Marsh & McLennan operating income up 8 percent in fourth quarter
Marsh & McLennan Cos. Inc. today reported strong results for the fourth quarter and full-year 2017. Consolidated revenue in the fourth quarter of 2017 was $3.7 billion, an increase of 10 percent compared with the fourth quarter of 2016, the company reported. Operating income for the quarter rose 8 percent to $686 million, including a $54 million pension charge. For the year, earnings per share declined 15 percent to $2.87, including the pension charge and a charge of $460 million related to changes in the federal tax law. The latter charge reflects a $220 million write-down of the company’s deferred tax asset to reflect the decrease of the corporate income tax rate from 35 percent to 21 percent, and a $240 million charge related to deemed repatriation. Adjusted earnings per share increased 15 percent to $3.92, compared with $3.42 in 2016. “In addition to our excellent underlying performance, we had another active year of acquisitions while delivering on our capital return commitments,” President and CEO Dan Glaser said. “We are proud of our accomplishments this past year and believe we are well-positioned for another strong year in 2018.”