Latest news with #JohnDoyle
The Irish Sun
20-07-2025
- Sport
- The Irish Sun
It is Cork's time to end 20-year All-Ireland drought against Tipperary – but new tactic can give Liam Cahill's men hope
CORK are on the brink of ending their famine but they have to finish the job today and gobble up Tipperary. The aching hunger has not gone away after the Rebels Advertisement 3 Babs Keating gave his verdict on the All-Ireland hurling final Credit: Piaras Ó Mídheach/Sportsfile 3 Cork have not won Liam MacCarthy since 2005 Credit: Brendan Moran / SPORTSFILE 3 Tipperary are in their first final since 2019 Credit: Seb Daly/Sportsfile They have endured 12 months of pain since that defeat after extra-time at The names are all the same but this is a different and even more ravenous team coming back to march behind the Artane Band this afternoon. Now is the time for So many people are putting this team on a pedestal but that's not the way I'd see it. Advertisement Read More on GAA And as one of their own, I'll tell you: Tipperary are hungry too. Yes, Going back to the Munster Championship meeting between today's finalists, Tipp played the entire game with 14 men after The Rebels won the game by 15 points but they only won the second half by four as Liam Cahill's men hassled and harried and never gave in. Advertisement Most read in GAA Hurling Exclusive In the rest of the Munster campaign, our performance against Clare was equal to Cork's effort against the Banner and both teams drew with Limerick after 70 minutes too, with the Rebels From the All-Ireland semi- finals, the Watch RTE pundits' contrasting reaction to full-time whistle of Tipperary's epic win over Kilkenny Any other defence in the country would have maybe shipped one or two of those green flags, not even close to all seven. I'd say Cork couldn't believe their luck. But they were given chances and took them and that's the first worry I have from a Tipp perspective. Advertisement A bad And I just think that the way Cork are playing at the moment, they're a lot slicker than what Kilkenny had to offer. Because they offered nothing in the half-forward line whereas Pat Ryan's team are working like a machine up front. Advertisement If I was in Cahill's position I would adopt a new strategy that we haven't seen from this Tipp team in recent years — and that's to lower the blade. Going back to 1964 when we were facing a Kilkenny team that had won an All-Ireland a year earlier, our full-back line was aging. When I say aging, John Doyle was at it for 15 years at that stage and he had six All-Irelands. Mick Maher was there with three and the majority of the team had been on the go for a decade — Theo English, Seán McLaughlin, John McKenna, Donie Nealon and all that gang. Advertisement The word was the Kilkenny full-forward line were speed merchants and I remember John Doyle saying before the game that we'd have to lower the blade. It was an old farming expression that you had to go deep down to cut the corn. And that was his way of expressing how we had to deal with the speed that Kilkenny had to offer. We lowered the blade in that final and won 5-13 to 2-8. Our backs were ravenous. Advertisement EXPERIENCED HEADS Cahill needs that from Ronan Maher, Bryan O'Mara and Craig Morgan today. But whether they have enough craft, experience and knowledge to do it against Alan Connolly, Shane Barrett, Brian Hayes, Declan Dalton or anybody that might come in after that remains to be seen. Then you're talking Shane Kingston, you're talking Conor Lehane, Séamus Harnedy is named as a sub — Cork have far more experience on their bench than Tipp do. And lowering the blade applies to everybody on the field because I learned at a very early stage that sometimes a forward has to play like a back and a back has to play like a forward. Advertisement Now, you don't learn that in the two weeks before an All-Ireland. That's drilled into you at your club and it's drilled into you at training. From a forward's point of view, you can't let a half-back in particular deliver the sliotar into the forward line and get the time to place that ball. Ciarán Joyce, Rob Downey and Mark Coleman have been brilliant in that regard for the Rebels. It's vital and you play the ball into your half-forward line it as if the lotto numbers are on it. I'm just afraid that our lads might be lacking enough experience to upset that strong Cork half-back line. Advertisement REAL UNIT Robert Downey and his brother Eoin behind him at full-back are probably unbeatable in the air right now and Cork are playing as a real unit. The last two years they've blended and improved every day and are more of a team in sync than ever under Ryan. So, I'd be just concerned that it's going to take Tipperary another year or so to learn the ingredients that are required on All-Ireland day. Putting young Oisín O'Donoghue into the game against Kilkenny was a stroke of genius and the goal he got was spectacular. How he got that shot away with four Kilkenny players around him I'll never know — but I think only he and Noel McGrath can deliver that sort of threat from the Tipperary bench. Advertisement One of the hard facts of life is how difficult it is to win an All-Ireland. Nobody needs to tell Cork that. They were in this spot last year and know how hard it is after losing the decider to Clare. All the young players we have in Tipp, they just have a bit to go in that regard while Cork are well down the road . Sometimes the best medicine you can get is losing a final. Advertisement I'm sure it has haunted Cork for the last 12 months. With the 20 years of hunger and the support they have at the moment, the expectancy on them is massive to banish that wait for Liam MacCarthy. To finish, I have to say I favour Cork mainly because of the bench they have. A relatively inexperienced Tipp must lower the blade but Cork simply have to finish a job they've been waiting 20 years to do. Advertisement Tipp's time will come. Cork's time is now.
Times
19-07-2025
- Sport
- Times
Tipperary v Cork was the summit for me and my dad. I'll be thinking of him
The thing I'll miss from this All-Ireland final is the phone call. The one that came after every match from wherever my father was, at home or in hospital when his health began ebbing away, his portal to a world he couldn't reach anymore. And if Tipperary had just been in combat with Cork, the chat could eat up most of the road. Because in our world, Tipperary and Cork games became for us like a trip to St Peter's Basilica for the committed Catholic. Hurling was my father's addiction, going to school in Thurles and hurling at home in Ballycahill in the 1960s when Tipperary were in full pomp. He would tell stories of watching Jimmy Doyle pucking a ball alone off the back wall of Semple Stadium and jousting with John Doyle in club matches unseen by the rest of the world. He loved the stylists, abhorred the dark arts and adored Tipp, no matter how much I insisted those two opinions couldn't be held simultaneously by any Tipp supporter. He moved to Cork in the early 1970s and suffered the twin horrors of Tipperary's wander through the wilderness till the late Eighties while Cork won All-Irelands hand over fist. The slagging in the old sugar beet factory in Mallow where he worked was hilarious and merciless. All that pain intensified his devotion. Instead of being reared on the pure drop of Cork club hurling I was educated at the killing fields of mid-Tipperary and beyond. Even if the games weren't great, they were only the hook for everything that really mattered. In those car rides up we talked, maybe about hurling first, then other things. My father would talk about the importance of throwing everything into a match but how it was equally important to let all that go once the game was over. He often talked about the old men in Ballycahill who might go to three matches on a single Sunday, sometimes leaving before the end. It was the hurling they travelled for, they always said, not the outcome. There was a reason we loved hurling that went beyond winning, but Cork-Tipp was always the sharp end of all that. The best days? The 1990 Munster final when Cork stunned Tipperary and my father declared his biggest worry as the rain fell that morning was how to keep his pipe tobacco dry. The 1991 Munster final replay when Tipp won a mind-blowing game and I squeezed in by pushing an old friend of the family in his wheelchair. I spent that day behind the Tipp dugout, enthralled and distraught and thrilled all at the same time. Any time I see highlights from 1991 now, I realise I'm still not over it. One side-effect of growing up through that time was any All-Ireland title for Cork without beating Tipperary has never felt fully-dressed. So, imagine what Sunday means. No game, no sporting event, will ever feel bigger. None of this is anything unique either, or some teary form of hurling exceptionalism. Millions of other matches and pairings across the sports will evoke the same feelings for people. It's a feeling that transcends sport, too, the common ground where people could meet and connect and find the best of each other. Tipp-Cork was the day that always took us by the hand to somewhere else. Tipp-Cork was the day we always waited for. It's nine years now since my father died. Sometimes it feels like a long time. On days like this, not so much. In the weeks before his death we had time to say to each other everything any father and son might wish to say. But I remembered one day that always bothered me. In 1987 the Munster final between Tipperary and Cork went to a replay in Killarney. We couldn't get tickets, leaving us at home listening on the radio as Michael Doyle from my father's parish scored the goals that finally beat Cork in extra time and won Tipp their first Munster title for 16 years. I can still see him lying on the bed, whooping and cheering as I stood in the doorway, ten-years-old and unable to hold back the tears. For years it had bugged me that I pulled him out of that place of supreme bliss to console me, so I said sorry. He stared blankly at me. 'What match?' he said. 'The Munster final in Killarney,' I replied. 'Michael Doyle's goals.' He looked at me and threw his eyes to heaven. All he remembered was beating Cork. What else mattered? He'll be thinking the same today, wherever he is.
