News Column

Marsh & McLennan Companies Reports Fourth Quarter and Full-Year 2013 Results

February 11, 2014

Strong Underlying Revenue Growth in the Fourth Quarter in Both Segments

Double-Digit Increase in Adjusted Operating Income for Fourth Quarter and Full Year

Fourth Quarter GAAP EPS Rises 15% and Adjusted EPS Up 10% to $.57

Full-Year GAAP EPS Increases 14% and Adjusted EPS Rises 15% to $2.48

LONDON--(BUSINESS WIRE)-- Marsh & McLennan Companies, Inc. (NYSE:MMC) today reported financial results for the fourth quarter and year ended December 31, 2013.

Dan Glaser, president and CEO, said: “Marsh & McLennan Companies had excellent results in the fourth quarter of 2013. On a consolidated basis, the Company produced underlying revenue growth of 4%, with the adjusted margin rising 130 basis points and double-digit growth in both GAAP and adjusted EPS. Marsh had underlying revenue growth of 4%, with all geographic regions contributing. Guy Carpenter generated underlying revenue growth of 6%, its best performance in 2013. Mercer grew underlying revenue 4%, driven by outstanding performance in Health and Investments. Oliver Wyman’s 5% increase in underlying revenue was its strongest performance in the past six quarters.

“For the full year, Marsh & McLennan Companies’ results were outstanding. On a consolidated basis, adjusted operating income grew 14%, and the consolidated margin increased 180 basis points to 17.4% from 15.6%. Marsh produced another year of strong performance, with underlying revenue growth across all major geographies and record new business development. Guy Carpenter’s results for the year were excellent, with underlying revenue growth of 5%. Mercer’s strong performance included 4% underlying revenue growth, fueling the Consulting segment’s record profitability. Oliver Wyman’s underlying revenue growth improved sequentially throughout the year. For the fourth consecutive year, the Risk and Insurance Services and Consulting segments both achieved double-digit growth in adjusted operating income.

“We are proud of our accomplishments this past year. We have established an operating platform that positions us well to deliver sustained long-term EPS growth approaching 13%,” concluded Mr. Glaser.

Consolidated Results

Consolidated revenue in the fourth quarter of 2013 was $3.1 billion, an increase of 4% on both a reported and underlying basis, compared with the fourth quarter of 2012. Underlying revenue measures the change in revenue using consistent currency exchange rates, excluding the impact of certain items, such as acquisitions, dispositions, and transfers among businesses. Operating income was $489 million, compared with $406 million in the prior year period. Adjusted operating income, which excludes noteworthy items as presented in the attached supplemental schedules, rose 13% in the fourth quarter to $509 million.

Net income attributable to the Company was $303 million, or $.54 per diluted share, in the fourth quarter. This compares with $259 million, or $.47 per diluted share, in the prior year. Adjusted earnings per share grew 10% to $.57, compared with $.52 last year. The fourth quarter includes a $24 million expense, or $.03 per share, related to the cost of extinguishment of debt.

For 2013, revenue was $12.3 billion, an increase of 3% on both a reported and underlying basis. Operating income rose 14% to $2.1 billion, compared with $1.8 billion in the prior year. Adjusted operating income also grew 14% to $2.1 billion. Net income was $1.4 billion, or $2.43 per diluted share, compared with $1.2 billion, or $2.13 per diluted share, in 2012. Adjusted earnings per share for 2013 increased 15% to $2.48.

Risk and Insurance Services

Risk and Insurance Services revenue was $1.6 billion in the fourth quarter of 2013, an increase of 4% on both a reported and underlying basis. Adjusted operating income increased 9% to $327 million. For the full year 2013, segment revenue was $6.6 billion, an increase of 4% from the prior year period, or 3% on an underlying basis. Adjusted operating income rose 11% to $1.5 billion, compared with $1.3 billion last year.

