News
Marsh & McLennan Companies Reports Second Quarter 2017 Results
July 27, 2017 at 7:00 AM EDT
Media Contact
Email:media@mmc.com
Underlying Revenue Increases 3% Reflecting Growth Across All Operating Companies
GAAP EPS Rises to
Six Months GAAP EPS Grows 13% and Adjusted EPS Increases 14%
"With a strong first half of 2017, we believe the Company is well positioned to deliver underlying revenue growth, margin expansion in both segments, and strong earnings per share growth this year," concluded Mr. Glaser.
Consolidated Results
Consolidated revenue in the second quarter of 2017 was
For the six months ended
Earnings per share rose 13% to
Risk & Insurance Services
Risk & Insurance Services revenue was
Marsh's revenue in the second quarter was
Consulting
Consulting revenue in the second quarter was
Mercer's revenue was
Oliver Wyman Group's revenue was
Other Items
The effective tax rate in the second quarter of 2017 was 28.6% compared with 29.5% in the second quarter of 2016. For the six months of 2017, the effective tax rate was 25.9% compared with 29.0% for the same period last year. The tax rate in 2017 includes the impact of the required change in accounting for equity awards.
The Company repurchased 2.7 million shares of its common stock for
Conference Call
A conference call to discuss second quarter 2017 results will be held
today at
About
INFORMATION CONCERNING FORWARD-LOOKING STATEMENTS
This press release contains "forward-looking statements," as defined in the Private Securities Litigation Reform Act of 1995. These statements, which express management's current views concerning future events or results, use words like "anticipate," "assume," "believe," "continue," "estimate," "expect," "intend," "plan," "project" and similar terms, and future or conditional tense verbs like "could," "may," "might," "should," "will" and "would." Forward-looking statements are subject to inherent risks and uncertainties that could cause actual results to differ materially from those expressed or implied in our forward-looking statements.
Factors that could materially affect our future results include, among
other things: the impact of any investigations, reviews or other
activity by regulatory or law enforcement authorities in the U.S.,
The factors identified above are not exhaustive.
Further information concerning
Marsh & McLennan Companies, Inc. Consolidated Statements of Income (In millions, except per share figures) (Unaudited) |
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Three Months Ended June 30, |
Six Months Ended June 30, |
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2017 | 2016 | 2017 | 2016 | |||||||||||||||||
Revenue | $ | 3,495 | $ | 3,376 | $ | 6,998 | $ | 6,712 | ||||||||||||
Expense: | ||||||||||||||||||||
Compensation and Benefits | 1,935 | 1,872 | 3,880 | 3,726 | ||||||||||||||||
Other Operating Expenses | 796 | 778 | 1,545 | 1,527 | ||||||||||||||||
Operating Expenses | 2,731 | 2,650 | 5,425 | 5,253 | ||||||||||||||||
Operating Income | 764 | 726 | 1,573 | 1,459 | ||||||||||||||||
Interest Income | 2 | 2 | 4 | 4 | ||||||||||||||||
Interest Expense | (60 | ) | (48 | ) | (118 | ) | (94 | ) | ||||||||||||
Investment Income (Loss) | 5 | 1 | 5 | (2 | ) | |||||||||||||||
Income Before Income Taxes | 711 | 681 | 1,464 | 1,367 | ||||||||||||||||
Income Tax Expense | 204 | 201 | 379 | 397 | ||||||||||||||||
Net Income before Non-Controlling Interests | 507 | 480 | 1,085 | 970 | ||||||||||||||||
Less: Net Income Attributable to Non-Controlling Interests | 6 | 8 | 15 | 17 | ||||||||||||||||
Net Income Attributable to the Company | $ | 501 | $ | 472 | $ | 1,070 | $ | 953 | ||||||||||||
Net Income Per Share Attributable to the Company: | ||||||||||||||||||||
- Basic | $ | 0.98 | $ | 0.91 | $ | 2.08 | $ | 1.83 | ||||||||||||
