NU Online News Service, Oct. 21, 2003, 5:24 p.m. EDT – Marsh & McLennan Companies Inc., New York, says revenue from health and retirement consulting services grew more slowly during the third quarter than revenue at most of its other operations grew.
The company as a whole is reporting $357 million in net income for the latest quarter on $2.8 billion in revenue, up from $299 million in net income on $2.6 billion in revenue for the third quarter of 2002.
Total revenue was up 11%.
Revenue from health care and group benefits consulting increased 7%, to $99 million. Retirement services consulting revenue increased 6%, to $300 million.
The benefits consulting offices in Europe and Asia did better than the North American benefits offices did, Marsh says.
The Mercer benefits offices and the Putnam Investments money management operation suffered during the recent stock market slump, but growing global demand for retirement services should create important opportunities for both units to expand, according to Marsh Chairman Jeffrey Greenberg.