Marsh McLennan cracks $20 billion for first time in 150+ year history

07 February 2023 2 min. read

Marsh McLennan, a professional services firm focusing on risk, strategy, and people, surpassed $20 billion in revenue for the 12 months ending December 31, 2022.

The New York-headquartered firm is composed of four companies: Marsh (insurance); Guy Carpenter (reinsurance); Mercer (HR consulting and asset management); and Oliver Wyman (management consulting as well as economic consulting through sub-brand Nera and design and marketing services through Lippincott). The company has more than 85,000 people advising clients in 130 countries.

Marsh McLennan – which was founded in 1871 – grew revenue by 5% in 2022 (underlying growth of 9%) to surpass the $20-billion revenue mark for the first time, reaching $20.7 billion. Adjusted operating income rose 11% to $4.8 billion, while adjusted earnings per share (EPS) increased 11% to $6.85.

Global revenue of Oliver Wyman

The risk & insurance services division comprising Marsh and Guy Carpenter saw a 2022 revenue increase 5% (9% on an underlying basis) to reach $12.6 billion. Adjusted operating income grew 15% to $3.5 billion.

Marsh’s 2022 revenue grew 3% (8% underlying), while Guy Carpenter’s revenue grew 8% (9% underlying).

The consulting division comprising Mercer and Oliver Wyman had revenue growth of 5% (8% underlying) to reach $8.1 billion in 2022, with adjusted operating income increasing 4% to $1.5 billion.

Mercer’s revenue grew 2% (6% underlying) to $5.3 billion in 2022, while Oliver Wyman’s revenue increased 13% on an underlying basis to $2.8 billion.

John Doyle, who was appointed president and CEO of Marsh McLennan last month, said, "2022 was an outstanding year for Marsh McLennan. 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."

Oliver Wyman’s major 2022 acquisitions included Avascent, a Washington, DC-headquartered aerospace and defense sector consulting firm, and the Middle East and North Africa (MENA) management consulting and cybersecurity practices of Booz Allen Hamilton. Oliver Wyman also acquired a minority stake in Blue Orange Digital, a New York-based data science consulting firm.