Marsh McLennan Reports Third Quarter 2025 Results

John Doyle, President and CEO, said: "Our third quarter results were solid and tracked with expectations. Overall, we generated 11% revenue growth, or 4% on an underlying basis, as well as 13% growth in adjusted operating income and 11% growth in adjusted EPS."

"Earlier this week, we announced that the company and its businesses will brand as Marsh. We also announced the creation of Business and Client Services (BCS) to accelerate client impact and efficiency. I am excited for this next chapter as we deliver even greater capabilities, data and insights, and technology to clients in this complex environment."

Consolidated Results

Consolidated revenue in the third quarter of 2025 was $6.4 billion, an increase of 11% compared with the third quarter of 2024, or 4% on an underlying basis. Operating income rose 6% to $1.2 billion. Adjusted operating income, which excludes noteworthy items and identified intangible amortization expense as presented in the attached supplemental schedules, rose 13% to $1.4 billion. Net income attributable to the Company was $747 million. Earnings per share were $1.51. Adjusted earnings per share increased 11% to $1.85.

For the nine months ended September 30, 2025, consolidated revenue was $20.4 billion, an increase of 11% on a GAAP basis or 4% on an underlying basis, compared to the prior year period. Operating income was $5.0 billion, an increase of 7% from the prior year period. Adjusted operating income rose 11% to $5.7 billion. Net income attributable to the Company was $3.3 billion, or $6.75 per diluted share, compared with $6.59 in the first nine months of 2024. Adjusted earnings per share increased 9% to $7.63.

Risk & Insurance Services

Risk & Insurance Services revenue was $3.9 billion in the third quarter of 2025, an increase of 13%, or 3% on an underlying basis. Operating income increased 3% to $750 million, while adjusted operating income increased 13% to $965 million. For the nine months ended September 30, 2025, revenue was $13.3 billion, an increase of 13%, or 4% on an underlying basis. Operating income rose 6% to $3.8 billion, and adjusted operating income increased 12% to $4.4 billion.

Marsh's revenue in the third quarter of 2025 was $3.4 billion, an increase of 16%, or 4% on an underlying basis. In U.S./Canada, underlying revenue rose 3%. International operations produced underlying revenue growth of 5%, including 5% in EMEA, 6% in Asia Pacific, and 3% in Latin America. For the nine months ended September 30, 2025, Marsh’s underlying revenue growth was 5%.

Guy Carpenter's revenue in the third quarter was $398 million, an increase of 5% on both a GAAP and underlying basis. For the nine months ended September 30, 2025, Guy Carpenter’s underlying revenue growth was 5%.

Consulting

Consulting revenue was $2.5 billion in the third quarter of 2025, an increase of 9%, or 5% on an underlying basis. Operating income increased 8% to $501 million, while adjusted operating income increased 11% to $545 million. For the first nine months ended September 30, 2025, revenue was $7.2 billion, an increase of 7%, or 4% on an underlying basis. Operating income rose 8% to $1.4 billion, and adjusted operating income increased 9% to $1.5 billion.

Mercer's revenue in the third quarter was $1.6 billion, an increase of 9%, or 3% on an underlying basis. Health revenue increased 6% on an underlying basis, Wealth revenue increased 3% on an underlying basis, and Career revenue was flat on an underlying basis. For the nine months ended September 30, 2025, Mercer’s revenue was $4.6 billion, an increase of 3% on an underlying basis.

Oliver Wyman’s revenue in the third quarter of 2025 was $886 million, an increase of 9%, or 8% on an underlying basis. For the nine months ended September 30, 2025, Oliver Wyman’s revenue was $2.6 billion, an increase of 6%, or 5% on an underlying basis.

Other Items

The Company repurchased approximately 1.9 million shares of stock for $400 million in the third quarter of 2025.

Through nine months ended September 30, 2025, the Company has repurchased 4.6 million shares of stock for $1.0 billion.

On October 14, the company announced that it will change its brand to Marsh effective January 2026, and it has created a new business unit, Business and Client Services (BCS) to accelerate innovation, drive efficiency and centralize investments in operational excellence, data, AI and other analytics. The Company's four businesses will adopt the Marsh brand beginning in 2027, following a transition period.

In January 2026, the Company's stock ticker symbol on the NYSE will change from MMC to MRSH.

Conference Call

A conference call to discuss third quarter 2025 results will be held today at 8:00 a.m. Eastern time. The live audio webcast may be accessed at marshmclennan.com. A replay of the webcast will be available approximately two hours after the event. The webcast is listen-only. Those interested in participating in the question-and-answer session may register here to receive the dial-in numbers and unique PIN to access the call.

