For the full year of 2022, revenue was at $20.7 billion, an increase of 5% year-on-year or 9% on an underlying basis. Net income was $3 billion, and earnings per share decreased 1% to $6.04. Adjusted earnings per share grew 11% to $6.85 from $6.17 in 2021.
“2022 was an outstanding year for Marsh McLennan,” said John Doyle, who took the helm of Marsh McLennan as president and CEO at the start of 2023. “We generated underlying revenue growth of 9%, grew adjusted EPS by 11%, and expanded adjusted margins for the 15th consecutive year. We achieved these strong results while continuing to invest in our talent and capabilities, both organically and through acquisitions.”
The firm noted that fourth quarter results include $344 million of noteworthy items, primarily related to “severance and lease exit charges for activities focused on workforce actions, technology rationalization and reductions in real estate.”
Marsh McLennan’s risk and insurance services arm posted revenue at $2.9 billion in Q4 2022, a decrease of 3%, or an increase of 8% on an underlying basis. Operating income was $472 million, compared with $667 million in Q4 2021. Adjusted operating income rose 23% to $685 million.
For 2022, revenue was $12.6 billion, an increase of 5%, or 9% on an underlying basis. Adjusted operating income rose 15% to $3.5 billion.
Marsh’s revenue in the fourth quarter of 2022 was $2.7 billion, a decrease of 6%, or an increase of 6% on an underlying basis. Underlying revenue grew across all geographies, led by Asia-Pacific (12%), EMEA (7%), US and Canada (5%), and Latin America (4%). For the whole of 2022, its revenue grew 3%, or 8% on an underlying basis.
Guy Carpenter’s fourth quarter revenue was $171 million, higher by 1%, or 5% on an underlying basis. For the year, revenue increased 8% compared to a year ago, or 9% on an underlying basis.
Amid the strong financials, Doyle said that he continues to be excited about the possibilities ahead for Marsh McLennan.
“It is a privilege to lead this exceptional firm. Our expertise across the important areas of risk, strategy and people is more relevant than ever as we help clients navigate an uncertain world,” he said.