Guy Carpenter’s revenue up 5% to $1.2bn in Q1’25

Global broking group Marsh McLennan’s reinsurance arm, Guy Carpenter, saw its revenue increase in the first quarter of 2025 to $1.2 billion, as total revenue within the Risk & Insurance Services segment rose 11%.

Guy Carpenter’s revenue increased by 5% year on year on both a GAAP and underlying basis and follows strong revenue of approximately $2.4 billion for full year 2024.

The reinsurance broker sits within Marsh McLennan’s Risk & Insurance Services unit, which generated revenue of $4.8 billion in Q1 2025, an increase of 11%, or 4% on an underlying basis. The unit’s operating income was in line with the previous year at $1.6 billion, while adjusted operating income increased by 8% to $1.8 billion.

Within Risk & Insurance Services also sits insurance broker Marsh, which generated revenue of $3.5 billion in Q1 2025, up 15%, or 5% on an underlying basis when compared with the prior year. The broker reports that in the US/Canada, underlying revenue rose 4%, while International operations produced underlying revenue growth of 6%, including 8% in Latin America, 6% in EMEA, and 4% in Asia Pacific.

In the Consulting business, which includes Mercer and Oliver Wyman, revenue increased 5%, or 4% on an underlying basis to $2.3 billion in Q1 2025, with operating income of $456 million and adjusted operating income of $491 million, an increase of 8% year on year.

Mercer’s revenue increased 5%, or 4% on an underlying basis to $1.5 billion, with growth in both Wealth and Health revenue, partially offset by a decrease in Career revenue.

When compared with Q1 2024, Oliver Wyman’s revenue rose by 4% on both a GAAP and underlying basis to $818 million in Q1 2025.

All in all, Marsh McLennan has today reported consolidated revenue across the Group of $7.1 billion in Q1 2025, an increase of 9%, or 4% on an underlying basis when compared with Q1 2024.

Operating income totalled $2 billion, up slightly on the prior year’s $1.9 billion, while adjusted operating income increased by 8% to $2.2 billion.

Net income attributable to the company amounted to $1.4 billion in Q1 2025, in line with the previous year, although earnings per share fell by 1% to $2.79.

John Doyle, President and Chief Executive Officer (CEO), commented: “We had a solid start to the year with 9% revenue growth reflecting momentum across our business and the contribution from acquisitions. For the quarter, we generated 4% underlying revenue growth, 8% growth in adjusted operating income, and 5% growth in adjusted EPS.

“Marsh McLennan is a resilient business built to deliver across market cycles. Clients value our advice and solutions, particularly in uncertain times.”

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