Marsh, the insurance broking and consulting group, said on 15 October 2026 that consolidated revenue for the third quarter was $6.9bn. That is 8% more than a year earlier, or 5% more on an underlying basis. Operating income rose 4% to $1.2bn. Earnings per share were $1.69, and adjusted earnings per share rose 10% to $2.03.
The reinsurance broking business, which the group now reports as Reinsurance instead of under the Guy Carpenter name, had revenue of $374m. This was 6% lower on both a reported and an underlying basis. For the first nine months of the year, its underlying revenue was down 1%. The release does not comment on reinsurance prices.
Marsh Risk, the insurance broking unit, increased revenue 10% to $3.7bn, or 5% on an underlying basis. Underlying growth was 4% in the US and Canada and 6% in international markets, where EMEA grew 7%, Asia Pacific 4% and Latin America was flat. The wider Risk and Insurance Services segment reported revenue of $4.2bn, up 7%, but its operating income fell 1% to $745m.
Consulting revenue rose 9% to $2.7bn. That is faster than the 7% growth of the wider Risk and Insurance Services segment, but slower than the 10% at Marsh Risk. People and Investments, formerly Mercer, grew 6% to $1.7bn, and Management Consulting, formerly Oliver Wyman, grew 14% to $1.0bn. Chief executive John Doyle described the period as “a strong third quarter”.
Restructuring charges rose to $79m in the quarter from $46m a year earlier. The company links them mainly to its three-year Thrive programme, which it says will produce savings from process and automation efficiencies.
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Marsh ↗Company · 15 Oct 2026
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