MMC report Q1 results
Marsh & McLennan Companies, Inc. (MMC) has reported its financial results for Q1 2009.
Attributable net income was $176m for the quarter, which is the equivalent of $0.33 per share.
This compares favourably with the $210m net loss incurred for the same quarter in 2008, although that quarter was subject to a non-cash goodwill $425m impairment charge in the Risk Consulting and Technology segment.
Brian Duperreault, MMC’s chief executive officer and president, has expressed his pleasure at the quarterly financial performance of the firm, particularly given the persistently difficult economic environment.
Risk and Insurance Services saw revenue rise by 1%, a fact described as outstanding by Duperreault, and Marsh achieved greater profitability through continued discipline towards expense.
Guy Carpenter also benefited from a disciplined approach to expenses, coupled with strong new business growth.
Although Consulting fared less well, this was more than compensated for by good performances in Risk and Insurance Services.
Category: Financials, Insurance News
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