GAAP Revenue Increases 9%; Underlying
Revenue Rises 9% Growth in GAAP Operating Income of 12% and
Adjusted Operating Income of 11% First Quarter GAAP EPS
Rises 14% to $2.82 and Adjusted EPS Increases 14% to $2.89
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,
2024.
John Doyle, President and CEO, said: "We had a terrific start to
the year, reflecting continued momentum across our business. For
the quarter, we generated 9% underlying revenue growth, 14%
adjusted EPS growth, and 80 basis points of margin expansion. With
this strong start, we are well positioned for another good year in
2024."
"I am proud of our colleagues' dedication as they focus on
helping our clients thrive in a complex and dynamic
environment."
Consolidated Results
Consolidated revenue in the first quarter of 2024 was $6.5
billion, an increase of 9% compared with the first quarter of 2023.
On an underlying basis, revenue increased 9%. Operating income rose
12% to $1.9 billion. Adjusted operating income, which excludes
noteworthy items as presented in the attached supplemental
schedules, rose 11% to $2.0 billion. Net income attributable to the
Company was $1.4 billion. Earnings per share increased 14% to
$2.82. Adjusted earnings per share increased 14% to $2.89.
Risk & Insurance Services
Risk & Insurance Services revenue was $4.3 billion in the
first quarter of 2024, an increase of 9% on both a GAAP and
underlying basis. Operating income increased 12% to $1.6 billion,
while adjusted operating income increased 11% to $1.6 billion.
Marsh's revenue in the first quarter of 2024 was $3.0 billion,
an increase of 9%, or 8% on an underlying basis. In U.S./Canada,
underlying revenue rose 8%. International operations produced
underlying revenue growth of 8%, reflecting 9% growth in EMEA, 8%
growth in Latin America, and 6% growth in Asia Pacific.
Guy Carpenter's revenue in the first quarter was $1.1 billion,
an increase of 7%, or 8% on an underlying basis.
Consulting
Consulting revenue was $2.2 billion in the first quarter of
2024, an increase of 9% on both a GAAP and underlying basis.
Operating income increased 5% to $432 million, while adjusted
operating income increased 9% to $444 million.
Mercer's revenue in the first quarter was $1.4 billion, an
increase of 6% on both a GAAP and underlying basis. Health revenue
of $538 million increased 10% on an underlying basis. Wealth
revenue of $672 million increased 5% on an underlying basis. Career
revenue of $215 million increased 1% on an underlying basis.
Oliver Wyman’s revenue in the first quarter of 2024 was $789
million, an increase of 13% on an underlying basis.
Other Items
The Company repurchased 1.5 million shares of stock for $300
million in the first quarter of 2024.
In the first quarter of 2024, the Company issued $1 billion of
senior notes and repaid $1 billion of senior notes that
matured.
In February, Oliver Wyman completed the acquisition of SeaTec
Consulting, a leading provider of consulting, engineering, and
digital expertise across the aviation, aerospace and defense, and
transportation industries.
In March, Marsh McLennan Agency (MMA) completed the acquisition
of Querbes & Nelson and Louisiana Companies, two leading
middle-market agencies in Louisiana, and Mercer completed the
acquisition of Vanguard's U.S. Outsourced Chief Investment Officer
(OCIO) business.
Conference Call
A conference call to discuss first quarter 2024 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 over 130
countries. With annual revenue of $23 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 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 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, 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 disagreements with and challenges by
tax authorities in the current global tax environment; 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 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 March
31,
2024
2023
Revenue
$
6,473
$
5,924
Expense:
Compensation and benefits
3,470
3,207
Other operating expenses
1,078
991
Operating expenses
4,548
4,198
Operating income
1,925
1,726
Other net benefit credits
67
58
Interest income
37
14
Interest expense
(159
)
(136
)
Investment income
1
2
Income before income taxes
1,871
1,664
Income tax expense
447
412
Net income before non-controlling
interests
1,424
1,252
Less: Net income attributable to
non-controlling interests
24
17
Net income attributable to the
Company
$
1,400
$
1,235
Net income per share attributable to
the Company:
- Basic
$
2.84
$
2.50
- Diluted
$
2.82
$
2.47
Average number of shares
outstanding:
- Basic
492
495
- Diluted
497
500
Shares outstanding at March 31
493
495
Marsh & McLennan Companies, Inc.
