MMC
Updated: 23/09/2026, 03:36:48
Marsh & McLennan Companies (MMC) operates as a leading global professional services organization, delivering expert guidance and innovative solutions to clients worldwide across the critical domains of risk, strategic planning, and human capital. Its operations are bifurcated into two primary divisions: Risk and Insurance Services, and Consulting. The Risk and Insurance Services arm provides an extensive range of risk management capabilities, encompassing strategic risk advice, risk transfer mechanisms, and solutions for risk control and mitigation. This segment is also proficient in insurance and reinsurance brokerage, offers sophisticated catastrophe and financial modeling, delivers associated advisory services, and manages insurance programs. Its diverse clientele includes businesses, governmental bodies, insurance companies, associations, specialized professional service organizations, and private individuals. Conversely, the Consulting division specializes in advisory services and products related to health, wealth, and career development. It also extends its expertise to specialized management, economic analysis, and brand strategy consulting. Founded in 1871, Marsh & McLennan Companies, Inc. maintains its corporate headquarters in New York, New York.
No summaries found.
Reported and calculated KPIs plus operational exposure disclosed in the FY 2025 filing.
Revenue
$27.0B
FY 2025 · Reported
Net income
$4.2B
FY 2025 · Reported
Gross margin
N/A
FY — · Reported
Free cash flow
$5.0B
FY 2025 · Calculated
R&D intensity
N/A
FY — · Reported
Share repurchases
$2.0B
FY 2025 · Reported
Other offerings mentioned without separate sales
Area-level product sales are displayed only when the filing reports a product × geography breakdown. Regional totals are not allocated across products by estimation.
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Company overview
Global leader advising clients in 130 countries; $27 billion annual revenue; more than 95,000 colleagues
“Marsh is a global leader in risk, reinsurance and capital, people and investments, and management consulting, advising clients in 130 countries. With an annual revenue of $27 billion and more than 95,000 colleagues”
Nature of operations
Global professional services firm; segments: Risk and Insurance Services and Consulting
“Marsh & McLennan Companies, Inc., and its consolidated subsidiaries (the "Company" or "Marsh") is a global professional services firm in the areas of risk, reinsurance and capital, people and investments, and management consulting.”
Risk and Insurance Services segment
RIS includes risk management and insurance/reinsurance broking through Marsh Risk and Guy Carpenter
“The Risk and Insurance Services segment ("RIS") includes risk management activities and insurance/reinsurance broking and services conducted through Marsh Risk and Guy Carpenter.”
Consulting segment
Consulting includes health, wealth and career (Mercer) and management consulting (Marsh Management Consulting)
“The Consulting segment includes health, wealth and career advice, solutions and products, and specialized management, strategic, economic and brand consulting services conducted through Mercer and Marsh Management Consulting.”
Risk and Insurance Services segment revenue share
Risk and Insurance Services (Marsh Risk and Guy Carpenter) represented 64% of 2025 total revenue
“Our Risk and Insurance Services segment, conducted through Marsh Risk and Guy Carpenter, represented 64% of the Company's total revenue in 2025.”
