REG-Marsh & McLennan Marsh McLennan Reports First Quarter 2022 Results
21/04/2022 12:15
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Marsh McLennan Reports First Quarter 2022 Results
GAAP Revenue Increases 9%; Underlying Revenue Rises 10%
First Quarter GAAP EPS Rises 10% to $2.10 and Adjusted EPS Increases 16% to
$2.30
Growth in GAAP Operating Income of 6% and Adjusted Operating Income of 12%
Marsh McLennan (NYSE: MMC), the world’s leading professional services firm
in the areas of risk, strategy and people, today reported financial results
for the first quarter ended March 31, 2022.
Dan Glaser, President and CEO, said: "Marsh McLennan started 2022 with an
excellent first quarter. We generated underlying revenue growth of 10%,
adjusted operating income growth of 12%, and adjusted EPS growth of 16%. We
are well-positioned for another solid year."
"The current war in Ukraine has reminded us that risk and uncertainty are
constants, and I am proud of the work our colleagues are doing to help one
another and our clients navigate the widespread challenges created by this
horrific situation."
Consolidated Results
Consolidated revenue in the first quarter of 2022 was $5.5 billion, an
increase of 9% compared with the first quarter of 2021. On an underlying
basis, revenue increased 10%. Operating income was $1.4 billion, an increase
of 6% from the prior year. Adjusted operating income, which excludes
noteworthy items as presented in the attached supplemental schedules, rose 12%
to $1.6 billion.
Net income attributable to the Company was $1.1 billion, or $2.10 per diluted
share, compared with $1.91 in the first quarter of 2021. Adjusted earnings per
share rose 16% to $2.30 per diluted share compared with $1.99 a year ago.
Risk & Insurance Services
Risk & Insurance Services revenue was $3.5 billion in the first quarter of
2022, an increase of 10%, or 11% on an underlying basis. Operating income rose
6% to $1.1 billion, and adjusted operating income was $1.2 billion, an
increase of 12% versus a year ago.
Marsh's revenue in the first quarter was $2.5 billion, an increase of 11% on
an underlying basis. In U.S./Canada, underlying revenue rose 10%.
International operations produced underlying revenue growth of 11%, reflecting
17% growth in Asia Pacific, 16% growth in Latin America, and 9% growth in
EMEA.
Guy Carpenter's revenue in the first quarter was $999 million, an increase of
11% on an underlying basis.
Consulting
Consulting revenue was $2.0 billion in the first quarter of 2022, an increase
of 7%, or 10% on an underlying basis. Operating income increased 8% to $392
million, and adjusted operating income increased 9% to $402 million.
Mercer's revenue in the first quarter was $1.3 billion, an increase of 6% on
an underlying basis. Career revenue of $202 million was up 16% on an
underlying basis. Health revenue of $524 million increased 9% on an underlying
basis, and Wealth revenue of $617 million increased 2% on an underlying basis.
Oliver Wyman’s revenue in the first quarter was $667 million, an increase of
17% on an underlying basis.
Other Items
The Company repurchased 3.2 million shares of stock for $500 million in the
first quarter.
In March, Marsh McLennan announced it would exit all of its businesses in
Russia and transfer ownership of its Russian business to local management who
will operate independently in the Russian market.
Conference Call
A conference call to discuss first quarter 2022 results will be held today at
8:30 a.m. Eastern time. To participate in the teleconference, please dial +1
866 437 7574. Callers from outside the United States should dial +1 409 220
9376. The access code for both numbers is 3058039. The live audio webcast may
be accessed at marshmclennan.com
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event.
About Marsh McLennan
Marsh McLennan (NYSE: MMC) is the world’s leading professional services firm
in the areas of risk, strategy and people. The Company’s 83,000 colleagues
advise clients in 130 countries. With annual revenue of approximately $20
billion, Marsh McLennan helps clients navigate an increasingly dynamic and
complex environment through four market-leading businesses. Marsh
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provides data-driven risk advisory services and insurance solutions to
commercial and consumer clients. Guy Carpenter
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develops advanced risk, reinsurance and capital strategies that help clients
grow profitably and pursue emerging opportunities. Mercer
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delivers advice and technology-driven solutions that help organizations
redefine the world of work, reshape retirement and investment outcomes, and
unlock health and well being for a changing workforce. Oliver Wyman
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serves as a critical strategic, economic and brand advisor to private sector
and governmental clients. For more information, visit marshmclennan.com
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INFORMATION CONCERNING FORWARD-LOOKING STATEMENTS
This press release contains "forward-looking statements," as defined in the
Private Securities Litigation Reform Act of 1995. These statements, which
express management's current views concerning future events or results, use
words like "anticipate," "assume," "believe," "continue," "estimate,"
"expect," "intend," "plan," "project" and similar terms, and future or
conditional tense verbs like "could," "may," "might," "should," "will" and
"would".
Forward-looking statements are subject to inherent risks and uncertainties
that could cause actual results to differ materially from those expressed or
implied in our forward-looking statements. Factors that could materially
affect our future results include, among other things:
* the impact of geopolitical or macroeconomic conditions on us, our clients and
the countries and industries in which we operate, including from conflicts
such as the war in Ukraine, capital markets volatility and inflation;
* the increasing prevalence of ransomware, supply chain and other forms of cyber
attacks, and their potential to disrupt our operations and result in the
disclosure of confidential client or company information;
* the impact from lawsuits or investigations arising from errors and omissions,
breaches of fiduciary duty or other claims against us in our capacity as a
broker or investment advisor, including claims related to our investment
business’ ability to execute timely trades in light of increased trading
volume;
* the financial and operational impact of complying with laws and regulations,
including domestic and international sanctions regimes, anti-corruption laws
such as the U.S. Foreign Corrupt Practices Act, U.K. Anti Bribery Act and
cybersecurity and data privacy regulations;
* our ability to attract, retain and develop industry leading talent;
* our ability to compete effectively and adapt to competitive pressures in each
of our businesses, including from disintermediation as well as technological
change, digital disruption and other types of innovation;
* our ability to manage potential conflicts of interest that may arise across
our businesses given our expanding client base, the broad scope of our work
and the significant volume of our engagements;
* the impact of changes in tax laws, guidance and interpretations, or
disagreements with tax authorities; and
* the regulatory, contractual and reputational risks that arise based on
insurance placement activities and insurer revenue streams.