Yahoo
18-07-2025
- Business
- Yahoo
Marsh McLennan net income surges 7.6% to $1.2bn in Q2 2025
Marsh McLennan has reported attributable net income of $1.21bn for the second quarter of 2025 (Q2 2025), a 7.6% increase from $1.12bn a year ago. The company's diluted net income per share rose by 8% to $2.45, while operating income grew by 11.8% to $1.83bn. The insurer's consolidated revenue for the quarter stood at $6.97bn, a 12% increase from Q1 2024. John Doyle, president and CEO, said: "We had another solid quarter with 12% revenue growth reflecting continued momentum across our business and the contribution from acquisitions. 'Our performance demonstrates the enduring value we provide to clients, as well as our consistent execution in a complex and dynamic environment." Revenues in the Risk & Insurance Services segment reached $4.6bn, a 15% increase. Within this segment, Marsh, a unit of Marsh McLennan, contributed with revenue of $3.8bn, up 18% year-on-year. Guy Carpenter's revenue reached $677m, an increase of 7%. The company's performance was also strong on a regional basis, with underlying revenue in the US/Canada region growing by 4%. International operations saw a 7% increase in underlying revenue, including an 8% rise in Europe, the Middle East and Africa, a 4% increase in Asia-Pacific and a 3% uptick in Latin America. Marsh McLennan reported the repurchase of 1.4 million shares of stock at a cost of $300m during Q2 2025. For the six-month period ending 30 June 2025, the company's net income was $2.59bn, as against $2.52bn a year ago. Revenue increased to $14.03bn from $12.69bn in the first half of 2024 (H1 2024). In Q1 2025, Marsh McLennan reported net income of $1.38bn, down from $1.4bn in the same quarter of the previous year. "Marsh McLennan net income surges 7.6% to $1.2bn in Q2 2025 " was originally created and published by Life Insurance International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
17-07-2025
- Business
- Yahoo
Marsh McLennan Reports Second Quarter 2025 Results
Revenue Growth of 12%; Underlying Revenue Growth of 4% GAAP Operating Income Increases 11%; Adjusted Operating Income Increases 14% Second Quarter GAAP EPS of $2.45; Adjusted EPS Increases 11% to $2.72 Six Months GAAP EPS of $5.23; Adjusted EPS Increases 8% to $5.78 NEW YORK, July 17, 2025--(BUSINESS WIRE)--Marsh McLennan (NYSE: MMC), the world's leading professional services firm in the areas of risk, strategy and people, today reported financial results for the second quarter ended June 30, 2025. John Doyle, President and CEO, said: "We had another solid quarter with 12% revenue growth reflecting continued momentum across our business and the contribution from acquisitions. We generated 4% underlying revenue growth, 14% growth in adjusted operating income, and 11% growth in adjusted EPS. In addition, we recently announced a 10% increase in our dividend." "Our performance demonstrates the enduring value we provide to clients, as well as our consistent execution in a complex and dynamic environment." Consolidated Results Consolidated revenue in the second quarter of 2025 was $7.0 billion, an increase of 12% compared with the second quarter of 2024, or 4% on an underlying basis. Operating income rose 11% to $1.8 billion. Adjusted operating income, which excludes noteworthy items and identified intangible amortization expense as presented in the attached supplemental schedules, rose 14% to $2.1 billion. Net income attributable to the Company was $1.2 billion. Earnings per share increased 8% to $2.45. Adjusted earnings per share increased 11% to $2.72. For the six months ended June 30, 2025, consolidated revenue was $14.0 billion, an increase of 11% on a GAAP basis or 4% on an underlying basis, compared to the prior year period. Operating income was $3.8 billion, an increase of 7% from the prior year period. Adjusted operating income rose 11% to $4.3 billion. Net income attributable to the Company was $2.6 billion, or $5.23 per diluted share, compared with $5.08 in the first six months of 2024. Adjusted earnings per share increased 8% to $5.78. Risk & Insurance Services Risk & Insurance Services revenue was $4.6 billion in the second quarter of 2025, an increase of 15%, or 4% on an underlying basis. Operating income increased 11% to $1.4 billion, while adjusted operating income increased 16% to $1.6 billion. For the six months ended June 30, 2025, revenue was $9.4 billion, an increase of 13%, or 4% on an underlying basis. Operating income rose 7% to $3.1 billion, and adjusted operating income increased 12% to $3.5 billion. Marsh's revenue in the second quarter of 2025 was $3.8 billion, an increase of 18%, or 5% on an underlying basis. In U.S./Canada, underlying revenue rose 4%. International operations produced underlying revenue growth of 7%, including 8% in EMEA, 4% in Asia Pacific, and 3% in Latin America. For the six months ended June 30, 2025, Marsh's underlying revenue growth was 5%. Guy Carpenter's revenue in the second quarter was $677 million, an increase of 7%, or 5% on underlying basis. For the six months ended June 30, 2025, Guy Carpenter's underlying revenue growth was 5%. Consulting Consulting revenue was $2.4 billion in the second quarter of 2025, an increase of 7%, or 3% on an underlying basis. Operating income increased 11% to $456 million, while adjusted operating income increased 9% to $479 million. For the first six months ended June 30, 2025, revenue was $4.7 billion, an increase of 6%, or 4% on an underlying basis. Operating income rose 8% to $912 million, and adjusted operating income increased 9% to $970 million. Mercer's revenue in the second quarter was $1.5 billion, an increase of 9%, or 3% on an underlying basis. Wealth revenue increased 2% on an underlying basis, Health revenue increased 7% on an underlying basis, and Career revenue decreased 5% on an underlying basis. For the six months ended June 30, 2025, Mercer's revenue was $3.0 billion, an increase of 3% on an underlying basis. Oliver Wyman's revenue in the second quarter of 2025 was $873 million, an increase of 5%, or 3% on an underlying basis. For the six months ended June 30, 2025, Oliver Wyman's revenue was $1.7 billion, an increase of 4% on an underlying basis. Other Items The Company repurchased 1.4 million shares of stock for $300 million in the second quarter of 2025. Through six months ended June 30, 2025, the Company has repurchased 2.7 million shares of stock for $600 million. Last week, the Board of Directors increased the quarterly dividend 10% to $0.900 per share, with the third quarter dividend payable on August 15, 2025. Conference Call A conference call to discuss second quarter 2025 results will be held today at 8:30 a.m. Eastern time. The live audio webcast may be accessed at A replay of the webcast will be available approximately two hours after the event. The webcast is listen-only. Those interested in participating in the question-and-answer session may register here to receive the dial-in numbers and unique PIN to access the call. About Marsh McLennan Marsh McLennan (NYSE: MMC) is a global leader in risk, strategy and people, advising clients in 130 countries across four businesses: Marsh, Guy Carpenter, Mercer and Oliver Wyman. With annual revenue of over $24 billion and more than 90,000 colleagues, Marsh McLennan helps build the confidence to thrive through the power of perspective. For more information, visit or follow us on LinkedIn and X. 