MMA mid-market platform and acquisitions
MMA provides business insurance, health & benefits, retirement/wealth and private client solutions; 135+ agency acquisitions since 2009
“Since its first acquisition in 2009, MMA has acquired more than 135 agencies”
Marsh Management Consulting operating units
Oliver Wyman, Lippincott, NERA Economic Consulting
“Marsh Management Consulting offers management consulting and advisory services across various industries through three industry-leading operating units”
Guy Carpenter reinsurance services incl. ILS
Treaty/facultative reinsurance broking, ILS (cat bonds, sidecars), corporate finance via GC Securities and GC Capital & Advisory
“GC Securities provides structuring and placement services in respect of insurance-linked securities, such as catastrophe bonds and sidecar vehicles, along with surplus notes”
Victor and Affinity distribution units
Victor Insurance Managers (underwriting management) and Affinity (sponsor-based affinity distribution)
“Victor Insurance Managers (Victor) serves as underwriting managers of professional liability, catastrophe and other specialty insurance programs worldwide”
Consolidated revenue trend 2023-2025
Revenue: $26,981M (2025), $24,458M (2024), $22,736M (2023)
“Revenue$26,981 $24,458 $22,736”
Segment revenue and workforce mix FY2025
Risk and Insurance Services ~64% of 2025 revenue (~55,700 colleagues); Consulting ~36% (~29,100 colleagues)
“This segment accounted for approximately 64% of the Company's total revenue in 2025 and employed around 55,700 colleagues globally”
Business-level revenue mix FY2025
Marsh Risk ~54%, Guy Carpenter ~10%, Mercer ~23%, Marsh Management Consulting ~13% of 2025 revenue
“It employs approximately 52,000 colleagues and generated approximately 54% of the Company's total revenue in 2025”
2024 acquisitions total consideration
$9.4 billion total purchase consideration for 2024 acquisitions, $9.2 billion cash paid and $190 million deferred/contingent; contingent consideration generally based on EBITDA or revenue targets over 2 to 4 years
“Total purchase consideration for acquisitions made in 2024 was $9.4 billion, which consisted of cash paid of $9.2 billion and deferred and estimated contingent purchase consideration of $190 million.”
McGriff acquisition (RIS segment, 2024)
November 2024 – MMA acquired McGriff, a North Carolina-based provider of insurance broking and risk management services; contributed $5.2 billion of goodwill and $2.1 billion customer relationship intangibles
“November – MMA acquired McGriff, a North Carolina-based provider of insurance broking and risk management services.”
McGriff acquisition
Acquired McGriff Insurance Services on November 15, 2024, included in Marsh Risk (RIS)
“On November 15, 2024, the Company completed the acquisition of McGriff Insurance Services, LLC ("McGriff"), an affiliate of TIH Insurance Holdings”
2024 Consulting segment acquisitions (7)
The Consulting segment completed 7 acquisitions in 2024, including Mercer's acquisition of Vanguard's OCIO business and Cardano (UK/Netherlands pension fiduciary management)
“The Consulting segment completed 7 acquisitions in 2024:”
2024 RIS segment acquisitions list
2024 MMA acquisitions included Perkins Insurance Agencies LLC, Fisher Brown Bottrell Insurance, AmeriStar Agency, Hudson Shore Group, The Horton Group, McGriff, and Acumen Solutions Group — regional insurance brokers in P&C, employee benefits and personal lines
“August – MMA acquired The Horton Group, Inc. (the "Horton Group"), an Illinois-based insurance broker that offers property and casualty insurance, employee benefits consultation, and personal lines coverage to businesses and individuals.”
2024 dispositions
Sold Celent advisory for ~$24 million ($20 million gain); sold Mercer U.K. pension administration and U.S. health & benefits administration for ~$120 million ($35 million net gain, $18 million exit costs); completed exit of Russia businesses in Q3 2024
“In the third quarter of 2024, the Company obtained regulatory approval and completed its definite agreement to exit its businesses in Russia and transfer ownership to local management under an agreement entered into in 2022.”
Thrive program and Business Client Services
Three-year Thrive program launched 2025 plus new BCS unit centralizing data/AI investments; targeted savings may not be realized
“In 2025, we launched a three-year program, Thrive, which focuses on our brand strategy, delivering greater value to clients, accelerating growth and improving efficiency”
Debt balances and interest expense
Short-term debt $1,267M, long-term debt $18,320M at Dec 31, 2025; interest expense $960M (2025) vs $700M (2024)
“Short-term debt$1,267 $519”
Total consolidated debt outstanding
Total consolidated debt of approximately $19.6 billion at December 31, 2025
“At December 31, 2025, we had total consolidated debt outstanding of approximately $19.6 billion.”
Credit ratings
Senior debt rated A-/A3/A-; short-term A-2/P-2/F-2; Stable outlooks; downgrade would raise financing costs
“the Company's senior debt is rated A- by S&P, A3 by Moody's and A- by Fitch. The Company's short-term debt is currently rated A-2 by S&P, P-2 by Moody's, and F-2 by Fitch.The Company carries a Stable outlook with S&P, Moody's and Fitch.”
