MARSH & MCLENNAN COMPANIES, INC.
For the period ended Dec 31, 2025. Filed Feb 9, 2026.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 9, 2026
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-K
Period ended 2024-12-31; filed 2025-02-10.
0000062709-25-000015
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-K
Period ended 2025-12-31; filed 2026-02-09.
0000062709-26-000022
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe 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 234 previous paragraphs and 238 current paragraphs.
126 unchanged; 76 reworded; 27 added; 26 removed; 6 previous and 9 current paragraphs rearranged.
Tables are not compared: 11 previous and 11 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 (27)
Current report
References in this report are to Marsh & McLennan Companies, Inc. and its consolidated subsidiaries (the "Company" or "Marsh"), unless the context otherwise requires. Effective January 14, 2026, the Company updated its brand name from Marsh McLennan to Marsh and the brand names of Marsh and Oliver Wyman Group businesses to Marsh Risk and Marsh Management Consulting, respectively. References to the Company and its businesses in this report reflect these changes. Mercer and Guy Carpenter will continue to report under their current brands through a transition period.
Current report
The changes to the brand names had no impact on the Company's operating and reporting segments.
Current report
•Consolidated revenue in 2025 was $27.0 billion, an increase of 10%, or 4% on an underlying basis.
Current report
•Mercer's revenue in 2025 was $6.2 billion, an increase of 8%, or 4% on an underlying basis. Marsh Management Consulting's revenue in 2025 was $3.6 billion, an increase of 6% on both a reported and an underlying basis.
Current report
•The Company completed 20 acquisitions in 2025 for a total purchase consideration of $857 million.
Current report
•In 2025, the Company repaid $500 million of senior notes at maturity.
Current report
•The Company repurchased 10.1 million in 2025 shares for $2.0 billion.
Current report
Diluted earnings per share increased to $8.43 from $8.18, or 3% from the prior year, reflecting an increase in operating income, partially offset by higher interest expense due to debt raised to fund the McGriff acquisition.
Current report
Consolidated operating expenses in 2025 reflect increased compensation and benefits, driven by higher base salaries and incentive compensation, including the impact from acquisitions.
Current report
In the third quarter of 2025, the Company launched a three-year program, Thrive (the "Program"), which focuses on brand strategy, delivering greater value to clients, accelerating growth and improving efficiency. The Company also announced the formation of Business Client Services ("BCS"), to accelerate innovation and centralize investments in operational excellence, data, artificial intelligence and other analytics. BCS brings together operations and technology teams across the Company to improve client service through enhancing our technology and effective deployment of resources.
Current report
The Program will generate savings from process and automation efficiencies and optimization of our global operating model.
Current report
Based on current Program estimates, the Company expects to incur approximately $500 million of cost over the three years. Costs will primarily relate to severance, technology and outside services. Total annualized savings are expected to be approximately $400 million. The Company expects savings realized and charges incurred to be evenly distributed over the Program period.
Current report
In 2025, costs incurred in connection with the Program were $150 million, primarily related to severance. The Company continues to refine its detailed plans for the Program which may change the timing, expected costs, and related savings.
Current report
In 2024, the Company incurred $221 million of restructuring costs primarily related to severance and lease exit charges from a restructuring program completed in 2024.
Current report
The Company conducts business in its Risk and Insurance Services segment through Marsh Risk and Guy Carpenter. Marsh Risk is an insurance broker and risk advisor, offering risk management, insurance broking, insurance program management, risk consulting, analytical modeling and alternative risk financing services to a wide range of businesses, government entities, professional service organizations and individuals in over 130 countries. Guy Carpenter, the Company's reinsurance intermediary and advisor, provides specialized reinsurance broking, strategic advisory and actuarial services, and analytics solutions.
Current report
Expenses in 2025 reflect increased compensation and benefits, driven by higher base salaries and incentive compensation, including the impact from acquisitions. Expenses also reflect increased amortization of identified intangibles, primarily related to the acquisition of McGriff.
Current report
The Company conducts business in its Consulting segment through Mercer and Marsh Management Consulting. Mercer is a provider in delivering advice, solutions and products that help organizations meet the health, wealth and career needs of a changing workforce. Marsh Management Consulting offers management consulting and advisory services across various industries.
Current report
The increase in underlying revenue growth at Marsh Management Consulting in 2025 was driven by growth in the Americas and the Middle East.
Current report
Expenses in 2025 reflect increased compensation and benefits, driven by higher base salaries and incentive compensation, including the impact from acquisitions.
Current report
In 2024, expenses also reflected acquisition and disposition costs of $21 million, primarily related to exit costs for the disposition of the Mercer U.K. pension administration and U.S. health benefits administration businesses in 2024.