About Marsh McLennan

Marsh McLennan (NYSE: MMC) is a global leader in risk, strategy and people, advising clients in 130 countries across four businesses: Marsh, Guy Carpenter, Mercer and Oliver Wyman. With annual revenue of over $24 billion and more than 90,000 colleagues, Marsh McLennan helps build the confidence to thrive through the power of perspective. For more information, visit marshmclennan.com, or follow us on LinkedIn and X.

INFORMATION CONCERNING FORWARD-LOOKING STATEMENTS

This press release contains "forward-looking statements," as defined in the Private Securities Litigation Reform Act of 1995. These statements, which express management's current views concerning future events or results, use words like "anticipate," "assume," "believe," "continue," "estimate," "expect," "intend," "plan," "project" and similar terms, and future or conditional tense verbs like "could," "may," "might," "should," "will" and "would".

Forward-looking statements are subject to inherent risks and uncertainties that could cause actual results to differ materially from those expressed or implied in our forward-looking statements. Factors that could materially affect our future results include, among other things:

• the impact of geopolitical or macroeconomic conditions on us, our clients and the countries and industries in which we operate, including from multiple major wars and global conflicts, tariffs or changes in trade policies, slower GDP growth or recession, fluctuations in foreign exchange rates, lower interest rates, capital markets volatility, inflation and changes in insurance premium rates;
• the impact from lawsuits or investigations arising from errors and omissions, breaches of fiduciary duty or other claims against us in our capacity as a broker or investment advisor, including claims related to our investment business’ ability to execute timely trades;
• the increasing prevalence of ransomware, supply chain and other forms of cyber attacks, and their potential to disrupt our operations, or the operations of our third party vendors, and result in the disclosure of confidential client or company information;
• the financial and operational impact of complying with laws and regulations, including domestic and international sanctions regimes, anti-corruption laws such as the U.S. Foreign Corrupt Practices Act, U.K. Anti Bribery Act and cybersecurity, data privacy and artificial intelligence regulations;
• our ability to attract, retain and develop industry leading talent;
• our ability to compete effectively and adapt to competitive pressures in each of our businesses, including from disintermediation as well as technological change, digital disruption and other types of innovation such as artificial intelligence;
• our ability to manage potential conflicts of interest, including where our services to a client conflict, or are perceived to conflict, with the interests of another client or our own interests;
• our ability to fully realize the opportunities and efficiencies from the Thrive program, which focuses on our brand strategy, delivering greater value to clients, accelerating growth and improving efficiency;
• our ability to successfully integrate or achieve the intended benefits of the acquisition of McGriff;
• the regulatory, contractual and reputational risks that arise based on insurance placement activities and insurer revenue streams; and
• the impact of changes in tax laws, guidance and interpretations, such as the implementation of the Organization for Economic Cooperation and Development international tax framework, or the increasing number of challenges from tax authorities in the current global tax environment.

The factors identified above are not exhaustive. Marsh McLennan and its subsidiaries (collectively, the "Company") operate in a dynamic business environment in which new risks emerge frequently. Accordingly, we caution readers not to place undue reliance on any forward-looking statements, which are based only on information currently available to us and speak only as of the dates on which they are made. The Company undertakes no obligation to update or revise any forward-looking statement to reflect events or circumstances arising after the date on which it is made.

Further information concerning the Company, including information about factors that could materially affect our results of operations and financial condition, is contained in the Company's filings with the Securities and Exchange Commission, including the "Risk Factors" section and the "Management’s Discussion and Analysis of Financial Condition and Results of Operations" section of our most recently filed Annual Report on Form 10-K.

Marsh & McLennan Companies, Inc.
Supplemental Information - Revenue Analysis
Three Months Ended September 30
(Millions) (Unaudited)

The Company advises clients in 130 countries. As a result, foreign exchange rate movements may impact period over period comparisons of revenue. Similarly, certain other items such as acquisitions and dispositions, including transfers among businesses, may impact period over period comparisons of revenue. Non-GAAP underlying revenue measures the change in revenue from one period to the next by isolating these impacts.

Revenue Details

The following table provides more detailed revenue information for certain of the components presented above:

Marsh & McLennan Companies, Inc.
Supplemental Information - Revenue Analysis
Nine Months Ended September 30
(Millions) (Unaudited)

The Company advises clients in 130 countries. As a result, foreign exchange rate movements may impact period over period comparisons of revenue. Similarly, certain other items such as acquisitions and dispositions, including transfers among businesses, may impact period over period comparisons of revenue. Non-GAAP underlying revenue measures the change in revenue from one period to the next by isolating these impacts.