MMC announces quarterly and annual results
Marsh & McLennan Companies, Inc. (MMC) has announced its financial results for the quarter and year ended 31 December 2009.
In Q4 consolidated revenue rose 3% compared to the same quarter in 2008, reaching $2.7bn, but fell 2% on an underlying basis.
For the year consolidated revenue declined 9% from $11.5bn in 2008 to $10.5bn, a fall of 5% on an underlying basis.
For the fourth quarter net income was less than half that of the corresponding period the previous year, slumping from $80m to $38m, a decline attributed to the securities settlements and ERISA class action lawsuits.
Net income was also sharply down on the preceding quarter, Q3 2009, which saw MMC achieve profits of $221m.
Annual net income was recorded at $242m, a return to the black after 2008 saw MMC incur an annual loss of $73m.
President and Chief Executive Officer Brian Duperreault stated he was very pleased with the firm’s performance over 2009, adding that MMC was stronger now than it was one year ago.
Category: Financials, Insurance News
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