Global broker Marsh has reported a strong start to 2026, delivering steady revenue and earnings growth despite a significant litigation-related charge weighing on reported profits.
The firm announced first-quarter revenue of $7.6 billion, up 8% year-on-year, with underlying revenue growth of 4%. Adjusted operating income rose 8% to $2.4 billion, while adjusted earnings per share (EPS) increased 8% to $3.29.
However, GAAP operating income declined 12% to $1.8 billion, largely due to a $425 million charge linked to the ongoing Greensill litigation.
The charge stems from a wave of legal claims brought after Greensill Capital, a supply chain finance firm, entered insolvency in 2021. Greensill’s failure triggered significant losses for investors and clients globally, leading to multiple lawsuits against financial institutions, insurers, and advisers connected to its operations.
For Marsh, the litigation has centred on its role in arranging or advising on insurance coverage linked to Greensill’s financial products. Claimants have argued that certain policies and risk disclosures were inadequate or misrepresented, contributing to investor losses when Greensill collapsed.
While Marsh has not admitted wrongdoing, the company recorded a $425 million charge in the first quarter of 2026 to reflect an estimated liability and associated legal costs tied to resolving these claims.
The company’s Risk & Insurance Services division generated $5.1 billion in revenue, up 6% (3% underlying). Adjusted operating income rose 7% to $1.9 billion, though reported operating income fell 19% to $1.3 billion due to the litigation charge.
Within the segment:
Regional growth in Marsh Risk was led by EMEA (6% underlying), followed by Asia Pacific (5%) and Latin America (2%), while US/Canada grew 3%.
The Consulting segment was a standout performer, with revenue increasing 11% to $2.6 billion (5% underlying). Operating income rose 15% to $525 million.
During the quarter, the company said it repurchased 4.2 million shares for $750 million and issued $600 million in senior notes while repaying an equivalent amount of maturing debt
Net income attributable to the company was $1.1 billion, with GAAP EPS at $2.36.
President and CEO John Doyle said the results reflected strong execution in a challenging environment. “We had a solid start to the year,” Doyle said. “Our results reflect Marsh’s market leadership, our clients’ trust in our team’s expertise, and the strength of our data and insights.”
Marsh noted that macroeconomic uncertainty, geopolitical tensions, cyber risks, regulatory pressures, and ongoing litigation remain key factors that could influence future performance.
