Guy Carpenter, a global reinsurance broker owned by Marsh Group, reported second-quarter revenue of $664 million, down about 2% on both a GAAP and underlying basis, with softer reinsurance markets likely contributing to the decline.
In the first half of this year, Guy Carpenter’s revenue remained essentially unchanged at $1.9 billion.
Guy Carpenter, along with Marsh Risk, is part of Marsh’s broader Risk and Insurance Services group.
The segment generated $4.8 billion in revenue in the second quarter of 2026, up 4% and up 3% on an underlying basis, with Marsh Risk contributing $4.1 billion.
In the second quarter of 2026, the segment’s operating income increased 2% to $1.5 billion, and adjusted operating income increased 3% to $1.7 billion.
In the first half of 2026, risk and insurance services revenue reached US$9.9 billion, an increase of 5% and an underlying increase of 3%.
For the company as a whole, Marsh’s consolidated revenue in the second quarter of 2026 reached $7.4 billion, an increase of 6% from the second quarter of 2025 and an underlying increase of 5%.
In the second quarter of 2026, overall operating income increased 4% to $1.9 billion, adjusted operating income increased 5% to $2.2 billion, and net income attributable to the company reached $1.3 billion.
In the first half of 2026, consolidated revenue grew to $15 billion, up 7% on a GAAP basis and 4% on an underlying basis compared to the same period last year.
Meanwhile, operating income fell 5% to $3.7 billion in the first half of 2026, but adjusted operating income increased 7% to $4.6 billion.
Net profit attributable to Marsh in the first half of 2026 was US$2.4 billion.
Marsh Consulting, which owns Mercer and Marsh Management Consulting, also reported strong results.
In the second quarter of 2026, revenue in this segment reached $2.6 billion, up 10% and underlying growth of 8%. Operating income increased 10% to $502 million in the second quarter of 2026, and adjusted operating income increased 11% to $533 million.
The consulting segment contributed $5.2 billion to total revenue in the first half of 2026, up 10% and 7% on an underlying basis, while operating income and adjusted operating income both increased 12% to $1.0 billion and $1.1 billion, respectively.
John Doyle, Marsh’s president and chief executive officer, commented: “I am pleased with our solid results for the quarter and our execution in a dynamic environment.
“Our first-half results underscore the strong demand for Marsh’s expertise and capabilities in risk, people, strategy and investments.”
