Marsh & McLennan Companies, Inc. reported a consolidated revenue of $7.1 billion for the first quarter of 2025, marking a 9% increase from $6.5 billion in the same period last year. The company's operating income rose by $80 million, or 4%, to $2.0 billion, while net income attributable to the company was $1.4 billion. Diluted earnings per share decreased slightly to $2.79 from $2.82, reflecting a 1% decline compared to the previous year. The growth in revenue was primarily driven by the Risk and Insurance Services segment, which saw an 11% increase in revenue, and a 5% increase in the Consulting segment.
In terms of operational performance, the Risk and Insurance Services segment generated $4.8 billion in revenue, up from $4.3 billion, with Marsh's revenue increasing by 15% to $3.5 billion. Guy Carpenter also contributed with a 5% revenue increase to $1.2 billion. The Consulting segment's revenue reached $2.3 billion, a 5% increase, with Mercer and Oliver Wyman Group both showing growth. The company completed three acquisitions during the quarter, totaling $62 million, which contributed to the overall revenue growth.
The financial results also reflect significant changes in contract assets and liabilities. As of March 31, 2025, contract assets increased to $502 million from $473 million at the end of 2024, while contract liabilities rose to $952 million from $866 million. The company recognized $340 million in revenue from contract liabilities at the beginning of the period, compared to $315 million in the prior year. Additionally, the company reported a net uncollected premium and claims balance of $16.3 billion, up from $15.1 billion at the end of 2024.
Looking ahead, Marsh & McLennan anticipates continued growth driven by strong demand for its services amid a challenging macroeconomic environment. The company is focused on integrating its recent acquisitions and optimizing its operations to enhance profitability. The board of directors declared a quarterly dividend of $0.815 per share, payable in May 2025, and the company remains authorized to repurchase up to $2.0 billion in shares of its common stock. The outlook for the remainder of 2025 will depend on various factors, including market conditions and the company's ability to navigate potential risks associated with geopolitical tensions and economic fluctuations.
About MARSH & MCLENNAN COMPANIES, INC.
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