Marsh's revenue in the fourth quarter of 2013 was $1.4 billion, an increase of 4% on both a reported and underlying basis. International operations had underlying revenue growth of 4% in the fourth quarter, reflecting growth of 13% in Latin America; 4% in Asia Pacific; and 3% in EMEA. In the US/Canada division, underlying revenue grew 3%. Guy Carpenter's fourth quarter revenue was $209 million, an increase of 6% on both a reported and underlying basis, reflecting broad-based growth in North America, International, Global Specialties, and UK Facultative.

Consulting

Consulting segment revenue was $1.5 billion in the fourth quarter, an increase of 4% on both a reported and underlying basis. Adjusted operating income was $222 million, an increase of 16% from $191 million. For the full year 2013, segment revenue was $5.7 billion, an increase of 2% on both a reported and underlying basis. Adjusted operating income rose 13% to $847 million, compared with $747 million last year.

Mercer's revenue was $1.1 billion in the fourth quarter of 2013, an increase of 2%, or 4% on an underlying basis. Health grew 6% on an underlying basis; Investments grew 10%; Retirement was unchanged; and Talent declined 3%. Oliver Wyman's revenue was $408 million in the fourth quarter of 2013, an increase of 8% on a reported basis, or 5% on an underlying basis.

Other Items

In the fourth quarter of 2013, the Company had investment income of $11 million, compared with $4 million a year ago.

In the fourth quarter, the Company repurchased 3.2 million shares of its common stock for $150 million. For the full year, 13.2 million shares of common stock were repurchased for $550 million.

Conference Call

A conference call to discuss fourth quarter and full-year 2013 results will be held today at 8:30 a.m. Eastern time. To participate in the teleconference, please dial +1 888 299 7205. Callers from outside the United States should dial +1 719 785 9448. The access code for both numbers is 5132808. The live audio webcast may be accessed at www.mmc.com. A replay of the webcast will be available approximately two hours after the event.

About Marsh & McLennan Companies

MARSH & McLENNAN COMPANIES (NYSE:MMC) is a global professional services firm offering clients advice and solutions in the areas of risk, strategy, and human capital. Marsh is a global leader in insurance broking and risk management; Guy Carpenter is a global leader in providing risk and reinsurance intermediary services; Mercer is a global leader in talent, health, retirement, and investment consulting; and Oliver Wyman is a global leader in management consulting. Marsh & McLennan Companies’ 55,000 colleagues worldwide provide analysis, advice, and transactional capabilities to clients in more than 100 countries. The Company prides itself on being a responsible corporate citizen and making a positive impact in the communities in which it operates. Visit www.mmc.com for more information.

INFORMATION CONCERNING FORWARD-LOOKING STATEMENTS

This press release contains “forward-looking statements,” as defined in the Private Securities Litigation Reform Act of 1995. These statements, which express management's current views concerning future events or results, use words like “anticipate,” “assume,” “believe,” “continue,” “estimate,” “expect,” “future,” “intend,” “plan,” “project” and similar terms, and future or conditional tense verbs like “could,” “may,” “might,” “should,” “will” and “would.” For example, we may use forward-looking statements when addressing topics such as: the outcome of contingencies; the expected impact of acquisitions and dispositions; the impact of competition; pension obligations; the impact of foreign currency exchange rates; our effective tax rates; changes in our business strategies and methods of generating revenue; the development and performance of our services and products; changes in the composition or level of our revenues; our cost structure, dividend policy, cash flow and liquidity; future actions by regulators; and the impact of changes in accounting rules.