Unaudited pro-forma results giving effect to 2023-2025 acquisitions
Pro-forma Revenue: $27,131M (2025), $26,159M (2024), $24,723M (2023); Net income attributable to the Company: $4,184M / $4,123M / $3,684M; Diluted EPS: $8.48 / $8.31 / $7.39
“Revenue$27,131 $26,159 $24,723”
Goodwill rollforward 2025 vs 2024
Goodwill rose from $17,231M (Jan 1, 2024) to $24,337M (Dec 31, 2025); 2025 goodwill acquired $562M (vs $6,407M in 2024, including $5.2 billion from McGriff); other adjustments primarily foreign exchange
“(a)Includes $5.2 billion from the acquisition of McGriff in 2024.”
Other intangible assets and amortization schedule
Other intangibles net $4,746M at Dec 31, 2025 (customer relationships $4,669M); amortization expense $549M (2025); estimated future amortization: 2026 $544M, 2027 $520M, 2028 $479M, 2029 $436M, 2030 $433M, subsequent $2,334M, total $4,746M
“Aggregate amortization expense was $549 million, $377 million, and $343 million for the years ended December 31, 2025, 2024 and 2023, respectively.”
Goodwill by reportable segment at Dec 31, 2025
Goodwill allocable to reportable segments at December 31, 2025: $19.5 billion Risk and Insurance Services; $4.8 billion Consulting
“Goodwill allocable to the Company’s reportable segments at December 31, 2025, is $19.5 billion for Risk and Insurance Services and $4.8 billion for Consulting.”
Capital returns and goodwill
Dividends $1,699M and buybacks $2,012M in 2025; goodwill $24,337M; DPS $3.43 (2025)
“Purchase of treasury shares(2,012)(900)(1,150)”
Rebranding effective January 14, 2026
Effective January 14, 2026, brand updated from Marsh McLennan to Marsh; no segment impact
“Effective January 14, 2026, the Company updated its brand name from Marsh McLennan to Marsh and the brand names of Marsh and Oliver Wyman Group businesses to Marsh Risk and Marsh Management Consulting, respectively.”
Prior-year acquisition payments in 2024
In 2024 the Company paid $39 million deferred and $166 million contingent purchase consideration related to acquisitions made in prior years
“In 2024, the Company also paid $39 million of deferred purchase consideration and $166 million of contingent purchase consideration related to acquisitions made in prior years.”
Licensing and FCA/fiduciary regulation
Subject to licensing of intermediaries, UK FCA regulation, fiduciary fund rules, and SEC/FINRA registration of broker-dealer subsidiaries
“Our business is regulated by the Financial Conduct Authority ("FCA") in the U.K.”
Data privacy localization and cross-border transfer risk
Cross-border data flow uncertainty and localization laws (China, Saudi Arabia) may impair products/services or raise costs
“Some of the global laws enacted in recent years, including those in China and the Kingdom of Saudi Arabia, also include data localization elements that will require that certain personal data stay within their borders.”
E&O and fiduciary liability exposure
Significant uninsured E&O/fiduciary claims exposure incl. silent cyber; liability estimation is a critical accounting judgment
“We are subject to significant uninsured exposures arising from errors and omissions, breach of fiduciary duty and other claims.”
Data privacy, cybersecurity and AI regulation compliance cost
Compliance with GDPR, CCPA/CPRA, CPS 234 and emerging AI laws (EU AI Act) could adversely affect financial condition and reputation
“such as the EU's General Data Protection Regulation (GDPR) and the California Consumer Privacy Act, as amended by the California Privacy Rights Act, (CCPA), Australia's CPS 234, as well as emerging AI-related laws such as the EU's AI Act”
Geopolitical and macroeconomic demand/interest-rate risk
Geopolitical conflicts, tariffs, inflation and lower interest rates (reducing fiduciary income) may reduce demand and depress pricing
“Lower interest rates have led to a decline in our fiduciary income.”
