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Marsh & McLennan
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Latest analysis
Updated Jul 21, 2026
Marsh & McLennan delivers 5% underlying revenue growth in Q2 2026, accelerating from Q1, as consulting strength and new business wins offset reinsurance pricing headwinds.
Marsh & McLennan accelerated underlying revenue growth to 5% in Q2 2026 from 4% in Q1, driven by 13% underlying growth at Marsh Management Consulting and 4% at Marsh Risk, while Guy Carpenter declined 2% on property cat rate compression of 16% at midyear renewals — the steepest decline in the index's 25-year history. The company raised its full-year capital deployment target to $5.5 billion from $5 billion, announced a 10% dividend increase, and is accelerating the Thrive efficiency program targeting $400 million in total savings. AI investment is bifurcating into client-facing growth tools (Marsh Risk Companion, Atlas, Coverage Intelligence) and internal productivity infrastructure (LenWork, Claims IQ, AWS mid-office reengineering), with management explicitly framing the company as an 'AI winner' anchored by proprietary data scale.
Tone: bullishRevenue
$27B
MRSH 10-K · FY 2025
Employees
95,000
Revenue FY2024
$24.5B
Founded
1871
Profile
MRSH 10-K Item 1 · Feb 9, 2026Marsh & McLennan is a global professional services firm operating across risk, reinsurance, people and investments, and management consulting, advising clients in 130 countries. The company operates through two segments — Risk and Insurance Services (Marsh Risk and Guy Carpenter) and Consulting (Mercer and Marsh Management Consulting). With more than 95,000 colleagues and $27 billion in annual revenue, it is the world's largest insurance broker and risk advisor.
Read filing description ↓ Collapse description ↑
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, Marsh helps build the confidence to thrive through the power of perspective. The Company conducts business through two segments: Risk and Insurance Services, which encompasses risk management activities and insurance/reinsurance broking and services conducted through Marsh Risk and Guy Carpenter; and Consulting, which encompasses health, wealth and career advice, solutions and products, and specialized management, strategic, economic and brand consulting services conducted through Mercer and Marsh Management Consulting. Marsh Risk is the world's leading insurance broker and risk advisor, offering risk management, insurance broking, insurance program management, risk consulting, analytical modeling and alternative risk financing services to a wide range of businesses, government entities, professional service organizations and individuals in 130 countries. Guy Carpenter provides specialized reinsurance broking, strategic advisory and actuarial services, and analytics solutions. Mercer is a leading provider in delivering advice, solutions and products that help organizations meet the health, wealth and career needs of a changing workforce, managing approximately $692 billion in assets worldwide. Marsh Management Consulting offers management consulting and advisory services across various industries through Oliver Wyman, Lippincott, and NERA Economic Consulting.
Primary products
- insurance broking
- risk management
- insurance program management
- risk consulting
- analytical modeling
- alternative risk financing
Business segments
End markets
Geographies
“Marsh Risk is the world's leading insurance broker and risk advisor, offering risk management, insurance broking, insurance program management, risk consulting, analytical modeling and alternative risk financing services to a wide range of businesses, government entities, professional service organizations and individuals in 130 countries.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Consolidated revenue increased $2.5 billion, or 10%, to $27 billion in 2025, compared to $24.5 billion in 2024, driven by increases in both the Risk and Insurance Services and Consulting segments, with 4% underlying organic growth.
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