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Business services giant Marsh McLennan’s sales reached $6.5 billion in its first quarter ended March 31, a 9% increase from a year earlier.

The company’s GAAP and adjusted revenue figures were the same, which means its business was insulated from currency fluctuations and other seasonal financial factors. New York-headquartered Marsh McLennan generates its fee income from a group of subsidiaries that mostly operate in the insurance and consulting segments. All its core businesses performed well during the first quarter.

Marsh McLennan’s largest market is the risk and insurance services sector, which accounted for about two thirds of its sales in the first three months of 2024. The firm’s Marsh subsidiary, which functions as an insurance brokerage, saw sales rise to $3 billion. The Guy Carpenter reinsurance business, which helps insurers mitigate the financial risks in their portfolios, brought in fee income of $1.1 billion.

Marsh McLennan’s other major revenue source is consulting. The company’s operations in this market are led by two subsidiaries: Mercer, which advises companies on employee health insurance plans, and management consultancy Oliver Wyman. The two units’ sales reached $1.4 billion and $789 million, respectively, in the fourth quarter.

For shareholders, the standout item in Marsh McLennan’s earnings report is that the firm managed to grow its profit by a larger percentage than its top line. A 0.8% profit margin increase boosted the firm’s adjusted operating income by 11% to $2 billion, while adjusted EPS jumped 14% from the year-ago period.

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