Marsh & McLennan Companies, Inc. reported a consolidated revenue of $24.5 billion for the fiscal year 2024, marking an 8% increase from $22.7 billion in 2023. The company's operating income rose by 10% to $5.8 billion, while net income attributable to the company increased to $4.1 billion, or $8.18 per diluted share, up from $3.8 billion, or $7.53 per diluted share, in the previous year. The growth in revenue was primarily driven by the Risk and Insurance Services segment, which generated $15.4 billion, a 9% increase compared to the prior year, and the Consulting segment, which saw revenue rise to $9.1 billion, a 5% increase.
In 2024, Marsh & McLennan completed 17 acquisitions, including the significant acquisition of McGriff Insurance Services for $7.75 billion. This acquisition is expected to enhance the company's capabilities in insurance broking and risk management services. The company also divested its Mercer U.K. pension administration and U.S. health and benefits administration businesses for approximately $120 million, recording a net gain of $35 million from the sale. The restructuring activities in 2024 incurred costs of $276 million, primarily related to workforce actions and technology rationalization.
Operationally, Marsh & McLennan employed over 90,000 colleagues globally, with approximately 52,400 in Risk and Insurance Services and 30,500 in Consulting. The company reported strong client retention and new business growth, particularly in the Marsh and Guy Carpenter divisions. The Risk and Insurance Services segment benefited from continued economic growth and inflation, while the Consulting segment's growth was driven by Mercer’s health and wealth services and Oliver Wyman Group's advisory services.
Looking ahead, Marsh & McLennan anticipates continued revenue growth, supported by its strategic acquisitions and the ongoing demand for its risk management and consulting services. However, the company also acknowledged potential challenges from macroeconomic conditions, including geopolitical tensions and inflation, which could impact client spending and overall market dynamics. The company remains focused on integrating its recent acquisitions and optimizing its operational efficiencies to sustain its growth trajectory.
About MARSH & MCLENNAN COMPANIES, INC.
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