Despite a slight increase in revenues for the second quarter of 2005, Marsh & McLennan reported net income dropped 57 percent, impacted by soft market rates, charges for restructuring and employee retention, and regulatory and compliance expenses.
The New York-based services firm, parent company of the world's largest insurance broker Marsh, reported second-quarter income dropped $223 million, from $389 million, or 73 cents a share in 2004, to $166 million, or 31 cents a share. Revenues were up more than 2 percent, or $68 million, going from $3.03 billion to $3.09 billion.
For the first half of the year, net income dropped 64 percent, or $535 million, from $835 million, or $1.56 a share in 2004, to $300 million or 56 cents a share. Revenues were up less than 1 percent, or $54 million, going from $6.22 billion to $6.28 billion.
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