MARSH & MCLENNAN COMPANIES INC
For the period ended Sep 30, 2024. Filed Oct 17, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Oct 17, 2024
MRSH$204.82-2.2%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-06-30; filed 2024-07-18.
0000062709-24-000071
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTSCurrent report: 10-Q
Period ended 2024-09-30; filed 2024-10-17.
0000062709-24-000092
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTSThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 176 previous paragraphs and 188 current paragraphs.
87 unchanged; 72 reworded; 25 added; 14 removed; 3 previous and 4 current paragraphs rearranged.
Tables are not compared: 13 previous and 13 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (25)
Current report
•Marsh's revenue for the three months ended September 30, 2024 was $2.9 billion, an increase of 9%, or 7% on an underlying basis. For the nine months ended September 30, 2024, Marsh revenue was $9.2 billion, an increase of 8%, or 7% on an underlying basis.
Current report
•Guy Carpenter's revenue for the three months ended September 30, 2024 was $381 million, an increase of 6%, or 7% on an underlying basis. For the nine months ended September 30, 2024, Guy Carpenter revenue was $2.2 billion, an increase of 8%, on both a reported and underlying basis.
Current report
•Mercer's revenue for the three months ended September 30, 2024 was $1.5 billion, an increase of 2%, or 5% on an underlying basis. For the nine months ended September 30, 2024, Mercer revenue was $4.3 billion, an increase of 3%, or 6% on an underlying basis.
Current report
•Oliver Wyman Group's revenue for the three months ended September 30, 2024 was $810 million, an increase of 4%, or 1% on an underlying basis. For the nine months ended September 30, 2024, Oliver Wyman Group revenue was $2.4 billion, an increase of 8%, or 5% on an underlying basis.
Current report
On September 30, 2024, the Company announced that it had reached an agreement to acquire McGriff Insurance Services, LLC ("McGriff"), an affiliate of TIH Insurance Holdings (the "Transaction"). Under the terms of the Transaction, the Company will acquire McGriff for an aggregate purchase price of $7.75 billion in cash consideration, funded by a combination of cash proceeds and debt financing. In conjunction with the Transaction, the Company expects to assume a deferred tax asset valued at approximately $500 million. The Transaction is targeted to close by the end of 2024, subject to regulatory clearance and other standard closing conditions.
Current report
In connection with the Transaction, the Company entered into a Bridge Loan Commitment Letter (the "Commitment Letter") to provide the Company with 100% of the loans under a 364-day unsecured bridge term loan facility in an amount not to exceed $7.75 billion (the "Bridge Loan Facility"). The Company paid approximately $23 million for customary upfront fees related to the Commitment Letter, which will be amortized as interest expense based on the period of time the Bridge Loan Facility is expected to be in effect. The commitments under the Bridge Loan Facility are expected to be reduced, or any loans borrowed repaid, with long-term financing, equity issuances, or disposition of assets.
Current report
Consolidated operating expenses for the three and nine months ended September 30, 2024, increased primarily due to compensation and benefits, driven by higher base salary and incentive compensation.
Current report
In the fourth quarter of 2022, the Company initiated activities focused on workforce actions, rationalization of technology and functional services, and reductions in real estate. In the third quarter of 2024, the Company finalized its detailed plans and anticipates total charges related to these activities to be approximately $650 million. The Company has incurred approximately $540 million of these restructuring costs through September 30, 2024, primarily severance and lease exit charges, of which $36 million and $96 million were incurred for the three and nine months ended September 30, 2024, respectively. The Company is expected to complete these activities by the end of 2024. Related estimated savings are now expected to be over $500 million, with approximately $400 million realized by the end of 2024. The remaining savings are expected to be realized in 2025.
Current report
Guy Carpenter's revenue increased $22 million, or 6% to $381 million for the three months ended September 30, 2024, compared to $359 million for the three months ended September 30, 2023. This reflects an increase of 7% on an underlying basis.
Current report
Guy Carpenter's revenue increased $155 million, or 8% to $2.2 billion for the nine months ended September 30, 2024, compared to $2.0 billion for the nine months ended September 30, 2023. Revenue on an underlying basis also increased by 8%.
Current report
At Guy Carpenter, underlying revenue growth for the three months ended September 30, 2024 was primarily driven by strong growth international, including global specialities. Underlying revenue growth for the nine months ended September 30, 2024, was driven by growth both in U.S./Canada and International.
Current report
In the Risk and Insurance Services segment, expenses for the three and nine months ended September 30, 2024, increased primarily due to compensation and benefits driven by higher base salary and incentive compensation.