Forward-looking statements are subject to inherent risks and uncertainties. Factors that could cause actual results to differ materially from those expressed or implied in our forward-looking statements include, among other things:

  • our exposure to potential liabilities arising from errors and omissions claims against us;
  • the impact of competition, including with respect to our geographic reach, the sophistication and quality of our services, our pricing relative to competitors, our customers' option to self-insure or utilize internal resources instead of consultants, and our corporate tax rates relative to a number of our competitors;
  • the extent to which we retain existing clients and attract new business, and our ability to incentivize and retain key employees;
  • our ability to maintain adequate physical, technical and administrative safeguards to protect the security of confidential information or data, and the potential of a system or network disruption that results in regulatory penalties, remedial costs and/or the improper disclosure of confidential information or data;
  • our exposure to potential criminal sanctions or civil remedies if we fail to comply with foreign and U.S. laws and regulations that are applicable in the domestic and international jurisdictions in which we operate, including trade sanctions laws relating to countries such as Cuba, Iran, Sudan and Syria, anti-corruption laws such as the U.S. Foreign Corrupt Practices Act and the U.K. Bribery Act 2010, local laws prohibiting corrupt payments to government officials, as well as import and export restrictions;
  • our ability to make acquisitions and dispositions and to integrate, and realize expected synergies, savings or benefits from, the businesses we acquire;
  • changes in the funded status of our global defined benefit pension plans and the impact of any increased pension funding resulting from those changes;
  • the impact on our net income caused by fluctuations in foreign currency exchange rates;
  • our ability to successfully recover should we experience a disaster or other business continuity problem, such as an earthquake, hurricane, flood, terrorist attack, pandemic, security breach, cyber attack, power loss, telecommunications failure or other natural or man-made disaster;
  • the impact of changes in interest rates and deterioration of counterparty credit quality on our results related to our cash balances and investment portfolios, including corporate and fiduciary funds;
  • the potential impact of rating agency actions on our cost of financing and ability to borrow, as well as on our operating costs and competitive position;
  • changes in applicable tax or accounting requirements; and
  • potential income statement effects from the application of FASB's ASC Topic No. 740 (“Income Taxes”) regarding accounting treatment of uncertain tax benefits and valuation allowances, including the effect of any subsequent adjustments to the estimates we use in applying this accounting standard.

    The factors identified above are not exhaustive. Marsh & McLennan Companies and its subsidiaries operate in a dynamic business environment in which new risks may emerge frequently. Accordingly, we caution readers not to place undue reliance on the above forward-looking statements, which speak only as of the dates on which they are made. The Company undertakes no obligation to update or revise any forward-looking statement to reflect events or circumstances arising after the date on which it is made. Further information concerning Marsh & McLennan Companies and its businesses, including information about factors that could materially affect our results of operations and financial condition, is contained in the Company's filings with the Securities and Exchange Commission, including the “Risk Factors” section of our most recently filed Annual Report on Form 10-K.

     
    Marsh & McLennan Companies, Inc.
    Consolidated Statements of Income

    (In millions, except per share figures)

    (Unaudited)

           
    Three Months Ended

    December 31,

    Twelve Months

    Ended

    December 31,

    2013   2012 2013

     

    2012

    Revenue$3,115   $ 3,002   $12,261   $ 11,924  
    Expense:
    Compensation and Benefits 1,833 1,802 7,226 7,134
    Other Operating Expenses 793   794   2,958   2,961  
    Operating Expenses2,626   2,596   10,184   10,095  
    Operating Income489 406 2,077 1,829
    Interest Income5 6 18 24
    Interest Expense(43) (46 ) (167) (181 )
    Cost of Extinguishment of Debt(24)

    (24

    )

    Investment Income11   4   69   24  
    Income Before Income Taxes438 370 1,973 1,696
    Income Tax Expense131   105   594   492  
    Income from Continuing Operations307 265 1,379 1,204
    Discontinued Operations, Net of Tax   (2

    )

    6

     

    (3 )
    Net Income Before Non-Controlling Interests307 263 1,385 1,201
    Less: Net Income Attributable to Non-Controlling Interests4   4   28   25  
    Net Income Attributable to the Company$303   $ 259   $1,357  

