Insurance premiums in the property and casualty marketplace continued to decline
Marsh & McLennan has reported financial results for the quarter ended June 30, 2009. It has reported a consolidated revenue of $2.6 billion, a decline of 13% from the second quarter of 2008, or 6% on an underlying basis.
The earnings per share on an adjusted basis was $.33 in the second quarter of 2009, compared with $.39 in the same quarter last year.
For the six months ended June 30, 2009, MMC’s net loss was $17 million, or $.03 per share, compared to a net loss of $145 million, or $.28 per share, last year.
Risk and Insurance Services segment revenue in the second quarter of 2009 was $1.3 billion, a decline of 5% from the second quarter of 2008.
The operating income in the second quarter increased 63% to $245 million from $150 million last year. Adjusted operating income rose 31% to $271 million from $207 million.
In the second quarter, insurance premiums in the property and casualty marketplace continued to decline, similar to what was seen earlier in the year. Additionally, the global economic recession reduced demand for commercial insurance.