Marsh Re has recorded a 6% decline in Q3 2026 revenue to $374 million, down from $398 million a year earlier, on both a GAAP and underlying basis, as the wider group reported growth across its other main business lines.
The reinsurance business, previously reported under the Guy Carpenter name, was rebranded as Marsh Re following Marsh’s January 2026 brand transition.
For the first nine months of 2026, Reinsurance revenue was $2.278 billion, compared with $2.281 billion in the same period last year, while underlying revenue declined 1%.
Meanwhile, the wider Risk and Insurance Services division, which includes Marsh Re, reported Q3 2026 revenue of $4.2 billion, up 7% year on year and 3% on an underlying basis.
Nine-month revenue for the division rose 6% to $14.1 billion, with underlying growth of 3%.
Notably, within the same division, Marsh Risk, the group’s insurance broking business, generated Q3 2026 revenue of $3.7 billion, an increase of 10% year on year, or 5% on an underlying basis.
Elsewhere, Marsh’s Consulting business reported Q3 2026 revenue of $2.7 billion, up 9% year on year, with underlying growth of 8%. For the first nine months of the year, Consulting revenue rose 10% to $7.8 billion, representing underlying growth of 7%.
Within the Consulting division, Management Consulting revenue rose 14% to $1 billion in Q3 2026, on both a GAAP and underlying basis. People and Investments generated revenue of $1.7 billion, up 6% year on year and 5% on an underlying basis.
At group level, Marsh reported Q3 revenue of $6.9 billion, an increase of 8% year on year and 5% on an underlying basis.
Operating income increased 4% to $1.2 billion in Q3 2026, while adjusted operating income rose 6% to $1.5 billion.
Net income attributable to the firm reached $808 million, while adjusted earnings per share increased 10% to $2.03.
Equity analysts at KBW said adjusted earnings per share beat the consensus estimate of $1.97, based on 24 analyst estimates ranging from $1.92 to $2.00, as well as KBW’s own forecast of $1.99.
The outperformance was driven mainly by stronger-than-expected organic growth and margins in the aforementioned Consulting business.
For the first nine months of 2026, Marsh’s revenue totalled $21.9 billion, an increase of 7% on a GAAP basis and 5% on an underlying basis.
John Doyle, President and CEO, commented, “Marsh delivered a strong third quarter, generating 5% underlying revenue growth and double-digit EPS growth.
“We also made significant progress in executing our Thrive program and successfully completed our brand transition.”
“These results reflect the strength of our market position, the value we deliver to clients, and the commitment of our colleagues around the world.”