Guy Carpenter reinsurer client concentration
Guy Carpenter especially susceptible to insurer/reinsurer insolvencies given limited number of insurance company clients and reinsurers
“Guy Carpenter is especially susceptible to this risk given the limited number of insurance company clients and reinsurers in the marketplace.”
Seasonality of results
Seasonality from regulatory deadlines and policy renewals; fixed short-term expenses cause significant quarterly variation
“A significant portion of our total operating expenses is relatively fixed in the short term. Therefore, a variation in the number of client assignments or in the timing of the initiation or the completion of client assignments can cause significant variations in quarterly operating results”
Breach notification timing risk
Narrow breach-notification windows in all 50 US states risk false-alarm reports and reputational damage
“laws in all 50 U.S. states generally require businesses to provide notice under certain circumstances to consumers whose personal information has been disclosed as a result of a breach.”
Premium rate cyclicality and softening P&C pricing
P&C insurance market has seen softer pricing recently; commissions tied to premium rates the company does not determine
“the property and casualty insurance market has seen softer pricing recently, which may continue to impact profitability.”
Insurance brokerage and reinsurance intermediation (RIS segment) is the core professional-services revenue engine.
“Marsh Risk is an insurance broker and risk advisor, offering risk management, insurance broking, insurance program management”
Demand for insurance and reinsurance rises and falls with economic growth, driving commissions and fees at Marsh Risk and Guy Carpenter.
“Demand for many types of insurance and reinsurance generally rises or falls as economic growth expands or slows. This dynamic affects the level of commissions and fees generated by Marsh Risk and Guy Carpenter.”
Marsh Risk serves a broad base of businesses, government entities, professional service organizations and individuals.
“to a wide range of businesses, government entities, professional service organizations and individuals.”
The $9.4 billion 2024 acquisition program (including McGriff) added $6.4 billion of goodwill and expanded MMA's regional insurance broking footprint across US states, materially shaping the Risk and Insurance Services segment's scale.
“Total purchase consideration for acquisitions made in 2024 was $9.4 billion, which consisted of cash paid of $9.2 billion and deferred and estimated contingent purchase consideration of $190 million.”
Revenue tied to commissions on premiums the company does not set; softening P&C pricing may continue to impact profitability.
“The potential for changes in premium rates is significant, due to the normal cycles of pricing in the commercial insurance and reinsurance markets.”
Brokerage commissions and insurer-paid compensation (consulting, administrative, sponsorship, contingent commissions) depend on insurers/reinsurers.
“Marsh Risk and Guy Carpenter are compensated for brokerage and consulting services through commissions and fees”
McGriff's operations contribute to 2025 results within Marsh Risk (RIS); acquired November 15, 2024 for $8.5B net cash in 2024.
“The Company's results in 2025 include the results of operations of McGriff in Marsh Risk, in the Risk and Insurance Services segment.”
Interest expense rose from $578M (2023) to $960M (2025) on a debt load of ~$19.6B, making rates a material cost driver.
“Interest expense(960)(700)(578)”
Approximately 51% of 2025 revenue generated outside the US creates legal, economic, FX and geopolitical exposure across geographies.
“In 2025, approximately 51% of the Company's total revenue was generated from operations outside the U.S., and over one-half of our employees were located outside the U.S.”
Proliferating inconsistent US state privacy laws add operational complexity, compliance costs and litigation/enforcement risk.
“this proliferation of inconsistent state level privacy laws will add operational complexity and increased risk of noncompliance or violations which could trigger enforcement action or litigation.”
Data privacy/data protection laws across most jurisdictions impose compliance costs and breach risks on data-centric brokerage and consulting operations.
“The costs to comply with, or our failure to comply with, U.S. and foreign laws related to privacy, data security and data protection, such as the EU's General Data Protection Regulation (GDPR)”
Foreign currency translation adjustments of +$1,075M (2025) and -$613M (2024) show material currency translation exposure.
