The four major insurance brokers appear to be recovering from the shock of losing contingent commissions as they reported growing revenues and strong net income, but continued growth will be a challenge in the softening market, analysts say.
The biggest brokerage–New York-based Marsh & McLennan Companies–saw revenue increase 3 percent, or $343 million, to $11.9 billion for 2006. Net income soared over 145 percent, or $586 million, to $990 million, while net income per share in 2006 increased from 74 cents to $1.76.
For the fourth quarter, net income increased $191 million to $226 million. Revenues rose 9 percent, or $252 million, to $3.06 billion.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