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 geopolitical or macroeconomic conditions on us, our clients and the countries and industries in which we operate, including from multiple major wars and global conflicts, tariffs or changes in trade policies, slower GDP growth or recession, fluctuations in foreign exchange rates, lower interest rates, capital markets volatility, inflation and changes in insurance premium rates; the impact from lawsuits or investigations arising from errors and omissions, breaches of fiduciary duty or other claims against us in our capacity as a broker or investment advisor, including claims related to our investment business' ability to execute timely trades; the increasing prevalence of ransomware, supply chain and other forms of cyber attacks, and their potential to disrupt our operations, or the operations of our third party vendors, and result in the disclosure of confidential client or company information; the financial and operational impact of complying with laws and regulations, including domestic and international sanctions regimes, anti-corruption laws such as the U.S. Foreign Corrupt Practices Act, U.K. Anti Bribery Act and cybersecurity, data privacy and artificial intelligence regulations; our ability to attract, retain and develop industry leading talent; our ability to compete effectively and adapt to competitive pressures in each of our businesses, including from disintermediation as well as technological change, digital disruption and other types of innovation such as artificial intelligence; our ability to manage potential conflicts of interest, including where our services to a client conflict, or are perceived to conflict, with the interests of another client or our own interests; the impact of changes in tax laws, guidance and interpretations, such as the implementation of the Organization for Economic Cooperation and Development international tax framework, or the increasing number of challenges from tax authorities in the current global tax environment; the regulatory, contractual and reputational risks that arise based on insurance placement activities and insurer revenue streams; our failure to design and execute operating model changes that capture opportunities and efficiencies at the intersection of our businesses; and our ability to successfully integrate or achieve the intended benefits of the acquisition of McGriff. The factors identified above are not exhaustive. Marsh McLennan and its subsidiaries (collectively, the "Company") 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 the Company, 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 data) (Unaudited) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Revenue $ 6,974 $ 6,221 $ 14,035 $ 12,694 Expense: Compensation and benefits 3,895 3,454 7,745 6,924 Other operating expenses 1,250 1,125 2,456 2,203 Operating expenses 5,145 4,579 10,201 9,127 Operating income 1,829 1,642 3,834 3,567 Other net benefit credits 48 66 91 133 Interest income 5 12 24 49 Interest expense (243 ) (156 ) (488 ) (315 ) Investment income 7 1 12 2 Income before income taxes 1,646 1,565 3,473 3,436 Income tax expense 415 425 830 872 Net income before non-controlling interests 1,231 1,140 2,643 2,564 Less: Net income attributable to non-controlling interests 20 15 51 39 Net income attributable to the Company $ 1,211 $ 1,125 $ 2,592 $ 2,525 Net income per share attributable to the Company: - Basic $ 2.46 $ 2.28 $ 5.27 $ 5.13 - Diluted $ 2.45 $ 2.27 $ 5.23 $ 5.08 Average number of shares outstanding: - Basic 492 492 492 492 - Diluted 495 496 495 497 Shares outstanding at June 30 492 492 492 492 Marsh & McLennan Companies, Information - Revenue AnalysisThree Months Ended June 30(Millions) (Unaudited) The Company advises clients in 130 countries. As a result, foreign exchange rate movements may impact period over period comparisons of revenue. Similarly, certain other items such as acquisitions and dispositions, including transfers among businesses, may impact period over period comparisons of revenue. Non-GAAP underlying revenue measures the change in revenue from one period to the next by isolating these impacts. Components of Revenue Change* Three Months Ended June 30, % Change GAAP Revenue* Currency Impact Acquisitions/ Dispositions/ Other Impact** Non-GAAP Underlying Revenue 2025 2024 Risk and Insurance Services Marsh (a) $ 3,849 $ 3,265 18 % 1 % 12 % 5 % Guy Carpenter 677 632 7 % 1 % 1 % 5 % Subtotal 4,526 3,897 16 % 1 % 10 % 5 % Fiduciary interest income 99 125 Total Risk and Insurance Services 4,625 4,022 15 % 1 % 10 % 4 % Consulting Mercer 1,498 1,379 9 % 1 % 4 % 3 % Oliver Wyman Group 873 837 5 % 1 % — 3 % Total Consulting 2,371 2,216 7 % 1 % 3 % 3 % Corporate Eliminations (22 ) (17 ) Total Revenue $ 6,974 $ 6,221 12 % 1 % 8 % 4 % Revenue Details The following table provides more detailed revenue information for certain of the components presented above: Components of Revenue Change* Three Months Ended June 30, % Change GAAP Revenue* Currency Impact Acquisitions/ Dispositions/ Other Impact** Non-GAAP Underlying Revenue 2025 2024 Marsh: EMEA $ 1,006 $ 912 10 % 3 % — 8 % Asia Pacific 409 391 4 % — (1 )% 4 % Latin America 132 137 (4 )% (5 )% (1 )% 3 % Total International 1,547 1,440 7 % 1 % (1 )% 7 % U.S./Canada (a) 2,302 1,825 26 % — 22 % 4 % Total Marsh $ 3,849 $ 3,265 18 % 1 % 12 % 5 % Mercer: Wealth $ 685 $ 612 12 % 2 % 8 % 2 % Health 594 547 9 % — 1 % 7 % Career 219 220 (1 )% 1 % 3 % (5 )% Total Mercer $ 1,498 $ 1,379 9 % 1 % 4 % 3 % (a) Acquisitions, dispositions and other in 2025 includes the impact of McGriff. * Rounded to whole percentages. Components of revenue may not add due to rounding. ** Acquisitions, dispositions, and other includes the impact of current and prior year items excluded from the calculation of non-GAAP underlying revenue for comparability purposes. Details on these items are provided in the reconciliation of non-GAAP revenue to GAAP revenue tables included in this release. Marsh & McLennan Companies, Information - Revenue AnalysisSix Months Ended June 30(Millions) (Unaudited) The Company advises clients in 130 countries. As a result, foreign exchange rate movements may impact period over period comparisons of revenue. Similarly, certain other items such as acquisitions and dispositions, including transfers among businesses, may impact period over period comparisons of revenue. Non-GAAP underlying revenue measures the change in revenue from one period to the next by isolating these impacts. Components of Revenue Change* Six Months Ended June 30, % Change GAAP Revenue* Currency Impact Acquisitions/ Dispositions/ Other Impact** Non-GAAP Underlying Revenue 2025 2024 Risk and Insurance Services Marsh (a) $ 7,302 $ 6,268 16 % (1 )% 12 % 5 % Guy Carpenter 1,883 1,780 6 % — 1 % 5 % Subtotal 9,185 8,048 14 % (1 )% 10 % 5 % Fiduciary interest income 202 247 Total Risk and Insurance Services 9,387 8,295 13 % (1 )% 9 % 4 % Consulting Mercer (b) 2,994 2,804 7 % (1 )% 4 % 3 % Oliver Wyman Group 1,691 1,626 4 % — — 4 % Total Consulting 4,685 4,430 6 % — 3 % 4 % Corporate Eliminations (37 ) (31 ) Total Revenue $ 14,035 $ 12,694 11 % — 7 % 4 % Revenue Details The following table provides more detailed revenue information for certain of the components presented above: Components of Revenue Change* Six Months Ended June 30, % Change GAAP Revenue* Currency Impact Acquisitions/ Dispositions/ Other Impact** Non-GAAP Underlying Revenue 2025 2024 Marsh: EMEA $ 2,065 $ 1,937 7 % — — 7 % Asia Pacific 744 727 2 % (1 )% (1 )% 4 % Latin America 256 262 (2 )% (7 )% (1 )% 5 % Total International 3,065 2,926 5 % (1 )% (1 )% 6 % U.S./Canada (a) 4,237 3,342 27 % — 23 % 4 % Total Marsh $ 7,302 $ 6,268 16 % (1 )% 12 % 5 % Mercer: Wealth (b) $ 1,355 $ 1,284 6 % — 3 % 3 % Health (b) 1,202 1,085 11 % (1 )% 5 % 7 % Career 437 435 — — 4 % (3 )% Total Mercer $ 2,994 $ 2,804 7 % (1 )% 4 % 3 % (a) Acquisitions, dispositions and other in 2025 includes the impact of McGriff. (b) Acquisitions, dispositions and other in 2024 includes a net gain from the sale of the U.K. pension administration and U.S. health and benefits administration businesses, that comprised of a gain in Wealth, offset by a loss in Health. * Rounded to whole percentages. Components of revenue may not add due to rounding. ** Acquisitions, dispositions and other includes the impact of current and prior year items excluded from the calculation of non-GAAP underlying revenue for comparability purposes. Details on these items are provided in the reconciliation of non-GAAP revenue to GAAP revenue tables included in this release. Marsh & McLennan Companies, of Non-GAAP MeasuresThree 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 in accordance with "GAAP" or "reported" results). The Company also refers to and presents certain additional non-GAAP financial measures, within the meaning of Regulation G and item 10(e) Regulation S-K in accordance with the Securities Exchange Act of 1934. These measures are: non-GAAP revenue, 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 businesses 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 its businesses, and may differ from similarly titled non-GAAP measures presented by other