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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 | 26.26 | 98.64B |
From Apr 2019 to Apr 2024
TIDMMHM
Marsh & McLennan Companies, Inc. (NYSE: MMC), the world's leading professional services firm in the areas of risk, strategy and people, today reported financial results for the first quarter ended March 31, 2019.
Dan Glaser, President and CEO, said: "We delivered strong growth in underlying revenue and profitability in the first quarter, including double-digit adjusted earnings growth and meaningful adjusted margin expansion in both Risk & Insurance Services and Consulting. The Company's underlying revenue growth was 4%, adjusted operating income rose 11%, and the adjusted margin increased 210 basis points to 26.2%."
"With our successful completion of the acquisition of Jardine Lloyd Thompson Group and a great start to the year we believe the Company is well positioned to deliver solid results in 2019," concluded Mr. Glaser.
Consolidated Results
Consolidated revenue in the first quarter of 2019 was $4.1 billion, an increase of 2%, or 4% on an underlying basis, compared with the first quarter of 2018. Operating income was $938 million compared with $908 million in the prior year. Adjusted operating income, which excludes noteworthy items as presented in the attached supplemental schedules, rose 11% to $1.0 billion.
Net income attributable to the Company was $716 million, or $1.40 per diluted share, in the first quarter. This compares with $690 million, or $1.34 per diluted share, in the prior year. Adjusted earnings per share rose 10% to $1.52 per diluted share from the prior year period.
Risk & Insurance Services
Risk & Insurance Services revenue was $2.4 billion in the first quarter of 2019, an increase of 3% compared with the first quarter of 2018, or 5% on an underlying basis. Operating income of $733 million increased 2% from the prior year. Adjusted operating income rose 7% to $775 million compared with $723 million in the prior year.
Marsh's revenue in the first quarter was $1.7 billion, an increase of 5% on an underlying basis. In U.S./Canada, underlying revenue also rose 5%. International operations produced underlying revenue growth of 5%, reflecting growth of 11% in Latin America; 8% in Asia Pacific; and 3% in EMEA.
Guy Carpenter's revenue in the first quarter was $663 million, an increase of 6% on an underlying basis.
Consulting
Consulting revenue in the first quarter was $1.7 billion, flat compared with the first quarter of 2018, or an increase of 2% on an underlying basis. Operating income increased 13% to $279 million compared with $247 million in the prior year. Adjusted operating income increased 18% to $291 million compared with $248 million in the prior year.
Mercer's revenue was $1.2 billion in the first quarter, flat on an underlying basis. Wealth, with revenue of $543 million, declined 3% on an underlying basis. Health revenue of $442 million was up 3% on an underlying basis and Career revenue of $170 million increased 2% on an underlying basis.
Oliver Wyman Group's revenue was $518 million in the first quarter, an increase of 7% on an underlying basis.
Other Items
On April 1, 2019, the Company completed the acquisition of Jardine Lloyd Thompson Group (JLT) for $5.6 billion in fully diluted equity value, and assumed existing JLT debt of approximately $1 billion.
As part of the financing for the acquisition of JLT, the Company issued EUR1.1 billion aggregate principal amount of senior notes in March 2019. The two tranches consisted of EUR550 million of 1.349% senior notes due in 2026 and EUR550 million of 1.979% senior notes due in 2030. Also in March 2019, the Company entered into a further issuance of $250 million aggregate principal amount of 4.375% senior notes due in 2029. As previously disclosed, the Company had also issued $5 billion aggregate amount of senior notes in January 2019. The Company used the net proceeds of these offerings to fund the acquisition of JLT, including the payment of related fees and expenses, and to repay in part certain existing JLT debt.
Marsh & McLennan Agency closed the acquisition of Clearwater, FL based Bouchard Insurance Inc. in February, and in April announced the acquisition of Phoenix, AZ based Lovitt & Touché Inc.