    $

    1,176

     
    Basic Net Income Per Share
    - Continuing Operations$0.55   $ 0.48   $2.46   $ 2.16  
    - Net Income Attributable to the Company$0.55   $ 0.48   $2.47   $ 2.16  
    Diluted Net Income Per Share
    - Continuing Operations$0.54   $ 0.47   $2.42   $ 2.13  
    - Net Income Attributable to the Company$

    0.54

      $ 0.47   $2.43   $ 2.13  
    Average Number of Shares Outstanding
    - Basic548   545   549   544  
    - Diluted557   554   558   552  
    Shares Outstanding at 12/31

    547

      545   547   545  
     
     
    Marsh & McLennan Companies, Inc.
    Supplemental Information - Revenue Analysis
    Three Months Ended December 31, 2013

    (Millions) (Unaudited)

             
    Components of Revenue Change*
    Three Months Ended

    December 31,

    % Change

    GAAP

    Revenue

    Currency

    Impact

     

    Acquisitions/

    Dispositions

    Impact

     

    Underlying

    Revenue

    2013   2012
    Risk and Insurance Services
    Marsh $1,418 $ 1,363 4 % (2 )% 2 % 4 %
    Guy Carpenter209   198   6 % (1 )% 1 % 6 %
    Subtotal 1,627 1,561 4 % (2 )% 2 % 4 %
    Fiduciary Interest Income 6   8  
    Total Risk and Insurance Services 1,633   1,569   4 % (2 )% 2 % 4 %
    Consulting
    Mercer 1,084 1,061 2 % (1 )%



    4 %
    Oliver Wyman Group408   378   8 % 1 % 2 % 5 %
    Total Consulting1,492   1,439   4 % (1 )% 4 %
    Corporate / Eliminations(10) (6 )
    Total Revenue$3,115   $ 3,002   4 % (1 )% 1 % 4 %
     


    Revenue Details

    The following table provides more detailed revenue information for certain of the components presented above:

             
    Components of Revenue Change*

    Three Months Ended

    December 31,

    % Change

    GAAP

    Revenue

    Currency

    Impact

     

    Acquisitions/

    Dispositions

    Impact

     

    Underlying

    Revenue

    2013   2012
    Marsh:
    EMEA $466 $ 452 3 %



    3

    %

    Asia Pacific163 168 (3 )% (7 )%

    4

    %

    Latin America132   111   19 % (8 )% 15 % 13 %
    Total International761 731 4 % (3 )% 2 % 4 %
    U.S. / Canada657   632   4 % (1 )% 2 % 3 %
    Total Marsh $1,418   $ 1,363   4 % (2 )% 2 % 4 %
    Mercer:
    Health $376 $ 354 6 % 6 %
    Retirement 338 352 (4 )% (4

    )%

    %
    Talent 171 168 2 % (2 )% 7 % (3 )%
    Investments 199   187   6 % (5 )% 1 % 10 %
    Total Mercer $1,084   $ 1,061   2 % (1 )% 4 %
     
    Notes
     
    Underlying revenue measures the change in revenue using consistent currency exchange rates, excluding the impact of certain items such as: acquisitions, dispositions and transfers among businesses.
     
    * Components of revenue change may not add due to rounding.
     

    Marsh & McLennan Companies, Inc.

    Supplemental Information - Revenue Analysis

    Twelve Months Ended December 31, 2013

    (Millions) (Unaudited)
             
    Components of Revenue Change*
    Twelve Months Ended

    December 31,

    % Change

    GAAP

    Revenue

    Currency

    Impact

     

    Acquisitions/

    Dispositions

    Impact

     

