Marsh McLennan has reported solid financial performance for the second quarter of 2025, driven by growth across its risk and consulting segments and continued momentum from recent acquisitions.
The global professional services giant posted revenue of US$7.0 billion for the quarter ended June 30, up 12% from the same period last year, or 4% on an underlying basis. GAAP operating income rose 11% to US$1.8 billion, while adjusted operating income climbed 14% to US$2.1 billion.
Net income attributable to the company reached US$1.2 billion, with adjusted earnings per share (EPS) increasing 11% to US$2.72.
CEO John Doyle credited the results to consistent execution across the firm’s operations.
“We had another solid quarter with 12% revenue growth reflecting continued momentum across our business and the contribution from acquisitions,” Doyle said. “Our performance demonstrates the enduring value we provide to clients, as well as our consistent execution in a complex and dynamic environment.”
For the first half of 2025, Marsh McLennan generated US$14.0 billion in revenue, a rise of 11% year over year. GAAP EPS for the period was US$5.23, while adjusted EPS increased 8% to US$5.78.
Risk & Insurance Services were a major contributor, with second-quarter revenue rising 15% to US$4.6 billion (4% underlying). Operating income grew 11% to US$1.4 billion, while adjusted operating income jumped 16% to US$1.6 billion.
Within this segment, Marsh, the group’s insurance broking arm, delivered US$3.8 billion in revenue, up 18%, or 5% on an underlying basis. International markets saw strong performance, with EMEA leading at 8% underlying growth, followed by Asia-Pacific (4%) and Latin America (3%).
Guy Carpenter, the reinsurance broking business, reported revenue of US$677 million, an increase of 7% (5% underlying).
Consulting revenue came in at US$2.4 billion, up 7% overall and 3% on an underlying basis. Adjusted operating income for the division rose 9% to US$479 million.
Mercer posted US$1.5 billion in revenue, with its Health segment up 7%, Wealth up 2%, and Career down 5% on an underlying basis. Oliver Wyman reported US$873 million in revenue, a 5% increase (3% underlying).
During the second quarter of 2025, Marsh McLennan repurchased 1.4 million shares for US$300 million, bringing the six-month total to 2.7 million shares valued at US$600 million.
The company also announced a 10% increase in its quarterly dividend to US$0.90 per share, payable on August 15.
