Revenue growth in both its consulting and risk and insuranceservices boosted Marsh & McLennan Companies' 2013fourth-quarter net income to $303 million, compared to $259 millionin the previous year's fourth quarter.

Revenue in the quarter grew to $3.1 billion compared to $3billion in 2012's fourth quarter.

MMC's risk and insurance services revenue grew 4%, with Marshcontributing $1.4 billion in revenue (up 4% compared to 2012'sfourth quarter) and Guy Carpenter contributing $209 million (up6%). MMC says Marsh's revenue grew 13% in Latin America, 4% inAsia-Pacific, 3% in EMEA and 3% in Marsh's U.S./Canada division.Guy Carpenter revenue consisted of “broad-based growth in NorthAmerica, international, global specialties and UK facultative,” MMCsays.

Consulting revenue was also up 4%, with Mercer contributing justunder $1.1 billion (up 2%) and Oliver Wyman Group contributing $408million (up 8%).

For the year, MMC says net income was $1.4 billion in 2013compared to $1.2 billion in 2012. Revenue for the year was $12.3billion, compared to $11.9 billion in 2012.

In the Q&A portion of MMC's Q4 conference call, Presidentand CEO Dan Glaser discussed the growth in Guy Carpenter given thepricing declines in the reinsurance sector overall. He said pricinglevels have an impact on Guy Carpenter's results, but that impactis more muted than 5 or 10 years ago as the reinsurance broker hasbuilt other capabilities that it has used to serve clients, such asits advisory and analytic capabilities.

Glaser's answer is similar to Aon President and CEO Greg Case'sstatement during Aon's Q4 conference call, when he noted the headwinds in the reinsurance sector due toalternative capital, but said Aon succeeds by providing a mix ofservices to clients, including data and analytics.

Alex Moczarski, president and CEO of Guy Carpenter, also saidthat Guy Carpenter will grow in the future because of itssegmentation strategy.

Peter Zaffino, president and CEO of Marsh, outlined MMC'sstrategy with respect to Marsh & McLennan Agency, which wasstarted in 2008 to serve midsize businesses. Zaffino stated thatit's been “a journey,” adding that 35 agencies have been acquiredsince 2009. Recently acquired Barney & Barney, LLC, based inSan Diego, will serve as Marsh & McLennan Agency'swestern-region hub, he added.

In general, Zaffino said he's been pleased with organic growth,adding he believes Marsh & McLennan Agency is building aplatform “that will be the premier agency in the U.S. overtime.”

He said Marsh & McLennan Agency will likely look to acquirea few more hubs, but said there is no prescription for how manyhubs the agency wants.

Glaser added the strategy is more about finding high-qualityagencies rather than focusing more on geography.