Supplemental Information - Revenue Analysis Three Months
Ended March 31 (Millions) (Unaudited)
The Company advises clients in over 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 March
31,
% Change GAAP
Revenue*
Currency Impact
Acquisitions/
Dispositions/ Other Impact**
Non-GAAP Underlying
Revenue
2024
2023
Risk and Insurance Services
Marsh
$
3,003
$
2,744
9
%
—
1
%
8
%
Guy Carpenter
1,148
1,071
7
%
—
(1
)%
8
%
Subtotal
4,151
3,815
9
%
—
1
%
8
%
Fiduciary interest income
122
91
Total Risk and Insurance Services
4,273
3,906
9
%
—
1
%
9
%
Consulting
Mercer (a)
1,425
1,344
6
%
(1
)%
—
6
%
Oliver Wyman Group
789
687
15
%
1
%
1
%
13
%
Total Consulting
2,214
2,031
9
%
—
1
%
9
%
Corporate Eliminations
(14
)
(13
)
Total Revenue
$
6,473
$
5,924
9
%
—
1
%
9
%
Revenue Details
The following table provides more detailed revenue information
for certain of the components presented above:
Components of Revenue
Change*
Three Months Ended March
31,
% Change GAAP
Revenue*
Currency Impact
Acquisitions/
Dispositions/ Other Impact**
Non-GAAP Underlying
Revenue
2024
2023
Marsh:
EMEA
$
1,025
$
932
10
%
1
%
—
9
%
Asia Pacific
336
312
8
%
(4
)%
6
%
6
%
Latin America
125
115
8
%
(3
)%
3
%
8
%
Total International
1,486
1,359
9
%
—
2
%
8
%
U.S./Canada
1,517
1,385
10
%
—
1
%
8
%
Total Marsh
$
3,003
$
2,744
9
%
—
1
%
8
%
Mercer:
Wealth (a)
$
672
$
581
16
%
—
11
%
5
%
Health (a)
538
545
(1
)%
—
(10
)%
10
%
Career
215
218
(1
)%
(2
)%
(1
)%
1
%
Total Mercer
$
1,425
$
1,344
6
%
(1
)%
—
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
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, 2024 and 2023.
The following tables also present adjusted operating margin. For
the three months ended March 31, 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 March 31,
2024
Operating income (loss)
$
1,565
$
432
$
(72
)
$
1,925
Operating margin
36.6
%
19.5
%
N/A
29.7
%
Add (deduct) impact of noteworthy
items:
Restructuring (a)
22
11
9
42
Changes in fair value of contingent
consideration
5
1
—
6
Acquisition and disposition related costs
(b)
1
21
—
22
Disposal of businesses (c)
—
(21
)
—
(21
)
Operating income adjustments
28
12
9
49
Adjusted operating income (loss)
$
1,593
$
444
$
(63
)
$
1,974
Total identified intangible amortization
expense
$
79
$
11
$
—
$
90
Adjusted operating margin
39.1
%
20.7
%
N/A
32.0
%
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 (a)
32
9
12
53
Changes in fair value of contingent
consideration
6
1
—
7
Acquisition related costs (b)
—
17
—
17
Disposal of businesses (c)
—
19
—
19
JLT legacy legal charges (d)
—
(51
)
—
(51
)
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
%
(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 in 2024. Prior year
reflects 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 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, 2024 and
2023.