Current report
Consulting revenue increased $283 million, or 4% to $6.7 billion for the nine months ended September 30, 2024, compared to $6.4 billion for the nine months ended September 30, 2023. This reflects an increase of 5% on an underlying basis, partially offset by a decrease of 1% net of dispositions.
Current report
Oliver Wyman Group's revenue increased $29 million, or 4% to $810 million for the three months ended September 30, 2024, compared to $781 million for the three months ended September 30, 2023. This reflects an increase of 1% on an underlying basis and 3% from acquisitions.
Current report
Oliver Wyman Group's revenue increased $170 million, or 8% to $2.4 billion for the nine months ended September 30, 2024, compared to $2.3 billion for the nine months ended September 30, 2023. This reflects an increase of 5% on an underlying basis and 2% from acquisitions.
Current report
Expenses for the three and nine months ended September 30, 2024 increased primarily due to compensation and benefits driven by higher base salary and incentive compensation. For both periods, the decrease from dispositions is primarily related to the sale of the Mercer U.K. pension administration and U.S. health and benefits administration business.
Current report
Corporate expenses increased $19 million, or 26% to $87 million for the three months ended September 30, 2024, compared to $68 million for the three months ended September 30, 2023.
Current report
Corporate expenses decreased $12 million, or 5% to $224 million for the nine months ended September 30, 2024, compared to $236 million for the nine months ended September 30, 2023.
Current report
Corporate expenses reflect primarily lower restructuring costs for the nine months ended September 30, 2024, partially offset by higher restructuring costs for the three months ended September 30, 2024, compared to the corresponding periods in the prior year.
Current report
Interest income was $61 million for the nine months ended September 30, 2024, compared to $40 million for the nine months ended September 30, 2023.
Current report
Interest expense was $154 million for the three months ended September 30, 2024, compared to $145 million for the three months ended September 30, 2023.
Current report
Interest expense was $469 million for the nine months ended September 30, 2024, compared to $427 million for the nine months ended September 30, 2023.
Current report
During the third quarter of 2023, the Company released a valuation allowance related to the realizability of deferred tax assets for its non-U.S. operations of $48 million as a discrete tax benefit, primarily due to the sustained profitability of its operations. This was the most significant discrete item for the three months ended September 30, 2023, reducing the effective tax rate by 4.8%. For the nine months ended September 30, 2023, the reduction to the effective tax rate was 1.1%.
Current report
In November 2023, the Company increased its short-term commercial paper financing program (the "Program") to $3.5 billion from $2.8 billion. The Company did not have any commercial paper outstanding at September 30, 2024.
Current report
In connection with the McGriff Transaction, on September 29, 2024, the Company entered into a Commitment Letter to provide the Company with a Bridge Loan Facility. The Company paid approximately $23 million for customary upfront fees related to the Commitment Letter, which will be amortized as interest expense based on the period of time the Bridge Loan Facility is expected to be in effect. The Bridge Loan Facility agreement is discussed in more detail in Note 14, Debt, in the notes to the consolidated financial statements.
Removed paragraphs (14)
Previous report
•Expenses increased for the three and six months ended June 30, 2024, primarily due to compensation and benefits, driven by higher base salary and incentive compensation.
Previous report
Guy Carpenter's revenue increased $133 million, or 8% to $1.8 billion for the six months ended June 30, 2024, compared to $1.6 billion for the six months ended June 30, 2023. This reflects an increase of 9% on an underlying basis, partially offset by a decrease of 1% from acquisitions.
Previous report
Expenses for the three and six months ended June 30, 2024 increased primarily due to compensation and benefits driven by higher base salary and incentive compensation.
Previous report
Consulting revenue increased $44 million, or 2% to $2.2 billion for the three months ended June 30, 2024, compared to the corresponding quarter in the prior year. This reflects an increase of 4% on an underlying basis, partially offset by decreases of 1% from both acquisitions and the impact of foreign currency translation.
Previous report
Consulting revenue increased $227 million, or 5% to $4.4 billion for the six months ended June 30, 2024, compared to $4.2 billion for the six months ended June 30, 2023. This reflects an increase of 6% on an underlying basis, partially offset by a decrease of 1% from the impact of foreign currency translation.
Previous report
Oliver Wyman Group's revenue increased $39 million, or 5% to $837 million for the three months ended June 30, 2024, compared to $798 million for the three months ended June 30, 2023. This reflects increases of 3% on an underlying basis and 2% from acquisitions.
Previous report
Oliver Wyman Group's revenue increased $141 million, or 9% to $1.6 billion for the six months ended June 30, 2024, compared to $1.5 billion for the six months ended June 30, 2023. This reflects increases of 8% on an underlying basis and 2% from acquisitions.
