Marsh & McLennan reported unchanged consolidated revenue of $3.97bn for the third quarter of 2020
Marsh & McLennan Headquarters at 1166 Avenue of the Americas. (Credit: Americasroof/Wikipedia.)
US-based professional services firm Marsh & McLennan has reported a net income of $316m, or $0.62 per diluted share, for the third quarter of 2020, a 4.3% compared to $303m, or $0.59 per share, for the same quarter of 2019.
The company has reported an unchanged consolidated revenue of $3.97bn for the third quarter this year. Operating income increased to $540m from $467m in the same period last year.
Risk & Insurance Services arm of the company reported increased revenue of $2.3bn for the third quarter of 2020, which rose by 4%, or 2% on an underlying basis.
The operating income of the division was increased to $333m in the third quarter of 2020, compared to $218m, while the adjusted operating income increased by 24% to $388m, from $313m in the corresponding quarter last year.
The company’s consulting business generated $1.7bn in revenue for the third quarter, a decrease of 5%, or 4% on an underlying basis.
Its operating income has declined by 12% to $278m, while adjusted operating income dropped by 5% to $306m.
Marsh & McLennan’s results for nine months ending September 2020
Marsh & McLennan reported $12.8bn consolidated revenue for the nine months ending 30 September 2020, which is an increase of 3%, or 1% on an underlying basis.
Operating income for the nine months was $2.5bn, while the adjusted operating income increased by 12% to $2.8bn, and net income attributable to the company was $1.6bn.
The company’s fully diluted earnings per share were $3.21, which increased from $2.64 in the first nine months of 2019, while adjusted earnings per share of $3.77 rose by 9%, compared to $3.47 for the corresponding period in 2019.
Marsh & McLennan president and CEO Dan Glaser said: “Marsh & McLennan’s strong performance in this period of uncertainty demonstrates our continued excellent execution and the resilience of our business.
“In the third quarter, we generated 9% adjusted operating income growth and 6% growth in adjusted EPS, despite a modest decline in underlying revenue. For the first nine months of 2020, we achieved 1% underlying revenue growth, 12% adjusted operating income growth and 9% adjusted EPS growth.”