Marsh & McLennan Companies, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Marsh & McLennan Companies, Inc. has filed its annual report for the fiscal year ended December 31, 2023.</b>

AI Summary

MARSH & MCLENNAN COMPANIES, INC. (MRSH) filed a Annual Report (10-K) with the SEC on February 12, 2024. Marsh & McLennan Companies, Inc. filed its 2023 Form 10-K on February 12, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business address is 1166 Avenue of the Americas, New York, NY 10036. Marsh & McLennan Companies, Inc. is classified under SIC code 6411 (Insurance Agents Brokers & Services). The company was incorporated in Delaware.

Why It Matters

For investors and stakeholders tracking MARSH & MCLENNAN COMPANIES, INC., this filing contains several important signals. This 10-K filing provides a comprehensive overview of the company's financial performance, risk factors, and business operations for the fiscal year 2023. Investors and stakeholders can use this report to assess the company's financial health, strategic direction, and potential risks moving forward.

Risk Assessment

Risk Level: low — MARSH & MCLENNAN COMPANIES, INC. shows low risk based on this filing. The risk level is assessed as low because the filing is a standard annual report (10-K) for a well-established public company, indicating routine disclosure rather than immediate material events.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-K to understand Marsh & McLennan's performance and outlook for 2023.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-02-12 — Filed As Of Date (Date the report was filed)
• 6411 — SIC Code (Standard Industrial Classification)
• DE — State of Incorporation (Legal domicile)

Key Players & Entities

• MARSH & MCLENNAN COMPANIES, INC. (company) — Filer name
• 2024-02-12 (date) — Filing date
• 2023-12-31 (date) — Reporting period end date
• 1166 AVENUE OF THE AMERICAS (address) — Business address
• NEW YORK (location) — Business address city
• NY (location) — Business address state
• 10036 (postal_code) — Business address zip
• 2123455000 (phone_number) — Business phone

FAQ

Industry Context

Marsh & McLennan Companies, Inc. operates in the insurance and consulting sectors, providing risk management, insurance brokerage, and human capital consulting services.

Regulatory Implications

The company is subject to regulations governing the insurance and financial services industries in the jurisdictions where it operates.

What Investors Should Do

1. Analyze the company's revenue segments and growth drivers for FY2023.
2. Review the risk factors section for potential challenges and mitigation strategies.
3. Examine executive compensation details if available in the full filing.

Key Dates

• 2024-02-12: 10-K Filing — Annual report submission for fiscal year 2023

Year-Over-Year Comparison

This is the initial filing analyzed, so no comparison to a previous filing is available.

Key Financial Figures

• $1.00 — ich registered Common Stock, par value $1.00 per share MMC New York Stock Exchange
• $23 b — ding businesses. With annual revenue of $23 billion, we have more than 85,000 colleag

Filing Documents

• mmc-20231231.htm (10-K) — 3554KB
• mmc12312023ex_211.htm (EX-21.1) — 568KB
• mmc12312023ex_231.htm (EX-23.1) — 3KB
• mmc12312023ex_311.htm (EX-31.1) — 9KB
• mmc12312023ex_312.htm (EX-31.2) — 9KB
• mmc12312023ex_321.htm (EX-32.1) — 7KB
• mmc12312023ex_971.htm (EX-97.1) — 40KB
• mmc-20231231_g1.jpg (GRAPHIC) — 80KB
• 0000062709-24-000016.txt (&nbsp;) — 20760KB
• mmc-20231231.xsd (EX-101.SCH) — 108KB
• mmc-20231231_cal.xml (EX-101.CAL) — 158KB
• mmc-20231231_def.xml (EX-101.DEF) — 645KB
• mmc-20231231_lab.xml (EX-101.LAB) — 1426KB
• mmc-20231231_pre.xml (EX-101.PRE) — 984KB
• mmc-20231231_htm.xml (XML) — 4155KB

— Business

Item 1 — Business 1

— Risk Factors

Item 1A — Risk Factors 13

— Unresolved Staff Comments

Item 1B — Unresolved Staff Comments 32

— Cybersecurity

Item 1C — Cybersecurity 32

— Properties

Item 2 — Properties 34

— Legal Proceedings

Item 3 — Legal Proceedings 34

— Mine Safety Disclosures

Item 4 — Mine Safety Disclosures 34 PART II

— Market for the Company's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5 — Market for the Company's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 35

— [Reserved]

Item 6 — [Reserved] 35

— Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7 — Management's Discussion and Analysis of Financial Condition and Results of Operations 36

— Quantitative and Qualitative Disclosures About Market Risk

Item 7A — Quantitative and Qualitative Disclosures About Market Risk 55

— Financial Statements and Supplementary Data

Item 8 — Financial Statements and Supplementary Data 57

— Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9 — Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 113

— Controls and Procedures

Item 9A — Controls and Procedures 113

— Other Information

Item 9B — Other Information 115 PART III

— Directors, Executive Officers and Corporate Governance

Item 10 — Directors, Executive Officers and Corporate Governance 116

— Executive Compensation

Item 11 — Executive Compensation 116

— Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12 — Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 116

— Certain Relationships and Related Transactions, and Director Independence

Item 13 — Certain Relationships and Related Transactions, and Director Independence 116

— Principal Accountant Fees and Services

Item 14 — Principal Accountant Fees and Services 116 PART IV

— Exhibits and Financial Statement Schedules

Item 15 — Exhibits and Financial Statement Schedules 117

— Form 10-K Summary

Item 16 — Form 10-K Summary 129 Signatures 130 ii PART I

Business

Item 1. Business. References in this report to "we", "us" and "our" are to Marsh & McLennan Companies, Inc. and its consolidated subsidiaries (the "Company" or "Marsh McLennan"), unless the context otherwise requires. GENERAL Marsh McLennan is the world's leading professional services firm in the areas of risk, strategy and people. We help clients build the confidence to thrive through the power of perspective of our four market-leading businesses. With annual revenue of $23 billion, we have more than 85,000 colleagues advising clients in over 130 countries. Marsh provides data-driven risk advisory services and insurance solutions to commercial and consumer clients. Guy Carpenter develops advanced risk, reinsurance and capital strategies that help clients grow profitably and pursue emerging opportunities. Mercer delivers advice and technology-driven solutions that help organizations redefine the world of work, reshape retirement and investment outcomes, and unlock health and well-being for a changing workforce. Oliver Wyman Group serves as a critical strategic, economic and brand advisor to private sector and governmental clients. Our four businesses also collaborate together to deliver new solutions to help clients manage complex and interconnected risks. The Company conducts business through two segments: Risk and Insurance Services includes risk management activities (risk advice, risk transfer and risk control and mitigation solutions) as well as insurance and reinsurance broking and services. The Company conducts business in this segment through Marsh and Guy Carpenter. Consulting includes health, wealth and career advice, solutions and products, and specialized management, strategic, economic and brand consulting services. The Company conducts business in this segment through Mercer and Oliver Wyman Group. We describe our current segments in further detail below. We provide financial information about our segments in our consolidated financial statemen