- Diluted | $ | 0.96 | $ | 0.90 | $ | 2.05 | $ | 1.81 | ||||||||||||
Average Number of Shares Outstanding | ||||||||||||||||||||
- Basic | 514 | 521 | 514 | 521 | ||||||||||||||||
- Diluted | 520 | 525 | 521 | 526 | ||||||||||||||||
Shares Outstanding at 6/30 | 513 | 519 | 513 | 519 | ||||||||||||||||
Marsh & McLennan Companies, Inc. Supplemental Information - Revenue Analysis Three Months Ended June 30, 2017 (Millions) (Unaudited) |
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Components of Revenue Change* | ||||||||||||||||||||||
Three Months Ended June 30, |
% Change |
Currency |
Acquisitions/ |
Underlying |
||||||||||||||||||
2017 | 2016 | |||||||||||||||||||||
Risk and Insurance Services | ||||||||||||||||||||||
Marsh | $ | 1,614 | $ | 1,559 | 4% | (1)% | 4% | 2% | ||||||||||||||
Guy Carpenter | 293 | 285 | 3% | (1)% | — | 4% | ||||||||||||||||
Subtotal | 1,907 | 1,844 | 3% | (1)% | 3% | 2% | ||||||||||||||||
Fiduciary Interest Income | 9 | 6 | ||||||||||||||||||||
Total Risk and Insurance Services | 1,916 | 1,850 | 4% | (1)% | 3% | 2% | ||||||||||||||||
Consulting | ||||||||||||||||||||||
Mercer | 1,109 | 1,079 | 3% | (2)% | 2% | 3% | ||||||||||||||||
Oliver Wyman Group | 483 | 460 | 5% | (2)% | — | 7% | ||||||||||||||||
Total Consulting | 1,592 | 1,539 | 3% | (2)% | 2% | 4% | ||||||||||||||||
Corporate / Eliminations | (13 | ) | (13 | ) | ||||||||||||||||||
Total Revenue | $ | 3,495 | $ | 3,376 | 4% | (2)% | 2% | 3% | ||||||||||||||
Revenue Details
The following table provides more detailed revenue information for certain of the components presented above:
Components of Revenue Change* | ||||||||||||||||||||||
Three Months Ended June 30, |
% Change |
Currency |
Acquisitions/ |
Underlying |
||||||||||||||||||
2017 | 2016 | |||||||||||||||||||||
Marsh: | ||||||||||||||||||||||
EMEA | $ | 497 | $ | 479 | 4% | (4)% | 7% | — | ||||||||||||||
Asia Pacific | 168 | 183 | (8)% | — | (11)% | 3% | ||||||||||||||||
Latin America | 99 | 93 | 6% | (2)% | 3% | 4% | ||||||||||||||||
Total International | 764 | 755 | 1% | (3)% | 2% | 1% | ||||||||||||||||
U.S. / Canada | 850 | 804 | 6% | — | 5% | 2% | ||||||||||||||||
Total Marsh | $ | 1,614 | $ | 1,559 | 4% | (1)% | 4% | 2% | ||||||||||||||
Mercer: | ||||||||||||||||||||||
Defined Benefit Consulting & Administration | $ | 340 | $ | 371 | (8)% | (4)% | (1)% | (3)% | ||||||||||||||
Investment Management & Related Services | 192 | 153 | 26% | (1)% | 15% | 11% | ||||||||||||||||
Total Wealth | 532 | 524 | 2% | (3)% | 3% | 1% | ||||||||||||||||
Health | 423 | 410 | 3% | (1)% | 1% | 3% | ||||||||||||||||
Career | 154 | 145 | 6% | (2)% | 2% | 5% | ||||||||||||||||
Total Mercer | $ | 1,109 | $ | 1,079 | 3% | (2)% | 2% | 3% | ||||||||||||||
Notes |
Underlying revenue measures the change in revenue using consistent currency exchange rates, excluding the impact of certain items that affect comparability such as: acquisitions, dispositions, transfers among businesses and the deconsolidation of Marsh India. |
Effective January 1, 2017, Mercer established a Wealth business reflecting a unified client strategy for its former Retirement and Investment business. The 2016 information in the chart above has been conformed to the current presentation. Please refer to the "Supplemental Information - Mercer" schedules included in the first quarter 2017 press release for additional information about the Wealth business. |
* Components of revenue change may not add due to rounding. |
Marsh & McLennan Companies, Inc. Supplemental Information - Revenue Analysis Six Months Ended June 30, 2017 (Millions) (Unaudited) |
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Components of Revenue Change* | ||||||||||||||||||||||
Six Months Ended June 30, |
% Change |
Currency |
Acquisitions/ |
Underlying |
||||||||||||||||||