Three Months Ended
March 31, 2024
Three Months Ended
March 31, 2023
Amount
Adjusted EPS
Amount
Adjusted EPS
Net income before non-controlling
interests, as reported
$
1,424
$
1,252
Less: Non-controlling interest, net of
tax
24
17
Subtotal
$
1,400
$
2.82
$
1,235
$
2.47
Operating income adjustments
$
49
$
45
Investments adjustment
(1
)
2
Pension settlement
1
—
Income tax effect of adjustments (a)
(11
)
(16
)
38
0.07
31
0.06
Adjusted income, net of tax
$
1,438
$
2.89
$
1,266
$
2.53
(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 Months Ended March
31
(Millions) (Unaudited)
Three Months Ended
March 31,
2024
2023
Consolidated
Compensation and benefits
$
3,470
$
3,207
Other operating expenses
1,078
991
Total expenses
$
4,548
$
4,198
Depreciation and amortization expense
$
99
$
84
Identified intangible amortization
expense
90
85
Total
$
189
$
169
Risk and Insurance Services
Compensation and benefits (a)
$
2,118
$
1,931
Other operating expenses (a)
590
580
Total expenses
$
2,708
$
2,511
Depreciation and amortization expense
$
46
$
37
Identified intangible amortization
expense
79
74
Total
$
125
$
111
Consulting
Compensation and benefits (a)
$
1,314
$
1,235
Other operating expenses (a)
468
385
Total expenses
$
1,782
$
1,620
Depreciation and amortization expense
$
37
$
21
Identified intangible amortization
expense
11
11
Total
$
48
$
32
(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) March 31,
2024
December 31, 2023
ASSETS
Current assets:
Cash and cash equivalents
$
1,452
$
3,358
Cash and cash equivalents held in a
fiduciary capacity
11,458
10,794
Net receivables
7,216
6,418
Other current assets
1,173
1,178
Total current assets
21,299
21,748
Goodwill and intangible assets
19,945
19,861
Fixed assets, net
877
882
Pension related assets
2,114
2,051
Right of use assets
1,494
1,541
Deferred tax assets
276
357
Other assets
1,567
1,590
TOTAL ASSETS
$
47,572
$
48,030
LIABILITIES AND EQUITY
Current liabilities:
Short-term debt
$
1,169
$
1,619
Accounts payable and accrued
liabilities
3,379
3,403
Accrued compensation and employee
benefits
1,539
3,346
Current lease liabilities
310
312
Accrued income taxes
456
321
Dividends payable
349
—
Fiduciary liabilities
11,458
10,794
Total current liabilities
18,660
19,795
Long-term debt
12,300
11,844
Pension, post-retirement and
post-employment benefits
747
779
Long-term lease liabilities
1,600
1,661
Liabilities for errors and omissions
324
314
Other liabilities
1,319
1,267
Total equity
12,622
12,370
TOTAL LIABILITIES AND EQUITY
$
47,572
$
48,030
Marsh & McLennan
Companies, Inc.