Previous report
Corporate expenses decreased $23 million, or 27% to $65 million for the three months ended June 30, 2024, compared to $88 million for the three months ended June 30, 2023.
Previous report
Corporate expenses decreased $31 million, or 18% to $137 million for the six months ended June 30, 2024, compared to $168 million for the six months ended June 30, 2023.
Previous report
Corporate expenses for the three and six months ended June 30, 2024 decreased primarily due to lower restructuring costs compared to the corresponding periods in the prior year.
Previous report
Interest income was $49 million for the six months ended June 30, 2024, compared to $24 million for the six months ended June 30, 2023.
Previous report
Interest expense was $156 million for the three months ended June 30, 2024, compared to $146 million for the three months ended June 30, 2023.
Previous report
Interest expense was $315 million for the six months ended June 30, 2024, compared to $282 million for the six months ended June 30, 2023.
Previous report
The Company had $749 million of commercial paper outstanding at June 30, 2024, at an average effective interest rate of 5.498%.
Reworded paragraphs (72)
Previous wording
Marsh & McLennan Companies, Inc., and its consolidated subsidiaries (the "Company") is a global professional services firm in the areas of risk, strategy and people, advising clients in 130 countries across four busineses: Marsh, Guy Carpenter, Mercer and Oliver Wyman Group. With annual revenue of $23 billion and more than 85,000 colleagues, Marsh McLennan helps build the confidence to thrive through the power of perspective.
Current wording
Marsh & McLennan Companies, Inc., and its consolidated subsidiaries (the "Company") is a global professional services firm in the areas of risk, strategy and people, advising clients in 130 countries across four businesses: Marsh, Guy Carpenter, Mercer and Oliver Wyman Group. With annual revenue of $23 billion and more than 85,000 colleagues, Marsh McLennan helps build the confidence to thrive through the power of perspective.
Previous wording
The results of operations in the Management Discussion & Analysis ("MD&A") include an overview of the Company's consolidated results for the three and six months ended June 30, 2024, compared to the corresponding periods in 2023, and should be read in conjunction with the consolidated financial statements and notes. This section also includes a discussion of the key drivers impacting the Company's financial results of operations both on a consolidated basis and by reportable segments.
Current wording
The results of operations in the Management Discussion & Analysis ("MD&A") include an overview of the Company's consolidated results for the three and nine months ended September 30, 2024, compared to the corresponding periods in 2023, and should be read in conjunction with the consolidated financial statements and notes. This section also includes a discussion of the key drivers impacting the Company's financial results of operations both on a consolidated basis and by reportable segments.
Previous wording
For information and comparability of the Company's results of operations and liquidity and capital resources for the three and six months ended June 30, 2023, refer to "Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations" of the Company's Form 10-Q for the quarter ended June 30, 2023.
Current wording
For information and comparability of the Company's results of operations and liquidity and capital resources for the three and nine months ended September 30, 2023, refer to "Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations" of the Company's Form 10-Q for the quarter ended September 30, 2023.
Previous wording
•Consolidated revenue for the three months ended June 30, 2024 was $6.2 billion, an increase of 6%, on a reported and underlying basis. For the six months ended June 30, 2024, consolidated revenue was $12.7 billion, an increase of 8%, on a reported and underlying basis compared to the corresponding period in the prior year.
Current wording
•Consolidated revenue for the three months ended September 30, 2024 was $5.7 billion, an increase of 6%, or 5% on an underlying basis. For the nine months ended September 30, 2024, consolidated revenue was $18.4 billion, an increase of 7%, on both a reported and underlying basis compared to the corresponding period in the prior year.
Previous wording
•Consolidated operating income increased $185 million, or 13% to $1.6 billion for the three months ended June 30, 2024, compared to the corresponding quarter in the prior year. Net income attributable to the Company was $1.1 billion. Earnings per share on a diluted basis increased to $2.27 from $2.07, or 10%, compared to the corresponding quarter in the prior year. For the six months ended June 30, 2024, consolidated operating income increased $384 million, or 12% to $3.6 billion, compared to the corresponding period in the prior year. Net income attributable to the Company was $2.5 billion. Earnings per share on a diluted basis increased to $5.08 from $4.55, or 12%, compared to the corresponding period in the prior year.