2017 | 2016 | |||||||||||||||||||||
Risk and Insurance Services | ||||||||||||||||||||||
Marsh | $ | 3,210 | $ | 3,047 | 5% | (1)% | 4% | 3% | ||||||||||||||
Guy Carpenter | 678 | 659 | 3% | (1)% | — | 4% | ||||||||||||||||
Subtotal | 3,888 | 3,706 | 5% | (1)% | 3% | 3% | ||||||||||||||||
Fiduciary Interest Income | 17 | 12 | ||||||||||||||||||||
Total Risk and Insurance Services | 3,905 | 3,718 | 5% | (1)% | 3% | 3% | ||||||||||||||||
Consulting | ||||||||||||||||||||||
Mercer | 2,186 | 2,118 | 3% | (2)% | 2% | 3% | ||||||||||||||||
Oliver Wyman Group | 932 | 899 | 4% | (2)% | — | 6% | ||||||||||||||||
Total Consulting | 3,118 | 3,017 | 3% | (2)% | 2% | 4% | ||||||||||||||||
Corporate / Eliminations | (25 | ) | (23 | ) | ||||||||||||||||||
Total Revenue | $ | 6,998 | $ | 6,712 | 4% | (2)% | 2% | 3% | ||||||||||||||
Revenue Details
The following table provides more detailed revenue information for certain of the components presented above:
Components of Revenue Change* | ||||||||||||||||||||||
Six Months Ended June 30, |
% Change |
Currency |
Acquisitions/ |
Underlying |
||||||||||||||||||
2017 | 2016 | |||||||||||||||||||||
Marsh: | ||||||||||||||||||||||
EMEA | $ | 1,086 | $ | 1,049 | 4% | (4)% | 6% | 2% | ||||||||||||||
Asia Pacific | 320 | 329 | (3)% | — | (10)% | 7% | ||||||||||||||||
Latin America | 179 | 164 | 9% | — | 4% | 5% | ||||||||||||||||
Total International | 1,585 | 1,542 | 3% | (3)% | 2% | 3% | ||||||||||||||||
U.S. / Canada | 1,625 | 1,505 | 8% | — | 5% | 3% | ||||||||||||||||
Total Marsh | $ | 3,210 | $ | 3,047 | 5% | (1)% | 4% | 3% | ||||||||||||||
Mercer: | ||||||||||||||||||||||
Defined Benefit Consulting & Administration | $ | 674 | $ | 732 | (8)% | (4)% | (3)% | (2)% | ||||||||||||||
Investment Management & Related Services | 378 | 300 | 26% | — | 15% | 10% | ||||||||||||||||
Total Wealth | 1,052 | 1,032 | 2% | (3)% | 3% | 2% | ||||||||||||||||
Health | 838 | 810 | 3% | (1)% | 2% | 3% | ||||||||||||||||
Career | 296 | 276 | 7% | (1)% | 3% | 6% | ||||||||||||||||
Total Mercer | $ | 2,186 | $ | 2,118 | 3% | (2)% | 2% | 3% |
Notes |
Underlying revenue measures the change in revenue using consistent currency exchange rates, excluding the impact of certain items that affect comparability such as: acquisitions, dispositions, transfers among businesses and the deconsolidation of Marsh India. |
Effective January 1, 2017, Mercer established a Wealth business reflecting a unified client strategy for its former Retirement and Investment business. The 2016 information in the chart above has been conformed to the current presentation. Please refer to the "Supplemental Information - Mercer" schedules included in the first quarter 2017 press release for additional information about the Wealth business. |
* Components of revenue change may not add due to rounding. |
Marsh & McLennan Companies, Inc. Reconciliation of Non-GAAP Measures Three Months Ended June 30 (Millions) (Unaudited) |
Overview
The Company reports its financial results in accordance with accounting principles generally accepted in the United States (referred to in this release as "GAAP" or "reported" results). The Company also refers to and presents below certain additional non-GAAP financial measures, within the meaning of Regulation G under the Securities Exchange Act of 1934. These measures are: adjusted operating income (loss), adjusted operating margin, adjusted income, net of tax and adjusted earnings per share (EPS). The Company has included reconciliations of these non-GAAP financial measures to the most directly comparable financial measure calculated in accordance with GAAP in the following tables. |
