Marsh & McLennan reported net income dropped 6 percent in the fourth quarter, as the firm eliminated close to 3,000 positions in its insurance and consulting segments and continued to cut expenses through the year.
Brian Duperreault, president and chief executive officer of the New York-based services firm, called the results "strong" despite the loss which was affected by the adverse effects of foreign exchange rates, soft market pressures from insurance and the overall adverse economic climate.
He said Marsh turned in "an impressive performance" with economic growth and an improved retention rate. The main driver of the insurance broker's performance was expense reduction.
Continue Reading for Free
Register and gain access to:
- 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.
