Guy Carpenter sees revenue climb to $2.4bn in 2024

Guy Carpenter, the reinsurance broking arm of Marsh McLennan, has generated revenue of $2.36 billion for the full year 2024, up 5% from 2023.

Marsh McLennan’s Risk & Insurance Services unit, which houses both Guy Carpenter and insurance broker Marsh, reported revenue of $15.4 billion for 2024, an increase of 9% compared with 2023.

Of this total revenue within the Risk & Insurance Services unit, Marsh contributed $12.54 billion, up 10% compared to the previous year.

As mentioned, Guy Carpenter contributed $2.36 billion.

The Risk & Insurance Services unit’s operating income for 2024 was $4.4 billion, while adjusted operating income rose 13% to $4.6 billion.

For Q4 2024 alone, Risk & Insurance Services revenue was $3.6 billion, an increase of 11% from the same period of 2023. Guy Carpenter’s contribution to Q4 revenue was $201 million, a decrease of 20% from Q4 2023.

Turning to Marsh McLennan’s Consulting segment, revenue in 2024 was $9.1 billion, an increase of 5% compared with 2023.

Operating income in this unit was $1.8 billion, while adjusted operating income increased 6% to $1.8 billion. Within this segment, Mercer’s revenue increased 3%, and Oliver Wyman’s revenue was $3.4 billion, an increase of 9%.

In Q4 2024 alone, the Consulting unit’s revenue was $2.4 billion, an increase of 6% on both a GAAP and underlying basis, while operating income was $466 million.

With all this in mind, Marsh McLennan’s consolidated revenue for the full year 2024 was $24.5 billion, an increase of 8% compared with 2023.

The firm’s operating income was $5.8 billion, and adjusted operating income rose 11% to $6.2 billion. Meanwhile, net income attributable to the firm was $4.1 billion.

Consolidated revenue for Q4 2024 alone was $6.1 billion, an increase of 9% compared with Q4 2023. Net income attributable to the firm in Q4 2024 was $788 million.

John Doyle, President and CEO, commented, “Our fourth quarter results capped a terrific year for Marsh McLennan. We delivered on our strategic objectives, generated excellent financial performance, and had the largest year of acquisitions in our history.

“For the full year, we generated 7% underlying revenue growth, 10% adjusted EPS growth and 80 basis points of adjusted margin expansion, marking our 17th consecutive year of reported margin expansion.

“We are well positioned for another strong year in 2025, reflecting our unique capabilities and the enduring value we bring to clients.”

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