| | For the second quarter
ended 30 June 2006,
Marsh & McLennan
Companies reported
consolidated revenues of
$3bn, unchanged from the
2005 second quarter. Net
income was $172m, or
$.31 per share, compared
with $166m, or $.31 per
share, last year.
Michael G. Cherkasky,
president and chief
executive officer of
MMC, said: "Results for
the quarter were mixed…
underlying revenues in
Europe did not meet | |
|
| | expectations, due
primarily to lower
client retention levels.
Guy Carpenter, Kroll,
and Mercer Specialty
Consulting all reported
excellent results, with
double-digit growth in
revenues and
profitability. Mercer
Human Resource
Consulting increased
revenues, but
profitability was
disappointing. Putnam
performed as expected.
We are encouraged about
the positive trends in | |
|
| | all of our businesses,
except for profitability
in Mercer HR, which we
are addressing."
Consulting revenues
increased 8% to $1bn in
the second quarter.
Mercer Human Resource
Consulting increased
revenues 4% to $751m.
Mercer HR's largest
business, retirement
consulting, increased
underlying revenues 2%
in the quarter. Human
capital grew revenues
15% and HR Services 5%.
Health and benefits | |
|
| | revenues declined 4%.
Despite Mercer HR's
revenue growth, an
increase in compensation
expenses, including
increased staff levels,
contributed to a decline
in segment profitability
for the quarter.
Mercer Specialty
Consulting revenues grew
17% to $297m in the
second quarter,
reflecting continued
excellent performance in
all businesses. Mercer
Oliver Wyman's financial
services and risk | |
|
| | consulting increased
underlying revenues 19%,
Mercer Management
Consulting's strategy
and operations grew
revenues 11%, and
economic consulting rose
14%. Based on this
strong revenue growth,
Mercer Specialty
Consulting reported a
marked increase in
profitability.
| |
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