Current report
On July 4, 2025, U.S. tax legislation was signed into law (known as the "One Big Beautiful Bill Act" or "OBBBA") which made permanent many of the tax provisions enacted in 2017 as part of the Tax Cuts and Jobs Act that were set to expire at the end of 2025. In addition, the OBBBA made changes to certain U.S. corporate tax provisions, but many are generally not effective until 2026. The enactment of the OBBBA does not have a material impact on the results from operations for the current or future years.
Current report
While the U.S. has negotiated a "side-by-side" arrangement for the existing U.S. minimum taxes with the intent to exempt U.S. multinational companies from certain of the Pillar Two provisions, uncertainty remains related to the implementation of this arrangement. The Company continues to monitor legislative developments, as well as additional guidance from countries that have enacted Pillar Two legislation, and will ensure it complies with any changes.
Current report
In 2025, the Company contributed $1 million to the U.K. non-qualified plan. The Company's contributions for 2026 are also expected to be approximately $1 million.
Current report
In March 2025, the Company repaid $500 million of 3.500% senior notes at maturity.
Current report
The Company has a share repurchases program authorized by the Board of Directors.
Current report
In November 2025, the Board of Directors authorized an increase in the Company's share repurchase program, which supersedes any prior authorization, allowing management to buy back up to $6 billion of the Company’s common stock.
Current report
In the first quarter of 2025, the Company sold Marsh McLennan Agency's ("MMA") Technology Consulting and Administrative Solutions ("TCAS") business for approximately $25 million, and recorded a gain of $15 million, which is included in revenue in the consolidated statements of income.
Removed paragraphs (26)
Previous report
Marsh provides data-driven risk advisory services and insurance solutions to commercial and consumer clients. Guy Carpenter develops advanced risk, reinsurance and capital strategies that help clients grow profitably and pursue emerging opportunities. Mercer delivers advice and technology-driven solutions that help organizations redefine the world of work, reshape retirement and investment outcomes, and unlock health and well-being for a changing workforce. Oliver Wyman Group serves as a critical strategic, economic and brand advisor to private sector and governmental clients. The four businesses also collaborate together to deliver new solutions to help clients manage complex and interconnected risks.
Previous report
•Consolidated revenue in 2024 was $24.5 billion, an increase of 8%, or 7% on an underlying basis.
Previous report
•Mercer's revenue in 2024 was $5.7 billion, an increase of 3%, or 5% on an underlying basis. Oliver Wyman Group's revenue in 2024 was $3.4 billion, an increase of 9%, or 6% on an underlying basis.
Previous report
•The Company completed 17 acquisitions in 2024. On November 15, 2024, the Company completed the acquisition of McGriff Insurance Services, LLC ("McGriff") for $7.75 billion in cash consideration.
Previous report
•On January 1, 2024, the Company completed the sale of its Mercer U.K. pension administration and U.S. health and benefits administration businesses for approximately $120 million, and recorded a net gain of $35 million in the current year.
Previous report
•In 2024, the Company repaid $1.6 billion of senior notes at maturity.
Previous report
Acquisition of McGriff
Previous report
As of November 15, 2024, the Company assumed the assets and legal liabilities of McGriff. Please see the "Risk Factors" section of this Annual Report on Form 10-K for risks associated with acquisitions and dispositions.
Previous report
Diluted earnings per share increased to $8.18 from $7.53, or 9% from the prior year. The increase is primarily the result of higher operating income in 2024, compared to the prior year.
Previous report
Consolidated operating expenses in 2024 increased primarily due to compensation and benefits, driven by higher base salaries and incentive compensation.
Previous 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. These activities were completed at the end of 2024. The Company incurred approximately $660 million of these restructuring costs through December 31, 2024, primarily severance and lease exit charges, of which $221 million were incurred in 2024. Related estimated savings are expected to be over $500 million, with over $450 million realized through December 31, 2024. The remaining savings are expected to be realized in 2025.
Previous report
In the Risk and Insurance Services segment, the Company’s subsidiaries and other affiliated entities act as brokers, agents or consultants for insureds, insurance underwriters and other brokers in the areas of risk management, insurance broking, insurance program management, risk consulting, analytical modeling and alternative risk financing services, primarily under the brand of Marsh, and engage in specialized reinsurance broking expertise, strategic advisory services and analytics solutions, primarily under the brand of Guy Carpenter.
Previous report
Expenses in 2024 increased primarily due to compensation and benefits driven by higher base salaries and incentive compensation.
Previous report
In 2024, the Company incurred a total of $148 million of restructuring costs in Risk and Insurance Services, compared to $177 million in 2023, primarily related to activities initiated in the fourth quarter of 2022, focused on workforce actions, rationalization of technology and functional services, and reductions in real estate.
Previous report
The Company conducts business in its Consulting segment through Mercer and Oliver Wyman Group. Mercer delivers advice and technology-driven solutions that help organizations redefine the world of work, reshape retirement and investment outcomes, and unlock health and well-being for a changing workforce. Oliver Wyman Group serves as critical strategic, economic and brand advisor to private sector and governmental clients.
