Marsh & McLennan Files Q3 2024 10-Q

Ticker: MRSH · Form: 10-Q · Filed: Oct 17, 2024

Sentiment: neutral

Topics: 10-Q, quarterly-report, financials

TL;DR

MMC's Q3 10-Q is in - financials look steady, business as usual.

AI Summary

Marsh & McLennan Companies, Inc. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the third quarter and the first nine months of the year. Key financial data and business segment information are presented, reflecting the company's ongoing activities in insurance and risk management.

Why It Matters

This filing provides investors and analysts with the latest financial results and operational details for Marsh & McLennan, crucial for understanding the company's performance and future outlook in the insurance and consulting sectors.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial and operational information.

Key Numbers

Key Players & Entities

FAQ

What is the primary purpose of this 10-Q filing?

This 10-Q filing provides Marsh & McLennan Companies, Inc.'s quarterly financial statements and operational details for the period ending September 30, 2024.

When was this 10-Q filed with the SEC?

This 10-Q was filed on October 17, 2024.

What is Marsh & McLennan's fiscal year end?

Marsh & McLennan's fiscal year ends on December 31.

What is the company's primary business classification according to the SIC code?

The company's Standard Industrial Classification (SIC) code is 6411, which corresponds to Insurance Agents Brokers & Services.

Where is Marsh & McLennan Companies, Inc. incorporated?

Marsh & McLennan Companies, Inc. is incorporated in Delaware (DE).

Filing Stats: 4,617 words · 18 min read · ~15 pages · Grade level 15.6 · Accepted 2024-10-17 16:17:43

Key Financial Figures

Filing Documents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 4

FINANCIAL STATEMENTS (UNAUDITED)

ITEM 1. FINANCIAL STATEMENTS (UNAUDITED) 4 CONSOLIDATED STATEMENTS OF INCOME 4 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME 5 CONSOLIDATED BALANCE SHEETS 6 CONSOLIDATED STATEMENTS OF CASH FLOWS 8 CONSOLIDATED STATEMENTS OF EQUITY 9

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 10

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS 38 OF OPERATIONS

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 57

CONTROLS & PROCEDURES

ITEM 4. CONTROLS & PROCEDURES 58

OTHER INFORMATION

PART II. OTHER INFORMATION 59

LEGAL PROCEEDINGS

ITEM 1. LEGAL PROCEEDINGS 59

RISK FACTORS

ITEM 1A. RISK FACTORS 59

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 59

DEFAULTS UPON SENIOR SECURITIES

ITEM 3. DEFAULTS UPON SENIOR SECURITIES 59

MINE SAFETY DISCLOSURE

ITEM 4. MINE SAFETY DISCLOSURE 59

OTHER INFORMATION

ITEM 5. OTHER INFORMATION 59

EXHIBITS

ITEM 6. EXHIBITS 59 3

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. MARSH & McLENNAN COMPANIES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (Unaudited) Three Months Ended September 30, Nine Months Ended September 30, (In millions, except per share data) 2024 2023 2024 2023 Revenue $ 5,697 $ 5,382 $ 18,391 $ 17,182 Expense: Compensation and benefits 3,442 3,287 10,366 9,831 Other operating expenses 1,147 1,099 3,350 3,172 Operating expenses 4,589 4,386 13,716 13,003 Operating income 1,108 996 4,675 4,179 Other net benefit credits 68 62 201 180 Interest income 12 16 61 40 Interest expense ( 154 ) ( 145 ) ( 469 ) ( 427 ) Investment income 1 1 3 6 Income before income taxes 1,035 930 4,471 3,978 Income tax expense 283 192 1,155 941 Net income before non-controlling interests 752 738 3,316 3,037 Less: Net income attributable to non-controlling interests 5 8 44 37 Net income attributable to the Company $ 747 $ 730 $ 3,272 $ 3,000 Net income per share attributable to the Company: – Basic $ 1.52 $ 1.48 $ 6.65 $ 6.07 – Diluted $ 1.51 $ 1.47 $ 6.59 $ 6.01 Average number of shares outstanding: – Basic 492 494 492 494 – Diluted 496 499 496 499 Shares outstanding at September 30, 491 493 491 493 The accompanying notes are an integral part of these unaudited consolidated statements. 4 MARSH & McLENNAN COMPANIES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) Three Months Ended September 30, Nine Months Ended September 30, (In millions) 2024 2023 2024 2023 Net income before non-controlling interests $ 752 $ 738 $ 3,316 $ 3,037 Other comprehensive income (loss), before tax: Foreign currency translation adjustments 661 ( 473 ) 389 ( 131 ) (Loss) gain related to pension/post-retirement plans ( 173 ) 107 ( 105 ) ( 13 ) Other comprehensive income (loss) before tax 488 ( 366 ) 284 ( 144 ) Income tax (benefit) expense on other comprehensive loss ( 49 ) 39 ( 21 ) 2 Other comprehensive income (loss), net of tax 537 ( 405 ) 305 (

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) 1. Nature of Operations Marsh & McLennan Companies, Inc., and its consolidated subsidiaries (the "Company"), a global professional services firm, is organized based on the different services that it offers. Under this structure, the Company's two business segments are Risk and Insurance Services and Consulting. The Risk and Insurance Services segment ("RIS") includes risk management activities (risk advice, risk transfer, and risk control and mitigation solutions) as well as insurance and reinsurance broking and services for businesses, public entities, insurance companies, associations, professional services organizations, and private clients. The Company conducts business in this segment through Marsh and Guy Carpenter. 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. The Consulting segment 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. Mercer delivers advice and technology-driven solutions that help organizations redefine the future 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. 2. Principles of Consolidation and Other Matters The Company prepared the consolidated financial statements included herein pursuant to the rules and regulations of the Securities and Exchange Commission. For interim filings, certain information and disclosures normally included in financial statements prepared in accordance with accounting principles generally a

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