companies. In the first quarter of 2025, the Company changed its methodology to report adjusted operating income (loss), adjusted income, net of tax and adjusted EPS to exclude the impact of intangible amortization and other net benefit credits. Prior year results are presented using the new methodology for comparative purposes. Adjusted Operating Income (Loss) and Adjusted Operating Margin Adjusted operating income (loss) is calculated by excluding the impact of certain noteworthy items and identified intangible amortization expense from the Company's GAAP operating income (loss). The following tables reconcile adjusted operating income (loss) to GAAP operating income (loss) on a consolidated and reportable segment basis for the three and six months ended June 30, 2025 and 2024. The following tables also present adjusted operating margin. For the three and six months ended June 30, 2025 and 2024, adjusted operating margin is calculated by dividing the sum of adjusted operating income by consolidated or segment adjusted revenue. The Company's adjusted revenue used in the determination of adjusted operating margin is calculated by excluding the impact of certain noteworthy items from the Company's GAAP revenue. Risk & Insurance Services Consulting Corporate/ Eliminations Total Three Months Ended June 30, 2025 Operating income (loss) $ 1,443 $ 456 $ (70 ) $ 1,829 Operating margin 31.2 % 19.2 % N/A 26.2 % Add (deduct) impact of noteworthy items: Restructuring (a) 8 6 4 18 Change in contingent and deferred consideration (b) 27 1 — 28 McGriff integration and retention related costs 45 — — 45 Acquisition related costs (c) — 3 — 3 Acquisition and disposition related gains (d) — (6 ) — (6 ) Total noteworthy items 80 4 4 88 Identified intangible amortization expense 121 19 — 140 Operating income adjustments 201 23 4 228 Adjusted operating income (loss) $ 1,644 $ 479 $ (66 ) $ 2,057 Adjusted operating margin 35.6 % 20.2 % N/A 29.5 % Three Months Ended June 30, 2024 Operating income (loss) $ 1,297 $ 410 $ (65 ) $ 1,642 Operating margin 32.2 % 18.5 % N/A 26.4 % Add (deduct) impact of noteworthy items: Restructuring (a) 29 5 10 44 Change in contingent and deferred consideration (b) 7 2 — 9 Acquisition related costs (c) 11 9 — 20 Total noteworthy items 47 16 10 73 Identified intangible amortization expense 77 12 — 89 Operating income adjustments 124 28 10 162 Adjusted operating income (loss) $ 1,421 $ 438 $ (55 ) $ 1,804 Adjusted operating margin 35.3 % 19.8 % N/A 29.0 % (a) Costs in 2025 include severance and lease exit charges for restructuring activities. Costs in 2024 include severance and lease exit charges for activities focused on workforce actions, rationalization of technology and functional resources, and reductions in real estate. (b) Reflects the change in the fair value of contingent consideration and deferred acquisition related costs. (c) Reflects one-time acquisition and disposition related retention and other costs. (d) Adjustment to the net gain on sale of the Mercer U.K. pension administration and U.S. health and benefits administration businesses, transacted in the first quarter of 2024. This amount is included in revenue in the consolidated statements of income and excluded from non-GAAP underlying revenue and adjusted revenue used in the calculation of adjusted operating margin. Marsh & McLennan Companies, Inc. Reconciliation of Non-GAAP Measures Six Months Ended June 30 (Millions) (Unaudited) Risk & Insurance Services Consulting Corporate/ Eliminations Total Six Months Ended June 30, 2025 Operating income (loss) $ 3,056 $ 912 $ (134 ) $ 3,834 Operating margin 32.6 % 19.5 % N/A 27.3 % Add (deduct) impact of noteworthy items: Restructuring (a) 31 14 5 50 Change in contingent and deferred consideration (b) 30 7 — 37 McGriff integration and retention related costs 114 — — 114 Acquisition related costs (c) 7 5 — 12 Acquisition and disposition related gains (d) (28 ) (6 ) — (34 ) Total noteworthy items 154 20 5 179 Identified intangible amortization expense 241 38 — 279 Operating income adjustments 395 58 5 458 Adjusted operating income (loss) $ 3,451 $ 970 $ (129 ) $ 4,292 Adjusted operating margin 36.9 % 20.7 % N/A 30.7 % Six Months Ended June 30, 2024 Operating income (loss) $ 2,862 $ 842 $ (137 ) $ 3,567 Operating margin 34.5 % 19.0 % N/A 28.1 % Add (deduct) impact of noteworthy items: Restructuring (a) 51 16 19 86 Change in contingent and deferred consideration (b) 12 3 — 15 Acquisition related costs (c) 12 30 — 42 Acquisition and disposition related gains (d) — (21 ) — (21 ) Total noteworthy items 75 28 19 122 Identified intangible amortization expense 156 23 — 179 Operating income adjustments 231 51 19 301 Adjusted operating income (loss) $ 3,093 $ 893 $ (118 ) $ 3,868 Adjusted operating margin 37.3 % 20.3 % N/A 30.5 % (a) Costs in 2025 include severance and lease exit charges for restructuring activities. Costs in 2024 include severance and lease exit charges for activities focused on workforce actions, rationalization of technology and functional resources, and reductions in real estate. (b) Reflects the change in the fair value of contingent consideration and deferred acquisition related costs. (c) Reflects one-time acquisition and disposition related retention and other costs. (d) RIS in 2025 includes a gain on the sale of a business and a gain on the remeasurement of an investment. Consulting in 2024 includes the net gain on sale of the Mercer U.K. pension administration and U.S. health and benefits administration businesses, which was adjusted in 2025. These amounts are included in revenue in the consolidated statements of income and excluded from non-GAAP underlying revenue and adjusted revenue used in the calculation of adjusted operating margin. Marsh & McLennan Companies, of Non-GAAP MeasuresThree and Six Months Ended June 30(In millions, except per share data)(Unaudited) Adjusted income, net of tax is calculated as the Company's GAAP income from continuing operations, adjusted to reflect the after tax impact of the operating income adjustments in the preceding tables and the additional items listed below. Adjusted EPS is calculated by dividing the Company's adjusted income, net of tax, by the average number of shares outstanding-diluted for the relevant period. The following tables reconcile adjusted income, net of tax to GAAP income from continuing operations and adjusted EPS to GAAP EPS for the three and six months ended June 30, 2025 and 2024. Three Months Ended June 30, 2025 Three Months Ended June 30, 2024 Amount Adjusted EPS Amount Adjusted EPS Net income before non-controlling interests, as reported $ 1,231 $ 1,140 Less: Non-controlling interest, net of tax 20 15 Subtotal $ 1,211 $ 2.45 $ 1,125 $ 2.27 Operating income adjustments $ 228 $ 162 Other net benefit credits (48 ) (66 ) Investments adjustment 1 (1 ) Income tax effect of adjustments (a) (46 ) (10 ) 135 0.27 85 0.17 Adjusted income, net of tax $ 1,346 $ 2.72 $ 1,210 $ 2.44 Six Months EndedJune 30, 2025 Six Months EndedJune 30, 2024 Amount Adjusted EPS Amount Adjusted EPS Net income before non-controlling interests, as reported $ 2,643 $ 2,564 Less: Non-controlling interest, net of tax 51 39 Subtotal $ 2,592 $ 5.23 $ 2,525 $ 5.08 Operating income adjustments $ 458 $ 301 Other net benefit credits (91 ) (133 ) Investments adjustment (1 ) (2 ) Income tax effect of adjustments (a) (96 ) (28 ) 270 0.55 138 0.28 Adjusted income, net of tax $ 2,862 $ 5.78 $ 2,663 $ 5.36 (a) For items with an income tax impact, the tax effect was calculated using an estimated effective tax rate for each item based on jurisdiction with a blended rate for items occurring in multiple jurisdictions. Marsh & McLennan Companies, Inc. Supplemental Information Three and Six Months Ended June 30 (Millions) (Unaudited) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Consolidated Compensation and benefits $ 3,895 $ 3,454 $ 7,745 $ 6,924 Other operating expenses 1,250 1,125 2,456 2,203 Total expenses $ 5,145 $ 4,579 $ 10,201 $ 9,127 Depreciation and amortization expense $ 91 $ 87 $ 179 $ 186 Identified intangible amortization expense 140 89 279 179 Total $ 231 $ 176 $ 458 $ 365 Risk and Insurance Services Compensation and benefits $ 2,462 $ 2,108 $ 4,913 $ 4,226 Other operating expenses 720 617 1,418 1,207 Total expenses $ 3,182 $ 2,725 $ 6,331 $ 5,433 Depreciation