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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Marsh & Mclennan Cos. Inc | LSE:MHM | London | Ordinary Share | COM US$1 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 81.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Ins Agents,brokers & Service | 22.74B | 3.76B | 7.6395 | 26.30 | 98.8B |
From Apr 2019 to Apr 2024
TIDMMHM
Marsh & McLennan Companies, Inc. (NYSE:MMC), a global professional services firm offering clients advice and solutions in risk, strategy and people, today reported financial results for the second quarter ended June 30, 2017.
Dan Glaser, President & CEO, said: "In the second quarter, on a consolidated basis, we generated solid underlying revenue growth of 3% with continued earnings growth and margin expansion. Underlying revenue increased across all four operating companies, with 2% growth in Risk & Insurance Services and 4% in Consulting. Earnings per share increased 7% to $0.96, while adjusted EPS rose 10% to $1.00."
"With a strong first half of 2017, we believe the Company is well positioned to deliver underlying revenue growth, margin expansion in both segments, and strong earnings per share growth this year," concluded Mr. Glaser.
Consolidated Results
Consolidated revenue in the second quarter of 2017 was $3.5 billion, an increase of 4% compared with the second quarter of 2016. On an underlying basis, revenue increased 3%. Operating income was $764 million, an increase of 5% from the prior year. Adjusted operating income, which excludes noteworthy items as presented in the attached supplemental schedules, increased 7% to $788 million. Net income attributable to the Company was $501 million. On a per share basis, net income per share attributable to the Company rose 7% to $0.96 from $0.90 last year. Adjusted earnings per share of $1.00 was up 10%.
For the six months ended June 30, 2017, consolidated revenue was $7.0 billion, an increase of 4%, or 3% on an underlying basis. Net income attributable to the Company increased 12% to $1.1 billion.
Earnings per share rose 13% to $2.05. Adjusted earnings per share increased 14% to $2.08 compared with $1.83 for the comparable period in 2016.
Risk & Insurance Services
Risk & Insurance Services revenue was $1.9 billion in the second quarter of 2017, an increase of 4%, or 2% on an underlying basis. Operating income was $528 million, an increase of 7%, and adjusted operating income rose 9% to $535 million. For the six months ended June 30, 2017, revenue was $3.9 billion, an increase of 5%, or 3% on an underlying basis. Operating income rose 11% to $1.1 billion and adjusted operating income rose 10% to $1.1 billion.
Marsh's revenue in the second quarter was $1.6 billion, an increase of 2% on an underlying basis. International operations produced underlying revenue growth of 1%, reflecting flat underlying revenue in EMEA, 3% growth in Asia Pacific, and 4% in Latin America. In US/Canada, underlying revenue rose 2%. For the six months ended June 30, 2017, Marsh's underlying revenue growth was 3%.
Guy Carpenter's revenue in the second quarter was $293 million, an increase of 4% on an underlying basis for both the second quarter and first six months.
Consulting
Consulting revenue in the second quarter was $1.6 billion, an increase of 3%, or 4% on an underlying basis. Operating income decreased 1% to $283 million and adjusted operating income increased 3% to $298 million. For the first six months of 2017, revenue was $3.1 billion, an increase of 3%, or 4% on an underlying basis. Operating income of $524 million declined 1% and adjusted operating income increased 3% to $543 million compared with $526 million in 2016.
Mercer's revenue was $1.1 billion in the second quarter, an increase of 3% on an underlying basis. Within Wealth, Investment Management & Related Services increased 11%, while Defined Benefit Consulting & Administration decreased 3%. Total Wealth revenue of $532 million increased 1% on an underlying basis. Health revenue of $423 million was up 3% on an underlying basis and Career revenue of $154 million increased 5% on an underlying basis. For the six months ended June 30, 2017, Mercer's revenue was $2.2 billion, an increase of 3% on an underlying basis.
Oliver Wyman Group's revenue was $483 million in the second quarter, an increase of 7% on an underlying basis. For the first six months Oliver Wyman Group's revenue increased to $932 million, up 6% on an underlying basis.
Other Items
The effective tax rate in the second quarter of 2017 was 28.6% compared with 29.5% in the second quarter of 2016. For the six months of 2017, the effective tax rate was 25.9% compared with 29.0% for the same period last year. The tax rate in 2017 includes the impact of the required change in accounting for equity awards.
