Marsh’s restructuring affects profit
Marsh & McLennan (MMC) has posted a third-quarter loss on restructuring changes, reversing its strong profit rise from a year ago.
The New York-based No 1 global broker reported a net loss of $US8 million ($12 million) compared with a net income gain of $US1.9 billion ($2.8 billion) from the sale of Putnam Investments in 2007.
Consolidated revenue climbed 5% for the quarter to $US2.8 billion ($4.07 billion) and for the nine months ending September 30 this jumped by 8% to $US8.9 billion ($13 billion).
In MMC’s risk and insurance segment (including Marsh and Guy Carpenter businesses), the firm swung to a loss on restructuring changes as revenue climbed 1% to $US1.3 billion ($1.9 billion). Guy Carpenter’s sales declined 9% to $US205 million ($299 million) as reinsurance premium rates continued to decline globally.
New CEO Brian Duperreault says the results for the quarter “were driven by continued improvement at Marsh”.
This included developing Marsh through increasing revenue retention and new business.
Earnings for MMC’s risk consulting and technology segment declined by 2% to $US254 million ($370 million).
This was offset by the performance in the consulting division, which was achieved through Mercer’s 12% growth in revenue to $US951 million ($1.4 billion).
The New York-based No 1 global broker reported a net loss of $US8 million ($12 million) compared with a net income gain of $US1.9 billion ($2.8 billion) from the sale of Putnam Investments in 2007.
Consolidated revenue climbed 5% for the quarter to $US2.8 billion ($4.07 billion) and for the nine months ending September 30 this jumped by 8% to $US8.9 billion ($13 billion).
In MMC’s risk and insurance segment (including Marsh and Guy Carpenter businesses), the firm swung to a loss on restructuring changes as revenue climbed 1% to $US1.3 billion ($1.9 billion). Guy Carpenter’s sales declined 9% to $US205 million ($299 million) as reinsurance premium rates continued to decline globally.
New CEO Brian Duperreault says the results for the quarter “were driven by continued improvement at Marsh”.
This included developing Marsh through increasing revenue retention and new business.
Earnings for MMC’s risk consulting and technology segment declined by 2% to $US254 million ($370 million).
This was offset by the performance in the consulting division, which was achieved through Mercer’s 12% growth in revenue to $US951 million ($1.4 billion).