and amortization expense $ 51 $ 46 $ 101 $ 92 Identified intangible amortization expense 121 77 241 156 Total $ 172 $ 123 $ 342 $ 248 Consulting Compensation and benefits $ 1,398 $ 1,314 $ 2,761 $ 2,628 Other operating expenses 517 492 1,012 960 Total expenses $ 1,915 $ 1,806 $ 3,773 $ 3,588 Depreciation and amortization expense $ 25 $ 26 $ 49 $ 63 Identified intangible amortization expense 19 12 38 23 Total $ 44 $ 38 $ 87 $ 86 Marsh & McLennan Companies, Inc. Consolidated Balance Sheets (Millions) (Unaudited) June 30, 2025 December 31, 2024 ASSETS Current assets: Cash and cash equivalents $ 1,677 $ 2,398 Cash and cash equivalents held in a fiduciary capacity 11,871 11,276 Net receivables 8,457 7,156 Other current assets 1,329 1,287 Total current assets 23,334 22,117 Goodwill and intangible assets 28,689 28,126 Fixed assets, net 839 859 Pension related assets 2,203 1,914 Right of use assets 1,471 1,498 Deferred tax assets 280 237 Other assets 1,739 1,730 TOTAL ASSETS $ 58,555 $ 56,481 LIABILITIES AND EQUITY Current liabilities: Short-term debt $ 769 $ 519 Accounts payable and accrued liabilities 3,434 3,402 Accrued compensation and employee benefits 2,372 3,620 Current lease liabilities 335 325 Accrued income taxes 619 376 Fiduciary liabilities 11,871 11,276 Total current liabilities 19,400 19,518 Long-term debt 18,960 19,428 Pension, post-retirement and post-employment benefits 816 840 Long-term lease liabilities 1,546 1,590 Liabilities for errors and omissions 280 305 Other liabilities 1,577 1,265 Total equity 15,976 13,535 TOTAL LIABILITIES AND EQUITY $ 58,555 $ 56,481 Marsh & McLennan Companies, Inc. Consolidated Statements of Cash Flows (Millions) (Unaudited) Six Months Ended June 30, 2025 2024 Operating cash flows: Net income before non-controlling interests $ 2,643 $ 2,564 Adjustments to reconcile net income to cash provided by operations: Depreciation and amortization 458 365 Non-cash lease expense 145 132 Share-based compensation expense 210 193 Net (gain) on investments, disposition of assets and other (29 ) (97 ) Changes in assets and liabilities: Accrued compensation and employee benefits (1,334 ) (1,226 ) Provision for taxes, net of payments and refunds 190 214 Net receivables (921 ) (1,287 ) Other changes to assets and liabilities (31 ) (92 ) Contributions to pension and other benefit plans in excess of current year credit (117 ) (182 ) Operating lease liabilities (165 ) (150 ) Net cash provided by (used for) operations 1,049 434 Financing cash flows: Purchase of treasury shares (600 ) (600 ) Net proceeds from issuance of commercial paper 150 749 Proceeds from issuance of debt — 988 Repayments of debt (510 ) (1,609 ) Net issuance of common stock from treasury shares 33 (6 ) Net distributions of non-controlling interests and deferred/contingent consideration (77 ) (101 ) Dividends paid (810 ) (706 ) Change in fiduciary liabilities (19 ) 901 Net cash provided by (used for) financing activities (1,833 ) (384 ) Investing cash flows: Capital expenditures (114 ) (167 ) Purchases of long-term investments and other (18 ) (13 ) Sales of long-term investments 84 14 Dispositions 15 27 Acquisitions, net of cash and cash held in a fiduciary capacity acquired (62 ) (644 ) Net cash provided by (used for) investing activities (95 ) (783 ) Effect of exchange rate changes on cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity 753 (269 ) Increase (Decrease) in cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity (126 ) (1,002 ) Cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity at beginning of period 13,674 14,152 Cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity at end of period $ 13,548 $ 13,150 Reconciliation of cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity to the Consolidated Balance Sheets Balance at June 30, 2025 2024 (In millions) Cash and cash equivalents $ 1,677 $ 1,653 Cash and cash equivalents held in a fiduciary capacity 11,871 11,497 Total cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity $ 13,548 $ 13,150 Marsh & McLennan Companies, of Non-GAAP MeasuresThree Months Ended June 30(Millions) (Unaudited) Non-GAAP revenue isolates the impact of foreign exchange rate movements and certain transaction-related items from the current period GAAP revenue. The non-GAAP revenue measure is presented on a constant currency basis, excluding the impact of foreign currency fluctuations. The Company isolates the impact of foreign exchange rate movements period over period, by translating the current period foreign currency GAAP revenue into U.S. Dollars based on the difference in the current and corresponding prior period exchange rates. Similarly, certain other items such as acquisitions and dispositions, including transfers among businesses, may impact period over period comparisons of revenue and are consistently excluded from current and prior period GAAP revenues for comparability purposes. Percentage changes, referred to as non-GAAP underlying revenue, are calculated by dividing the period over period change in non-GAAP revenue by the prior period non-GAAP revenue. The following table provides the reconciliation of GAAP revenue to non-GAAP revenue: 2025 2024 Three Months Ended June 30, GAAP Revenue Currency Impact Acquisitions/ Dispositions/ Other Impact Non-GAAP Revenue GAAP Revenue Acquisitions/ Dispositions/ Other Impact Non-GAAP Revenue Risk and Insurance Services Marsh (a) $ 3,849 $ (18 ) $ (402 ) $ 3,429 $ 3,265 $ (5 ) $ 3,260 Guy Carpenter 677 (6 ) (7 ) 664 632 — 632 Subtotal 4,526 (24 ) (409 ) 4,093 3,897 (5 ) 3,892 Fiduciary interest income 99 — (5 ) 94 125 — 125 Total Risk and Insurance Services 4,625 (24 ) (414 ) 4,187 4,022 (5 ) 4,017 Consulting Mercer 1,498 (17 ) (66 ) 1,415 1,379 (5 ) 1,374 Oliver Wyman Group 873 (11 ) (3 ) 859 837 (5 ) 832 Total Consulting 2,371 (28 ) (69 ) 2,274 2,216 (10 ) 2,206 Corporate Eliminations (22 ) — — (22 ) (17 ) — (17 ) Total Revenue $ 6,974 $ (52 ) $ (483 ) $ 6,439 $ 6,221 $ (15 ) $ 6,206 Revenue Details The following table provides more detailed revenue information for certain of the components presented above: 2025 2024 Three Months Ended June 30, GAAP Revenue Currency Impact Acquisitions/ Dispositions/ Other Impact Non-GAAP Revenue GAAP Revenue Acquisitions/ Dispositions/ Other Impact Non-GAAP Revenue Marsh: EMEA $ 1,006 $ (24 ) $ 2 $ 984 $ 912 $ (2 ) $ 910 Asia Pacific 409 (2 ) 2 409 391 (2 ) 389 Latin America 132 7 2 141 137 — 137 Total International 1,547 (19 ) 6 1,534 1,440 (4 ) 1,436 U.S./Canada (a) 2,302 1 (408 ) 1,895 1,825 (1 ) 1,824 Total Marsh $ 3,849 $ (18 ) $ (402 ) $ 3,429 $ 3,265 $ (5 ) $ 3,260 Mercer: Wealth $ 685 $ (11 ) $ (52 ) $ 622 $ 612 $ (4 ) $ 608 Health 594 (3 ) (8 ) 583 547 (1 ) 546 Career 219 (3 ) (6 ) 210 220 — 220 Total Mercer $ 1,498 $ (17 ) $ (66 ) $ 1,415 $ 1,379 $ (5 ) $ 1,374 (a) Acquisitions, dispositions and other in 2025 includes the impact of McGriff. Note: Amounts in the tables above are rounded to whole numbers. Marsh & McLennan Companies, of Non-GAAP MeasuresSix Months Ended June 30(Millions) (Unaudited) The following table provides the reconciliation of GAAP revenue to non-GAAP revenue: 2025 2024 Six Months Ended June 30, GAAP Revenue Currency Impact Acquisitions/ Dispositions/ Other Impact Non-GAAP Revenue GAAP Revenue Acquisitions/ Dispositions/ Other Impact Non-GAAP Revenue Risk and Insurance Services Marsh (a) $ 7,302 $ 35 $ (767 ) $ 6,570 $ 6,268 $ (13 ) $ 6,255 Guy Carpenter 1,883 7 (22 ) 1,868 1,780 — 1,780 Subtotal 9,185 42 (789 ) 8,438 8,048 (13 ) 8,035 Fiduciary interest income 202 1 (10 ) 193 247 — 247 Total Risk and Insurance Services 9,387 43 (799 ) 8,631 8,295 (13 ) 8,282 Consulting Mercer (b) 2,994 15 (136 ) 2,873 2,804 (27 ) 2,777 Oliver Wyman Group 1,691 (3 ) (12 ) 1,676 1,626 (9 ) 1,617 Total Consulting 4,685 12 (148 ) 4,549 4,430 (36 ) 4,394 Corporate Eliminations (37 ) — — (37 ) (31 ) — (31 ) Total Revenue $ 14,035 $ 55 $ (947 ) $ 13,143 $ 12,694 $ (49 ) $ 12,645 Revenue Details The following table provides more detailed revenue information for certain of the components presented above: 2025 2024 Six Months Ended June 30, GAAP Revenue Currency Impact Acquisitions/ Dispositions/ Other Impact Non-GAAP Revenue GAAP Revenue Acquisitions/ Dispositions/ Other Impact Non-GAAP Revenue Marsh: EMEA $ 2,065 $ 4 $ 4 $ 2,073 $ 1,937 $ (3 ) $ 1,934 Asia Pacific 744 6 2 752 727 (6 ) 721 Latin America 256 18 2 276 262 — 262 Total International 3,065 28 8 3,101 2,926 (9 ) 2,917 U.S./Canada (a) 4,237 7 (775 ) 3,469 3,342 (4 ) 3,338 Total Marsh $ 7,302 $ 35 $ (767 ) $ 6,570 $ 6,268 $ (13 ) $ 6,255 Mercer: Wealth (b) $ 1,355 $ 4 $ (112 ) $ 1,247 $ 1,284 $ (70 ) $ 1,214 Health (b) 1,202 9 (8 ) 1,203 1,085 43 1,128 Career 437 2 (16 ) 423 435 — 435 Total Mercer $ 2,994 $ 15 $ (136 ) $ 2,873 $ 2,804 $ (27 ) $ 2,777 (a) Acquisitions, dispositions and other in 2025 includes the impact of McGriff. (b) Acquisitions, dispositions and other in 2024 includes a net gain of $21 million from the sale of the U.K. pension administration and U.S. health and benefits administration businesses, that comprised of a $66 million gain in Wealth, offset by a $45 million loss in Health. Note: Amounts in the tables above are rounded to whole numbers. View source version on Contacts Media Contact: Erick R. GustafsonMarsh McLennan+1 202 263 Investor Contact: Jay GelbMarsh McLennan+ 1 212 345
