MMC insurance division profits rise 11% to $818m
Reinsurance broker Guy Carpenter reported 8% organic growth in the first half of 2012.
The first-half results of parent company Marsh & McLennan Companies (MMC) reveal that Guy Carpenter’s revenue increased 6% on an absolute basis to $632m (H1 2011: $597m). After excluding losses from currency conversion and acquisitions/disposals, organic growth was 8%.
MMC chief executive Brian Duperreault said in a statement: “Guy Carpenter produced impressive results, continuing its long-term trend of underlying revenue growth driven by international operations.”
MMC’s risk and insurance services division, which comprises Guy Carpenter and insurance broker Marsh, posted an operating profit of $818m in the first half of 2012, up 11% on the $739m it made in the same period of 2011. The operating margin (operating profits as a percentage of revenues) increased to 23.7% from 22.7%.
MMC as a whole, which includes consulting firms Mercer and Oliver Wyman, made a net profit of $676m in the first half of 2012, up 11% on the $607m it made in the same period last year. Revenues increased 5% to $6bn (H1 2011: $5.8bn).