Guy Carpenter, the reinsurance broking arm of Marsh McLennan (MMC), recorded a 7% rise in revenue in the first quarter of 2024 to $1.1 billion, as MMC President and CEO, John Doyle, welcomes a “terrific start” to 2024 for the global broking group.
The company’s reinsurance arm sits within its Risk & Insurance Services division, which achieved 9% year-on-year revenue growth to $4.3 billion in Q1 2024, as operating income increased 12% to $1.6 billion.
Guy Carpenter’s revenues were up 8% on an underlying basis.
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As well as Guy Carpenter, Marsh, the insurance broking arm, sits in the same division, and contributed to the growth in the quarter with a 9% rise in revenue to $3 billion.
Within Marsh, MMC reports underlying revenue growth of 8% in US/Canada, and growth of 8% in international operations, which reflects 9% growth in EMEA, 8% growth in Latin America, and 6% growth in the Asia Pacific region.
In its Consulting business, revenue totalled $2.2 billion in Q1 2024, an increase of 9% year-on-year, as operating income rose 5% to $432 million.
MMC’s Consulting business includes both Mercer and Oliver Wyman, which produced underlying revenue growth of 6% to $1.4 billion and 13% to $789 million, respectively, in the first quarter of 2024.
Group-wide, MMC has today announced consolidated revenue growth of 9% to $6.5 billion in Q1 2024, with growth of 9% on an underlying basis.
At the same time, operating income rose 12% to $1.9 billion, and net income hit $1.4 billion, up $200 million on the $1.2 billion reported in Q1 2023.
“We had a terrific start to the year, reflecting continued momentum across our business. For the quarter, we generated 9% underlying revenue growth, 14% adjusted EPS growth, and 80 basis points of margin expansion. With this strong start, we are well positioned for another good year in 2024,” said President and CEO Doyle.
“I am proud of our colleagues’ dedication as they focus on helping our clients thrive in a complex and dynamic environment,” he added.