Conference Call
A conference call to discuss first quarter 2019 results will be held today at 8:30 a.m. Eastern time. To participate in the teleconference, please dial +1 888 204 4368. Callers from outside the United States should dial +1 323 794 2423. The access code for both numbers is 4584204. The live audio webcast may be accessed at 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 75,000 colleagues advise clients in over 130 countries. With annualized revenue approaching $17 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:
Hot Features
Premium
-- our ability to successfully integrate or achieve the intended benefits
of the acquisition of JLT;
-- the impact of any investigations, reviews, or other activity by
regulatory or law enforcement authorities, including the ongoing
investigations by the European Commission competition authority;
-- the impact from lawsuits, other contingent liabilities and loss
contingencies arising from errors and omissions, breach of fiduciary
duty or other claims against us;
-- 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 large volume of our
vendor network and the need to patch software vulnerabilities;
-- our ability to compete effectively and adapt to changes in the
competitive environment, including to respond to disintermediation,
digital disruption and other types of innovation;
-- the financial and operational impact of complying with laws and
regulations where we operate, including cybersecurity and data privacy
regulations such as the E.U.'s General Data Protection Regulation,
anti-corruption laws and trade sanctions regimes;
-- the impact of macroeconomic, political, regulatory or market
conditions on us, our clients and the industries in which we operate,
including the impact and uncertainty around Brexit or the inability to
collect on our receivables;
-- the regulatory, contractual and reputational risks that arise based on
insurance placement activities and various broker revenue streams;
-- our ability to manage risks associated with our investment management
and related services business, including potential conflicts of
interest between investment consulting and fiduciary management
services;
-- our ability to successfully recover if we experience a business
continuity problem due to cyberattack, natural disaster or otherwise;
-- the impact of changes in tax laws, guidance and interpretations,
including certain provisions of the U.S. Tax Cuts and Jobs Act, or
disagreements with tax authorities;
-- our ability to repay our outstanding long-term debt in a timely manner
and on favorable terms, including approximately $6.5 billion issued in
connection with the acquisition of JLT;
-- the impact of fluctuations in foreign exchange and interest rates on
our results; and
-- the impact of changes in accounting rules or in our accounting
estimates or assumptions, including the impact of the adoption of the
new lease accounting standard.
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.
Marsh & McLennan Companies, Inc.
Consolidated Statements of Income
(In millions, except per share figures)
(Unaudited)
Three Months Ended
March 31,
2019 2018
Revenue $ 4,071 $ 4,000
Expense:
Compensation and Benefits 2,282 2,224
Other Operating Expenses 851 868
Operating Expenses 3,133 3,092
Operating Income 938 908
Other Net Benefit Credits 64 66
Interest Income 28 3
Interest Expense (120 ) (61 )
Investment Income 5 -
Acquisition Related Derivative Contracts (a) 29 -
Income Before Income Taxes 944 916
Income Tax Expense 217 220
Net Income Before Non-Controlling Interests 727 696
Less: Net Income Attributable 11 6
to Non-Controlling Interests
Net Income Attributable to the Company $ 716 $ 690
Net Income Per Share Attributable
to the Company:
- Basic $ 1.42 $ 1.36
- Diluted $ 1.40 $ 1.34
Average Number of Shares Outstanding
- Basic 505 508
- Diluted 511 514
Shares Outstanding at March 31 507 508
(a) Net gains from hedging contracts related to the JLT acquisition.
Marsh & McLennan Companies, Inc.
Supplemental Information - Revenue Analysis
Three Months Ended March 31, 2019
(Millions) (Unaudited)
Components of Revenue Change*
Three Months EndedMarch 31, % Change GAAP Revenue Currency Impact Acquisitions/ Underlying Revenue
Dispositions/ Other Impact
2019 2018
Risk and Insurance Services
Marsh $ 1,737 $ 1,694 3 % (3 )% 1 % 5 %
Guy Carpenter 663 637 4 % (2 )% - 6 %
Subtotal 2,400 2,331 3 % (3 )% 1 % 5 %
Fiduciary Interest Income 23 13
Total Risk and Insurance Services 2,423 2,344 3 % (3 )% 1 % 5 %
Consulting
Mercer 1,155 1,171 (1 )% (4 )% 2 % -
Oliver Wyman Group 518 497 4 % (3 )% - 7 %
Total Consulting 1,673 1,668 - (3 )% 2 % 2 %
Corporate/Eliminations (25 ) (12 )
Total Revenue $ 4,071 $ 4,000 2 % (3 )% 1 % 4 %
Revenue Details
The following table provides more detailed revenue information for certain of the components presented above:
Components of Revenue Change*
Three Months EndedMarch 31, % Change Currency Impact Acquisitions/Dispositions/ Other Impact Underlying Revenue
GAAP Revenue
2019 2018
Marsh:
EMEA $ 633 $ 643 (2 )% (6 )% 1 % 3 %
Asia Pacific 165 164 1 % (4 )% (3 )% 8 %
Latin America 78 84 (7 )% (13 )% (4 )% 11 %
Total International 876 891 (2 )% (6 )% - 5 %
U.S./Canada 861 803 7 % - 3 % 5 %
Total Marsh $ 1,737 $ 1,694 3 % (3 )% 1 % 5 %
Mercer:
Wealth 543 565 (4 )% (5 )% 4 % (3 )%
Health 442 442 - (2 )% (1 )% 3 %
Career 170 164 4 % (4 )% 5 % 2 %
Total Mercer $ 1,155 $ 1,171 (1 )% (4 )% 2 % -
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 changes in estimate methodology.
