Third-quarter results for the global Marsh & McLennan (MMC) group are more positive than last year, with the company reporting a net profit of $US221 million ($243 million).

The result reversed the global broking group’s $US8 million ($9 million) loss during the corresponding period last year.

For the nine months to September 30 MMC reported net profit of $US204 million ($225 million) against a $US153 million ($168 million) loss in the previous equivalent period.

“Significant” cost-cutting measures are responsible for much of the improvement, according to MMC President and CEO Brian Duperreault.

“While the economic environment continues to be challenging, MMC’s results reflect the effective management actions taken by our business leaders over the past year,” he said.

He welcomed a “significant increase” in both margins and operating income within the risk and insurance operations.

Revenue from risk and insurance services fell 4% to $US1.2 billion ($1.3 billion) during the third quarter, although operating income soared to $US127 million ($140 million) from a previous loss of $US28 million ($31 million).

Falling insurance premium rates saw Marsh broking revenue slide 5% during the quarter to $US989 million ($1.1 billion), in contrast to reinsurance broker Guy Carpenter which saw revenue increase 13% to $US223 million ($246 million).

Risk consulting and technology arm Kroll reported a 14% fall in third-quarter revenue of $US170 million ($187 million).