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Marsh Reports Higher 4th Quarter Net Income

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NU Online News Service, Jan. 29, 9:35 a.m. – Marsh & McLennan Companies Inc., New York, is reporting $312 million in net income for the fourth quarter of 2002 on $2.6 billion in revenue, compared with $144 million in net income on $2.3 billion in revenue for the fourth quarter of 2001.

Marsh sells consulting services through its Mercer Inc. unit and mutual funds through Putnam Investments.

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Mercer is reporting $76 million in operating income for the latest quarter on $604 million in revenue, up from $71 million in operating income on $554 million in revenue. The health and group benefits practices produced “double-digit growth,” Marsh says.

At Putnam, average assets fell 18%, to $249 billion, because of the stock market slump and account redemptions. But assets in fixed-income investments increased to $67 billion Dec. 31, 2002, up from $60 billion a year earlier.