Marsh McLennan reported consolidated revenue of $6.5 billion in the first quarter of 2024, up 9% from $5.9 billion in the prior-year quarter. On an underlying basis, its revenue also increased 9%.

The firm’s operating income also rose 12% from $1.7 billion to $1.9 billion, while its net income reached $1.4 billion.

“We had a terrific start to the year, reflecting continued momentum across our business. For the quarter, we generated 9% underlying revenue growth, 14% adjusted EPS growth, and 80 basis points of margin expansion. With this strong start, we are well positioned for another good year in 2024,” said John Doyle, president and CEO.

The firm’s risk and insurance services segment, which includes broking arms Marsh and Guy Carpenter, saw revenue grow 9% to $4.3 billion in Q1 2024, while its operating income was up 12%, reaching $1.6 billion.

Marsh McLennan’s consulting services, Mercer and Oliver Wyman, reported $2.2 billion in revenue, reflecting a 9% increase in the first three months of the year.

The company also highlighted Oliver Wyman’s acquisition of SeaTec Consulting, which was completed in February. In March, Marsh McLennan Agency closed on the previously announced agreement to acquire two leading middle-market agencies in Louisiana – Querbes & Nelson and Louisiana Companies. Within this month, Mercer also completed the acquisition of Vanguard’s U.S. Outsourced Chief Investment Officer (OCIO) business.

The firm’s operating income also rose 12% from $1.7 billion to $1.9 billion, while its net income reached $1.4 billion.

“We had a terrific start to the year, reflecting continued momentum across our business. For the quarter, we generated 9% underlying revenue growth, 14% adjusted EPS growth, and 80 basis points of margin expansion. With this strong start, we are well positioned for another good year in 2024,” said John Doyle, president and CEO.

The firm’s risk and insurance services segment, which includes broking arms Marsh and Guy Carpenter, saw revenue grow 9% to $4.3 billion in Q1 2024, while its operating income was up 12%, reaching $1.6 billion.

Marsh McLennan’s consulting services, Mercer and Oliver Wyman, reported $2.2 billion in revenue, reflecting a 9% increase in the first three months of the year.

The company also highlighted Oliver Wyman’s acquisition of SeaTec Consulting, which was completed in February. In March, Marsh McLennan Agency closed on the previously announced agreement to acquire two leading middle-market agencies in Louisiana – Querbes & Nelson and Louisiana Companies. Within this month, Mercer also completed the acquisition of Vanguard’s U.S. Outsourced Chief Investment Officer (OCIO) business.