Marsh & McLennan Companies' income dropped 100 percent after reporting an $8 million third-quarter income loss, but the company's chief executive said the company is on track for a turnaround.

During a call with financial analysts today, Brian Duperreault, president and chief executive officer of the New York-based services company, said, "I am very pleased with the amount of progress we have made at MMC over the past nine months. Although a great deal of effort is still required, we remain on track with our plans to improve profitability across the company."

MMC, the parent company of insurance broker Marsh and reinsurance broker Guy Carpenter, reported third-quarter income dropped $1.95 billion from net income of $1.95 billion, or $3.60 a share last year, to income loss of $8 billion, or loss per share of 2 cents.

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