Marsh has said its profits were flat in the second quarter on weakness in European sales and human resources consulting.
The brokerage said it earned $172m, up slightly from the $168m, it reported a year earlier.
Marsh & McLennan has been struggling with profitability since it was forced to change its operating procedures after New York Attorney General Eliot Spitzer in 2004 accused it of bid rigging, price fixing and the use of hidden incentive fees to steer property and casualty insurance contracts.
In January 2005, the company agreed to pay $850m in restitution over several years to settle the allegations.
It also pledged to reform its commission practice, which has lowered quarterly revenue.
Michael G. Cherkasky, president and chief executive officer, said Marsh achieved: "significant improvement in both operating margin and new business development, particularly in North America," but added that revenues in Europe "did not meet expectations."
Revenue in the company's risk and insurance services division, its largest operating unit, declined 5% to $1.3bn in the April-June period from $1.42bn a year earlier.
"In Europe, new business development was essentially flat, compared with last year's strong second quarter," the company said. "European underlying revenues declined, primarily in continental Europe."
For the first six months of the year, Marsh's net income was $588m, up from $300m in 2005.