Business Wire
17-07-2025
- Business
- Business Wire
Marsh McLennan Reports Second Quarter 2025 Results
NEW YORK--(BUSINESS WIRE)--Marsh McLennan (NYSE: MMC), the world's leading professional services firm in the areas of risk, strategy and people, today reported financial results for the second quarter ended June 30, 2025. John Doyle, President and CEO, said: "We had another solid quarter with 12% revenue growth reflecting continued momentum across our business and the contribution from acquisitions. We generated 4% underlying revenue growth, 14% growth in adjusted operating income, and 11% growth in adjusted EPS. In addition, we recently announced a 10% increase in our dividend." "Our performance demonstrates the enduring value we provide to clients, as well as our consistent execution in a complex and dynamic environment." Consolidated Results Consolidated revenue in the second quarter of 2025 was $7.0 billion, an increase of 12% compared with the second quarter of 2024, or 4% on an underlying basis. Operating income rose 11% to $1.8 billion. Adjusted operating income, which excludes noteworthy items and identified intangible amortization expense as presented in the attached supplemental schedules, rose 14% to $2.1 billion. Net income attributable to the Company was $1.2 billion. Earnings per share increased 8% to $2.45. Adjusted earnings per share increased 11% to $2.72. For the six months ended June 30, 2025, consolidated revenue was $14.0 billion, an increase of 11% on a GAAP basis or 4% on an underlying basis, compared to the prior year period. Operating income was $3.8 billion, an increase of 7% from the prior year period. Adjusted operating income rose 11% to $4.3 billion. Net income attributable to the Company was $2.6 billion, or $5.23 per diluted share, compared with $5.08 in the first six months of 2024. Adjusted earnings per share increased 8% to $5.78. Risk & Insurance Services Risk & Insurance Services revenue was $4.6 billion in the second quarter of 2025, an increase of 15%, or 4% on an underlying basis. Operating income increased 11% to $1.4 billion, while adjusted operating income increased 16% to $1.6 billion. For the six months ended June 30, 2025, revenue was $9.4 billion, an increase of 13%, or 4% on an underlying basis. Operating income rose 7% to $3.1 billion, and adjusted operating income increased 12% to $3.5 billion. Marsh's revenue in the second quarter of 2025 was $3.8 billion, an increase of 18%, or 5% on an underlying basis. In U.S./Canada, underlying revenue rose 4%. International operations produced underlying revenue growth of 7%, including 8% in EMEA, 4% in Asia Pacific, and 3% in Latin America. For the six months ended June 30, 2025, Marsh's underlying revenue growth was 5%. Guy Carpenter's revenue in the second quarter was $677 million, an increase of 7%, or 5% on underlying basis. For the six months ended June 30, 2025, Guy Carpenter's underlying revenue growth was 5%. Consulting Consulting revenue was $2.4 billion in the second quarter of 2025, an increase of 7%, or 3% on an underlying basis. Operating income increased 11% to $456 million, while adjusted operating income increased 9% to $479 million. For the first six months ended June 30, 2025, revenue was $4.7 billion, an increase of 6%, or 4% on an underlying basis. Operating income rose 8% to $912 million, and adjusted operating income increased 9% to $970 million. Mercer's revenue in the second quarter was $1.5 billion, an increase of 9%, or 3% on an underlying basis. Wealth revenue increased 2% on an underlying basis, Health revenue increased 7% on an underlying basis, and Career revenue decreased 5% on an underlying basis. For the six months ended June 30, 2025, Mercer's revenue was $3.0 billion, an increase of 3% on an underlying basis. Oliver Wyman's revenue in the second quarter of 2025 was $873 million, an increase of 5%, or 3% on an underlying basis. For the six months ended June 30, 2025, Oliver Wyman's revenue was $1.7 billion, an increase of 4% on an underlying basis. Other Items The Company repurchased 1.4 million shares of stock for $300 million in the second quarter of 2025. Through six months ended June 30, 2025, the Company has repurchased 2.7 million shares of stock for $600 million. Last week, the Board of Directors increased the quarterly dividend 10% to $0.900 per share, with the third quarter dividend payable on August 15, 2025. Conference Call A conference call to discuss second quarter 2025 results will be held today at 8:30 a.m. Eastern time. The live audio webcast may be accessed at A replay of the webcast will be available approximately two hours after the event. The webcast is listen-only. Those interested in participating in the question-and-answer session may register here to receive the dial-in numbers and unique PIN to access the call. About Marsh McLennan Marsh McLennan (NYSE: MMC) is a global leader in risk, strategy and people, advising clients in 130 countries across four businesses: Marsh, Guy Carpenter, Mercer and Oliver Wyman. With annual revenue of over $24 billion and more than 90,000 colleagues, Marsh McLennan helps build the confidence to thrive through the power of perspective. For more information, visit or follow us on LinkedIn and X. 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 geopolitical or macroeconomic conditions on us, our clients and the countries and industries in which we operate, including from multiple major wars and global conflicts, tariffs or changes in trade policies, slower GDP growth or recession, fluctuations in foreign exchange rates, lower interest rates, capital markets volatility, inflation and changes in insurance premium rates; the impact from lawsuits or investigations arising from errors and omissions, breaches of fiduciary duty or other claims against us in our capacity as a broker or investment advisor, including claims related to our investment business' ability to execute timely trades; the increasing prevalence of ransomware, supply chain and other forms of cyber attacks, and their potential to disrupt our operations, or the operations of our third party vendors, and result in the disclosure of confidential client or company information; the financial and operational impact of complying with laws and regulations, including domestic and international sanctions regimes, anti-corruption laws such as the U.S. Foreign Corrupt Practices Act, U.K. Anti Bribery Act and cybersecurity, data privacy and artificial intelligence regulations; our ability to attract, retain and develop industry leading talent; our ability to compete effectively and adapt to competitive pressures in each of our businesses, including from disintermediation as well as technological change, digital disruption and other types of innovation such as artificial intelligence; our ability to manage potential conflicts of interest, including where our services to a client conflict, or are perceived to conflict, with the interests of another client or our own interests; the impact of changes in tax laws, guidance and interpretations, such as the implementation of the Organization for Economic Cooperation and Development international tax framework, or the increasing number of challenges from tax authorities in the current global tax environment; the regulatory, contractual and reputational