* Components of revenue change may not add due to rounding.
Marsh & McLennan Companies, Inc.Reconciliation of Non-GAAP MeasuresThree Months Ended March 31(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 taxandadjusted 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 businesses, 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 months ended March 31, 2019 and 2018. The
following tables also presentadjusted operating margin.In 2019,
the Company changed its methodology for calculatingadjusted
operating margindue to the significant amount of identified intangible
asset amortization expected after completion of the
JLT Transaction, on April 1, 2019. Effective for the three
months ended March 31, 2019 and 2018,adjusted operating
marginis calculated by dividing the sum ofadjusted operating incomeplus
identified intangible asset amortization by consolidated
or segmentadjusted revenue. See page 12 for additional information related toadjusted operating margin.
Risk & Insurance Services Consulting Corporate/Eliminations Total
Three Months Ended
March 31, 2019
Operating income $ 733 $ 279 $ (74 ) $ 938
(loss)
Operating margin 30.2 % 16.7 % N/A 23.0 %
Add impact of
Noteworthy
Items:
Restructuring (a) 5 11 2 18 Adjustments to 10 1 - 11 acquisition related accounts (b) JLT acquisition 25 - 22 47 and integration related costs (c) Other 2 - - 2 Operating income 42 12 24 78 adjustments Adjusted operating $ 775 $ 291 $ (50 ) $ 1,016 income (loss) Identified $ 41 $ 10 $ - $ 51 intangible amortization expense Adjusted operating 33.6 % 18.0 % N/A 26.2 % margin Three Months Ended March 31, 2018 Operating income $ 716 $ 247 $ (55 ) $ 908 (loss) Operating margin 30.5 % 14.8 % N/A 22.7 % Add impact of Noteworthy Items: Restructuring (a) 3 1 2 6 Adjustments to 4 - - 4 acquisition related accounts (b) Operating income 7 1 2 10 adjustments Adjusted operating $ 723 $ 248 $ (53 ) $ 918 income (loss) Identified $ 37 $ 8 $ - $ 45 intangible amortization expense Adjusted operating 32.5 % 15.3 % N/A 24.1 % margin (a) Includes severance and related charges from restructuring activities, adjustments to restructuring liabilities for future rent under non-cancellable leases and other real estate costs, and restructuring costs related to the integration of recent acquisitions. (b) Primarily includes the change in fair value as measured each quarter of contingent consideration related to acquisitions. (c) Includes restructuring costs incurred in Marsh and Corporate of $20 million for staff reductions made in anticipation of closing the JLT transaction, as well as acquisition and integration costs, primarily legal and consulting costs.
Marsh & McLennan Companies, Inc.Reconciliation of Non-GAAP MeasuresThree Months Ended March 31(Millions) (Unaudited)
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 and investments
gains or losses related to the impact of mark-to-market adjustments
on certain equity securities and adjustments
to provisional 2017 tax estimates. Adjustments also include
JLT acquisition related items, including change
in fair value of derivative contracts, financing costs and interest
income on funds held in escrow.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 months ended March 31, 2019 and 2018.
Three Months EndedMarch 31, 2019 Three Months EndedMarch 31, 2018
Amount Adjusted EPS Amount AdjustedEPS
Net income before $ 727 $ 696
non-controlling
interests
Less: Non-controlling 11 6
interest, net of tax
Subtotal $ 716 $ 1.40 $ 690 $ 1.34
Operating income $ 78 $ 10
adjustments
Investments adjustment (4 ) 8
(a)
Change in fair value (29 ) -
of acquisition
relatedderivative
contracts (b)
Financing costs (c) 54 -
Interest on funds held (25 ) -
in escrow (d)
Impact of income taxes (12 ) (4 )
on above items
Adjustments to - 3
provisional
2017 tax estimates (e)
62 0.12 17 0.04
Adjusted income, $ 778 $ 1.52 $ 707 $ 1.38
net of tax
(a) The Company recorded mark-to-market gains of $4 million and
losses of $8 million for the three month period ended March 31,
2019 and March 31, 2018, respectively, which are included in
investment income in the consolidated statements of income.
