Marsh McLennan declares Q3 2021 results

The group has reported consolidated revenue of US$4.6 billion (approx. SG$6.20 billion) for the quarter, up 16% compared with Q3 2020. MMC’s underlying revenue increased 13% year on year while operating income stands at US$740 million, up 37% from last year, and adjusted operating income rose 19% to US$759 million. Meanwhile, net income attributable to the company clocked in at US$537 million.

Commenting on the results, Dan Glaser, MMC’s president and CEO said: “We delivered another quarter of excellent results. For the second consecutive quarter, underlying growth was at the highest level in over two decades… Given the outstanding quarter and year-to-date performance, we are on track for a terrific year.”

For the nine months ended September 30, 2021, consolidated revenue stands at US$14.7 billion, an increase of 15%, or 10% on an underlying basis, compared to the prior period. Operating income registers at US$3.3 billion, up 33% from last year, and adjusted operating income was up 21% to US$3.4 billion. Net income attributable to the company for the first three quarters was US$2.3 billion.

Risk and insurance services

MMC reported that its risk & insurance services revenue was US$2.7 billion in Q3 2021, an increase of 17%, or 13% on an underlying basis. Operating income has risen 21% to US$403 million, while adjusted operating income was US$469 million, an increase of 21% from the prior-year period. For the nine months ended September 30, 2021, revenue was US$9.0 billion, up 16%, or 11% on an underlying basis, operating income was up 28% to US$2.4 billion, and adjusted operating income was up 20% to US$2.5 billion.

Marsh’s revenue in Q3 2021 was US$2.4 billion, an increase of 13% on an underlying basis. In the US/Canada, underlying revenue rose 16%, while international operations produced underlying revenue growth of 9% (reflecting 12% growth in Latin America, 9% growth in Asia-Pacific, and 8% growth in EMEA). For the nine months ended September 30, 2021, Marsh’s underlying revenue growth was 12% compared to this period last year.

Guy Carpenter’s revenue in the third quarter hit US$314 million, an increase of 15% on an underlying basis, while for the nine months ended September 30, 2021, Guy Carpenter’s underlying revenue growth was 10%.

Consulting

Consulting revenue in the third quarter was US$1.9 billion, an increase of 13%, or 12% on an underlying basis, compared to last year. Operating income increased 45% to US$404 million, and adjusted operating income increased 15% to US$350 million. For the first nine months of 2021, revenue was US$5.7 billion, up 12%, or 9% on an underlying basis. Operating income of US$1.1 billion increased 36% and adjusted operating income increased 25% to US$1.1 billion.

Mercer’s revenue was US$1.3 billion in Q3 2021, up 7% on an underlying basis. On an underlying basis, career revenue was up 13% to US$253 million, wealth revenue up 6% to US$613 million and health revenue up 4% to US$449 million. For the nine months ended September 30, 2021, Mercer’s revenue was US$3.9 billion, an increase of 4% on an underlying basis compared to the same period a year ago.

Oliver Wyman’s revenue was US$610 million in the third quarter, an increase of 25% on an underlying basis. For the first nine months ended September 30, 2021, Oliver Wyman’s revenue was US$1.8 billion, an increase of 21% on an underlying basis.