The Company believes these non-GAAP financial measures provide useful supplemental information that enables investors to better compare the Company's performance across periods. Management also uses these measures internally to assess the operating performance of its business, to assess performance for employee compensation purposes and to decide how to allocate resources. However, investors should not consider these non-GAAP measures in isolation from, or as a substitute for, the financial information that the Company reports in accordance with GAAP. The Company's non-GAAP measures include adjustments that reflect how management views our businesses, and may differ from similarly titled non-GAAP measures presented by other companies. |
Adjusted Operating Income (Loss) and Adjusted Operating Margin |
Adjusted operating income (loss) is calculated by excluding the impact of certain noteworthy items from the Company's GAAP operating income or loss. The following tables identify these noteworthy items and reconcile adjusted operating income (loss) to GAAP operating income or loss, on a consolidated and segment basis, for the three and six months ended June 30, 2017 and 2016. The following tables also present adjusted operating margin. For the three and six months ended June 30, 2017 and 2016, adjusted operating margin is calculated by dividing adjusted operating income by consolidated or segment GAAP revenue less the proceeds related to the disposal of Mercer's U.S. defined contribution recordkeeping business. |
Risk & |
Consulting |
Corporate/ |
Total | |||||||||||||||||
Three Months Ended June 30, 2017 | ||||||||||||||||||||
Operating income (loss) | $ | 528 | $ | 283 | $ | (47 | ) | $ | 764 | |||||||||||
Add impact of Noteworthy Items: | ||||||||||||||||||||
Restructuring (a) | — | 13 | 2 | 15 | ||||||||||||||||
Adjustments to acquisition related accounts (b) | 7 | 2 | — | 9 | ||||||||||||||||
Operating income adjustments | 7 | 15 | 2 | 24 | ||||||||||||||||
Adjusted operating income (loss) | $ | 535 | $ | 298 | $ | (45 | ) | $ | 788 | |||||||||||
Operating margin | 27.5 | % | 17.8 | % | N/A | 21.9 | % | |||||||||||||
Adjusted operating margin | 27.9 | % | 18.7 | % | N/A | 22.5 | % | |||||||||||||
Three Months Ended June 30, 2016 | ||||||||||||||||||||
Operating income (loss) | $ | 490 | $ | 285 | $ | (49 | ) | $ | 726 | |||||||||||
Add (Deduct) impact of Noteworthy Items: | ||||||||||||||||||||
Restructuring | 2 | 1 | 2 | 5 | ||||||||||||||||
Adjustments to acquisition related accounts (b) | 13 | 2 | — | 15 | ||||||||||||||||
Deconsolidation of business (c) | (12 | ) | — | — | (12 | ) | ||||||||||||||
Operating income adjustments | 3 | 3 | 2 | 8 | ||||||||||||||||
Adjusted operating income (loss) | $ | 493 | $ | 288 | $ | (47 | ) | $ | 734 | |||||||||||
Operating margin | 26.6 | % | 18.5 | % | N/A | 21.5 | % | |||||||||||||
Adjusted operating margin | 26.8 | % | 18.7 | % | N/A | 21.8 | % | |||||||||||||
(a) Primarily severance related to the Mercer business restructure. |
(b) Primarily includes the change in fair value as measured each quarter of contingent consideration related to acquisitions. |
(c) Reflects the net gain on deconsolidation of Marsh's India subsidiary. The amount is removed from GAAP revenue in the calculation of adjusted operating margin. |
Marsh & McLennan Companies, Inc. Reconciliation of Non-GAAP Measures Six Months Ended June 30 (Millions) (Unaudited) |
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Adjusted Operating Income (Loss) and Adjusted Operating Margin (cont'd) |
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Risk & |
Consulting |
Corporate/ |
Total | |||||||||||||||||
Six Months Ended June 30, 2017 | ||||||||||||||||||||
Operating income (loss) | $ | 1,141 | $ | 524 | $ | (92 | ) | $ | 1,573 | |||||||||||
Add (Deduct) impact of Noteworthy Items: | ||||||||||||||||||||
Restructuring (a) | 4 | 16 | 4 | 24 | ||||||||||||||||
Adjustments to acquisition related accounts (b) | (10 | ) | 3 | — | (7 | ) | ||||||||||||||
