Q2 2024 Marsh & McLennan Companies Inc Earnings Call Transcript
Key Points
- Marsh & McLennan Companies Inc (MMC) reported 6% underlying revenue growth, building on 11% growth from the same quarter last year.
- Adjusted operating income increased by 11%, and adjusted EPS grew by 10%.
- The company announced a 15% increase in its quarterly dividend to $0.815 and completed $300 million in share repurchases.
- Several significant acquisitions were announced, including Cardano, Veritas Total Solutions, and multiple insurance agencies, enhancing MMC's market position.
- Innovative solutions like Blue[i], CatStop+, SelectRx, and Quotient were launched, showcasing MMC's commitment to leveraging data and technology for client solutions.
- The geopolitical backdrop remains unsettled, with ongoing wars and areas of tension globally, adding uncertainty to the business environment.
- Uncertainty around extreme weather events, escalating cyber attacks, and economic variables like inflation and central bank policies could impact future performance.
- The Marsh Global Insurance market index was flat overall, indicating potential challenges in maintaining growth momentum in certain regions.
- Financial and professional liability rates and cyber pricing saw declines of 5% and 6%, respectively, which could affect revenue from these segments.
- Interest expense increased to $156 million from $146 million in the same quarter last year, reflecting higher levels of debt and interest rates.
Welcome to Marsh & McLennan's earnings conference call. Today's call is being recorded. Second quarter 2024 financial results and supplemental information were issued earlier this morning. They are available on the company's website at marshmclennan.com.
Please note that remarks made today may include forward-looking statements. Forward-looking statements are subject to risks and uncertainties, and a variety of factors may cause actual results to differ materially from those contemplated by such statements.
For more detailed discussion of those factors, please refer to our earnings release for this quarter and to our most recent SEC filings, including our most recent Form 10-K, all of which are available on the Marsh & McLennan website.
During the call today, we may also discuss certain non-GAAP financial measures for a reconciliation of these measures to the most closely comparable GAAP measures, please refer to the schedule in today's earnings release.
(Operator Instructions) I'll now turn this over to John Doyle, President and CEO of Marsh & McLennan.
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