The Company repurchased 2.7 million shares of its common stock for $200 million in the second quarter. Through six months, the Company has repurchased 5.4 million shares for $400 million. In May, the Board of Directors increased the quarterly dividend 10%, to $0.375 per share, effective with the third quarter dividend payable on August 15, 2017.
Conference Call
A conference call to discuss second quarter 2017 results will be held today at 8:30 a.m. Eastern time. To participate in the teleconference, please dial +1 888 394 8218. Callers from outside the United States should dial +1 719 457 2086. The access code for both numbers is 3085890. The live audio webcast may be accessed at http://www.mmc.com. A replay of the webcast will be available approximately two hours after the event.
About Marsh & McLennan Companies
Marsh & McLennan (NYSE: MMC) is the world's leading professional services firm in the areas of risk, strategy and people. The company's more than 60,000 colleagues advise clients in over 130 countries. With annual revenue over $13 billion, Marsh & McLennan helps clients navigate an increasingly dynamic and complex environment through four market-leading firms. Marsh advises individual and commercial clients of all sizes on insurance broking and innovative risk management solutions. Guy Carpenter develops advanced risk, reinsurance and capital strategies that help clients grow profitably and pursue emerging opportunities. Mercer delivers advice and technology-driven solutions that help organizations meet the health, wealth and career needs of a changing workforce. Oliver Wyman serves as a critical strategic, economic and brand advisor to private sector and governmental clients. For more information, visit mmc.com, follow us on LinkedIn and Twitter @mmc_global or subscribe to BRINK.
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 any investigations, reviews or other activity by regulatory or law enforcement authorities in the U.S., U.K. and other countries, including the U.K. Financial Conduct Authority's ongoing investigation into the aviation insurance and reinsurance sector; the impact from lawsuits, other contingent liabilities and loss contingencies arising from errors and omissions, breach of fiduciary duty and other claims against us; our ability to compete effectively and adapt to changes in the competitive environment, including to respond to disintermediation, pricing pressures and technological and other types of innovation; our exposure to potential civil damages, criminal penalties or other consequences, such as reputational impact, if we fail to comply with applicable U.S. and non-U.S. laws and regulations; our organization's ability to maintain adequate safeguards to protect the security of our information systems and confidential, personal or proprietary information, particularly given the volume of third party vendors we use; our ability to successfully recover if we experience a business continuity problem due to cyberattack, natural disaster or otherwise; the impact of macroeconomic conditions, political events and market conditions on us, our clients and the industries in which we operate; the financial and operational impact of complying with laws and regulations where we operate, including the E.U.'s General Data Protection Regulation; our ability to attract and retain key employees; the effect of our global pension obligations on our financial position, earnings and cash flows and the impact of low interest rates on those obligations; the impact on our competitive position of our tax rate relative to our competitors; the impact of fluctuations in foreign exchange, interest rates and securities markets on our results; and the impact of changes in accounting rules or in our accounting estimates or assumptions.
The factors identified above are not exhaustive. Marsh & McLennan Companies and its subsidiaries 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 Marsh & McLennan Companies and its businesses, 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.
Hot Features
Premium
Marsh & McLennan
Companies, Inc.
Consolidated
Statements
of Income
(In millions,
except
per share figures)
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
2017 2016 2017 2016
Revenue $ 3,495 $ 3,376 $ 6,998 $ 6,712
Expense:
Compensation 1,935 1,872 3,880 3,726
and Benefits
Other Operating 796 778 1,545 1,527
Expenses
Operating Expenses 2,731 2,650 5,425 5,253
Operating Income 764 726 1,573 1,459
Interest Income 2 2 4 4
Interest Expense (60 ) (48 ) (118 ) (94 )
Investment Income 5 1 5 (2 )
(Loss)
Income Before 711 681 1,464 1,367
Income Taxes
Income Tax Expense 204 201 379 397
Net Income before 507 480 1,085 970
Non-Controlling
Interests
Less: Net Income 6 8 15 17
Attributable
to Non-Controlling
Interests
Net $ 501 $ 472 $ 1,070 $ 953
Income Attributable
to the Company
Net Income
Per Share
Attributable
to the Company:
- Basic $ 0.98 $ 0.91 $ 2.08 $ 1.83
- Diluted $ 0.96 $ 0.90 $ 2.05 $ 1.81
Average Number
of Shares
Outstanding
- Basic 514 521 514 521
- Diluted 520 525 521 526
Shares Outstanding 513 519 513 519
at 6/30
Marsh & McLennan
Companies, Inc.
