Marsh & McLennan Companies Inc. reported third-quarter net income of $221 million despite declining revenues in most segments, with its CEO citing the work of top executives to generate new business in a tough economy while tightening expense controls.

The third-quarter profit, coming out to 41 cents per share, represents a stark turnaround from a net loss for the same period last year of $8 million, or 2 cents per share.

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