Previous report
Expenses in 2024 increased primarily due to compensation and benefits driven by higher base salaries and incentive compensation, offset by a decrease from dispositions primarily related to the sale of the Mercer U.K. pension administration and U.S. health and benefits administration businesses. Expenses in 2023 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 report
In 2024, the Company incurred $79 million of total restructuring costs in the Consulting segment, compared to $62 million in the prior year, primarily related to the Company's activities initiated in the fourth quarter of 2022, focused on workforce actions, rationalization of technology and functional services, and reductions in real estate.
Previous report
In 2023, the Company released valuation allowances related to its non-U.S. operations. Management determined that there was sufficient positive evidence to conclude that it was more likely than not that deferred tax assets were realizable, primarily due to the sustained profitability of its operations. The release of valuation allowances resulted in a decrease to tax expense of $94 million in 2023.
Previous report
In 2021, the JLT Pension Scheme was merged into the MMC U.K. Pension Fund with a new segregated JLT section created (referred to as the "JLT section").
Previous report
The Company contributed $21 million to its U.K. plans, including the JLT section, in 2024. The Company's contributions to its U.K. plans, including the JLT section, for 2025 are expected to be approximately $1 million. The Company made deficit contributions of $20 million to the JLT section in 2024 and is not required to make any deficit contributions to the JLT section in 2025.
Previous report
In October 2023, the Company terminated its one-year uncommitted revolving credit facility (the "Uncommitted Credit Facility"). There were no borrowings outstanding under the Uncommitted Credit Facility at December 31, 2023.
Previous report
In October 2023, the Company repaid $250 million of 4.05% senior notes at maturity.
Previous report
In September 2023, the Company issued $600 million of 5.400% senior notes due 2033 and $1 billion of 5.700% senior notes due 2053. In March 2023, the Company issued $600 million of 5.450% senior notes due 2053. The Company used the net proceeds from these issuances for general corporate purposes.
Previous report
Purchase of remaining non-controlling interest
Previous report
In the second quarter of 2023, the Company purchased the remaining interest in a subsidiary for $139 million.
Previous report
In connection with the disposition of Mercer's U.S. affinity business in 2022, the Company transferred to the buyer an additional $24 million of cash and cash equivalents held in a fiduciary capacity in 2023.
Reworded paragraphs (76)
Previous wording
Marsh McLennan Companies Inc., and its consolidated subsidiaries (Marsh McLennan or the "Company") a global professional services firm in the areas of risk, strategy and people. The Company helps clients build the confidence to thrive through the power of perspective of our four market-leading businesses. With annual revenue of over $24 billion, the Company has more than 90,000 colleagues advising clients in over 130 countries.
Current wording
Marsh is a global professional services firm in the areas of risk, reinsurance and capital, people and investments, and management consulting, advising clients in 130 countries. With an annual revenue of $27.0 billion and more than 95,000 colleagues, Marsh helps build the confidence to thrive through the power of perspective.
Previous wording
•Risk and Insurance Services includes risk management activities (risk advice, risk transfer and risk control and mitigation solutions) as well as insurance and reinsurance broking and services. The Company conducts business in this segment through Marsh and Guy Carpenter.
Current wording
•Risk and Insurance Services: risk management activities and insurance/reinsurance broking and services, conducted through Marsh Risk and Guy Carpenter.
Previous wording
•Consulting includes health, wealth and career advice, solutions and products, and specialized management, strategic, economic and brand consulting services. The Company conducts business in this segment through Mercer and Oliver Wyman Group.
Current wording
•Consulting: health, wealth and career advice, solutions and products, and specialized management, strategic, economic and brand consulting services conducted through Mercer and Marsh Management Consulting.
Previous wording
•Consolidated operating income increased $535 million, or 10% to $5.8 billion in 2024, compared to 2023. Net income attributable to the Company was $4.1 billion. Earnings per share on a diluted basis increased to $8.18 from $7.53, or 9%, compared with 2023.
Current wording
•Consolidated operating income increased $406 million, or 7% to $6.2 billion in 2025, compared to 2024. Net income attributable to the Company was $4.2 billion. Earnings per share on a diluted basis increased to $8.43 from $8.18, or 3%, compared to 2024.
Previous wording
•Risk and Insurance Services revenue in 2024 was $15.4 billion, an increase of 9%, or 8% on an underlying basis. Operating income was $4.4 billion and $3.9 billion in 2024 and 2023, respectively.
Current wording
•Risk and Insurance Services revenue in 2025 was $17.3 billion, an increase of 12%, or 4% on an underlying basis. Operating income was $4.6 billion, compared to $4.4 billion in the prior year.
Previous wording
•Marsh's revenue in 2024 was $12.5 billion, an increase of 10%, or 7% on an underlying basis. Guy Carpenter's revenue in 2024 was $2.4 billion, an increase of 5%, or 8% on an underlying basis.
