MMC announces Q2 results
Marsh & McLennan Companies, Inc. (MMC) has reported its financial results for the second quarter of the year.
Underlying revenue rose slightly, up 2%.
However, the firm incurred a net loss of $193m, equivalent to $0.37 per share, largely due to an impairment charge of $315m.
This compares poorly with the firm’s $65m ($0.12 per share) net income in Q2 2008.
In the first quarter of the year MMC made a net profit of $176m, or $0.33 per share.
For the first six months of the year the firm made a net loss of $17m, equating to $0.03 per share, a substantial improvement on the first half of last year where losses of $145m were incurred.
President and CEO Brian Duperreault has stated that the firm performed well during the quarter despite the continuing challenges of the operating environment.
Category: Financials, Insurance News
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