Supplemental Information
- Revenue Analysis
Three Months Ended
June 30, 2017
(Millions) (Unaudited)
Components of Revenue Change*
Three Months Ended % ChangeGAAPRevenue CurrencyImpact Acquisitions/DispositionsImpact UnderlyingRevenue
June 30,
2017 2016
Risk and Insurance Services
Marsh $ 1,614 $ 1,559 4% (1)% 4% 2%
Guy Carpenter 293 285 3% (1)% - 4%
Subtotal 1,907 1,844 3% (1)% 3% 2%
Fiduciary Interest Income 9 6
Total Risk and Insurance 1,916 1,850 4% (1)% 3% 2%
Services
Consulting
Mercer 1,109 1,079 3% (2)% 2% 3%
Oliver Wyman Group 483 460 5% (2)% - 7%
Total Consulting 1,592 1,539 3% (2)% 2% 4%
Corporate / Eliminations (13 ) (13 )
Total Revenue $ 3,495 $ 3,376 4% (2)% 2% 3%
Revenue Details
The following table provides more detailed revenue information for certain of the components presented above:
Components of Revenue Change*
Three Months Ended % ChangeGAAPRevenue CurrencyImpact Acquisitions/DispositionsImpact UnderlyingRevenue
June 30,
2017 2016
Marsh:
EMEA $ 497 $ 479 4% (4)% 7% -
Asia Pacific 168 183 (8)% - (11)% 3%
Latin America 99 93 6% (2)% 3% 4%
Total International 764 755 1% (3)% 2% 1%
U.S. / Canada 850 804 6% - 5% 2%
Total Marsh $ 1,614 $ 1,559 4% (1)% 4% 2%
Mercer:
Defined Benefit Consulting $ 340 $ 371 (8)% (4)% (1)% (3)%
& Administration
Investment Management 192 153 26% (1)% 15% 11%
& Related Services
Total Wealth 532 524 2% (3)% 3% 1%
Health 423 410 3% (1)% 1% 3%
Career 154 145 6% (2)% 2% 5%
Total Mercer $ 1,109 $ 1,079 3% (2)% 2% 3%
Notes
Underlying revenue measures the change in revenue using consistent
currency exchange rates, excluding the impact of certain items that
affect comparability such as: acquisitions, dispositions, transfers
among businesses and the deconsolidation of Marsh India.
Effective January 1, 2017, Mercer established a Wealth business
reflecting a unified client strategy for its
former Retirement and Investment business. The 2016
information in the chart above has been conformed
to the current presentation. Please refer to the "Supplemental
Information - Mercer" schedules included
in the first quarter 2017 press release for additional
information about the Wealth business.
* Components of revenue change may not add due to rounding.
Marsh & McLennan
Companies, Inc.