Current wording
•Marsh Risk's revenue in 2025 was $14.4 billion, an increase of 15%, or 4% on an underlying basis. Guy Carpenter's revenue in 2025 was $2.5 billion, an increase of 6%, or 5% on an underlying basis.
Previous wording
•Consulting revenue in 2024 was $9.1 billion, an increase of 5%, or 6% on an underlying basis. Operating income was $1.8 billion and $1.7 billion in 2024 and 2023, respectively.
Current wording
•Consulting revenue in 2025 was $9.8 billion, an increase of 7%, or 5% on an underlying basis. Operating income was $1.9 billion, compared to $1.8 billion in the prior year.
Previous wording
•The Company's results of operations in 2024 included restructuring activities of $276 million, primarily related to severance and lease exit charges for activities focused on workforce actions, technology rationalization and reductions in real estate.
Current wording
•The Company's results of operations in 2025 included restructuring costs of $222 million related to severance, lease exit charges, and consulting and outside services.
Previous wording
On November 15, 2024, the Company completed the acquisition of McGriff, an affiliate of TIH Insurance Holdings (the "McGriff Transaction") for $7.75 billion in cash consideration, subject to certain customary adjustments. McGriff is an insurance broking and risk management services provider in the United States (U.S.), with approximately $1.3 billion in annual revenue.
Current wording
•The Company's results in 2025 include the results of operations of McGriff in Marsh Risk, in the Risk and Insurance Services segment. The Company completed the acquisition of McGriff, an affiliate of TIH Insurance Holdings (the "McGriff Transaction") in November 2024 for $7.75 billion in cash consideration, subject to certain customary adjustments. McGriff is an insurance broking and risk management services provider in the U.S. In 2024, McGriff's results of operations were included in the Company's results for the period November 15, 2024 through December 31, 2024.
Previous wording
The macroeconomic and geopolitical environment including multiple major wars and global conflicts, slower GDP growth or recession, lower interest rates, capital markets volatility, inflation and changes in insurance premium rates could impact our business, financial condition, results of operations and cash flows. For more information about these risks, please see “Risk Factors – Macroeconomic Risks” in this annual report on Form 10-K.
Current wording
The macroeconomic and geopolitical environment including multiple major wars and global conflicts, social unrest, tariffs or changes in trade policies, slower GDP growth or recession, fluctuations in foreign exchange rates, lower interest rates, capital markets volatility, inflation and changes in insurance premium rates could impact our business, financial condition, results of operations and cash flows. For more information about these risks, please see "Risk Factors – Macroeconomic Risks" in this annual report on Form 10-K.
Previous wording
Consolidated operating income increased $535 million, or 10% to $5.8 billion in 2024, compared to $5.3 billion in the prior year, reflecting an 8% increase in revenue and a 7% 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 $406 million, or 7% to $6.2 billion in 2025, compared to $5.8 billion in 2024, reflecting a 10% increase in revenue and an 11% increase in expenses. Revenue growth was driven by increases in the Risk and Insurance Services and Consulting segments of 12% and 7%, respectively.
Previous wording
Consolidated revenue increased $1.7 billion, or 8%, to $24.5 billion in 2024, compared to $22.7 billion in 2023. Consolidated revenue increased 7% on an underlying basis and 1% from acquisitions. On an underlying basis, revenue increased 8% and 6% in 2024, in the Risk and Insurance Services and Consulting segments, respectively.
Current wording
Consolidated revenue increased $2.5 billion, or 10%, to $27 billion in 2025, compared to $24.5 billion in 2024. Consolidated revenue increased 4% on an underlying basis and 6% from acquisitions. On an underlying basis, revenue increased 4% and 5% in 2025, in the Risk and Insurance Services and Consulting segments, respectively.
Previous wording
Consolidated operating expenses increased $1.2 billion, or 7%, to $18.6 billion in 2024, compared to $17.5 billion in 2023. Expenses reflect a 2% increase from acquisitions.
Current wording
Consolidated operating expenses increased $2.1 billion, or 11%, to $20.8 billion in 2025, compared to $18.6 billion in 2024. Expenses also reflect an increase of 7% from acquisitions and a 1% from the impact of foreign currency translation.
Previous wording
The Company incurred a total of $276 million for restructuring activities in 2024, compared to $301 million in 2023.
Current wording
The Company incurred a total of $222 million for restructuring costs in 2025, compared to $276 million in 2024.
Previous wording
Marsh and Guy Carpenter are compensated for brokerage and consulting services through commissions and fees. Commission rates and fees vary in amount and can depend on a number of factors, including the type of insurance or reinsurance coverage provided, the particular insurer or reinsurer selected, and the capacity in which the broker acts and negotiates with clients. Revenues can be affected by premium rate levels in the insurance and reinsurance markets, the amount of risk retained by insurance and reinsurance clients, and by the value of the risks that have been insured since commission-based compensation is frequently related to the premiums paid by insureds and reinsureds. In many cases, fee compensation may be negotiated in advance, based on the type of risk, coverage required, and service provided by the Company and ultimately, the extent of the risk placed into the insurance market or retained by the client. The trends and comparisons of revenue from one period to the next can be affected by changes in premium rate levels, fluctuations in client risk retention and increases or decreases in the value of risks that have been insured, as well as new and lost business, and the volume of business from new and existing clients.
