Marsh McLennan (NYSE: MMC) has reported its financial results for the third quarter ended September 30, 2024, showing positive growth across various metrics.
In the third quarter of 2024, the company reported consolidated revenue of $5.7 billion, marking a 6% increase compared to the same period in 2023. On an underlying basis, revenue increased by 5%. Operating income rose by 11% to $1.1 billion, while adjusted operating income, which excludes noteworthy items, increased by 12% to $1.2 billion. Net income attributable to the company was $747 million, with earnings per share increasing by 3% to $1.51. Adjusted earnings per share also increased by 4% to $1.63.
For the nine months ended September 30, 2024, consolidated revenue was $18.4 billion, reflecting a 7% increase from the prior year period. Operating income for the nine-month period was $4.7 billion, an increase of 12% from the prior year period. Adjusted operating income also rose by 12% to $4.9 billion. Net income attributable to the company was $3.3 billion, or $6.59 per diluted share, compared with $6.01 in the first nine months of 2023. Adjusted earnings per share increased by 10% to $6.93.
Within the Risk & Insurance Services segment, revenue was $3.5 billion in the third quarter of 2024, an 8% increase, or 6% on an underlying basis. Operating income for this segment increased by 15% to $733 million, while adjusted operating income increased by 16% to $775 million. For the nine months ended September 30, 2024, revenue within this segment was $11.7 billion, reflecting a 9% increase, or 8% on an underlying basis.
Marsh, a key component of the Risk & Insurance Services segment, reported revenue of $2.9 billion in the third quarter of 2024, marking a 9% increase, or 7% on an underlying basis. For the nine months ended September 30, 2024, Marsh's underlying revenue growth was 7%.
In the Consulting segment, revenue was $2.3 billion in the third quarter of 2024, representing a 3% increase, or 4% on an underlying basis. Operating income for this segment increased by 9% to $462 million, while adjusted operating income increased by 7% to $478 million. For the first nine months ended September 30, 2024, revenue within this segment was $6.7 billion, an increase of 4%, or 5% on an underlying basis.
Mercer, a part of the Consulting segment, reported revenue of $1.5 billion in the third quarter, reflecting a 2% increase, or 5% on an underlying basis. For the nine months ended September 30, 2024, Mercer's revenue was $4.3 billion, an increase of 6% on an underlying basis.
The company also repurchased 1.4 million shares of stock for $300 million in the third quarter of 2024 and has repurchased 4.3 million shares of stock for $900 million through the first nine months of 2024.
Notably, on September 29, 2024, the company entered into an agreement to acquire McGriff Insurance Services, LLC, a leading provider of insurance broking and risk management services in the United States, with $1.3 billion of revenue for the trailing twelve months ended June 30, 2024. The transaction is targeted to close by year-end, subject to regulatory clearance and other standard closing conditions.
Today the company's shares have moved 0.4% to a price of $228.91. For more information, read the company's full 8-K submission here.