Supplemental Information
- Revenue Analysis
Six Months Ended
June 30, 2017
(Millions) (Unaudited)
Components of Revenue Change*
Six Months Ended % ChangeGAAPRevenue CurrencyImpact Acquisitions/DispositionsImpact UnderlyingRevenue
June 30,
2017 2016
Risk and Insurance Services
Marsh $ 3,210 $ 3,047 5% (1)% 4% 3%
Guy Carpenter 678 659 3% (1)% - 4%
Subtotal 3,888 3,706 5% (1)% 3% 3%
Fiduciary Interest Income 17 12
Total Risk and Insurance 3,905 3,718 5% (1)% 3% 3%
Services
Consulting
Mercer 2,186 2,118 3% (2)% 2% 3%
Oliver Wyman Group 932 899 4% (2)% - 6%
Total Consulting 3,118 3,017 3% (2)% 2% 4%
Corporate / Eliminations (25 ) (23 )
Total Revenue $ 6,998 $ 6,712 4% (2)% 2% 3%
Revenue Details
The following table provides more detailed revenue information for certain of the components presented above:
Components of Revenue Change*
Six Months Ended % ChangeGAAPRevenue CurrencyImpact Acquisitions/DispositionsImpact UnderlyingRevenue
June 30,
2017 2016
Marsh:
EMEA $ 1,086 $ 1,049 4% (4)% 6% 2%
Asia Pacific 320 329 (3)% - (10)% 7%
Latin America 179 164 9% - 4% 5%
Total International 1,585 1,542 3% (3)% 2% 3%
U.S. / Canada 1,625 1,505 8% - 5% 3%
Total Marsh $ 3,210 $ 3,047 5% (1)% 4% 3%
Mercer:
Defined Benefit Consulting $ 674 $ 732 (8)% (4)% (3)% (2)%
& Administration
Investment Management 378 300 26% - 15% 10%
& Related Services
Total Wealth 1,052 1,032 2% (3)% 3% 2%
Health 838 810 3% (1)% 2% 3%
Career 296 276 7% (1)% 3% 6%
Total Mercer $ 2,186 $ 2,118 3% (2)% 2% 3%
Notes
Underlying revenue measures the change in revenue using consistent
currency exchange rates, excluding the impact of certain items that
affect comparability such as: acquisitions, dispositions, transfers
among businesses and the deconsolidation of Marsh India.
Effective January 1, 2017, Mercer established a Wealth business
reflecting a unified client strategy for its
former Retirement and Investment business. The 2016
information in the chart above has been conformed
to the current presentation. Please refer to the "Supplemental
Information - Mercer" schedules included
in the first quarter 2017 press release for additional
information about the Wealth business.
* Components of revenue change may not add due to rounding.
Marsh & McLennan Companies, Inc.
Reconciliation of Non-GAAP Measures
Three Months Ended June 30
(Millions) (Unaudited)
Overview
The Company reports its financial results in accordance
with accounting principles generally
accepted in the United States (referred to
in this release as "GAAP" or "reported"
results). The Company also refers to and presents
below certain additional non-GAAP financial
measures, within the meaning of Regulation
G under the Securities Exchange Act
of 1934. These measures are: adjusted operating
income (loss), adjusted operating margin,
adjusted income, net of tax and adjusted earnings
per share (EPS). The Company has
included reconciliations of these non-GAAP financial
measures to the most directly comparable
financial measure calculated in accordance
with GAAP in the following tables.
The Company believes these non-GAAP financial measures
provide useful supplemental information
that enables investors to better compare the Company's
performance across periods. Management
also uses these measures internally to assess the
operating performance of its business, to assess
performance for employee compensation purposes
and to decide how to allocate resources.
However, investors should not consider these non-GAAP
measures in isolation from, or as a substitute
for, the financial information that the Company
reports in accordance with GAAP. The
Company's non-GAAP measures include adjustments that
reflect how management views our businesses,
and may differ from similarly titled non-GAAP
measures presented by other companies.
Adjusted Operating Income (Loss) and Adjusted Operating Margin
Adjusted operating income (loss)is calculated by excluding
the impact of certain noteworthy items
from the Company's GAAP operating income or
loss. The following tables identify these
noteworthy items and reconcileadjusted operating
income (loss)to GAAP operating income or
loss, on a consolidated and segment basis,
for the three and six months ended June 30,
2017 and 2016. The following tables also presentadjusted
operating margin. For the three and
six months ended June 30, 2017 and 2016,adjusted
operating marginis calculated by dividing
adjusted operating income by consolidated or segment
GAAP revenue less the proceeds related
to the disposal of Mercer's U.S. defined
contribution recordkeeping business.