Current wording
•Consolidated operating income increased $112 million, or 11% to $1.1 billion for the three months ended September 30, 2024, compared to the corresponding quarter in the prior year. Net income attributable to the Company was $747 million. Earnings per share on a diluted basis increased to $1.51 from $1.47, or 3%, compared to the corresponding quarter in the prior year. For the nine months ended September 30, 2024, consolidated operating income increased $496 million, or 12% to $4.7 billion, compared to the corresponding period in the prior year. Net income attributable to the Company was $3.3 billion. Earnings per share on a diluted basis increased to $6.59 from $6.01, or 10%, compared to the corresponding period in the prior year.
Previous wording
•Risk and Insurance Services revenue for the three months ended June 30, 2024 was $4.0 billion, an increase of 8%, or 7% on an underlying basis. Operating income was $1.3 billion, compared with $1.2 billion for the corresponding quarter in the prior year. For the six months ended June 30, 2024, Risk and Insurance Services revenue was $8.3 billion, an increase of 9%, or 8% on an underlying basis. Operating income was $2.9 billion, compared with $2.6 billion for the corresponding period in the prior year.
Current wording
•Risk and Insurance Services revenue for the three months ended September 30, 2024 was $3.5 billion, an increase of 8%, or 6% on an underlying basis. Operating income was $733 million, compared with $640 million for the corresponding quarter in the prior year. For the nine months ended September 30, 2024, Risk and Insurance Services revenue was $11.7 billion, an increase of 9%, or 8% on an underlying basis. Operating income was $3.6 billion, compared with $3.2 billion for the corresponding period in the prior year.
Previous wording
•Consulting revenue for the three months ended June 30, 2024 was $2.2 billion, an increase of 2%, or 4% on an underlying basis. Operating income was $410 million, compared with $388 million for the corresponding quarter in the prior year. For the six months ended June 30, 2024, Consulting revenue was $4.4 billion, an increase of 5%, or 6% on an underlying basis. Operating income was $842 million, compared with $799 million for the corresponding period in the prior year.
Current wording
•Consulting revenue for the three months ended September 30, 2024 was $2.3 billion, an increase of 3%, or 4% on an underlying basis. Operating income was $462 million, compared with $424 million for the corresponding quarter in the prior year. For the nine months ended September 30, 2024, Consulting revenue was $6.7 billion, an increase of 4%, or 5% on an underlying basis. Operating income was $1.3 billion, compared with $1.2 billion for the corresponding period in the prior year.
Previous wording
•The Company completed 3 acquisitions in the second quarter of 2024, the largest being the acquisition of Fisher Brown Bottrell Insurance, Inc., by Marsh McLennan Agency ("MMA") in Risk and Insurance Services.
Current wording
•The Company completed 4 acquisitions in the third quarter of 2024, the largest being the acquisition of The Horton Group Inc., by Marsh McLennan Agency ("MMA") in Risk and Insurance Services.
Previous wording
•The Company repurchased 1.5 million shares for $300 million in the second quarter of 2024. During the six months ended June 30, 2024, the Company repurchased 3.0 million shares for $600 million.
Current wording
•The Company repurchased 1.4 million shares for $300 million in the third quarter of 2024. For the nine months ended September 30, 2024, the Company repurchased 4.3 million shares for $900 million.
Previous wording
Consolidated operating income increased $185 million, or 13% to $1.6 billion for the three months ended June 30, 2024, compared to $1.5 billion for the corresponding quarter in the prior year, reflecting a 6% increase in revenue and a 4% increase in expenses. Revenue growth was driven by increases in the Risk and Insurance Services and Consulting segments of 8% and 2%, respectively.
Current wording
Consolidated operating income increased $112 million, or 11% to $1.1 billion for the three months ended September 30, 2024, compared to $996 million for the corresponding quarter in the prior year, reflecting a 6% increase in revenue and a 5% increase in expenses. Revenue growth was driven by increases in the Risk and Insurance Services and Consulting segments of 8% and 3%, respectively.
Previous wording
Consolidated operating income increased $384 million, or 12% to $3.6 billion for the six months ended June 30, 2024, compared to $3.2 billion in the corresponding period in the prior year, reflecting an 8% increase in revenue and a 6% increase in expenses. Revenue growth was driven by increases in the Risk and Insurance Services and Consulting segments of 9% and 5%, respectively.
Current wording
Consolidated operating income increased $496 million, or 12% to $4.7 billion for the nine months ended September 30, 2024, compared to $4.2 billion in the corresponding period in the prior year, reflecting a 7% increase in revenue and a 5% increase in expenses. Revenue growth was driven by increases in the Risk and Insurance Services and Consulting segments of 9% and 4%, respectively.
