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Marsh & McLennan
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Latest analysis
Updated Oct 15, 2026
Marsh & McLennan raises Thrive savings target to $600M and posts 5% underlying revenue growth in Q3 2026, led by 14% surge in Management Consulting.
Marsh & McLennan delivered 5% underlying revenue growth in Q3 2026, with Management Consulting expanding 14% on strong AI transformation demand and favorable success fee timing, while Risk accelerated to 5% underlying growth despite a soft pricing environment. The company raised its Thrive efficiency program target from $400M to $600M, citing expanded opportunities in Business and Client Services and AI-enabled automation, with savings expected through 2028. Reinsurance remained a drag at -6% in Q3 (and -1% through nine months) due to property cat rate softness, but the firm's overall posture is confident: full-year guidance for underlying growth similar to 2025, margin expansion, and solid adjusted EPS growth was reiterated.
Tone: bullishRevenue
$27B
MRSH 10-K · FY 2025
Employees
95,000
Revenue FY2024
$24.5B
Headquarters
New York
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
Named competitors
“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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