Marsh & McLennan's profit rises on higher pricing, dip in costs

Tue Nov 6, 2012 7:32am EST

Nov 6 (Reuters) - Marsh & McLennan Co Inc, the world's second-largest insurance broker, said its quarterly profit nearly doubled, helped by improving insurance prices and lower costs.

Income from continuing operations rose to $246 million, or 43 cents per share, in the third quarter from $133 million, or 23 cents per share, a year earlier.

Excluding one-time items, the company earned 39 cents per share. Total revenue rose 1 percent to $2.8 billion.

Underlying revenue at Marsh, the company's main insurance business, increased 4 percent to $1.3 billion, while revenue from consulting rose 3 percent to $1.3 billion, the company said.

"Each of our operating companies continued to generate growth in underlying revenue, which, combined with ongoing expense discipline, produced across-the-board improvement in operating margins and profitability," Chief Executive Brian Duperreault said.

The company provides management consulting, human resource consulting, outsourcing and risk and reinsurance intermediary services.

MMC shares closed at $34.28 on Monday on the New York Stock Exchange.

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