Previous wording
The following tables present the Company's non-GAAP revenue for the three and six months ended June 30, 2024 and 2023 and the related non-GAAP underlying revenue change:
Current wording
The following tables present the Company's non-GAAP revenue for the three and nine months ended September 30, 2024 and 2023 and the related non-GAAP underlying revenue change:
Previous wording
The following tables provide the reconciliation of GAAP revenue to Non-GAAP revenue for the three and six months ended June 30, 2024 and 2023:
Current wording
The following tables provide the reconciliation of GAAP revenue to Non-GAAP revenue for the three and nine months ended September 30, 2024 and 2023:
Previous wording
•The increase in underlying revenue for the three and six months ended June 30, 2024, reflects the continued demand for our advice and solutions.
Current wording
Consolidated revenue growth for the three and nine months ended September 30, 2024, reflects the continued demand for our advice and solutions.
Previous wording
Consolidated revenue increased $345 million, or 6% to $6.2 billion for the three months ended June 30, 2024, compared to $5.9 billion for the three months ended June 30, 2023. Consolidated revenue also increased 6% on an underlying basis and 1% from acquisitions, partially offset by a decrease of 1% from the impact of foreign currency translation. On an underlying basis, revenue increased 7% and 4% for the three months ended June 30, 2024 in the Risk and Insurance Services and Consulting segments, respectively.
Current wording
Revenue increased $315 million, or 6% to $5.7 billion for the three months ended September 30, 2024, compared to $5.4 billion for the three months ended September 30, 2023. Consolidated revenue increased 5% on an underlying basis and 1% from acquisitions. On an underlying basis, revenue increased 6% and 4% for the three months ended September 30, 2024 in the Risk and Insurance Services and Consulting segments, respectively.
Previous wording
Consolidated revenue increased $894 million, or 8% to $12.7 billion for the six months ended June 30, 2024, compared to $11.8 billion for the six months ended June 30, 2023. Consolidated revenue also increased 8% on an underlying basis and 1% from acquisitions, partially offset by a decrease of 1% from the impact of foreign currency translation. On an underlying basis, revenue increased 8% and 6% for the six months ended June 30, 2024 in the Risk and Insurance Services and Consulting segments, respectively.
Current wording
Revenue increased $1.2 billion, or 7% to $18.4 billion for the nine months ended September 30, 2024, compared to $17.2 billion for the nine months ended September 30, 2023. Consolidated revenue also increased 7% on an underlying basis and 1% from acquisitions. On an underlying basis, revenue increased 8% and 5% for the nine months ended September 30, 2024 in the Risk and Insurance Services and Consulting segments, respectively.
Previous wording
Consolidated operating expenses increased $160 million, or 4% to $4.6 billion for the three months ended June 30, 2024, compared to $4.4 billion for the three months ended June 30, 2023. Expenses reflect an increase of 1% from acquisitions, offset by a decrease of 1% from the impact of foreign currency translation.
Current wording
Expenses increased $203 million, or 5% to $4.6 billion for the three months ended September 30, 2024, compared to $4.4 billion for the three months ended September 30, 2023. Expenses reflect an increase of 1% from acquisitions.
Previous wording
Consolidated operating expenses increased $510 million, or 6% to $9.1 billion for the six months ended June 30, 2024, compared to $8.6 billion for the six months ended June 30, 2023. Expenses reflect an increase of 1% from acquisitions, offset by a decrease of 1% from the impact of foreign currency translation.
Current wording
Expenses increased $713 million, or 5% to $13.7 billion for the nine months ended September 30, 2024, compared to $13.0 billion for the nine months ended September 30, 2023. Expenses reflect an increase of 1% from acquisitions.
Previous wording
The Company incurred a total of $44 million and $86 million for restructuring activities for the three and six months ended June 30, 2024, compared to $65 million and $118 million for the corresponding quarter in the prior year.
Current wording
The Company incurred a total of $54 million and $140 million for restructuring activities for the three and nine months ended September 30, 2024, compared to $52 million and $170 million for the corresponding periods in the prior year.
Previous wording
Revenue in the Risk and Insurance Services segment increased $300 million, or 8% to $4.0 billion for the three months ended June 30, 2024, compared to $3.7 billion for the three months ended June 30, 2023. Revenue increased 7% on an underlying basis and 2% from acquisitions, partially offset by a decrease of 1% from the impact of foreign currency translation. Interest earned on fiduciary funds increased $17 million to $125 million for the three months ended June 30, 2024, compared to $108 million for the corresponding quarter in the prior year.
Current wording
Revenue in the Risk and Insurance Services segment increased $263 million, or 8% to $3.5 billion for the three months ended September 30, 2024, compared to $3.2 billion for the three months ended September 30, 2023. Revenue increased 6% on an underlying basis and 2% from acquisitions. Interest earned on fiduciary funds increased $7 million to $138 million for the three months ended September 30, 2024, compared to $131 million for the corresponding quarter in the prior year.
