Marsh & McLennan’s net profit grew 8% to $US1.46 billion ($1.87 billion) last year, as insurance and reinsurance revenue grew.

The risk and insurance services business – which includes global broker Marsh and Guy Carpenter – reported 5.6% revenue growth to $US12.95 billion ($16.61 billion) and an 11% rise in operating income to $US2.3 billion ($2.96 billion).

“Marsh produced another year of outstanding performance, with substantial underlying revenue growth across all major geographies,” President and CEO Dan Glaser said. “Guy Carpenter produced solid underlying revenue growth despite significant industry-wide headwinds.”

In the fourth quarter Marsh & McLennan revenue grew 4.2% to $US3.25 billion ($4.18 billion) but profit was down 3% to $US294 million ($378.5 million) due to the company extinguishing a debt of $US137 million ($176.38 million).

Insurance and reinsurance revenue increased 4% last year, with international insurance business leading the growth. The Asia-Pacific operation’s underlying revenue grew 6% and revenue in the US and Canada gained 3%.

In the fourth quarter reinsurance specialist Guy Carpenter reported revenue of $US212 million ($272.91 million), up 1.4% on the corresponding period in 2013.