Q1 2025 Marsh & McLennan Companies Inc Earnings Call Transcript
Key Points
- Marsh & McLennan Companies Inc (MMC) reported a 9% increase in consolidated revenue for the first quarter, reaching $7.1 billion.
- The company achieved an 8% growth in adjusted operating income, with an adjusted operating margin of 31.8%.
- Marsh & McLennan Companies Inc (MMC) experienced 4% underlying revenue growth across all four of its businesses.
- The acquisition of McGriff is progressing well, with the integration on track and expected to be accretive to adjusted EPS by 2026.
- The company repurchased $300 million of stock in the first quarter, demonstrating strong capital management.
- The adjusted operating margin declined by 20 basis points compared to the first quarter of 2024, reflecting seasonality at McGriff.
- The global economic outlook remains uncertain, with ongoing trade negotiations impacting consumer and business confidence.
- Fiduciary income decreased by $19 million compared to the first quarter of last year due to lower interest rates.
- Foreign exchange posed a $0.05 headwind in the first quarter, adding volatility to earnings predictions.
- The insurance market saw a 3% decrease in rates in the first quarter, with global property rates declining by 6% year over year.
Welcome to Marsh McLennan's earnings conference call. Today's call is being recorded. First quarter 2025 financial results and supplemental information were issued earlier this morning. They are available on the company's website at marshmclennan.com.
Please note that remarks made today may include forward-looking statements. Forward-looking statements are subject to risks and uncertainties, and a variety of factors may cause actual results to differ materially from those contemplated by such statements. For a more detailed discussion of those factors, please refer to our earnings release for this quarter and to our most recent SEC filings, including our most recent Form 10-K, all of which are available on the Marsh McLennan website.
During the call today, we may also discuss certain non-GAAP financial measures. For a reconciliation of these measures to the most closely comparable GAAP measures, please refer to the schedule in today's earnings release. (Operator Instructions)
I'll now turn this over to John Doyle, President and CEO of Marsh McLennan.
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