Previous wording
Revenue in the Risk and Insurance Services segment increased $667 million, or 9% to $8.3 billion for the six months ended June 30, 2024, compared to $7.6 billion for the six months ended June 30, 2023. Revenue increased 8% on an underlying basis and 1% from acquisitions, partially offset by a decrease of 1% from the impact of foreign currency translation. Interest earned on fiduciary funds increased by $48 million to $247 million for the six months ended June 30, 2024, compared to $199 million for the corresponding period in the prior year.
Current wording
Revenue in the Risk and Insurance Services segment increased $930 million, or 9% to $11.7 billion for the nine months ended September 30, 2024, compared to $10.8 billion for the nine months ended September 30, 2023. Revenue increased 8% on an underlying basis and 1% from acquisitions, partially offset by a decrease of 1% from the impact of foreign currency translation. Interest earned on fiduciary funds increased by $55 million to $385 million for the nine months ended September 30, 2024, compared to $330 million for the corresponding period in the prior year.
Previous wording
•In Risk and Insurance Services, underlying revenue growth for the three and six months ended June 30, 2024 was driven by strong new business and solid renewals at Marsh, as well as growth across most geographies and specialties in Guy Carpenter. Results also continued to benefit from continued economic growth in most major markets, inflation, and an increase in fiduciary income due to higher average funds and interest rates.
Current wording
In Risk and Insurance Services, underlying revenue growth for the three and nine months ended September 30, 2024, was driven by solid retention and new business growth at Marsh and Guy Carpenter. Results also benefited from continued economic growth in most major markets and inflation.
Previous wording
Marsh's revenue increased $486 million, or 8% to $6.3 billion for the six months ended June 30, 2024, compared to $5.8 billion for the six months ended June 30, 2023. This reflects increases of 7% on an underlying basis and 2% from acquisitions, partially offset by a decrease of 1% from the impact of foreign currency translation. U.S./Canada rose 7% on an underlying basis. Total International operations produced underlying revenue growth of 8%, reflecting growth of 8% in both EMEA and Latin America, and 7% in Asia Pacific.
Current wording
Marsh's revenue increased $234 million, or 9% to $2.9 billion for the three months ended September 30, 2024, compared to $2.7 billion for the three months ended September 30, 2023. This reflects an increase of 7% on an underlying basis and 2% from acquisitions. U.S./Canada rose 6% on an underlying basis. Total International operations produced underlying revenue growth of 7%, reflecting growth of 8% in Latin America, 7% in EMEA and 5% in Asia Pacific.
Previous wording
Marsh's revenue increased $227 million, or 8% to $3.3 billion for the three months ended June 30, 2024, compared to $3.0 billion for the three months ended June 30, 2023. This reflects increases of 7% on an underlying basis and 2% from acquisitions, partially offset by a decrease of 1% from the impact of foreign currency translation. U.S./Canada rose 6% on an underlying basis. Total International operations produced underlying revenue growth of 7%, reflecting growth of 8% in Latin America, and 7% in both Asia Pacific and EMEA.
Current wording
Marsh's revenue increased $720 million, or 8% to $9.2 billion for the nine months ended September 30, 2024, compared to $8.5 billion for the nine months ended September 30, 2023. This reflects an increase of 7% on an underlying basis and 2% from acquisitions, partially offset by a decrease of 1% from the impact of foreign currency translation. U.S./Canada rose 7% on an underlying basis. Total International operations produced underlying revenue growth of 7%, reflecting growth of 8% in both EMEA and Latin America, and 6% in Asia Pacific.
Previous wording
The Risk and Insurance Services segment completed 5 acquisitions for the six months ended June 30, 2024. Information regarding these acquisitions is included in Note 8, Acquisitions and Dispositions, in the notes to the consolidated financial statements.
Current wording
The Risk and Insurance Services segment completed 8 acquisitions for the nine months ended September 30, 2024. Information regarding these acquisitions is included in Note 8, Acquisitions and Dispositions, in the notes to the consolidated financial statements.
Previous wording
In the Risk and Insurance Services segment, expenses increased $160 million, or 6% to $2.7 billion for the three months ended June 30, 2024, compared to $2.6 billion for the three months ended June 30, 2023. Expenses reflect a 2% increase from acquisitions, partially offset by a decrease of 1% from the impact of foreign currency translation.
Current wording
Expenses increased $170 million, or 7% to $2.7 billion for the three months ended September 30, 2024, compared to $2.6 billion for the three months ended September 30, 2023. Expenses reflect a 3% increase from acquisitions.