Operating income adjustments | (6 | ) | 19 | 4 | 17 | |||||||||||||||
Adjusted operating income (loss) | $ | 1,135 | $ | 543 | $ | (88 | ) | $ | 1,590 | |||||||||||
Operating margin | 29.2 | % | 16.8 | % | N/A | 22.5 | % | |||||||||||||
Adjusted operating margin | 29.1 | % | 17.4 | % | N/A | 22.7 | % | |||||||||||||
Six Months Ended June 30, 2016 | ||||||||||||||||||||
Operating income (loss) | $ | 1,025 | $ | 530 | $ | (96 | ) | $ | 1,459 | |||||||||||
Add (Deduct) impact of Noteworthy Items: | ||||||||||||||||||||
Restructuring | 3 | 1 | 4 | 8 | ||||||||||||||||
Adjustments to acquisition related accounts (b) | 20 | 1 | — | 21 | ||||||||||||||||
Disposal/deconsolidation of business (c) | (12 | ) | (6 | ) | — | (18 | ) | |||||||||||||
Operating income adjustments | 11 | (4 | ) | 4 | 11 | |||||||||||||||
Adjusted operating income (loss) | $ | 1,036 | $ | 526 | $ | (92 | ) | $ | 1,470 | |||||||||||
Operating margin | 27.6 | % | 17.6 | % | N/A | 21.7 | % | |||||||||||||
Adjusted operating margin | 28.0 | % | 17.5 | % | N/A | 22.0 | % | |||||||||||||
(a) Primarily severance related to the Mercer business restructure and severance for center led initiatives, future rent under non-cancellable leases, and integration costs related to recent acquisitions. |
(b) Primarily includes the change in fair value as measured each quarter of contingent consideration related to acquisitions. |
(c) Relates to a net gain on the deconsolidation of Marsh's India subsidiary and contingent proceeds related to the disposal of Mercer's U.S. defined contribution recordkeeping business. The amounts are removed from GAAP revenue in the calculation of adjusted operating margin. |
Marsh & McLennan Companies, Inc. Reconciliation of Non-GAAP Measures Three and Six Months Ended June 30 (Millions) (Unaudited) |
Adjusted Income, Net of Tax and Adjusted Earnings per Share |
Adjusted income, net of tax is calculated as the Company's GAAP income from continuing operations, adjusted to reflect the after-tax impact of the operating income adjustments set forth in the preceding tables. Adjusted EPS is calculated by dividing the Company's adjusted income, net of tax, by MMC's average number of shares outstanding-diluted for the relevant period. The following tables reconcile adjusted income, net of tax to GAAP income from continuing operations and adjusted EPS to GAAP EPS for the three and six months ended June 30, 2017 and 2016. |
Three Months Ended June 30, 2017 |
Three Months Ended June 30, 2016 |
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Amount |
Adjusted |
Amount |
Adjusted |
||||||||||||||||||||||||||
Income from continuing operations | $ | 507 | $ | 480 | |||||||||||||||||||||||||
Less: Non-controlling interest, net of tax | 6 | 8 | |||||||||||||||||||||||||||
Subtotal | $ | 501 | $ | 0.96 | $ | 472 | $ | 0.90 | |||||||||||||||||||||
Operating income adjustments | $ | 24 | $ | 8 | |||||||||||||||||||||||||
Impact of income taxes | (7 | ) | — | ||||||||||||||||||||||||||
17 | 0.04 | 8 | 0.01 | ||||||||||||||||||||||||||
Adjusted income, net of tax | $ | 518 | $ | 1.00 | $ | 480 | $ | 0.91 | |||||||||||||||||||||
Six Months Ended June 30, 2017 |
Six Months Ended
June 30, 2016 |
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Amount |
Adjusted |
Amount |
Adjusted |
||||||||||||||||||||||||||
Income from continuing operations | $ | 1,085 | $ | 970 | |||||||||||||||||||||||||
Less: Non-controlling interest, net of tax | 15 | 17 | |||||||||||||||||||||||||||
Subtotal | $ | 1,070 | $ | 2.05 | $ | 953 | $ | 1.81 | |||||||||||||||||||||
Operating income adjustments | $ | 17 | $ | 11 | |||||||||||||||||||||||||
Impact of income taxes | (6 | ) | — | ||||||||||||||||||||||||||
11 | 0.03 | 11 | 0.02 | ||||||||||||||||||||||||||
