MRSH · Marsh & McLennan Companies, Inc.

Marsh & McLennan delivered solid Q1 2026 results with consolidated revenue reaching $7.6 billion, up 8% reported and 4% underlying from Q1 2025, reflecting strength across segments amid a dynamic environment. Risk & Insurance Services generated $5.1 billion in revenue, up 6% reported and 3% underlying, led by Marsh Risk's 8% reported growth (4% underlying) with balanced U.S./Canada (3%) and International (5%) performance, including 6% in EMEA. Guy Carpenter contributed $1.2 billion, up 3% reported. GAAP operating income declined 12% to $1.8 billion primarily due to a $425 million Greensill litigation charge, but adjusted operating income rose 8% to $2.4 billion, showcasing underlying operational strength with 31.8% adjusted margin. Consulting shone with $2.6 billion revenue, up 11% reported and 5% underlying; Mercer's $1.7 billion reflected 5% underlying growth across Wealth (5%) and Health (6%), offset by Career decline (2%), while Marsh Management Consulting grew 10% reported (6% underlying). President and CEO John Doyle highlighted market leadership, client trust, and execution, noting 8% growth in revenue, adjusted operating income, and EPS. Capital allocation remained disciplined with $750 million share repurchases (4.2 million shares) and neutral $600 million senior notes issuance/repayment. No forward guidance was provided, but results affirm resilience. Conference call held April 16, 2026, at 8:30 a.m. ET.