Previous wording
Expenses in the Risk and Insurance Services segment increased $357 million, or 7% to $5.4 billion for the six months ended June 30, 2024, compared to $5.1 billion for the six months ended June 30, 2023. Expenses reflect a 2% increase from acquisitions, partially offset by a decrease of 1% from the impact of foreign currency translation.
Current wording
Expenses increased $527 million, or 7% to $8.2 billion for the nine months ended September 30, 2024, compared to $7.6 billion for the nine months ended September 30, 2023. Expenses reflect a 2% increase from acquisitions, partially offset by a decrease of 1% from the impact of foreign currency translation.
Previous wording
Guy Carpenter's revenue increased $56 million, or 10% to $632 million for the three months ended June 30, 2024, compared to $576 million for the three months ended June 30, 2023. This reflects an increase of 11% on an underlying basis, partially offset by a decrease of 1% from the impact of foreign currency translation.
Current wording
Consulting revenue increased $56 million, or 3% to $2.3 billion for the three months ended September 30, 2024, compared to $2.2 billion for the three months ended September 30, 2023. This reflects an increase of 4% on an underlying basis, partially offset by a decrease of 1% net of dispositions.
Previous wording
Mercer's revenue increased $5 million to $1.4 billion for the three months ended June 30, 2024, compared to the corresponding quarter in the prior year. This reflects an increase of 5% on an underlying basis, offset by decreases of 3% from acquisitions and 1% from the impact of foreign currency translation. On an underlying basis, revenue for Health, Wealth and Career increased 9%, 3%, and 2%, respectively, as compared to the corresponding quarter in the prior year.
Current wording
Mercer's revenue increased $27 million, or 2% to $1.5 billion for the three months ended September 30, 2024, compared to $1.4 billion for the three months ended September 30, 2023. This reflects an increase of 5% on an underlying basis, offset by a decrease of 3% net of dispositions. On an underlying basis, revenue for Health, Career and Wealth increased 8%, 5%, and 4%, respectively, as compared to the corresponding quarter in the prior year.
Previous wording
Mercer's revenue increased $86 million, or 3% to $2.8 billion for the six months ended June 30, 2024, compared to $2.7 billion for the six months ended June 30, 2023. This reflects an increase of 6% on an underlying basis, partially offset by decreases of 1% from acquisitions and 1% from the impact of foreign currency translation. On an underlying basis, revenue for Health, Wealth and Career increased 10%, 4%, and 2%, respectively, as compared to the corresponding period in the prior year.
Current wording
Mercer's revenue increased $113 million, or 3% to $4.3 billion for the nine months ended September 30, 2024, compared to $4.1 billion for the nine months ended September 30, 2023. This reflects an increase of 6% on an underlying basis, partially offset by a decrease of 2% net of dispositions and 1% from the impact of foreign currency translation. On an underlying basis, revenue for Health, Wealth and Career increased 9%, 4%, and 3%, respectively, as compared to the corresponding period in the prior year.
Previous wording
Revenue for the six months ended June 30, 2024, includes a net gain of $21 million from the sale of the Mercer U.K. pension administration and U.S. health and benefits administration businesses. Results for the six months ended June 30, 2023 include the loss on sale of an individual financial advisory business in Canada of $17 million.
Current wording
Revenue for the nine months ended September 30, 2024, includes a net gain of $21 million from the sale of the Mercer U.K. pension administration and U.S. health and benefits administration businesses. Results for the nine months ended September 30, 2023 include the loss on sale of an individual financial advisory business in Canada of $17 million.
Previous wording
•In Consulting, for the three months ended June 30, 2024, underlying revenue growth was primarily driven by growth at Mercer. For the six months ended June 30, 2024, underlying revenue growth was driven by growth at both Mercer and Oliver Wyman Group. Underlying revenue growth at Mercer included continued strong growth in Health and steady growth in Wealth. Health reflected growth across all regions. Wealth growth was driven by both defined benefit consulting and investment management. The increase in investment management was driven by the impact of the capital markets and positive net flows. Career revenue continued the trend of modest growth following a two-year stretch of strong growth and demand. The increase in underlying revenue growth at Oliver Wyman Group was driven primarily by the Middle East and Asia.
Current wording
Underlying revenue growth at Mercer included continued strong growth in Health and steady growth in Wealth and Career. Health reflected growth across all regions. Wealth growth was driven by continued demand in defined benefits consulting and growth in investment management. The increase in investment management was driven by the impact of the capital markets and positive net flows. Career revenue continued to see strong growth in rewards and talent strategy.
