21 April 2023Analysis

MMC releases Q1 2023 results

Marsh McLennan has released first quarter 2023 results.

According to the company consolidated revenue in the quarter was $5.9 billion, an increase of 7% as compared with the same period of 2022. On an underlying basis, revenue increased 9%. Operating income was $1.7 billion, an increase of 19% from prior year. Net income attributable to the Company was $1.2 billion, or $2.47 per diluted share, compared with $2.10 in Q1 22. Adjusted EPS rose 10% to $2.53 as compared with $2.30 a year ago.

Risk & Insurance Services revenue was $3.9 billion in Q1 23, an increase of 10% or 11% on an underlying basis. Operating income rose 24% to $1.4 billion.

Marsh revenue was $2.7 billion, an increase of 9% on an underlying basis. In the US and Canada, underlying revenue rose 7%. International operations produced revenue growth of 10% reflecting growth in AsiaPac (11%), EMEA (10%) and LatAm (10%).

Guy Carpenter revenue was $1.1 billion, an increase of 10% on an underlying basis.

Consulting revenue was $2 billion in the first quarter of 2023, an increase of 1% or 5% on an underlying basis. Operating income increased 5% to $411 million.

Mercer revenue was $1.3BN, an increase of 7% on an underlying basis. The three divisions of the business all grew respectively; Health ($545 million, 12%), Wealth ($581 million, 2%) and Career ($218 million, 12%).

Oliver Wyman revenue was $687 million, flat on an underlying basis.

“Marsh McLennan is off to a strong start in 2023,” said JohnDoyle, president and chief executive of Marsh McLennan. “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.”