Marsh & McLennan Companies Inc. posted a $210 million net income loss on a $425 million goodwill impairment charge on Kroll, which plans to sell off several divisions of the risk consulting and technology division.
The New York-based parent company of insurance broker Marsh and reinsurance broker Guy Carpenter, MMC reported today that net income dropped $478 million in the first quarter of this year from net income of $268 million in 2007. This translated in earnings to a loss of 40 cents a share, down 87 cents from the comparative period. Revenues improved 8 percent in the quarter by $235 million to more than $3 billion.
MMC said excluding the goodwill impairment charge, net income would have stood at $215 million, or 41 cents a share, a decrease of $53 million, or 6 cents a share, from the same period last year.
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