Diversified insurance group Marsh & McLennan has met market expectations with revenues of $US2.9 billion ($2.68 billion) in the fourth quarter.

All of the company’s divisions – Marsh, Guy Carpenter, Mercer and Oliver Wyman – performed well in the final three months of 2011, helping the company to full-year revenue of $US11.5 billion ($10.6 billion), up 9% from the previous year.

Marsh contributed half the group’s fourth-quarter revenue, with consultancy firm Mercer increasing its revenue output by 3% to $US940 million ($871.86 million).

Total operating income in the fourth quarter for the world’s second largest brokerage was up 20.3% to $US391 million ($362.6 million), while full-year operating income was up 70% to $US1.6 billion ($1.48 billion).

“Marsh produced another year of excellent performance,” CEO Brian Duperreault said.

“In the fourth quarter, new business development and high retention rates drove underlying revenue growth across all geographies.

“Guy Carpenter also had another outstanding year, surpassing $1 billion in revenue for the first time in its history.”

Adjusted earnings per share for 2011 increased to $US1.77 ($1.57) from $US1.64 ($1.52).

Earlier this month, chief rival Aon banked a full-year net income increase of 39% to $US979 million ($910 million), driven by the acquisition of human resources firm Hewitt.

Willis was unable to match its counterparts, posting a yearly net profit drop of 52% to $US218 million ($202.71 million).