Current wording
Marsh Risk and Guy Carpenter are compensated for brokerage and consulting services through commissions and fees. Commission rates and fees vary in amount and can depend on a number of factors, including the type of insurance or reinsurance coverage provided, the particular insurer or reinsurer selected, and the capacity in which the broker acts and negotiates with clients. Revenues can be affected by premium rate levels in the insurance and reinsurance markets, the amount of risk retained by insurance and reinsurance clients, and by the value of the risks that have been insured since commission-based compensation is frequently related to the premiums paid by insureds and reinsureds. In many cases, fee compensation may be negotiated in advance, based on the type of risk, coverage required, and service provided by the Company and ultimately, the extent of the risk placed into the insurance market or retained by the client. The trends and comparisons of revenue from one period to the next can be affected by changes in premium rate levels, fluctuations in client risk retention and increases or decreases in the value of risks that have been insured, as well as new and lost business, and the volume of business from new and existing clients.
Previous wording
In addition to compensation from its clients, Marsh also receives other compensation, separate from retail fees and commissions, from insurance companies. This other compensation includes, among other things, payments for consulting and analytics services provided to insurers; compensation for administrative and other services (including fees for underwriting services and services provided to or on behalf of insurers relating to the administration and management of quota shares, panels and other facilities in which insurers participate); and contingent commissions, which are paid by insurers based on factors such as volume or profitability of Marsh's placements, primarily driven by Marsh McLennan Agency ("MMA") and parts of Marsh's international operations.
Current wording
In addition to compensation from its clients, Marsh Risk also receives other compensation, separate from retail fees and commissions, from insurance companies. This other compensation includes, among other things, payments for consulting and analytics services provided to insurers; compensation for administrative and other services (including fees for underwriting services and services provided to or on behalf of insurers relating to the administration and management of quota shares, panels and other facilities in which insurers participate), and contingent commissions, which are paid by insurers based on factors such as volume or profitability of Marsh Risk's placements, primarily driven by Marsh McLennan Agency ("MMA") and parts of Marsh Risk's international operations.
Previous wording
Marsh and Guy Carpenter receive interest income on certain funds (such as premiums and claims proceeds) held in a fiduciary capacity for others. The investment of fiduciary funds is regulated by state and other insurance authorities. These regulations typically require segregation of fiduciary funds and limit the types of investments that may be made. Interest income from these investments varies depending on the amount of funds invested and applicable interest rates, both of which vary from time to time. For presentation purposes, fiduciary interest income is segregated from the other revenues of Marsh and Guy Carpenter and separately presented within the segment, as shown in the previous revenue by segments tables.
Current wording
Marsh Risk and Guy Carpenter receive interest income on certain funds (such as premiums and claims proceeds) held in a fiduciary capacity for others. The investment of fiduciary funds is regulated by state and other insurance authorities. These regulations typically require segregation of fiduciary funds and limit the types of investments that may be made. Interest income from these investments varies depending on the amount of funds invested and applicable interest rates, both of which vary from time to time. For presentation purposes, fiduciary interest income is segregated from the other revenues of Marsh Risk and Guy Carpenter and separately presented within the segment, as shown in the previous revenue by segments tables.
Previous wording
Revenue in the Risk and Insurance Services segment increased $1.3 billion, or 9%, to $15.4 billion in 2024, compared to $14.1 billion in 2023. Revenue increased 8% 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 $44 million to $497 million in 2024, compared to $453 million in 2023, due to higher average interest rates compared to the prior year.
Current wording
Revenue in the Risk and Insurance Services segment increased $1.9 billion, or 12%, to $17.3 billion in 2025, compared to $15.4 billion in 2024. Revenue increased 4% on an underlying basis and 8% from acquisitions. Interest earned on fiduciary funds decreased $94 million to $403 million in 2025, compared to $497 million in 2024, due to lower average interest rates compared to the prior year.
Previous wording
In Risk and Insurance Services, underlying revenue growth in 2024 was driven by strong retention and new business growth at Marsh and Guy Carpenter. Results also benefited from continued economic growth in most major markets and inflation.
Current wording
In Risk and Insurance Services, underlying revenue growth in 2025 was driven by higher new business and renewal revenue at Marsh Risk and Guy Carpenter, partially offset by declining insurance and reinsurance premium rates.
Previous wording
Marsh's revenue increased $1.2 billion, or 10%, to $12.5 billion in 2024, compared to $11.4 billion in 2023. This reflects an increase of 7% on an underlying basis and 3% 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 produced underlying revenue growth of 8%, reflecting growth of 10% in Latin America, 8% in EMEA and 6% in Asia Pacific.
