Marsh & McLennan Companies, Inc. reported strong financial performance for the three and nine months ended September 30, 2024, with notable increases in revenue and profitability compared to the same periods in 2023. For Q3 2024, total revenue reached $5,697 million, a 6% increase from $5,382 million in Q3 2023. For the nine-month period, revenue was $18,391 million, up 7% from $17,182 million in the prior year.
Operating income for Q3 2024 was $1,108 million, reflecting an 11% increase from $996 million in Q3 2023. For the nine months, operating income rose to $4,675 million, a 12% increase from $4,179 million. Net income attributable to the Company for Q3 2024 was $747 million, compared to $730 million in Q3 2023, while for the nine months, it increased to $3,272 million from $3,000 million.
The Risk and Insurance Services segment was a significant driver of growth, with Q3 revenue of $3,453 million, an 8% increase from $3,190 million in the same quarter of 2023. For the nine months, this segment generated $11,748 million, up from $10,818 million. The Consulting segment also contributed positively, with Q3 revenue of $2,262 million, a 3% increase, and nine-month revenue of $6,692 million, up 4%.
Strategically, Marsh & McLennan has been active in acquisitions, completing eight in the Risk and Insurance Services segment and five in Consulting during the nine months ended September 30, 2024. Notable acquisitions included the Horton Group and Fischer Brown Bottrell Insurance. The total purchase consideration for acquisitions in this period was approximately $1.3 billion, with cash payments of $1.1 billion.
The company also announced a significant pending acquisition of McGriff Insurance Services, LLC, for $7.75 billion, expected to close by the end of 2024. This acquisition will be financed through a combination of cash and debt, with a bridge loan facility established for this purpose.
On the balance sheet, total assets increased to $49,864 million as of September 30, 2024, up from $48,030 million at the end of 2023. However, cash and cash equivalents decreased significantly to $1,798 million from $3,358 million. The company reported total equity of $13,882 million, an increase from $12,370 million at the end of 2023.
Overall, Marsh & McLennan's financial results reflect robust growth in revenue and profitability, supported by strategic acquisitions and a strong performance in both its Risk and Insurance Services and Consulting segments.
About MARSH & MCLENNAN COMPANIES, INC.
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