Revenue up, but first-half profits undermined by soft market, regulatory costs
Despite a slight increase in revenues for the second quarter and first half of 2005, Marsh & McLennan Companies saw net income plummet 64 percent for the first six months of this year, impacted by soft market rates, charges for restructuring and employee retention, as well as regulatory and compliance expenses.
MMC–the New York-based parent of the world's largest insurance broker, Marsh–reported that second-quarter net income dropped 57 percent, or $223 million, from $389 million (73 cents a share) in 2004 to $166 million (31 cents a share) this year. Revenues were up more than 2 percent, rising $68 million to $3.09 billion.
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