Guy Carpenter sees revenue climb 6% to $381m in Q3

Guy Carpenter, the reinsurance broking arm of Marsh McLennan, has reportedly generated revenue of $381 million in Q3 of 2024, an increase of 6% compared with the same quarter of 2023.

Marsh McLennan’s Risk & Insurance Services unit, which houses both Guy Carpenter and Marsh, saw revenue of $3.5 billion in Q3 of 2024, an increase of 8%, or 6% on an underlying basis, from Q3 of 2023.

Aforementioned Marsh contributed revenue of $2.9 billion to the total revenue figure for Q3 of 2024, an increase of 9%, or 7% on an underlying basis.

For the first nine months of 2024, revenue in the firm’s Risk & Insurance Services unit was $11.7 billion, an increase of 9%, or 8% on an underlying basis, while operating income rose 13% to $3.6 billion, and adjusted operating income increased 12% to $3.7 billion.

Turning to Marsh McLennan’s Consulting unit, revenue was $2.3 billion in Q3 of 2024, an increase of 3%, or 4% on an underlying basis, from the same period of 2023.

Meanwhile, operating income increased 9% to $462 million, while adjusted operating income increased 7% to $478 million.

For the first nine months of 2024, revenue in the Consulting unit was $6.7 billion, an increase of 4%, or 5% on an underlying basis, from the same period of 2023, and operating income rose 7% to $1.3 billion, and adjusted operating income increased 7% to $1.3 billion.

With all this in mind, Marsh McLennan’s consolidated revenue in Q3 of 2024 was $5.7 billion, an increase of 6% compared with Q3 of 2023.

On an underlying basis, the firm explained that revenue increased by 5%. At the same time, operating income rose 11% to $1.1 billion in Q3 of 2024, while adjusted operating income, which excludes noteworthy items as presented in the attached supplemental schedules, rose 12% to $1.2 billion.

Net income attributable to Marsh McLennan in Q3 of 2024 was $747 million.

John Doyle, President and CEO of Marsh McLennan commented, “This was a milestone quarter for Marsh McLennan as we delivered strong results and announced the acquisition of McGriff Insurance Services.

“Our performance demonstrated continued momentum, with 5% underlying revenue growth, 110 basis points of margin expansion, and adjusted EPS growth of 4%, or 11% excluding a one-time tax benefit a year ago. We remain on track for another great year in 2024.

“McGriff’s excellent leadership, outstanding talent, and record of strong growth complement Marsh McLennan Agency’s capabilities and culture. I am excited about our future as we come together to help our clients thrive.”

This website states: The content on this site is sourced from the internet. If there is any infringement, please contact us and we will handle it promptly.