risks that arise based on insurance placement activities and insurer revenue streams; our failure to design and execute operating model changes that capture opportunities and efficiencies at the intersection of our businesses; and our ability to successfully integrate or achieve the intended benefits of the acquisition of McGriff. The factors identified above are not exhaustive. Marsh McLennan and its subsidiaries (collectively, the "Company") 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 the Company, 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. Supplemental Information - Revenue Analysis Three Months Ended June 30 (Millions) (Unaudited) The Company advises clients in 130 countries. As a result, foreign exchange rate movements may impact period over period comparisons of revenue. Similarly, certain other items such as acquisitions and dispositions, including transfers among businesses, may impact period over period comparisons of revenue. Non-GAAP underlying revenue measures the change in revenue from one period to the next by isolating these impacts. Revenue Details The following table provides more detailed revenue information for certain of the components presented above: (a) Acquisitions, dispositions and other in 2025 includes the impact of McGriff. * Rounded to whole percentages. Components of revenue may not add due to rounding. ** Acquisitions, dispositions, and other includes the impact of current and prior year items excluded from the calculation of non-GAAP underlying revenue for comparability purposes. Details on these items are provided in the reconciliation of non-GAAP revenue to GAAP revenue tables included in this release. Expand Marsh & McLennan Companies, Inc. Supplemental Information - Revenue Analysis Six Months Ended June 30 (Millions) (Unaudited) The Company advises clients in 130 countries. As a result, foreign exchange rate movements may impact period over period comparisons of revenue. Similarly, certain other items such as acquisitions and dispositions, including transfers among businesses, may impact period over period comparisons of revenue. Non-GAAP underlying revenue measures the change in revenue from one period to the next by isolating these impacts. Revenue Details The following table provides more detailed revenue information for certain of the components presented above: (a) Acquisitions, dispositions and other in 2025 includes the impact of McGriff. (b) Acquisitions, dispositions and other in 2024 includes a net gain from the sale of the U.K. pension administration and U.S. health and benefits administration businesses, that comprised of a gain in Wealth, offset by a loss in Health. * Rounded to whole percentages. Components of revenue may not add due to rounding. ** Acquisitions, dispositions and other includes the impact of current and prior year items excluded from the calculation of non-GAAP underlying revenue for comparability purposes. Details on these items are provided in the reconciliation of non-GAAP revenue to GAAP revenue tables included in this release. Expand Marsh & McLennan Companies, Inc. Reconciliation of Non-GAAP Measures T hree 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 in accordance with "GAAP" or "reported" results). The Company also refers to and presents certain additional non-GAAP financial measures, within the meaning of Regulation G and item 10(e) Regulation S-K in accordance with the Securities Exchange Act of 1934. These measures are: non-GAAP revenue, 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 businesses 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 its businesses, and may differ from similarly titled non-GAAP measures presented by other companies. In the first quarter of 2025, the Company changed its methodology to report adjusted operating income (loss), adjusted income, net of tax and adjusted EPS to exclude the impact of intangible amortization and other net benefit credits. Prior year results are presented using the new methodology for comparative purposes. Adjusted Operating Income (Loss) and Adjusted Operating Margin Adjusted operating income (loss) is calculated by excluding the impact of certain noteworthy items and identified intangible amortization expense from the Company's GAAP operating income (loss). The following tables reconcile adjusted operating income (loss) to GAAP operating income (loss) on a consolidated and reportable segment basis for the three and six months ended June 30, 2025 and 2024. The following tables also present adjusted operating margin. For the three and six months ended June 30, 2025 and 2024, adjusted operating margin is calculated by dividing the sum of adjusted operating income by consolidated or segment adjusted revenue. The Company's adjusted revenue used in the determination of adjusted operating margin is calculated by excluding the impact of certain noteworthy items from the Company's GAAP revenue. (a) Costs in 2025 include severance and lease exit charges for restructuring activities. Costs in 2024 include severance and lease exit charges for activities focused on workforce actions, rationalization of technology and functional resources, and reductions in real estate. (b) Reflects the change in the fair value of contingent consideration and deferred acquisition related costs. (c) Reflects one-time acquisition and disposition related retention and other costs. (d) Adjustment to the net gain on sale of the Mercer U.K. pension administration and U.S. health and benefits administration businesses, transacted in the first quarter of 2024. This amount is included in revenue in the consolidated statements of income and excluded from non-GAAP underlying revenue and adjusted revenue used in the calculation of adjusted operating margin. Expand Marsh & McLennan Companies, Inc. Reconciliation of Non-GAAP Measures Six Months Ended June 30 (Millions) (Unaudited) Six Months Ended June 30, 2025 Operating income (loss) $ 3,056 $ 912 $ (134 ) $ 3,834 Operating margin 32.6 % 19.5 % N/A 27.3 % Add (deduct) impact of noteworthy items: Restructuring (a) 31 14 5 50 Change in contingent and deferred consideration (b) 30 7 — 37 McGriff integration and retention related costs 114 — — 114 Acquisition related costs (c) 7 5 — 12 Acquisition and disposition related gains (d) (28 ) (6 ) — (34 ) Total noteworthy items 154 20 5 179 Identified intangible amortization expense 241 38 — 279 Operating income adjustments 395 58 5 458 Adjusted operating income (loss) $ 3,451 $ 970 $ (129 ) $ 4,292 Adjusted operating margin 36.9 % 20.7 % N/A 30.7 % Six Months Ended June 30, 2024 Operating income (loss) $ 2,862 $ 842 $ (137 ) $ 3,567 Operating margin 34.5 % 19.0 % N/A 28.1 % Add (deduct) impact of noteworthy items: Restructuring (a) 51 16 19 86 Change in contingent and deferred consideration (b) 12 3 — 15 Acquisition related costs (c) 12 30 — 42 Acquisition and disposition related gains (d) — (21 ) — (21 ) Total noteworthy items 75 28 19 122 Identified intangible amortization expense 156 23 — 179 Operating income adjustments 231 51 19 301 Adjusted operating income (loss) $ 3,093 $ 893 $ (118 ) $ 3,868 Adjusted operating margin 37.3 % 20.3 % N/A 30.5 % Expand (a) Costs in 2025 include severance and lease exit charges for restructuring activities. Costs in 2024 include severance and lease exit charges for activities focused on workforce actions, rationalization of technology and functional resources, and reductions in real estate. (b) Reflects the change in the fair value of contingent consideration and deferred acquisition related costs. (c) Reflects one-time acquisition and disposition related retention and other costs. (d) RIS in 2025 includes a gain on the sale of a business and a gain on the remeasurement of an investment. Consulting in 2024 includes the net gain on sale of the Mercer U.K. pension administration and U.S. health and benefits administration businesses, which was adjusted in 2025. These amounts are included in revenue in the consolidated statements of income and excluded from non-GAAP underlying revenue and adjusted revenue used in the calculation of adjusted operating margin. Expand Marsh & McLennan Companies, Inc. Reconciliation of Non-GAAP Measures Three and Six Months Ended June 30 (In millions, except per share data) (Unaudited) Adjusted income, net of tax is calculated