NU Online News Service, Nov. 9, 2:12 p.m. EST
Marsh & McLennan Companies reported 2010 third quarter net income of $168 million, a 24 percent decrease compared to 2009 third quarter net income of $221 million.
For the first nine months of the year, MMC's net income soared to $652 million compared to $204 million a year ago.
The global brokerage firm reported higher third quarter revenue in both its risk and insurance and its consulting services.
For risk and insurance, revenue at Marsh rose to $1.08 billion in the quarter from $989 million in the 2009 third quarter. Revenue at Guy Carpenter rose to $233 million compared to $223 million.
MMC President and CEO Brian Duperreault said, "The risk and insurance services segment grew revenue in an environment of continued soft market conditions in the property and casualty marketplace. Marsh produced strong new business globally, with revenue growth across all geographic regions."
For consulting, revenue at Mercer rose to $881 million compared to $831 million in the 2009 quarter. Revenue at Oliver Wyman Group rose to $322 million compared to $313 million.
Mr. Duperreault said, "In our consulting segment, we were pleased with the revenue growth at Oliver Wyman. Mercer achieved a marked improvement in revenue, with growth in each of its businesses–consulting, outsourcing and investment management."
Total revenue for the 2010 third quarter was $2.52 billion, up from $2.35 billion a year ago.
MMC reported an investment loss of $2 million in the quarter compared to investment income of $22 million a year ago.
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