    Underlying

    Revenue

    2013   2012
    Risk and Insurance Services
    Marsh $5,438 $ 5,232 4 % (1 )% 2 % 3 %
    Guy Carpenter1,131   1,079   5 % (1 )% 1 % 5 %
    Subtotal 6,569 6,311 4 % (1 )% 2 % 4 %
    Fiduciary Interest Income 27   39  
    Total Risk and Insurance Services 6,596   6,350   4 % (1 )% 2 % 3 %
    Consulting
    Mercer 4,241 4,147 2 % (1 )% 4 %
    Oliver Wyman Group1,460   1,466   1 % (1 )%
    Total Consulting5,701   5,613   2 % (1 )% 2 %
    Corporate / Eliminations(36) (39 )
    Total Revenue$12,261   $ 11,924   3 % (1 )% 1 % 3 %
     


    Revenue Details

    The following table provides more detailed revenue information for certain of the components presented above:

             
    Components of Revenue Change*
    Twelve Months Ended

    December 31,

    % Change

    GAAP

    Revenue

    Currency

    Impact

     

    Acquisitions/

    Dispositions

    Impact

     

    Underlying

    Revenue

    2013   2012
    Marsh:
    EMEA $1,902 $ 1,860 2 % 3 %
    Asia Pacific659 656 (5 )% 5 %
    Latin America392   353   11 % (9 )% 7 % 13 %
    Total International2,953 2,869 3 % (2 )% 1 % 4 %
    U.S. / Canada2,485   2,363   5 % 4 % 2 %
    Total Marsh $5,438   $ 5,232   4 % (1 )% 2 % 3 %
    Mercer:
    Health $1,511 $ 1,412 7 % 1 % 6 %
    Retirement 1,344 1,396 (4 )% (4 )% 1 %
    Talent 606 604 (2 )% 4 % (1 )%
    Investments 780   735   6 % (3 )% 1 % 9 %
    Total Mercer $4,241   $ 4,147   2 % (1 )% 4 %
     
    Notes
     
    Underlying revenue measures the change in revenue using consistent currency exchange rates, excluding the impact of certain items such as: acquisitions, dispositions and transfers among businesses.
     
    * Components of revenue change may not add due to rounding.
     

    Marsh & McLennan Companies, Inc.

    Non-GAAP Measures

    Three Months Ended December 31

    (Millions) (Unaudited)

     
    The Company presents below certain additional financial measures that are "non-GAAP measures," within the meaning of Regulation G under the Securities Exchange Act of 1934. These measures are: adjusted operating income (loss); adjusted operating margin; and adjusted income, net of tax.
     
    The Company presents these non-GAAP measures to provide investors with additional information to analyze the Company's performance from period to period. Management also uses these measures to assess performance for incentive compensation purposes and to allocate resources in managing the Company's businesses. However, investors should not consider these non-GAAP measures in isolation from, or as a substitute for, the financial information that the Company reports in accordance with GAAP. The Company's non-GAAP measures reflect subjective determinations by management, and may differ from similarly titled non-GAAP measures presented by other companies.
     
    Adjusted Operating Income (Loss) and Adjusted Operating Margin
    Adjusted operating income (loss) is calculated by excluding the impact of certain noteworthy items from the Company's GAAP operating income or loss. The following tables identify these noteworthy items and reconcile adjusted operating income (loss) to GAAP operating income or (loss), on a consolidated and segment basis, for the three months ended December 31, 2013 and 2012. The following tables also present adjusted operating margin, which is calculated by dividing adjusted operating income by consolidated or segment GAAP revenue.
     
               

    Risk &

    Insurance

    Services

    Consulting

    Corporate/

    Eliminations

    Total
    Three Months Ended December 31, 2013
    Operating income (loss)$310   $221   $(42)$489  
    Add (Deduct) impact of Noteworthy Items:
    Restructuring charges (a) 2125
    Adjustments to acquisition related accounts (b) 15116
    Other   (1)  

    (1

    )

    Operating income adjustments17   1   2   20  
    Adjusted operating income (loss)$327   $222   $(40)$509  
    Operating margin18.9%14.8%N/A   15.7%
    Adjusted operating margin20.0%14.9%N/A   16.3%
     