(b) Primarily reflects the gain related to the change in
fair value of the deal contingent foreign exchange
contract partly offset by the impact of derivative
contracts related to the debt issuances.
(c) Reflects interest expense on debt issuances and
amortization of bridge financing fees related
to the acquisition of JLT included in interest
expense for the quarter ended March 31, 2019.
(d) Interest income earned on funds held in
escrow related to the JLT acquisition.
(e) Reflects adjustments to provisional
2017 year-end estimates of transition
taxes and U.S. deferred tax assets and liabilities from U.S. tax reform.
Marsh & McLennan Companies, Inc.
Supplemental Information
Three Months Ended March 31
(Millions) (Unaudited)
Three Months Ended March 31,
2019 2018
Consolidated
Compensation and Benefits $ 2,282 $ 2,224
Other Operating Expenses 851 868
Total Expenses $ 3,133 $ 3,092
Depreciation and amortization expense $ 74 $ 80
Identified intangible 51 45
amortization expense
Total $ 125 $ 125
Stock option expense $ 15 $ 14
Risk and Insurance Services
Compensation and Benefits $ 1,221 $ 1,168
Other Operating Expenses 469 460
Total Expenses $ 1,690 $ 1,628
Depreciation and amortization expense $ 32 $ 37
Identified intangible 41 37
amortization expense
Total $ 73 $ 74
Consulting
Compensation and Benefits $ 956 $ 956
Other Operating Expenses 438 465
Total Expenses $ 1,394 $ 1,421
Depreciation and amortization expense $ 24 $ 25
Identified intangible 10 8
amortization expense
Total $ 34 $ 33
Marsh & McLennan
Companies, Inc.
Consolidated Balance
Sheets
(Millions)
(Unaudited)March 31, 2019 December 31,2018
ASSETS
Current assets:
Cash and cash $ 1,117 $ 1,066
equivalents
Net receivables 4,630 4,317
Funds held in escrow 6,359 -
for acquisition
Other current assets 569 551
Total current assets 12,675 5,934
Goodwill and 11,203 11,036
intangible
assets
Fixed assets, net 716 701
Pension related 1,815 1,688
assets
Right of use assets 1,625 -
Deferred tax assets 680 680
Other assets 1,423 1,539
TOTAL ASSETS $ 30,137 $ 21,578
LIABILITIES
AND EQUITY
Current liabilities:
Short-term debt $ 1,562 $ 314
Accounts payable and 2,244 2,234
accrued liabilities
Accrued compensation 892 1,778
and
employee benefits
Acquisition related 283 441
derivatives
Current lease 291 -
liabilities
Accrued income taxes 256 157
Dividends payable 211 -
Total current 5,739 4,924
liabilities
Fiduciary 5,243 5,001
liabilities
Less - cash and (5,243 ) (5,001 )
investments
held
in a fiduciary
capacity
- -
Long-term debt 11,472 5,510
Pension, 1,874 1,911
post-retirement
and
post-employment
benefits
Long-term lease 1,590 -
liabilities
Liabilities 282 287
for errors
and omissions
Other liabilities 1,194 1,362
Total equity 7,986 7,584
TOTAL LIABILITIES $ 30,137 $ 21,578
AND EQUITY
Marsh & McLennan Companies, Inc.
Consolidated Statements
of Cash Flows
(Millions) (Unaudited)
Three Months Ended March 31,
2019 2018
Operating cash flows:
Net income before non-controlling $ 727 $ 696
interests
Adjustments to reconcile
net income
to cash used for operations:
Depreciation and amortization 74 80
of fixed
assets and capitalized software
Amortization of intangible assets 51 45
Amortization of right 68 -
of use asset
Adjustments and payments (18 ) (5 ) related to contingent consideration liability Provision for deferred (9 ) 11 income taxes (Gain) loss on investments (5 ) - (Gain) loss on disposition - (1 ) of assets Share-based compensation expense 57 50 Change in fair value of (29 ) - acquisition-related derivative contracts Changes in assets and liabilities: Net receivables (309 ) (357 ) Other current assets (37 ) 2 Other assets (1 ) (32 ) Accounts payable and 79 135 accrued liabilities Accrued compensation and (886 ) (905 ) employee benefits Accrued income taxes 96 61 Contributions to pension (80 ) (96 ) and other benefit plans in excess of current year expense/credit Other liabilities 42 17 Operating lease liabilities (73 ) - Effect of exchange