Marsh & McLennan says net income grew 19% to $US413 million ($402.85 million) in the first quarter, driven by its risk and insurance services business.

Operating income from risk and insurance services increased 13% to $US468 million ($456.5 million), while revenues were $US1.77 billion ($1.73 billion), up 5% on the first quarter last year.

Global broker Marsh’s revenues grew 5% to $US1.39 billion ($1.35 billion), aided by international operations.

Underlying gains of 13% in Latin America and 6% in the Asia-Pacific region outpaced a 3% rise in Europe, the Middle East and Africa and 2% in the US and Canada.

Revenue from the Guy Carpenter business, which provides risk and reinsurance intermediary services, increased 5% to $US375 million ($365.79 million).