Global reinsurance broker Guy Carpenter reported revenue of $1.2 billion in the first quarter of 2026, up 3% year-on-year and up 2% on a year-on-year basis, supporting a strong start for brokerage group Marsh.
Groupwide, insurance and reinsurance broker Marsh reported consolidated revenue of $7.6 billion in the first quarter of 2026, up 8% year-on-year and 4% on an underlying basis.
However, operating income fell 12% to $1.8 billion due to $425 million in charges related to the Greensill litigation. Adjusted operating income, excluding noteworthy items, increased 8% year over year to $2.4 billion.
Net income attributable to the company in 1Q26 was $1.1 billion, down from $1.4 billion in the prior year, while EPS in 1Q26 was $2.36 compared to $2.79 in 1Q25.
The broker’s risk and insurance services segment, which includes Guy Carpenter and Marsh Risk, reported total revenue of $5.1 billion in 1Q26, up 6% and up 3% on an underlying basis. The segment’s operating income fell 19% to $1.3 billion, including charges related to the Greensill litigation, while adjusted operating income increased 7% to $1.9 billion.
Marsh Risk’s revenue during the period was US$3.7 billion, an increase of 8%, and a basic year-on-year increase of 4%. In the U.S./Canada, Marsh Risk’s underlying revenue increased 3% and in international markets, underlying revenue increased 5%, including 6% growth in EMEA, 5% growth in Asia Pacific and 2% growth in Latin America.
Marsh’s consulting business also performed well this quarter, with revenue reaching US$2.6 billion, a year-on-year increase of 11% and a basic increase of 5%. In the first quarter of ’26, the segment’s operating income increased 15% to $525 million, and adjusted operating income increased 13% to $552 million.
Mercer’s revenue reached $1.7 billion in the first quarter of 2026, up 11% on an underlying basis of 5%, with Wealth revenue up 5% and Health revenue up 6%, partially offset by a 2% decline in Career revenue (all underlying growth).
Marsh Management Consulting’s revenue in the first quarter of 2026 also increased by 10% year-on-year to US$897 million, a basic increase of 6%.
John Doyle, President and CEO of Marsh, commented on the Q1 2026 results: “We had a strong start to the year and I’m pleased with how we executed in a dynamic and challenging environment. During the quarter, we delivered 8% overall revenue growth, 4% underlying revenue growth, 8% adjusted operating income growth and 8% adjusted EPS growth.
“Our results reflect Marsh’s market leadership, clients’ trust in our team’s expertise and the strength of our data and insights.”