Current wording
Marsh Risk's revenue increased $1.8 billion, or 15%, to $14.4 billion in 2025, compared to $12.5 billion in 2024. This reflects an increase of 4% on an underlying basis and 10% from acquisitions. U.S./Canada rose 3% on an underlying basis. Total International produced underlying revenue growth of 5%, reflecting growth of 6% in EMEA, 4% in Asia Pacific, and 2% in Latin America.
Previous wording
Guy Carpenter's revenue increased $104 million, or 5%, to $2.4 billion in 2024, compared to $2.3 billion in 2023. This reflects an increase of 8% on an underlying basis, partially offset by a decrease of 3% from acquisitions.
Current wording
Guy Carpenter's revenue increased $134 million, or 6%, to $2.5 billion in 2025, compared to $2.4 billion in 2024. This reflects an increase of 5% on an underlying basis and 1% from acquisitions.
Previous wording
At Guy Carpenter, underlying revenue growth in 2024 was driven by growth across all regions and global specialties. Revenue in 2023 includes a gain from a legal settlement with a competitor for $58 million, excluding legal fees of approximately $10 million.
Current wording
Guy Carpenter’s underlying revenue growth in 2025 was driven by growth across all regions and global specialties.
Previous wording
Risk and Insurance Services segment completed 10 acquisitions in 2024. Information regarding these acquisitions is included in Note 5, Acquisitions and Dispositions, in the notes to the consolidated financial statements.
Current wording
Risk and Insurance Services segment completed 14 acquisitions in 2025. Information regarding these acquisitions is included in Note 5, Acquisitions and Dispositions, in the notes to the consolidated financial statements.
Previous wording
Expenses in the Risk and Insurance Services segment increased $886 million, or 9%, to $11.0 billion in 2024, compared to $10.1 billion in 2023. Expenses reflect a 3% increase from acquisitions, partially offset by a decrease of 1% from the impact of foreign currency translation.
Current wording
Expenses in the Risk and Insurance Services segment increased $1.6 billion, or 14%, to $12.6 billion in 2025, compared to $11.0 billion in 2024. Expenses reflect an increase of 10% from acquisitions and 1% from the impact of foreign currency translation.
Previous wording
In connection with the acquisition of McGriff, the Company incurred approximately $63 million of acquisition and retention related costs in 2024. The Company expects to recognize costs of approximately $450 million to $500 million, primarily retention incentives over the next 3 years related to the McGriff acquisition. These costs include retention plans put in place by the seller and were funded through a purchase price adjustment for McGriff. The Company continues to refine its integration plans as it relates to the acquisition of McGriff, which may change the timing and estimates of expected costs and payments.
Current wording
In connection with the acquisition of McGriff, the Company incurred approximately $211 million and $60 million of integration and retention related costs in 2025 and 2024, respectively. The Company expects to recognize costs of approximately $250 million, primarily retention incentives over the next 2 years related to the McGriff acquisition. The Company continues to refine its integration plans as it relates to the acquisition of McGriff, which may change the timing and estimates of expected costs and payments.
Previous wording
The major component of revenue in the Consulting business is fees paid by clients for advice and services. Mercer, principally through its health line of business, also earns revenue in the form of commissions received from insurance companies for the placement of group (and occasionally individual) insurance contracts, primarily life, health and accident coverages. Revenue for Mercer’s investment management business and certain of Mercer’s defined benefit and contribution administration services consists principally of fees based on assets under management or administration. For a majority of the Mercer-managed investment funds, revenue is recorded on a gross basis with sub-advisor fees included in other operating expenses.
Current wording
The major component of revenue in the Consulting business is fees paid by clients for advice and services. Mercer, principally through its health line of business, also earns revenue in the form of commissions received from insurance companies for the placement of group (and occasionally individual) insurance contracts, primarily health, life and accident coverages. Revenue for Mercer’s investment management business and certain of Mercer’s defined benefit and contribution administration services consists principally of fees based on assets under management or administration. For a majority of the Mercer-managed investment funds, revenue is reported on a gross basis with sub-advisor fees included in other operating expenses.
Previous wording
Consulting revenue increased $424 million, or 5%, to $9.1 billion in 2024, compared to $8.7 billion in 2023. This reflects an increase of 6% on an underlying basis.
Current wording
Revenue in the Consulting segment increased $661 million, or 7%, to $9.8 billion in 2025, compared to $9.1 billion in 2024. Revenue increased 5% on an underlying basis, 2% from acquisitions, and 1% from the impact of foreign currency translation.
Previous wording
In Consulting, underlying revenue growth in 2024 was driven by both Mercer and Oliver Wyman Group.
Current wording
In Consulting, underlying revenue growth in 2025 was driven by growth in both Mercer and Marsh Management Consulting.