as the Company's GAAP income from continuing operations, adjusted to reflect the after tax impact of the operating income adjustments in the preceding tables and the additional items listed below. Adjusted EPS is calculated by dividing the Company's adjusted income, net of tax, by the average number of shares outstanding-diluted for the relevant period. The following tables reconcile adjusted income, net of tax to GAAP income from continuing operations and adjusted EPS to GAAP EPS for the three and six months ended June 30, 2025 and 2024. (a) For items with an income tax impact, the tax effect was calculated using an estimated effective tax rate for each item based on jurisdiction with a blended rate for items occurring in multiple jurisdictions. Expand Marsh & McLennan Companies, Inc. Supplemental Information Three and Six Months Ended June 30 (Millions) (Unaudited) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Consolidated Compensation and benefits $ 3,895 $ 3,454 $ 7,745 $ 6,924 Other operating expenses 1,250 1,125 2,456 2,203 Total expenses $ 5,145 $ 4,579 $ 10,201 $ 9,127 Depreciation and amortization expense $ 91 $ 87 $ 179 $ 186 Identified intangible amortization expense 140 89 279 179 Total $ 231 $ 176 $ 458 $ 365 Risk and Insurance Services Compensation and benefits $ 2,462 $ 2,108 $ 4,913 $ 4,226 Other operating expenses 720 617 1,418 1,207 Total expenses $ 3,182 $ 2,725 $ 6,331 $ 5,433 Depreciation and amortization expense $ 51 $ 46 $ 101 $ 92 Identified intangible amortization expense 121 77 241 156 Total $ 172 $ 123 $ 342 $ 248 Consulting Compensation and benefits $ 1,398 $ 1,314 $ 2,761 $ 2,628 Other operating expenses 517 492 1,012 960 Total expenses $ 1,915 $ 1,806 $ 3,773 $ 3,588 Depreciation and amortization expense $ 25 $ 26 $ 49 $ 63 Identified intangible amortization expense 19 12 38 23 Total $ 44 $ 38 $ 87 $ 86 Expand Marsh & McLennan Companies, Inc. Consolidated Balance Sheets (Millions) (Unaudited) June 30, 2025 December 31, 2024 ASSETS Current assets: Cash and cash equivalents $ 1,677 $ 2,398 Cash and cash equivalents held in a fiduciary capacity 11,871 11,276 Net receivables 8,457 7,156 Other current assets 1,329 1,287 Total current assets 23,334 22,117 Goodwill and intangible assets 28,689 28,126 Fixed assets, net 839 859 Pension related assets 2,203 1,914 Right of use assets 1,471 1,498 Deferred tax assets 280 237 Other assets 1,739 1,730 TOTAL ASSETS $ 58,555 $ 56,481 LIABILITIES AND EQUITY Current liabilities: Short-term debt $ 769 $ 519 Accounts payable and accrued liabilities 3,434 3,402 Accrued compensation and employee benefits 2,372 3,620 Current lease liabilities 335 325 Accrued income taxes 619 376 Fiduciary liabilities 11,871 11,276 Total current liabilities 19,400 19,518 Long-term debt 18,960 19,428 Pension, post-retirement and post-employment benefits 816 840 Long-term lease liabilities 1,546 1,590 Liabilities for errors and omissions 280 305 Other liabilities 1,577 1,265 Total equity 15,976 13,535 TOTAL LIABILITIES AND EQUITY $ 58,555 $ 56,481 Expand Marsh & McLennan Companies, Inc. Consolidated Statements of Cash Flows (Millions) (Unaudited) Six Months Ended June 30, 2025 2024 Operating cash flows: Net income before non-controlling interests $ 2,643 $ 2,564 Adjustments to reconcile net income to cash provided by operations: Depreciation and amortization 458 365 Non-cash lease expense 145 132 Share-based compensation expense 210 193 Net (gain) on investments, disposition of assets and other (29 ) (97 ) Changes in assets and liabilities: Accrued compensation and employee benefits (1,334 ) (1,226 ) Provision for taxes, net of payments and refunds 190 214 Net receivables (921 ) (1,287 ) Other changes to assets and liabilities (31 ) (92 ) Contributions to pension and other benefit plans in excess of current year credit (117 ) (182 ) Operating lease liabilities (165 ) (150 ) Net cash provided by (used for) operations 1,049 434 Financing cash flows: Purchase of treasury shares (600 ) (600 ) Net proceeds from issuance of commercial paper 150 749 Proceeds from issuance of debt — 988 Repayments of debt (510 ) (1,609 ) Net issuance of common stock from treasury shares 33 (6 ) Net distributions of non-controlling interests and deferred/contingent consideration (77 ) (101 ) Dividends paid (810 ) (706 ) Change in fiduciary liabilities (19 ) 901 Net cash provided by (used for) financing activities (1,833 ) (384 ) Investing cash flows: Capital expenditures (114 ) (167 ) Purchases of long-term investments and other (18 ) (13 ) Sales of long-term investments 84 14 Dispositions 15 27 Acquisitions, net of cash and cash held in a fiduciary capacity acquired (62 ) (644 ) Net cash provided by (used for) investing activities (95 ) (783 ) Effect of exchange rate changes on cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity 753 (269 ) Increase (Decrease) in cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity (126 ) (1,002 ) Cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity at beginning of period 13,674 14,152 Cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity at end of period $ 13,548 $ 13,150 Expand Reconciliation of cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity to the Consolidated Balance Sheets Balance at June 30, 2025 2024 (In millions) Cash and cash equivalents $ 1,677 $ 1,653 Cash and cash equivalents held in a fiduciary capacity 11,871 11,497 Total cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity $ 13,548 $ 13,150 Expand Marsh & McLennan Companies, Inc. Reconciliation of Non-GAAP Measures Three Months Ended June 30 (Millions) (Unaudited) Non-GAAP revenue isolates the impact of foreign exchange rate movements and certain transaction-related items from the current period GAAP revenue. The non-GAAP revenue measure is presented on a constant currency basis, excluding the impact of foreign currency fluctuations. The Company isolates the impact of foreign exchange rate movements period over period, by translating the current period foreign currency GAAP revenue into U.S. Dollars based on the difference in the current and corresponding prior period exchange rates. Similarly, certain other items such as acquisitions and dispositions, including transfers among businesses, may impact period over period comparisons of revenue and are consistently excluded from current and prior period GAAP revenues for comparability purposes. Percentage changes, referred to as non-GAAP underlying revenue, are calculated by dividing the period over period change in non-GAAP revenue by the prior period non-GAAP revenue. The following table provides the reconciliation of GAAP revenue to non-GAAP revenue: 2025 2024 Three Months Ended June 30, GAAP Revenue Currency Impact Acquisitions/ D ispositions/ O ther Impact Non-GAAP Revenue GAAP Revenue Acquisitions/ Dispositions/ Other Impact Non-GAAP Revenue Risk and Insurance Services Marsh (a) $ 3,849 $ (18 ) $ (402 ) $ 3,429 $ 3,265 $ (5 ) $ 3,260 Guy Carpenter 677 (6 ) (7 ) 664 632 — 632 Subtotal 4,526 (24 ) (409 ) 4,093 3,897 (5 ) 3,892 Fiduciary interest income 99 — (5 ) 94 125 — 125 Total Risk and Insurance Services 4,625 (24 ) (414 ) 4,187 4,022 (5 ) 4,017 Consulting Mercer 1,498 (17 ) (66 ) 1,415 1,379 (5 ) 1,374 Oliver Wyman Group 873 (11 ) (3 ) 859 837 (5 ) 832 Total Consulting 2,371 (28 ) (69 ) 2,274 2,216 (10 ) 2,206 Corporate Eliminations (22 ) — — (22 ) (17 ) — (17 ) Total Revenue $ 6,974 $ (52 ) $ (483 ) $ 6,439 $ 6,221 $ (15 ) $ 6,206 Expand Revenue Details The following table provides more detailed revenue information for certain of the components presented above: Marsh & McLennan Companies, Inc. Reconciliation of Non-GAAP Measures Six Months Ended June 30 (Millions) (Unaudited) The following table provides the reconciliation of GAAP revenue to non-GAAP revenue: Revenue Details The following table provides more detailed revenue information for certain of the components presented above: (a) Acquisitions, dispositions and other in 2025 includes the impact of McGriff. (b) Acquisitions, dispositions and other in 2024 includes a net gain of $21 million from the sale of the U.K. pension administration and U.S. health and benefits administration businesses, that comprised of a $66 million gain in Wealth, offset by a $45 million loss in Health. Note: Amounts in the tables above are rounded to whole numbers. Expand
