Marsh parent’s broking profit jumps

The broking division of Marsh parent group Marsh & McLennan Companies (MMC) reported a 9% boost in profit in the first nine months of 2017.

It also reported 6% revenue growth, of which three points was organic.

MMC’s Risk and Insurance Services division, which comprises insurance broker Marsh and reinsurance broker Guy Carpenter, made an operating profit of $1.46bn (£1.1bn) in the first nine months of 2017, up from $1.34bn in the same period last year.

The division’s revenues were up 6% to $5.67bn (nine months 2016: $5.35bn), and organic growth was 3%.

Within the division, Marsh’s revenues were also up 6% to $4.69bn (nine months 2016: $4.41bn) and organic growth was 3%.

Guy Carpenter’s revenues increased 3% to $948m (nine months 2016: $919m) and organic growth was 4%.

The broking profit was matched by results elsewhere in MMC. As a group, MMC’s profit before tax rose 6% to $2bn from $1.89bn.

MMC president and chief executive Dan Glaser said: “Through the first nine months we have generated underlying revenue growth in all four operating companies and solid earnings growth.

“With strong performance through the first three quarters of the year, we believe the company is well positioned to deliver underlying revenue growth, margin expansion in both segments, and strong earnings per share growth for the full year.”