Previous wording
Mercer's revenue increased $156 million, or 3%, to $5.7 billion in 2024, compared to $5.6 billion in 2023. This reflects an increase of 5% on an underlying basis, partially offset by a decrease of 2% from dispositions and 1% from the impact of foreign currency translation. On an underlying basis, revenue increased 8% for Health, and 4% for each of Career and Wealth, as compared to the prior year.
Current wording
Mercer's revenue increased $447 million, or 8%, to $6.2 billion in 2025, compared to $5.7 billion in 2024. This reflects an increase of 4% on an underlying basis, 3% from acquisitions, and 1% from the impact of foreign currency translation. On an underlying basis, revenue for Health and Wealth increased 6% and 4%, respectively, and decreased 2% in Career, as compared to the prior year.
Previous wording
Underlying revenue growth at Mercer was driven by continued strong growth in Health and solid growth in Career and Wealth. Health reflected growth across all regions. Wealth growth was driven by both investment management and defined benefits consulting. The increase in investment management was driven by positive net flows and the impact of capital markets. Career revenue benefited from continued strong growth in talent and rewards surveys and products.
Current wording
Underlying revenue growth at Mercer was driven by continued solid growth in Health and Wealth, offset by a contraction in Career. Health reflected growth across all regions. Wealth growth was driven by investment management, primarily reflecting the impact of capital markets. Career reflected continued decline in project-related work in the U.S. and Canada, offset by growth in workforce products.
Previous wording
Oliver Wyman Group's revenue increased $268 million, or 9%, to $3.4 billion in 2024, compared to $3.1 billion in 2023. This reflects an increase of 6% on an underlying basis and 3% from acquisitions.
Current wording
Marsh Management Consulting's revenue increased $214 million, or 6%, to $3.6 billion in 2025, compared to $3.4 billion in 2024. This reflects an increase of 6% on an underlying basis and 1% from the impact of foreign currency translation, partially offset by a decrease of 1% from dispositions.
Previous wording
The increase in underlying revenue growth at Oliver Wyman Group in 2024 was primarily driven by the Middle East and Asia. Revenue in 2024 includes a gain of $20 million from the sale of the Celent advisory business.
Current wording
Revenue in 2024 includes a gain of $20 million from the sale of the Celent advisory business.
Previous wording
The Consulting segment completed 7 acquisitions in 2024. Information regarding these acquisitions is included in Note 5, Acquisitions and Dispositions, in the notes to the consolidated financial statements.
Current wording
The Consulting segment completed 6 acquisitions in 2025. Information regarding these acquisitions is included in Note 5, Acquisitions and Dispositions, in the notes to the consolidated financial statements.
Previous wording
In the Consulting segment, expenses increased $320 million, or 5%, to $7.4 billion in 2024, compared to $7.0 billion in 2023. Expenses reflect a decrease of 1% primarily from dispositions.
Current wording
In the Consulting segment, expenses increased $535 million, or 7%, to $7.9 billion in 2025, compared to $7.4 billion in 2024. Expenses reflect a 3% increase from acquisitions and 1% from the impact of foreign currency translation.
Previous wording
Corporate expenses decreased $11 million, or 3%, to $318 million in 2024, compared to $329 million in 2023, reflecting primarily lower restructuring costs in the current year.
Current wording
Corporate expenses decreased $9 million, or 3%, to $309 million in 2025, compared to $318 million in 2024, reflecting lower restructuring costs in the current year, partially offset by increased compensation and benefits.
Previous wording
Interest income was $83 million in 2024, compared to $78 million in 2023. Interest income increased $5 million in 2024, due to higher average corporate funds compared to the prior year.
Current wording
Interest income was $48 million in 2025, compared to $83 million in 2024. Interest income decreased $35 million in 2025 due to lower average interest rates and corporate balances compared to the prior year.
Previous wording
Interest expense was$700 million in 2024, compared to $578 million in 2023. Interest expense increased $122 million in 2024, reflecting higher levels of debt from new debt issuances and higher interest rates compared to the prior year. Interest expense in 2024 includes $26 million of financing costs, primarily related to customary upfront fees for the Commitment Letter.
Current wording
Interest expense was $960 million in 2025, compared to $700 million in 2024. Interest expense increased $260 million in 2025 due to debt raised to fund the McGriff acquisition. Interest expense in 2024 includes $26 million of financing costs, primarily related to customary upfront fees for the Commitment Letter.
Previous wording
The caption "Investment income" in the consolidated statements of income comprises realized and unrealized gains and losses from investments. It includes, when applicable, other than temporary declines in the value of securities, mark-to-market increases or decreases in equity investments with readily determinable fair values and equity method gains or losses on its investments in private equity funds. The Company's investments may include direct investments in insurance, consulting or other strategically linked companies and investments in private equity funds. The Company recorded net investment income of $12 million in 2024, compared to $5 million in 2023. The increase in 2024 is primarily driven by higher mark-to-market gains from the Company's investments compared to the prior year.
