By Rob Curran

Marsh & McLennan posted a 34% increase in third-quarter net income, reflecting robust growth at both its insurance and consulting operations.

The New York insurance brokerage and consulting firm logged earnings of $730 million, or $1.47 a share, up from $546 million, or $1.08 a share, a year earlier. Excluding certain items, earnings rose to $1.57 a share, handily beating the average analyst estimate of $1.39 a share as tabulated by FactSet.

Revenue rose 13% to $5.38 billion, surpassing the FactSet-tallied analyst target of $5.22 billion

Revenue at the firm's Risk & Insurance Services unit increased 12% to $3.2 billion. Consulting revenue rose 13% to $2.2 billion, with growth at both the Mercer and Oliver Wyman brands.

Write to Rob Curran at rob.curran@wsj.com

(END) Dow Jones Newswires

October 19, 2023 07:32 ET (11:32 GMT)

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