1,344 $ 50 $ 19 $ 1,413 $1,343 $ (27 ) $ 1,316
(c) Starting in the first quarter of 2023, the Company began reporting the
Marsh India operations in EMEA. Prior year results for India have been
reclassified from Asia Pacific to EMEA for comparative purposes.
(d) Acquisitions, dispositions, and other in 2022 includes the loss on
deconsolidation of the Company's Russian businesses of $27 million.
(e) Acquisitions, dispositions, and other in 2023 includes the loss on sale
of a small individual financial advisory business in Canada of $19
million.
Media Contact:
Erick R. Gustafson
Marsh McLennan
+1 202 263 7788
erick.gustafson@mmc.com
Investor Contact:
Sarah DeWitt
Marsh McLennan
+1 212 345 6750
sarah.dewitt@mmc.com
View source version on businesswire.com:
https://www.businesswire.com/news/home/20230419006002/en/
CONTACT:
Marsh McLennan
SOURCE: Marsh McLennan
Copyright Business Wire 2023
(END) Dow Jones Newswires
April 20, 2023 07:00 ET (11:00 GMT)
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