Current wording
The caption "Investment income" in the consolidated statements of income comprises realized and unrealized gains and losses from investments. It includes, when applicable, other than temporary declines in the value of securities, mark-to-market increases or decreases in equity investments with readily determinable fair values and equity method gains or losses on its investments in private equity funds. The Company's investments may include direct investments in insurance, consulting or other strategically linked companies and investments in private equity funds.
Previous wording
The Company's consolidated effective tax rate for 2024 and 2023 was 24.9% and 24.3%, respectively.
Current wording
The Company's consolidated effective tax rate for 2025 and 2024 was 23.6% and 24.9%, respectively.
Previous wording
The tax rates in both years reflect the impact of discrete tax matters such as excess tax benefits related to share-based compensation, enacted tax legislation, changes in uncertain tax positions, deferred tax adjustments, non-taxable adjustments related to contingent consideration for acquisitions, return to provision adjustments, and valuation allowances for certain tax credits. The 2024 effective tax rate reflects the full impact of the previously enacted change in the U.K. corporate income tax rate from 19% to 25%, which was effective April 1, 2023. The blended U.K. statutory tax rate for 2023 was 23.5%.
Current wording
The tax rates in both years reflect the impact of discrete tax matters such as excess tax benefits related to share-based compensation, enacted tax legislation, changes in uncertain tax positions, deferred tax adjustments, non-taxable adjustments related to contingent consideration for acquisitions, return to provision adjustments, and valuation allowances for certain tax attributes.
Showing the first 40 of 76 pairs. Open the source sections for the rest.
Rearranged current paragraphs (9)
Current report — wording carried from elsewhere
•The Company's consolidated effective tax rate for 2025 was 23.6%.
Current report — wording carried from elsewhere
•In 2025, the Company paid dividends on its common stock shares of $1.7 billion. In January 2026, the Board of Directors of the Company declared a quarterly dividend of $0.900 per share on outstanding common stock, payable in February 2026.
Current report — wording carried from elsewhere
The Company recorded net investment income of $34 million in 2025, compared to $12 million in 2024. The increase in 2025 is primarily driven by higher mark-to-market gains from the Company's investments compared to the prior year.
Current report — wording carried from elsewhere
In 2025, pre-tax income in the U.K., Ireland, Canada, Singapore, India, Australia, Bermuda, Saudi Arabia, Japan, and Hong Kong accounted for approximately 65% of the Company's total non-U.S. pre-tax income, with effective rates in those countries of 26.5%, 15.0%, 28.1%, 15.6%, 25.6%, 33.0%, 0.0%, 20.5%, 36.1%, and 18.8%, respectively.
Current report — wording carried from elsewhere
The Company has established liabilities for uncertain tax positions in relation to potential assessments in the jurisdictions in which it operates.
Current report — wording carried from elsewhere
Changes in tax laws, rulings, policies, or related legal and regulatory interpretations occur frequently and may have significant favorable or adverse impacts on our effective tax rate.
Current report — wording carried from elsewhere
The year-over-year change in the funded status of the Company's pension plans is impacted by the difference between actual and assumed results, particularly with regard to return on assets and changes in the discount rate, as well as the amount of Company contributions, if any.
Current report — wording carried from elsewhere
Unrecognized actuarial losses at December 31, 2025, were approximately $1.4 billion and $3.9 billion for the U.S. plans and non-U.S. plans, respectively, compared with losses of $1.4 billion and $3.5 billion at December 31, 2024. The increase in the non-U.S. plans is primarily due to lower than expected returns on plan assets and the impact of foreign exchange, partially offset by increases in the discount rates used to measure plan liabilities.
Current report — wording carried from elsewhere
Cash from the sale of long-term investments in 2025 is primarily due to the disposal of an investment in a unit trust fund, which was acquired in 2024.
Rearranged previous paragraphs (6)
Previous report — wording carried elsewhere
•In November 2024, the Company issued $7.25 billion of senior notes to fund the acquisition of McGriff and for general corporate purposes. In February 2024, the Company issued $500 million of 5.150% senior notes due 2034 and $500 million of 5.450% senior notes due 2054.
Previous report — wording carried elsewhere
In connection with the McGriff Transaction, on September 29, 2024, the Company entered into a Bridge Loan Commitment Letter (the “Commitment Letter”) to provide the Company 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, amortized as interest expense.
Previous report — wording carried elsewhere
On November 8, 2024, the Company issued $7.25 billion of senior notes and terminated the Commitment Letter.
Previous report — wording carried elsewhere
McGriff's results of operations for the period November 15, 2024 through December 31, 2024 were included in the Company’s results of operations for 2024, in Marsh, in the Risk and Insurance Services segment.
Previous report — wording carried elsewhere
collectively referred to as the "November 2024 Notes".
Previous report — wording carried elsewhere
In June 2024, the Company repaid $600 million of 3.50% senior notes at maturity.