Risk &InsuranceServices Consulting Corporate/Eliminations Total
Three Months
Ended
June 30, 2017
Operating $ 528 $ 283 $ (47 ) $ 764
income
(loss)
Add impact of
Noteworthy
Items:
Restructuring - 13 2 15
(a)
Adjustments to 7 2 - 9
acquisition
related accounts
(b)
Operating 7 15 2 24
income
adjustments
Adjusted $ 535 $ 298 $ (45 ) $ 788
operating
income (loss)
Operating 27.5 % 17.8 % N/A 21.9 %
margin
Adjusted 27.9 % 18.7 % N/A 22.5 %
operating
margin
Three Months
Ended
June 30, 2016
Operating $ 490 $ 285 $ (49 ) $ 726
income
(loss)
Add (Deduct)
impact of
Noteworthy
Items:
Restructuring 2 1 2 5
Adjustments to 13 2 - 15
acquisition
related accounts
(b)
Deconsolidation (12 ) - - (12 )
of
business (c)
Operating 3 3 2 8
income
adjustments
Adjusted $ 493 $ 288 $ (47 ) $ 734
operating
income (loss)
Operating 26.6 % 18.5 % N/A 21.5 %
margin
Adjusted 26.8 % 18.7 % N/A 21.8 %
operating
margin
(a) Primarily severance related to the Mercer business restructure.
(b) Primarily includes the change in fair value as measured each
quarter of contingent consideration related to acquisitions.
(c) Reflects the net gain on deconsolidation
of Marsh's India subsidiary. The amount
is removed from GAAP revenue in the calculation
of adjusted operating margin.
Marsh & McLennan
Companies, Inc.
Reconciliation
of Non-GAAP
Measures
Six Months Ended
June 30
(Millions)
(Unaudited)
Adjusted Operating
Income (Loss) and
Adjusted Operating
Margin (cont'd)
Risk &InsuranceServices Consulting Corporate/Eliminations Total
Six Months Ended
June 30, 2017
Operating income $ 1,141 $ 524 $ (92 ) $ 1,573
(loss)
Add (Deduct)
impact of
Noteworthy Items:
Restructuring (a) 4 16 4 24
Adjustments to (10 ) 3 - (7 )
acquisition
related accounts
(b)
Operating income (6 ) 19 4 17
adjustments
Adjusted operating $ 1,135 $ 543 $ (88 ) $ 1,590
income (loss)
Operating margin 29.2 % 16.8 % N/A 22.5 %
Adjusted operating 29.1 % 17.4 % N/A 22.7 %
margin
Six Months Ended
June 30, 2016
Operating income $ 1,025 $ 530 $ (96 ) $ 1,459
(loss)
Add (Deduct)
impact of
Noteworthy Items:
Restructuring 3 1 4 8
Adjustments to 20 1 - 21
acquisition
related accounts
(b)
Disposal/deconsolidation (12 ) (6 ) - (18 )
of business (c)
Operating income 11 (4 ) 4 11
adjustments
Adjusted operating $ 1,036 $ 526 $ (92 ) $ 1,470
income (loss)
Operating margin 27.6 % 17.6 % N/A 21.7 %
Adjusted operating 28.0 % 17.5 % N/A 22.0 %
margin
(a) Primarily severance related to the Mercer business restructure
and severance for center led initiatives,
future rent under non-cancellable leases, and integration
costs related to recent acquisitions.
(b) Primarily includes the change in fair value as measured each
quarter of contingent consideration related to acquisitions.
(c) Relates to a net gain on the deconsolidation
of Marsh's India subsidiary
and contingent proceeds related to the disposal of Mercer's U.S.
defined contribution recordkeeping business. The amounts are removed
from GAAP revenue in the calculation of adjusted operating margin.
Marsh & McLennan Companies, Inc.
Reconciliation of Non-GAAP Measures
Three and Six Months Ended June 30
(Millions) (Unaudited)
Adjusted Income, Net of Tax and Adjusted Earnings per Share
Adjusted income,net of taxis calculated
as the Company's GAAP income from
continuing operations, adjusted to reflect the after-tax impact of
the operating income adjustments set
forth in the preceding tables.Adjusted
EPSis calculated by dividing the Company'sadjusted income,
net of tax, by MMC's average number of shares outstanding-diluted for
the relevant period. The following tables reconcileadjusted income,
net of taxto GAAP income from continuing operations andadjusted EPSto
GAAP EPS for the three and six months ended June 30, 2017 and 2016.
