New York-based Marsh & McLennan Companies Inc. reported its fourth-quarter net income dropped 62 percent as soft market conditions and loss of investment revenues weighed heavily on performance, but the company's new chief executives laid out a vision they said will return MMC to profitability.

The parent company of insurance broker Marsh and reinsurance broker Guy Carpenter, MMC reported net income for the fourth quarter of 2007 of $85 million, a drop of $141 million from the same period in 2006. Earnings per share fell 24 cents to 16 cents a share. However, revenues rose 8 percent, or $218 million, to $2.93 billion.

For the year, net income increased 150 percent, or $1.5 billion, to $2.5 billion, which translated into a $2.77 increase in earnings per share to $4.53. Revenues rose 8 percent, or $803 million, to $11.35 billion.

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