Guy Carpenter, a reinsurance brokerage company under Marsh, reported revenue of US$215 million in the fourth quarter of 2025 and US$2.5 billion for the full year of 2025, an increase of 7% (5% on a basic basis) and 6% (5% on a basic basis) respectively compared with the same period in 2024.
Guy Carpenter’s strong performance in Q4 and full year 2025 supported the group’s consolidated revenue in 4Q25 to $6.6 billion, up 9% from 4Q24 and 4% on an underlying basis. Meanwhile, operating income increased 7% in the quarter to $1.2 billion, and net profit increased 4% to $821 million.
Full-year revenue increased 10% and underlying growth was 4% to $27 billion, operating income increased 7% to $6.2 billion, and net profit increased to $4.2 billion from $4.1 billion in 2024.
Guy Carpenter is part of Marsh Risk & Insurance Services, which also includes insurance brokerage unit Marsh Risk. In the fourth quarter of 2025, Marsh Risk achieved revenue of US$3.7 billion, a year-on-year increase of 10%, including a basic increase of 3% in the United States/Canada and a 4% international increase. Marsh Risk reported full-year 2025 revenue of $14.4 billion, a 15% increase over 2024 total revenue.
All told, the Risk & Insurance Services segment generated revenue of $4 billion in Q4 2025, up 9% from the prior year, and operating income increased 8% to $830 million. Full-year revenue increased by 12% to US$17.3 billion, and operating income reached US$4.6 billion, an increase of 6% from the previous year.
Revenue from its consulting business, which includes Mercer and Marsh Management Consulting, rose 8% to $2.6 billion in the fourth quarter of 2025 and 7% for the full year to $9.8 billion. Operating income increased 4% in the quarter to $483 million, and full-year 2025 operating income increased 7% to $1.9 billion.
Mercer’s quarterly revenue was $1.6 billion and full-year 2025 revenue was $6.2 billion, up 9% and 8% respectively from the previous year.
Compared with the same period in 2024, Marsh Management Consulting’s revenue increased 8% in the quarter to $1.0 billion, and full-year revenue increased 6% to $3.6 billion.
“Fourth quarter results capped off another solid year for Marsh,” said John Doyle, president and CEO. “Full-year revenue increased 10%, underlying revenue increased 4%, adjusted NOI increased by double digits, adjusted earnings per share increased 9%, and our margins expanded for the 18th consecutive year. We also launched new brands, successfully completed the integration of McGriff, and announced the Thrive initiative.”
Doyle added: “Our team has performed well in a complex environment and we are well positioned to maintain continued momentum in 2026.”