In what its CEO characterized as “an excellent start to the year,” Marsh & McLennan Cos. reports first-quarter revenue of $3.1 billion, a 2 percent increase over the same period last year.
Profits were up as well, growing to $413 million, compared to $347 million in 2012.
“Our quarterly results represent [a continuation of] the strong earnings momentum the company has achieved over the past several years. Marsh delivered underlying revenue growth across all major geographies, led by strong performance in the International division as well as sequential improvement in the U.S./Canada division,” said Dan Glaser, Marsh's president & CEO. “Guy Carpenter's underlying revenue growth in the quarter was driven by strong growth in its International and Global Specialty operations.
“[Our] adjusted operating income grew 16 percent in the first quarter, reflecting mid-teens growth and exceptional margin expansion in both the Risk & Insurance Services and Consulting segments,” Glaser added.
Risk and Insurance Services revenue increased 5 percent to $1.8 billion in the first quarter of 2013. While revenue went up 2 percent in its U.S./Canada division, growth was much more aggressive in emerging markets: 13 percent in Latin America and 6 percent in Asia Pacific; in the EMEA division (Europe, Middle East, Africa), revenue grew 3 percent.
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