Marsh beat estimates for fifth straight quarter
Marsh & McLennan Co Inc’s quarterly profit beat analysts’ estimates for the fifth straight quarter, helped by revenue growth in its core insurance business that continued to benefit from improving insurance prices.The insurance broker led by Bermudian CEO Brian Duperreault said net profit rose 20 percent to $339 million, or 60 cents per share, in the second quarter, from $286 million, or 50 cents per share, a year earlier.Excluding items, firm earned 61 cents per share beating analysts average expectation of 58 cents per share on revenue of $3.08 billion, according to Thomson Reuters. The company provides management consulting, human resource consulting, outsourcing and risk and reinsurance intermediary services.Total revenue rose three percent to $3 billion.Revenue at Marsh, the company’s main insurance business, grew four percent to $1.4 billion, while revenue from consulting was up two percent at $1.3 billion.Mr Duperreault said: “Our outstanding second-quarter results successfully built on our strong first quarter. We produced revenue growth in each of our operating companies as well as excellent growth in operating income in both risk and insurance services and consulting, with meaningful margin improvement.”