Previous wording
The Consulting segment completed 4 acquisitions for the six months ended June 30, 2024. Information regarding these acquisitions is included in Note 8, Acquisitions and Dispositions, in the notes to the consolidated financial statements.
Current wording
The Consulting segment completed 5 acquisitions for the nine months ended September 30, 2024. Information regarding these acquisitions is included in Note 8, Acquisitions and Dispositions, in the notes to the consolidated financial statements.
Previous wording
In the Consulting segment, expenses increased $22 million, or 1% to $1.8 billion for the three months ended June 30, 2024, compared to the corresponding quarter in the prior year. Expenses reflect decreases of 2% from dispositions, related to the sale of the Mercer U.K. pension administration and U.S. health and benefits administration business, and 1% from the impact of foreign currency translation.
Current wording
In the Consulting segment, expenses increased $18 million, or 1% to $1.8 billion for the three months ended September 30, 2024, compared to the corresponding quarter in the prior year. Expenses reflect a decrease of 1% net of dispositions.
Previous wording
Expenses in the Consulting segment increased $184 million, or 5% to $3.6 billion for the six months ended June 30, 2024, compared to $3.4 billion for the six months ended June 30, 2023. Expenses reflect a 1% decrease from dispositions.
Current wording
Expenses in the Consulting segment increased $202 million, or 4% to $5.4 billion for the nine months ended September 30, 2024, compared to $5.2 billion for the nine months ended September 30, 2023. Expenses reflect a 1% decrease net of dispositions.
Previous wording
Expenses for the six months ended June 30, 2024 increased primarily due to compensation and benefits driven by higher base salaries and incentive compensation. Expenses for the six months ended June 30, 2023 also included benefit of $51 million of insurance and indemnity recoveries for a legacy JLT E&O matter relating to suitability of advice provided to individuals for defined benefit pension transfers in the U.K.
Current wording
Expenses for the nine months ended September 30, 2023 also included a benefit of $51 million of insurance and indemnity recoveries for a legacy JLT E&O matter relating to suitability of advice provided to individuals for defined benefit pension transfers in the U.K.
Previous wording
Interest income was $12 million for the three months ended June 30, 2024, compared to $10 million for the three months ended June 30, 2023.
Current wording
Interest income was $12 million for the three months ended September 30, 2024, compared to $16 million for the three months ended September 30, 2023.
Previous wording
Interest income for the three and six months ended June 30, 2024 increased $2 million and $25 million, respectively, due to higher average corporate funds and interest rates compared to the corresponding periods in the prior year.
Current wording
Interest income increased for the nine months ended September 30, 2024, due to higher average corporate funds compared to the corresponding period in the prior year.
Previous wording
Interest expense for the three and six months ended June 30, 2024, increased $10 million and $33 million, respectively, reflecting higher levels of debt and higher interest rates, compared to the corresponding periods in the prior year.
Current wording
Interest expense increased for the three and nine months ended September 30, 2024, reflecting higher levels of debt and higher interest rates, compared to the corresponding periods in the prior year.
Previous wording
The Company recorded net investment income of $1 million and $2 million for the three and six months ended June 30, 2024, compared to net investment income of $3 million and $5 million, respectively, for the corresponding periods in the prior year.
Current wording
The Company recorded net investment income of $1 million and $3 million for the three and nine months ended September 30, 2024, compared to net investment income of $1 million and $6 million, respectively, for the corresponding periods in the prior year.
Showing the first 40 of 72 pairs. Open the source sections for the rest.
Rearranged current paragraphs (4)
Current report — wording carried from elsewhere
In Consulting, for the three months ended September 30, 2024, underlying revenue growth was primarily driven by growth at Mercer.
Current report — wording carried from elsewhere
For the nine months ended September 30, 2024, underlying revenue growth was driven by both Mercer and Oliver Wyman Group.
Current report — wording carried from elsewhere
The increase in underlying revenue growth at Oliver Wyman Group for the nine months ended September 30, 2024, was primarily driven by the Middle East and Asia.
Current report — wording carried from elsewhere
The Company also made required contributions of $1 million to its U.S. qualified plans in 2024.
Rearranged previous paragraphs (3)
Previous report — wording carried elsewhere
weighted average interest rate of 5.50%.
Previous report — wording carried elsewhere
In June 2024, the Company repaid $600 million of 3.50% senior notes at maturity.
Previous report — wording carried elsewhere
Services business unit ("Vanguard") and Fischer Brown Bottrell Insurance Inc., for $469 million. The outflow of funds in 2023 primarily relates to the completion of the Westpac Transaction for $233 million.