Consolidated Statements of
Cash Flows
(Millions) (Unaudited)
Three Months Ended March
31,
2024
2023
Operating cash flows:
Net income before non-controlling
interests
$
1,424
$
1,252
Adjustments to reconcile net income to
cash provided by operations:
Depreciation and amortization
189
169
Non-cash lease expense
67
73
Share-based compensation expense
103
99
Net (gain) loss on investments,
disposition of assets and other
(28
)
27
Changes in assets and liabilities:
Accrued compensation and employee
benefits
(1,779
)
(1,670
)
Provision for taxes, net of payments and
refunds
209
189
Net receivables
(742
)
(775
)
Other changes to assets and
liabilities
(59
)
(29
)
Contributions to pension and other benefit
plans in excess of current year credit
(88
)
(75
)
Operating lease liabilities
(77
)
(79
)
Net cash used by operations
(781
)
(819
)
Financing cash flows:
Purchase of treasury shares
(300
)
(300
)
Borrowings from term-loan and credit
facilities
—
250
Net proceeds from issuance of commercial
paper
50
594
Proceeds from issuance of debt
989
589
Repayments of debt
(1,004
)
(4
)
Net issuance of common stock from treasury
shares
(56
)
(94
)
Net distributions of non-controlling
interests and deferred/contingent consideration
(19
)
(14
)
Dividends paid
(354
)
(296
)
Change in fiduciary liabilities
829
48
Net cash provided by financing
activities
135
773
Investing cash flows:
Capital expenditures
(87
)
(84
)
Purchases of long term investments and
other
(10
)
(1
)
Sales of long term investments
4
—
Dispositions
26
(20
)
Acquisitions, net of cash and cash held in
a fiduciary capacity acquired
(301
)
(263
)
Net cash used for investing
activities
(368
)
(368
)
Effect of exchange rate changes on
cash, cash equivalents, and cash and cash equivalents held in a
fiduciary capacity
(228
)
152
Decrease in cash, cash equivalents, and
cash and cash equivalents held in a fiduciary capacity
(1,242
)
(262
)
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
$
12,910
$
11,840
Reconciliation of cash, cash
equivalents, and cash and cash equivalents held in a fiduciary
capacity to the Consolidated Balance Sheets
Balance at March 31,
2024
2023
(In millions)
Cash and cash equivalents
$
1,452
$
1,006
Cash and cash equivalents held in a
fiduciary capacity
11,458
10,834
Total cash, cash equivalents, and cash and
cash equivalents held in a fiduciary capacity
$
12,910
$
11,840
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:
2024
2023
Three Months Ended March 31,
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
$
3,003
$
6
$
(39
)
$
2,970
$
2,744
$
—
$
2,744
Guy Carpenter
1,148
(2
)
(3
)
1,143
1,071
(12
)
1,059
Subtotal
4,151
4
(42
)
4,113
3,815
(12
)
3,803
Fiduciary interest income
122
—
(1
)
121
91
—
91
Total Risk and Insurance Services
4,273
4
(43
)
4,234
3,906
(12
)
3,894
Consulting
Mercer (a)
1,425
8
(28
)
1,405
1,344
(24
)
1,320
Oliver Wyman Group
789
(4
)
(10
)
775
687
(1
)
686
Total Consulting
2,214
4
(38
)
2,180
2,031
(25
)
2,006
Corporate Eliminations
(14
)
—
—
(14
)
(13
)
—
(13
)
Total Revenue
$
6,473
$
8
$
(81
)
$
6,400
$
5,924
$
(37
)
$
5,887
Revenue Details
The following table provides more detailed revenue information
for certain of the components presented above:
2024
2023
Three Months Ended March 31,
GAAP Revenue
Currency Impact
Acquisitions/
Dispositions/ Other Impact
Non-GAAP Revenue
GAAP Revenue
Acquisitions/ Dispositions/ Other
Impact
Non-GAAP Revenue
Marsh:
EMEA
$
1,025
$
(10
)
$
(1
)
$
1,014
$
932
$
—
$
932
Asia Pacific
336
13
(19
)
330
312
—
312
Latin America
125
3
(4
)
124
115
—
115
Total International
1,486
6
(24
)
1,468
1,359
—
1,359
U.S./Canada
1,517
—
(15
)
1,502
1,385
—
1,385
Total Marsh
$
3,003
$
6
$
(39
)
$
2,970
$
2,744
$
—
$
2,744
Mercer:
Wealth (a)
$
672
$
2
$
(62
)
$
612
$
581
$
1
$
582
Health (a)
538
2
32
572
545
(25
)
520
Career
215
4
2
221
218
—
218
Total Mercer
$
1,425
$
8
$
(28
)
$
1,405
$
1,344
$
(24
)
$
1,320
(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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240417583145/en/
Media: Erick R. Gustafson Marsh McLennan +1 202 263 7788
erick.gustafson@mmc.com
Investors: Sarah DeWitt Marsh McLennan +1 212 345 6750
sarah.dewitt@mmc.com
Marsh and McLennan Compa... (NYSE:MMC)
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