Marsh & Mclennan Companies, Inc. (NYSE: MRSH)

Marsh & McLennan Companies, Inc. is a global professional services firm that delivers risk and insurance solutions, reinsurance broking, health wealth and career advice, and management consulting to clients in approximately 130 countries. The firm reported annual revenue of twenty seven billion dollars and employed more than ninety five thousand colleagues worldwide as of the end of 2025. Effective January 14 2026 the company updated its brand name from Marsh McLennan to Marsh and renamed its Marsh and Oliver Wyman Group businesses to Marsh Risk and Marsh Management Consulting respectively, while Mercer and Guy Carpenter retain their current brands during a transition period. Marsh & McLennan Companies, Inc. helps organizations manage uncertainty, optimize talent and investments, and improve overall performance through integrated advisory and brokerage services that combine risk expertise with human capital insights.

Marsh & McLennan Companies, Inc. generates revenue mainly through commissions and fees for insurance and reinsurance brokerage, risk advisory, and consulting services. In the Risk and Insurance Services segment, income is derived from brokerage commissions paid by insurers and reinsurers, consulting fees for risk management and alternative risk financing, and interest earned on fiduciary funds such as premiums and claims proceeds held for clients. The segment also receives contingent commissions tied to the volume or profitability of placements, and fees for administrative services including underwriting and quota share management. In the Consulting segment, revenue comes from client fees for health wealth and career advice, asset based charges for investment management and retirement plan services, and commissions linked to the placement of insurance contracts and retirement products. Additionally, certain consulting activities generate sub advisor fees reported on a gross basis and fees for actuarial and economic analysis services.

The company operates through the following segments: Risk and Insurance Services and Consulting.

• Risk and Insurance Services comprises Marsh Risk and Guy Carpenter and provides a broad suite of services including insurance broking, risk management, alternative risk financing, reinsurance broking, strategic advisory, actuarial services, analytics, and insurance linked securities solutions to businesses, government entities, professional service organizations and individuals across the globe. Marsh Risk operates through units such as Corporate which serves middle market clients globally through Marsh McLennan Agency, Commercial & Consumer which handles less complex risks through Victor Insurance Managers, Affinity and personal lines businesses, and specialist advisory units offering risk consulting, captive solutions and international placement services. Guy Carpenter functions as a reinsurance intermediary and advisor delivering treaty and facultative reinsurance broking, strategic advisory, actuarial services, analytics, and capital markets solutions through its divisions GC Securities which structures and places insurance linked securities such as catastrophe bonds and sidecar vehicles, and GC Capital & Advisory which provides corporate finance advice including mergers and acquisitions guidance and capital raising. This segment generated about sixty four percent of the company's total revenue in 2025 and employed approximately fifty five thousand seven hundred colleagues, with Marsh Risk contributing roughly fifty four percent of revenue and Guy Carpenter contributing about ten percent.

• Consulting consists of Mercer and Marsh Management Consulting and delivers health wealth and career advice, investment consulting, brand strategy, economic analysis and management consulting services to a wide range of clients. Mercer operates in three main practice areas: Health which assists employers with employee health programs compliance and benefits outsourcing, Wealth which provides actuarial investment consulting and investment management services managing approximately six hundred ninety two billion dollars in assets worldwide at the end of 2025, and Career which advises on employee engagement skill assessment executive remuneration HR effectiveness and M&A strategy using proprietary data and tools. Marsh Management Consulting offers advisory services through its operating units Oliver Wyman which includes specializations such as Actuarial AI Transformation Climate and Sustainability Customer Innovation and Growth Finance Risk and Restructuring Mergers and Acquisitions and Performance Transformation, Lippincott which focuses on brand strategy and design, and NERA Economic Consulting which provides economic analysis for complex business and legal issues. This segment generated about thirty six percent of the company's total revenue in 2025 and employed approximately twenty nine thousand one hundred colleagues, with Mercer contributing roughly twenty three percent of revenue and Marsh Management Consulting contributing about thirteen percent.

Marsh & McLennan Companies, Inc. holds a leading position in the global risk and insurance brokerage and consulting markets, ranking among the largest firms by revenue and employee count. The company faces competition from other international brokerage houses, independent insurers, commercial and investment banks, consulting firms and digital platforms that offer similar services. Despite this competitive environment, Marsh & McLennan differentiates itself through its integrated approach that combines risk expertise with human capital solutions, its extensive global network covering more than 130 countries, its deep bench of actuarial analytics and data science capabilities, and its strong reputation built on long standing client relationships. The firm also benefits from scale advantages in talent acquisition, technology investment, and access to diverse capital markets, which help it maintain pricing power and sustain growth across its business lines.

The company serves a diverse customer base that includes large corporations, mid market enterprises, government agencies, professional service organizations, insurance carriers, employers seeking health and retirement solutions, high net worth individuals and family offices, and individuals needing personal insurance and wealth management services. Marsh Risk and Guy Carpenter work with businesses of all sizes to design insurance programs, manage risk exposures and access reinsurance markets, while Mercer and Marsh Management Consulting advise organizations on employee benefits, investment strategies and organizational performance. This broad mix of clients allows the firm to generate revenue from multiple sources and to cross sell complementary risk and consulting solutions across its global footprint.