Home / International / JLT boost for Marsh in third quarter results
4 November 2019
Marsh & McLennan has posted a rise in third quarter net income to $US303 million ($438 million) from $US276 million ($399 million) a year earlier.
The September quarter results include JLT, the rival broker it acquired for $US5.6 billion ($8.1 billion) last April.
Overall risk and insurance services revenue rose 18% to $US2.2 billion ($3.2 billion) or 2% if JLT was treated as if it was part of the business a year earlier.
“We are pleased with our third quarter results. Our year-to-date results position us well for a solid year,” CEO and President Dan Glaser said.
Reinsurance broker Guy Carpenter had a 27% jump in revenue to $US273 million ($394 million) or 10% had JLT been part of the business a year earlier.
Risk and insurance services arm Marsh achieved a 17% rise in revenue to $US1.9 billion ($2.7 billion) or 1% if adjusted to include JLT.
The Asia Pacific market contributed $US242 million ($350 million) to Marsh revenue in the quarter, a 45% increase from a year earlier or 1% if JLT was included.
The JLT integration is progressing well, Mr Glaser told an earnings call.
“More and more, we are working as one team for our clients,” he said.
“Our clients are beginning to see the power of our combined firm, and we are demonstrating that we are better positioned to help them with their greatest challenges through our enhanced talent, capabilities, and geographic footprint.
“This is our second full quarter post-closing, and I couldn't be happier with the progress we have made to date.”