Marsh & McLennan reports net income of $1.4 billion for 2013

Marsh & McLennan Companies reported a net income of $303 million for the fourth quarter last year, up from $259 million in the comparable quarter of 2012.

For the full year, net income was $1.4 billion, compared with $1.3 billion in 2012. Operating income rose 14% to $2.1 billion, compared with $1.8 billion in the prior year.

For the last quarter, operating income was $489 million, compared with $406 million in the prior year period.

For its Risk and Insurance Services division, revenue was $1.6 billion for the fourth quarter, a 4% increase, and $6.6 billion for the full year, a 3% increase.

Within that segment, Marsh drew revenue of $1.42 billion in Q4, while Guy Carpenter had $209 million for the same period. In the United States and Canada, Marsh had revenue of $657 million during the last quarter, up from $632 million in Q4 of 2012.

Its consulting segment, which includes Mercer and Oliver Wyman Group, also saw a 4% increase in revenue, to $1.5 billion for Q4, and  for the full year 2013, segment revenue was $5.7 billion, an increase of 2% on both a reported and underlying basis.

“Marsh produced another year of strong performance, with underlying revenue growth across all major geographies and record new business development,” Dan Glaser, president and CEO of Marsh & McLennan commented in a press release on the results.

“Guy Carpenter’s results for the year were excellent, with underlying revenue growth of 5%. Mercer’s strong performance included 4% underlying revenue growth, fueling the Consulting segment’s record profitability. Oliver Wyman’s underlying revenue growth improved sequentially throughout the year,” Glaser also noted.

“For the fourth consecutive year, the Risk and Insurance Services and Consulting segments both achieved double-digit growth in adjusted operating income.

“We are proud of our accomplishments this past year. We have established an operating platform that positions us well to deliver sustained long-term EPS growth approaching 13%,” he added.