Three Months Ended Three Months Ended
June 30, 2017 June 30, 2016
Amount AdjustedEPS Amount AdjustedEPS
Income $ 507 $ 480
from
continuing
operations
Less: 6 8
Non-controlling
interest,
net
of tax
Subtotal $ 501 $ 0.96 $ 472 $ 0.90
Operating $ 24 $ 8
income
adjustments
Impact of (7 ) -
income
taxes
17 0.04 8 0.01
Adjusted $ 518 $ 1.00 $ 480 $ 0.91
income,
net of tax
Six Months Ended Six Months Ended
June 30, 2017 June 30, 2016
Amount AdjustedEPS Amount AdjustedEPS
Income $ 1,085 $ 970
from
continuing
operations
Less: 15 17
Non-controlling
interest,
net
of tax
Subtotal $ 1,070 $ 2.05 $ 953 $ 1.81
Operating $ 17 $ 11
income
adjustments
Impact of (6 ) -
income
taxes
11 0.03 11 0.02
Adjusted $ 1,081 $ 2.08 $ 964 $ 1.83
income,
net of tax
Marsh & McLennan
Companies, Inc.
Supplemental
Information
Three and Six
Months
Ended June 30
(Millions)
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
2017 2016 2017 2016
Consolidated
Compensation $ 1,935 $ 1,872 $ 3,880 $ 3,726
and Benefits
Other operating 796 778 1,545 1,527
expenses
Total Expenses $ 2,731 $ 2,650 $ 5,425 $ 5,253
Depreciation and $ 76 $ 76 $ 156 $ 154
amortization
expense
Identified 40 34 80 67
intangible
amortization
expense
Total $ 116 $ 110 $ 236 $ 221
Stock option $ 3 $ 4 $ 17 $ 15
expense
Capital $ 82 $ 63 $ 144 $ 114
expenditures
Risk
and Insurance
Services
Compensation $ 968 $ 934 $ 1,948 $ 1,855
and Benefits
Other operating 420 426 816 838
expenses
Total Expenses $ 1,388 $ 1,360 $ 2,764 $ 2,693
Depreciation and $ 35 $ 34 $ 70 $ 70
amortization
expense
Identified 33 29 65 57
intangible
amortization
expense
Total $ 68 $ 63 $ 135 $ 127
Consulting
Compensation $ 883 $ 852 $ 1,758 $ 1,699
and Benefits
Other operating 426 402 836 788
expenses
Total Expenses $ 1,309 $ 1,254 $ 2,594 $ 2,487
Depreciation and $ 24 $ 25 $ 51 $ 50
amortization
expense
Identified 7 5 15 10
intangible
amortization
expense
Total $ 31 $ 30 $ 66 $ 60
Marsh & McLennan Companies, Inc.
Consolidated Balance Sheets
(Millions)
(Unaudited) December 31,2016
June 30,
2017
ASSETS
Current assets:
Cash and cash equivalents $ 966 $ 1,026
Net receivables 3,984 3,643
Other current assets 232 215
Total current assets 5,182 4,884
Goodwill and intangible assets 10,054 9,495
Fixed assets, net 721 725
Pension related assets 981 776
Deferred tax assets 975 1,097
Other assets 1,529 1,213
TOTAL ASSETS $ 19,442 $ 18,190
LIABILITIES AND EQUITY
Current liabilities:
Short-term debt $ 162 $ 312
Accounts payable and 2,027 1,969
accrued liabilities
Accrued compensation and 1,073 1,655
employee benefits
Accrued income taxes 193 146
Dividends payable 194 -
Total current liabilities 3,649 4,082
Fiduciary liabilities 5,039 4,241
Less - cash and investments held (5,039 ) (4,241 )
in a fiduciary capacity
- -
Long-term debt 5,479 4,495
Pension, post-retirement and 1,986 2,076
post-employment benefits
Liabilities for errors and omissions 305 308
Other liabilities 949 957
Total equity 7,074 6,272
TOTAL LIABILITIES AND EQUITY $ 19,442 $ 18,190
Media:
Marsh & McLennan Companies
Laura Schooler, +1 212-345-0370
laura.schooler@mmc.com
or
Investors:
Marsh & McLennan Companies
Dan Farrell, +1 212-345-3713
daniel.farrell@mmc.com
View source version on businesswire.com: http://www.businesswire.com/news/home/20170727005672/en/
This information is provided by Business Wire
(END) Dow Jones Newswires
July 27, 2017 07:02 ET (11:02 GMT)
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