Marsh & McLennan Companies, Inc. has recently released its 10-Q report, providing a detailed insight into its financial performance for the quarter ended March 31, 2024. The company operates through two segments, Risk and Insurance Services, and Consulting, offering a wide range of risk management, insurance broking, strategic advisory, and consulting services to clients globally.
In the "Management's Discussion and Analysis of Financial Condition and Results of Operations" section, Marsh & McLennan Companies, Inc. reported consolidated revenue of $6.5 billion for the quarter, marking a 9% increase from the corresponding quarter in the prior year. The consolidated operating income also saw a significant rise, increasing by 12% to $1.9 billion compared to the prior year. The company's net income attributable to the company was $1.4 billion, with diluted earnings per share increasing to $2.82 from $2.47, representing a 14% increase.
The Risk and Insurance Services segment reported revenue of $4.3 billion, a 9% increase from the prior year, while the Consulting segment reported revenue of $2.2 billion, also marking a 9% increase. The company completed 6 acquisitions in the first quarter of 2024, the largest being the acquisition of Vanguard's Institutional Advisory Services business unit and Louisiana-based insurance brokers, Querbes & Nelson and Louisiana Companies.
Furthermore, the company completed the sale of its Mercer U.K. pension administration and U.S. health and benefits administration businesses for approximately $114 million, recording a net gain of $21 million. Additionally, 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.
The company also repaid $1 billion of 3.875% senior notes at maturity and repurchased 1.5 million shares of stock for $300 million. Moreover, the Board of Directors declared a dividend of $0.71 per share on outstanding common stock, payable in May 2024.
Marsh & McLennan Companies, Inc. also highlighted various macroeconomic and geopolitical factors that could impact its business, financial condition, results of operations, and cash flows. The company's 10-Q report provides detailed information on its consolidated results of operations, revenue, and expenses, along with a thorough discussion of non-GAAP measures and the reconciliation of GAAP revenue to non-GAAP revenue for the quarter ended March 31, 2024. Following these announcements, the company's shares moved -0.8%, and are now trading at a price of $200.12. Check out the company's full 10-Q submission here.