    Three Months Ended December 31, 2012
    Operating income (loss) $ 310   $ 140   $ (44 ) $ 406  
    Add (Deduct) impact of Noteworthy Items:
    Restructuring charges (a) 2 51 4 57
    Adjustments to acquisition related accounts (b) (12 ) (12 )
    Other    

    (1

    )

    (1 )
    Operating income adjustments (10 ) 51   3   44  
    Adjusted operating income (loss) $ 300   $ 191   $ (41 ) $ 450  
    Operating margin 19.8 % 9.8 % N/A   13.5 %
    Adjusted operating margin 19.2 % 13.3 % N/A   15.0 %
     
    (a) Primarily severance, future rent under non-cancellable leases, and integration costs related to cost reduction activities for recent acquisitions.
     
    (b) Primarily includes the change in fair value as measured each quarter of contingent consideration related to acquisitions.

    Marsh & McLennan Companies, Inc.

    Non-GAAP Measures

    Twelve Months Ended December 31

    (Millions) (Unaudited)

     
    The Company presents below certain additional financial measures that are "non-GAAP measures," within the meaning of Regulation G under the Securities Exchange Act of 1934. These measures are: adjusted operating income (loss); adjusted operating margin; and adjusted income, net of tax.
     
    The Company presents these non-GAAP measures to provide investors with additional information to analyze the Company's performance from period to period. Management also uses these measures to assess performance for incentive compensation purposes and to allocate resources in managing the Company's businesses. However, investors should not consider these non-GAAP measures in isolation from, or as a substitute for, the financial information that the Company reports in accordance with GAAP. The Company's non-GAAP measures reflect subjective determinations by management, and may differ from similarly titled non-GAAP measures presented by other companies.
     
    Adjusted Operating Income (Loss) and Adjusted Operating Margin
    Adjusted operating income (loss) is calculated by excluding the impact of certain noteworthy items from the Company's GAAP operating income or loss. The following tables identify these noteworthy items and reconcile adjusted operating income (loss) to GAAP operating income or (loss), on a consolidated and segment basis, for the twelve months ended December 31, 2013 and 2012. The following tables also present adjusted operating margin, which is calculated by dividing adjusted operating income by consolidated or segment GAAP revenue.
     
               

    Risk &

    Insurance

    Services

    Consulting

    Corporate/

    Eliminations

    Total
    Twelve Months Ended December 31, 2013
    Operating income (loss)$1,421   $845   $(189)$2,077  
    Add (Deduct) impact of Noteworthy Items:
    Restructuring charges (a) 721322
    Adjustments to acquisition related accounts (b) 31132
    Other (1)(1)(1)(3)
    Operating income adjustments37   2   12   51  
    Adjusted operating income (loss)$1,458   $847   $(177)$2,128  
    Operating margin21.5%14.8%N/A   16.9%
    Adjusted operating margin22.1%14.9%N/A   17.4%
     
    Twelve Months Ended December 31, 2012
    Operating income (loss) $ 1,334   $ 692   $ (197 ) $ 1,829  
    Add (Deduct) impact of Noteworthy Items:
    Restructuring charges (a) 8 58 12 78
    Adjustments to acquisition related accounts (b) (32 ) (3 ) (35 )
    Other (2 )   (6 ) (8 )
    Operating income adjustments (26 ) 55   6   35  
    Adjusted operating income (loss) $ 1,308   $ 747   $ (191 ) $ 1,864  
    Operating margin 21.0 % 12.3 % N/A   15.3 %
    Adjusted operating margin 20.6 % 13.3 % N/A   15.6 %
     
    (a) Primarily severance, future rent under non-cancellable leases, and integration costs related to cost reduction activities for recent acquisitions.
     
    (b) Primarily includes the change in fair value as measured each quarter of contingent consideration related to acquisitions.

    Marsh & McLennan Companies, Inc.

