Marsh & McLennan’s first-quarter net profit grew 8.8% to $US482 million ($613.7 million), as higher operating income offset the negative impact of currency movements.

Revenue in the three months to March 31 totalled $US3.2 billion ($4.07 billion), down from $US3.3 billion ($4.2 billion) in the corresponding period last year.

But operating income grew to $US735 million ($935.83 million) from $US673 million ($856.89 million).

The stronger US dollar and low interest rates had a huge impact on income, and the company estimates unfavourable currency conversions took 6% off revenue.

Marsh’s revenue fell 2% to $US1.43 billion ($1.82 billion) and Guy Carpenter’s revenue declined 4% to $US368 million ($468.55 million).

Marsh’s Asia-Pacific revenue fell 2% to $US148 million ($188.44 million), again due to currency conversions.