By Scott Vincent

April 17 - (The Insurer) - Marsh McLennan reported adjusted earnings per share of $3.06 for the first quarter, up 5% year-on-year and just ahead of consensus expectations of $3.02.

The broker reported underlying revenue growth of 4% for the quarter, having guided towards mid-single-digit underlying growth in 2025 during its fourth-quarter 2024 earnings call.

This represented a drop from underlying revenue growth of 7% in Q4 2024 and 9% in the prior-year period.

At group level, consolidated revenue rose 9% to $7.1 billion, with operating income up 4% to $2.0 billion. MMC reported growth across all four of its businesses, including the impact of acquisitions such as McGriff.

The Risk & Insurance Services segment saw revenue rise 11% to $4.8 billion, which also reflected underlying growth of 4%.

Both Marsh and Guy Carpenter delivered underlying growth of 5% for the quarter.

Marsh achieved total revenue of $3.5 billion, up 15% year-on-year, with Guy Carpenter’s revenue up 5% on a GAAP basis.

Marsh saw its strongest underlying growth in Latin America, with an 8% increase. Underlying revenues rose 4% in Marsh’s U.S. and Canada business, with international operations seeing underlying growth of 6%.

Consulting generated revenue of $2.3 billion for the quarter, an increase of 5%, with the segment reporting underlying growth of 4%.

At group level, Marsh McLennan’s adjusted operating margin was 31.8% for the quarter, compared with 32% in the first quarter of 2024.

Marsh McLennan CEO John Doyle described the start of the year as “solid”, with momentum across its business, and highlighted the contribution from acquisitions.

"Marsh McLennan is a resilient business built to deliver across market cycles. Clients value our advice and solutions, particularly in uncertain times,” he said.

Risk & Insurance Services produced an adjusted operating margin of 38.2%, compared with 39.1% during the prior year period.

During its fourth-quarter earnings call Marsh McLennan had said it expected mid-single digit underlying revenue growth in 2025 on the back of an anticipated headwind from fiduciary income, along with continued margin expansion and solid adjusted EPS growth.