Nine-month revenue up 4% despite Q3 dip
Guy Carpenter’s third-quarter 2012 revenue dropped 1% compared with the same quarter in 2011.
Third-quarter 2012 revenue at the reinsurance broker was $249m, compared with $251m in the same period last year.
On an underlying basis, which excludes the effects of currency movements, Guy Carpenter’s revenue increased 1%.
Parent company Marsh & McLennan Companies (MMC) said Guy Carpenter’s third quarter revenue performance reflected “a moderating price environment and increased risk retention by clients’.
However, outgoing MMC chief executive Brian Duperreault hailed the result, saying: “Guy Carpenter’s trend of underlying revenue growth continued.”
Despite the third-quarter dip, Guy Carpenter’s revenue for the first nine months of 2012 grew 4% to $881m (9M 2011: $848m). The growth was 6% on an underlying basis.
Guy Carpenter is part of MMC’s risk and insurance services division, along with sister insurance broker Marsh.
The risk and insurance services division’s operating profit in the first nine months of 2012 grew 14% to $1.05bn (9M 2011: $925m).
In the third quarter alone, the division’s operating profit grew 26% to $234m (Q3 2011: $186m).