rate changes (23 ) (65 ) Net cash used for operations (276 ) (364 ) Financing cash flows: Purchase of treasury shares - (250 ) Net increase in commercial paper 748 249 Proceeds from issuance of debt 6,462 592 Repayments of debt (3 ) (3 ) Acquisition-related (129 ) - hedging payments Shares withheld for (86 ) (61 ) taxes on vested units - treasury shares Issuance of common stock 77 32 from treasury shares Payments of deferred (29 ) (70 ) and contingent consideration for acquisitions Distributions of non-controlling (4 ) (6 ) interests Dividends paid (210 ) (189 ) Net cash provided by 6,826 294 financing activities Investing cash flows: Capital expenditures (73 ) (58 ) Sales of long-term investments 115 9 Purchase of equity investment (88 ) - Proceeds from sales 1 1 of fixed assets Dispositions - 3 Acquisitions (140 ) (24 ) Other, net (2 ) (1 ) Net cash used for investing (187 ) (70 ) activities Effect of exchange rate changes 47 103 on cash and cash equivalents Increase (decrease) in cash 6,410 (37 ) and cash equivalents and funds held in escrow Cash and cash equivalents 1,066 1,205 at beginning of period Cash balances, end of period Cash and cash equivalents 1,117 1,168 at end of period Funds held in escrow 6,359 - for acquisition Total $ 7,476 $ 1,168
Marsh & McLennan Companies, Inc.Supplemental Historical Adjusted Operating MarginsFor the Years Ended December 31, 2018 and 2017(Millions)
Due to the significant amount of identified intangible asset amortization
expected after completion of the JLT Transaction,
and the lack of comparability with prior years the Company
changed the method for calculating adjusted
operating margin to exclude deal amortization. Beginning this
quarter, adjusted operating margin will be calculated
by dividing the sum of adjusted operating income plus
the intangible asset amortization for all acquisitions
and dividing that total by applicable consolidated or segment
adjusted revenue. The reconciliation of adjusted
operating income to operating income reported under
generally accepted accounting principles is included
in the respective earnings release Forms 8-K furnished to the
SEC in 2018 and 2019. The table below shows adjusted
operating margin for the full year and each quarter
of 2018 and 2017 using the revised methodology.
2018
FirstQuarter SecondQuarter ThirdQuarter FourthQuarter FullYear
Risk
&
Insurance
Services
Adjusted $ 723 $ 532 $ 283 $ 418 $ 1,956
Operating
Income
Amortization $ 37 $ 35 $ 39 $ 40 $ 151
Expense
Adjusted 32.5 % 27.0 % 17.7 % 23.7 % 25.7 %
Operating
Margin
Consulting
Adjusted $ 248 $ 267 $ 293 $ 359 $ 1,167
Operating
Income
Amortization $ 8 $ 8 $ 8 $ 8 $ 32
Expense
Adjusted 15.3 % 16.7 % 18.2 % 20.3 % 17.7 %
Operating
Margin
Total
Company
Adjusted $ 918 $ 754 $ 535 $ 731 $ 2,938
Operating
Income
Amortization $ 45 $ 43 $ 47 $ 48 $ 183
Expense
Adjusted 24.1 % 21.3 % 16.8 % 20.9 % 20.9 %
Operating
Margin
2017
FirstQuarter SecondQuarter ThirdQuarter FourthQuarter FullYear
Risk
&
Insurance
Services
Adjusted $ 555 $ 489 $ 291 $ 423 $ 1,758
Operating
Income
Amortization $ 32 $ 33 $ 35 $ 39 $ 139
Expense
Adjusted 29.5 % 27.2 % 18.5 % 23.5 % 24.9 %
Operating
Margin
Consulting
Adjusted $ 229 $ 280 $ 312 $ 311 $ 1,132
Operating
Income
Amortization $ 8 $ 7 $ 7 $ 8 $ 30
Expense
Adjusted 15.5 % 18.0 % 20.1 % 18.3 % 18.0 %
Operating
Margin
Total
Company
Adjusted $ 742 $ 725 $ 562 $ 685 $ 2,714
Operating
Income
Amortization $ 40 $ 40 $ 42 $ 47 $ 169
Expense
Adjusted 22.3 % 21.9 % 18.1 % 19.9 % 20.6 %
Operating
Margin
Media:Erick R. GustafsonMarsh & McLennan Companies+1 202 263 7788erick.gustafson@mmc.com
Investor:Sarah DeWittMarsh & McLennan Companies+1 212 345 6750sarah.dewitt@mmc.com
View source version on businesswire.com: https://www.businesswire.com/news/home/20190425005473/en/
This information is provided by Business Wire
(END) Dow Jones Newswires
April 25, 2019 07:00 ET (11:00 GMT)
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