Marsh & McLennan Posts Higher Profit
NU Online News Service, July 22 7:21 p.m. EDT?Marsh & McLennan Companies Inc., the parent company of Marsh Inc., the world's biggest insurance broker, posted $365 million for its second-quarter net income–8.6 percent higher than $336 million in profit it reported a year ago.
The company attributed this improvement to higher revenues, led by its Marsh risk and insurance services unit which posted double-digit revenue growth.
The company said its consolidated revenue jumped to $2.87 billion in the second quarter, from $2.61 billion one year ago. Marsh & McLennan achieved this improvement, the company said, despite the declining revenue at its Putnam Investments unit. The investment management unit saw its revenue fall to $495 million from $581 million one year ago.
But the risk and insurance services at its Marsh Inc. unit revenue rose to $1.68 billion from $1.44 billion reported in 2002 second quarter.
Commenting on the strong performance of risk and insurance services, Marsh & McLennan chairman Jeffrey Greenberg said, "Marsh was the biggest contributor to our growth in the quarter, once again generating strong revenues and increased profitability."
Headquartered in New York, Marsh & McLennan is a diversified financial services corporation with annual revenues exceeding $10 billion.
In addition to its Marsh brokerage business, the company also owns Mercer Consulting Group, which provides human resources and management consulting services, and Putnam Investments money management firm.
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