    Non-GAAP Measures

    Three and Twelve Months Ended December 31

    (Millions) (Unaudited)

     
    Adjusted income, net of tax
    Adjusted income, net of tax is calculated as: the Company's GAAP income from continuing operations, adjusted to reflect the after-tax impact of the operating income adjustments set forth in the preceding table; divided by MMC's average number of shares outstanding-diluted for the period.
     
     
    Reconciliation of the Impact of Non-GAAP Measures on diluted earnings per share -
             
         

    Three Months Ended December 31,

    2013

     

    Three Months Ended December 31,

    2012

    AmountDiluted EPS Amount Diluted EPS
    Income from continuing operations $307 $ 265
    Less: Non-controlling interest, net of tax

     

    4

     

    4

    Subtotal $303$0.54 $ 261 $ 0.47
    Operating income adjustments $20

    $

    44

    Impact of income taxes

     

    (7

    )

     

    (17

    )

     

     

    13

     

    0.03

     

    27

     

    0.05

    Adjusted income, net of tax $316$0.57 $ 288 $ 0.52

     

     
     

    Twelve Months Ended December 31,

    2013

     

    Twelve Months Ended December 31,

    2012

    AmountDiluted EPS

     

    Amount

     

    Diluted EPS

    Income from continuing operations $1,379

     

    $

    1,204

    Less: Non-controlling interest, net of tax

     

    28

     

     

    25

    Subtotal $1,351$2.42

     

    $

    1,179

     

    $

    2.13

    Operating income adjustments $51

     

    $

    35

    Impact of income taxes

     

    (18

    )

     

     

    (24

    )

     

    33

     

    0.06

     

     

    11

     

     

    0.02

    Adjusted income, net of tax $1,384$2.48

     

    $

    1,190

     

    $

    2.15

     
           
    Marsh & McLennan Companies, Inc.
    Supplemental Information

    (Millions) (Unaudited)

     

    Three Months Ended

    December 31,

    Twelve Months Ended

    December 31,

    2013   2012 2013   2012
    Depreciation and amortization expense $73 $ 76 $286 $ 277
    Identified intangible amortization expense $19 $ 19 $72 $ 72
    Stock option expense $3 $ 3 $18 $ 26
    Capital expenditures $113 $ 71 $401 $ 320
     
           
    Marsh & McLennan Companies, Inc.
    Consolidated Balance Sheets

    (Millions) (Unaudited)

     
    December 31,

    2013

    December 31,

    2012

    ASSETS
     
    Current assets:
    Cash and cash equivalents $2,303 $ 2,301
    Net receivables 3,259 3,058
    Other current assets 687   604  
    Total current assets6,249 5,963
     
    Goodwill and intangible assets 7,365 7,261
    Fixed assets, net 828 809
    Pension related assets 979 260
    Deferred tax assets 626 1,223
    Other assets 881   772  
    TOTAL ASSETS$16,928   $ 16,288  
     
    LIABILITIES AND EQUITY
     
    Current liabilities:
    Short-term debt $334 $ 260
    Accounts payable and accrued liabilities 1,861 1,721
    Accrued compensation and employee benefits 1,465 1,473
    Accrued income taxes 97   110  
    Total current liabilities3,757 3,564
     
    Fiduciary liabilities 4,234 3,992
    Less - cash and investments held in a fiduciary capacity (4,234) (3,992 )
    Long-term debt 2,621 2,658
    Pension, post-retirement and post-employment benefits 1,150 2,094
    Liabilities for errors and omissions 373 460
    Other liabilities 1,052 906
     
    Total equity7,975   6,606  
    TOTAL LIABILITIES AND EQUITY$16,928   $ 16,288  


    Media:

    Marsh & McLennan Companies

    Laura Cora, +1-212-345-2731

    laura.cora@mmc.com

    or

    Investor:

    Marsh & McLennan Companies

    Keith Walsh, +1-212-345-0057

    keith.walsh@mmc.com




    Marsh & McLennan Companies, Inc.

    Source: Marsh & McLennan


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