By Rob Curran
Marsh & McLennan Cos. posted a 42% drop in fourth-quarter earnings as revenue declined at its commercial-insurance operations and its Mercer consultancy.
The New York insurance brokerage and consulting firm logged fourth-quarter earnings of $466 million, or 93 cents a share, down from $803 million, or $1.57 a share, a year earlier. Excluding certain items, Marsh & McLennan posted fourth-quarter earnings of $1.47 a share.
Fourth-quarter revenue slipped 2%, to $5.02 billion.
The firm's Risk & Insurance Services unit revenue fell 3%, to $2.9 billion, with the bulk of that generated by its Marsh insurance brokerage.
Consulting revenue was $2.1 billion, down 2.4% from a year earlier, with the Mercer brand generating $1.3 billion, a drop of 3% from a year earlier. Revenue at Oliver Wyman rose 6%, to $765 million.
Shares of Marsh & McLennan ticked up in premarket trading.
Write to Rob Curran at rob.curran@wsj.com
Corrections & Amplifications
This article was corrected at 08:43 a.m. ET because the original misreported the changes in revenue for the consulting and Olivery Wyman units. Marsh & McLennan Cos. said fourth-quarter consulting revenue was $2.1 billion, down 2.4% from a year earlier. Revenue at Oliver Wyman rose 6% to $765 million.
(END) Dow Jones Newswires
01-26-23 0741ET