“Foreign currency translation adjustments1,075 (613)389”
MMA serves middle-market clients with business insurance, health & benefits, retirement/wealth and private client solutions, and drives contingent commissions.
“Corporate serves middle-market clients globally and is also serviced through Marsh McLennan Agency (MMA)”
War in Ukraine, Middle East conflict, trade disputes and terrorist activity are cited among factors affecting operating results and global operations.
“geopolitical tensions, such as the war in Ukraine and the conflict throughout the Middle East, in countries where we operate, international hostilities, international trade disputes, terrorist activities, natural disasters, pandemics, and infrastructure disruptions”
Consulting segment acquisitions (Vanguard OCIO, Cardano) deepen Mercer's presence in pension fiduciary management, investment advisory and liability-driven investing for defined benefit and defined contribution pension schemes in the U.K. and Netherlands.
“a Luxembourg-based pension services, advisory and investment solutions firm, offering a range of fiduciary management, investment advisory services, and liability-driven investing and derivatives solutions to both defined benefit and defined contribution pension schemes in the U.K. and the Netherlands.”
Consulting segment's management consulting and advisory services across various industries.
“Marsh Management Consulting offers management consulting and advisory services across various industries.”
US tax provisions may increase income tax expense; as a US-domiciled company, disproportionate impact vs foreign-based competitors.
“As a U.S.-domiciled company, any such increases would likely have a disproportionate impact on us compared to our foreign-based competitors.”
Adverse legal developments on how intermediaries are compensated by insurers or clients, and allegations of anti-competitive behavior or conflicts of interest, could materially harm Marsh Risk.
“Adverse legal developments and future regulations concerning how intermediaries are compensated by insurers or clients, as well as allegations of anti-competitive behavior or conflicts of interest, could have a material adverse effect on Marsh Risk’s business”
Significant non-U.S. operations expose the Company to exchange rate fluctuations versus the U.S. dollar affecting results and asset values.
“Our significant non-U.S. operations expose us to exchange rate fluctuations and various risks that could impact our business”
NYDFS amendments and DOJ Bulk Data Transfer Rule impose compliance costs and could restrict data-based service offerings.
“All of these evolving compliance and operational requirements impose significant costs that are likely to increase over time, may divert resources from other initiatives and projects and could restrict the way services involving data are offered”
Wars in Ukraine and the Middle East, tariffs and macro conditions affect clients' businesses, demand for services and pricing, and can shift demand away from the Company's advantages.
“the war in Ukraine, the conflict throughout the Middle East, including heightened regional instability and tensions involving Iran, and recent developments in Latin America, have resulted in worldwide geopolitical and macroeconomic uncertainty”
Mercer delivers advice, solutions and products for organizational health, wealth and career needs.
“Mercer delivers advice, solutions and products that help organizations meet the health, wealth and career needs of a changing workforce.”
FX, interest rates and capital markets affect results, particularly Mercer, whose fees derive from assets under management, advisement or administration.
“macroeconomic factors such as changes in foreign exchange rates, interest rates and global public and private capital markets, particularly in the case of Mercer, where fees in its investments business and certain other business lines are derived from the value of assets under management”
U.S. federal, state and local taxes plus the NCTI minimum tax regime on foreign basis differences drive the company's effective tax rate; ~$100 million additional taxes would apply if indefinitely reinvested foreign earnings were repatriated.
“Future U.S. federal tax costs related to basis differences in non-U.S. subsidiaries are realized through the U.S. Net Controlled Foreign Corporation Tested Income ("NCTI") minimum tax regime”
The FCA licenses insurance/reinsurance intermediaries, evaluates professional competence, financial capacity and professional indemnity requirements, and enforces anti-competitive behavior prohibitions.
“Our business is regulated by the Financial Conduct Authority ("FCA") in the U.K.”
Guy Carpenter provides specialized reinsurance broking, strategic advisory and actuarial services.
“Guy Carpenter, the Company's reinsurance intermediary and advisor, provides specialized reinsurance broking, strategic advisory and actuarial services, and analytics solutions.”
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