Guy Carpenter, the reinsurance arm of the global broking group Marsh McLennan, saw its revenue reach $677 million in Q2 of 2025, up 7% compared to the same period of 2024.
Marsh McLennan’s Risk & Insurance Services segment, of which Guy Carpenter is part, had revenue of $4.6 billion in Q2 of 2025, an increase of 15%, or 4% on an underlying basis, from Q2 of 2024.
Meanwhile, Risk & Insurance Service’s operating income increased 11% to $1.4 billion, while adjusted operating income increased 16% to $1.6 billion.
For the six months ended June 30, 2025, this segment’s revenue was $9.4 billion, an increase of 13%, or 4% on an underlying basis, from the same period of 2024.
Operating income rose 7% to $3.1 billion, and adjusted operating income increased 12% to $3.5 billion.
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At the same time, Marsh, which sits within the Risk & Insurance Services segment, saw revenue in Q2 of 2025 of $3.8 billion, an increase of 18%, or 5% on an underlying basis for Q2 of 2024.
Elsewhere, in Marsh McLennan’s Consulting segment, which includes Mercer and Oliver Wyman, revenue was $2.4 billion in Q2 of 2025, an increase of 7%, or 3% on an underlying basis, from Q2 of 2024.
Operating income in this segment increased 11% to $456 million, while adjusted operating income increased 9% to $479 million.
For the first six months ended June 30, 2025, revenue in the Consulting segment was $4.7 billion, an increase of 6%, or 4% on an underlying basis. Operating income rose 8% to $912 million, and adjusted operating income increased 9% to $970 million.
In Q2 of 2025, Mercer generated revenue of $1.5 billion, up 9% year-over-year, or 3% on an underlying basis. Oliver Wyman reported revenue of $873 million for the quarter, reflecting a 5% increase, or 3% on an underlying basis.
For the six months ended June 30, 2025, Mercer’s revenue reached $3.0 billion, representing 3% underlying growth. Oliver Wyman’s revenue for the same period was $1.7 billion, up 4% on an underlying basis.
With all this in mind, Marsh McLennan’s total consolidated revenue in Q2 of 2025 was $7.0 billion, an increase of 12% compared with Q2 of 2024, or 4% on an underlying basis.
The firm’s operating income rose 11% to $1.8 billion, and adjusted operating income rose 14% to $2.1 billion. Net income attributable to Marsh McLennan for the quarter was $1.2 billion.
John Doyle, President and CEO of Marsh McLennan, commented, “We had another solid quarter with 12% revenue growth reflecting continued momentum across our business and the contribution from acquisitions.
“We generated 4% underlying revenue growth, 14% growth in adjusted operating income, and 11% growth in adjusted EPS. In addition, we recently announced a 10% increase in our dividend. Our performance demonstrates the enduring value we provide to clients, as well as our consistent execution in a complex and dynamic environment.”
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