Marsh & McLennan’s net profit gained 15% to $US1.36 billion ($1.5 billion) last year as insurance revenue grew and Guy Carpenter posted a strong final quarter.

The risk and insurance services business, which includes Marsh and Guy Carpenter, reported a 4% revenue gain to $US6.6 billion ($7.3 billion) for the year, accounting for 54% of the group’s total.

Marsh and Guy Carpenter’s adjusted operating income gained 11% to $US1.5 billion ($1.7 billion).

In the fourth quarter, total group earnings increased 17% to $US303 million ($335 million) on revenue of $US3.12 billion ($3.45 billion).

Marsh’s fourth-quarter revenue increased 4% to $US1.4 billion ($1.56 billion) on underlying growth of 13% in Latin America, 4% in Asia-Pacific and 3% in the US and European divisions.

Revenue at reinsurance specialist Guy Carpenter grew 6% to $US209 million ($231 million), its best quarterly performance last year. Gains were posted in the North America, international, global specialties and UK facultative businesses.

Mercer and Oliver Wyman consulting revenues increased 4% in the fourth quarter, while adjusted operating income gained 16% to $US222 million ($246 million).

Marsh & McLennan has diversified its earnings base in the past 10 years, increasing its presence outside the US and UK.

The US provided 45% of revenue last year, down from 64% in 2003. The Asia-Pacific region now accounts for 11%, compared with 3% a decade earlier.