Adjusted income, net of tax | $ | 1,081 | $ | 2.08 | $ | 964 | $ | 1.83 | |||||||||||||||||||||
Marsh & McLennan Companies, Inc. Supplemental Information Three and Six Months Ended June 30 (Millions) (Unaudited) |
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Three Months Ended | Six Months Ended | ||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||||||
Consolidated | |||||||||||||||||||
Compensation and Benefits | $ | 1,935 | $ | 1,872 | $ | 3,880 | $ | 3,726 | |||||||||||
Other operating expenses | 796 | 778 | 1,545 | 1,527 | |||||||||||||||
Total Expenses | $ | 2,731 | $ | 2,650 | $ | 5,425 | $ | 5,253 | |||||||||||
Depreciation and amortization expense | $ | 76 | $ | 76 | $ | 156 | $ | 154 | |||||||||||
Identified intangible amortization expense | 40 | 34 | 80 | 67 | |||||||||||||||
Total | $ | 116 | $ | 110 | $ | 236 | $ | 221 | |||||||||||
Stock option expense | $ | 3 | $ | 4 | $ | 17 | $ | 15 | |||||||||||
Capital expenditures | $ | 82 | $ | 63 | $ | 144 | $ | 114 | |||||||||||
Risk and Insurance Services | |||||||||||||||||||
Compensation and Benefits | $ | 968 | $ | 934 | $ | 1,948 | $ | 1,855 | |||||||||||
Other operating expenses | 420 | 426 | 816 | 838 | |||||||||||||||
Total Expenses | $ | 1,388 | $ | 1,360 | $ | 2,764 | $ | 2,693 | |||||||||||
Depreciation and amortization expense | $ | 35 | $ | 34 | $ | 70 | $ | 70 | |||||||||||
Identified intangible amortization expense | 33 | 29 | 65 | 57 | |||||||||||||||
Total | $ | 68 | $ | 63 | $ | 135 | $ | 127 | |||||||||||
Consulting | |||||||||||||||||||
Compensation and Benefits | $ | 883 | $ | 852 | $ | 1,758 | $ | 1,699 | |||||||||||
Other operating expenses | 426 | 402 | 836 | 788 | |||||||||||||||
Total Expenses | $ | 1,309 | $ | 1,254 | $ | 2,594 | $ | 2,487 | |||||||||||
Depreciation and amortization expense | $ | 24 | $ | 25 | $ | 51 | $ | 50 | |||||||||||
Identified intangible amortization expense | 7 | 5 | 15 | 10 | |||||||||||||||
Total | $ | 31 | $ | 30 | $ | 66 | $ | 60 | |||||||||||
Marsh & McLennan Companies, Inc. Consolidated Balance Sheets (Millions) |
||||||||||
(Unaudited) June 30, 2017 |
December 31, |
|||||||||
ASSETS | ||||||||||
Current assets: | ||||||||||
Cash and cash equivalents | $ | 966 | $ | 1,026 | ||||||
Net receivables | 3,984 | 3,643 | ||||||||
Other current assets | 232 | 215 | ||||||||
Total current assets | 5,182 | 4,884 | ||||||||
Goodwill and intangible assets | 10,054 | 9,495 | ||||||||
Fixed assets, net | 721 | 725 | ||||||||
Pension related assets | 981 | 776 | ||||||||
Deferred tax assets | 975 | 1,097 | ||||||||
Other assets | 1,529 | 1,213 | ||||||||
TOTAL ASSETS | $ | 19,442 | $ | 18,190 | ||||||
LIABILITIES AND EQUITY | ||||||||||
Current liabilities: | ||||||||||
Short-term debt | $ | 162 | $ | 312 | ||||||
Accounts payable and accrued liabilities | 2,027 | 1,969 | ||||||||
Accrued compensation and employee benefits | 1,073 | 1,655 | ||||||||
Accrued income taxes | 193 | 146 | ||||||||
Dividends payable | 194 | — | ||||||||
Total current liabilities | 3,649 | 4,082 | ||||||||
Fiduciary liabilities | 5,039 | 4,241 | ||||||||
Less - cash and investments held in a fiduciary capacity | (5,039 | ) | (4,241 | ) | ||||||
— | — | |||||||||
Long-term debt | 5,479 | 4,495 | ||||||||
Pension, post-retirement and post-employment benefits | 1,986 | 2,076 | ||||||||
Liabilities for errors and omissions | 305 | 308 | ||||||||
Other liabilities | 949 | 957 | ||||||||
Total equity | 7,074 | 6,272 | ||||||||
TOTAL LIABILITIES AND EQUITY | $ | 19,442 | $ | 18,190 |
View source version on businesswire.com: http://www.businesswire.com/news/home/20170727005648/en/
Source:
Media:
Marsh & McLennan Companies
Laura Schooler,
+1 212-345-0370
laura.schooler@mmc.com
or
Investors:
Marsh
& McLennan Companies
Dan Farrell, +1 212-345-3713
daniel.farrell@mmc.com