The factors identified above are not exhaustive. Marsh McLennan and its
subsidiaries (collectively, the "Company") operate in a dynamic business
environment in which new risks emerge frequently. Accordingly, we caution
readers not to place undue reliance on any forward-looking statements, which
are based only on information currently available to us and speak only as of
the dates on which they are made. The Company undertakes no obligation to
update or revise any forward-looking statement to reflect events or
circumstances arising after the date on which it is made.
Further information concerning Marsh McLennan and its businesses, including
information about factors that could materially affect our results of
operations and financial condition, is contained in the Company's filings with
the Securities and Exchange Commission, including the "Risk Factors" section
and the "Management’s Discussion and Analysis of Financial Condition and
Results of Operations" section of our most recently filed Annual Report on
Form 10-K.
Marsh & McLennan Companies, Inc.
Consolidated Statements of Income
(In millions, except per share data)
(Unaudited)
Three Months Ended
March 31,
2022 2021
Revenue $ 5,549 $ 5,083
Expense:
Compensation and benefits 3,100 2,807
Other operating expenses 1,004 918
Operating expenses 4,104 3,725
Operating income 1,445 1,358
Other net benefit credits 62 71
Interest income 1 —
Interest expense (110 ) (118 )
Investment income 26 11
Income before income taxes 1,424 1,322
Income tax expense 338 324
Net income before non-controlling interests 1,086 998
Less: Net income attributable to non-controlling interests 15 15
Net income attributable to the Company $ 1,071 $ 983
Net income per share attributable to the Company:
- Basic $ 2.13 $ 1.93
- Diluted $ 2.10 $ 1.91
Average number of shares outstanding:
- Basic 503 509
- Diluted 509 514
Shares outstanding at March 31 502 509
Marsh & McLennan Companies, Inc.
Supplemental Information - Revenue Analysis
Three Months Ended March 31
(Millions) (Unaudited)
The Company conducts business in 130 countries. As a result, foreign exchange
rate movements may impact period-to-period comparisons of revenue. Similarly,
certain other items such as acquisitions and dispositions, including transfers
among businesses, may impact period-to-period comparisons of revenue.
Underlying revenue measures the change in revenue from one period to the next
by isolating these impacts.
Components of Revenue Change*
Three Months Ended % Currency Acquisitions/ Underlying
March 31,
Change
Impact
Dispositions/
Revenue
GAAP
Other Impact
Revenue
2022 2021
Risk and Insurance Services
Marsh $ 2,546 $ 2,325 10 % (2 ) % 1 % 11 %
Guy Carpenter 999 895 12 % (1 ) % 2 % 11 %
Subtotal 3,545 3,220 10 % (2 ) % 1 % 11 %
Fiduciary interest income 4 5
Total Risk and Insurance Services 3,549 3,225 10 % (2 ) % 1 % 11 %
Consulting
Mercer 1,343 1,288 4 % (2 ) % — 6 %
Oliver Wyman Group 667 585 14 % (2 ) % (1 ) % 17 %
Total Consulting 2,010 1,873 7 % (2 ) % — 10 %
Corporate Eliminations (10 ) (15 )
Total Revenue $ 5,549 $ 5,083 9 % (2 ) % 1 % 10 %
Revenue Details
The following table provides more detailed revenue information for certain of
the components presented above:
Components of Revenue Change*
Three Months Ended % Currency Acquisitions/ Underlying
March 31,
Change
Impact
Dispositions/
Revenue
GAAP
Other Impact
Revenue
2022 2021
Marsh:
EMEA $ 842 $ 837 1 % (4 ) % (4 ) % 9 %
Asia Pacific 321 274 17 % (4 ) % 5 % 17 %
Latin America 104 90 15 % (1 ) % — 16 %
Total International 1,267 1,201 6 % (4 ) % (2 ) % 11 %
U.S./Canada 1,279 1,124 14 % — 4 % 10 %
Total Marsh $ 2,546 $ 2,325 10 % (2 ) % 1 % 11 %
Mercer:
Wealth $ 617 $ 623 (1 ) % (3 ) % — 2 %
Health 524 487 8 % (2 ) % 1 % 9 %
Career 202 178 13 % (3 ) % — 16 %
Total Mercer $ 1,343 $ 1,288 4 % (2 ) % — 6 %
* Components of revenue change may not add due to rounding.
Marsh & McLennan Companies, Inc.
Reconciliation of Non-GAAP Measures
Three Months Ended March 31
(Millions) (Unaudited)
Overview
The Company reports its financial results in accordance with accounting
principles generally accepted in the United States (referred to in this
release as in accordance with "GAAP" or "reported" results). The Company also
refers to and presents certain additional non-GAAP financial measures, within
the meaning of Regulation G in accordance with the Securities Exchange Act of
1934. These measures are: adjusted operating income (loss), adjusted operating
margin, adjusted income, net of tax and adjusted earnings per share (EPS). The
Company has included reconciliations of these non-GAAP financial measures to
the most directly comparable financial measure calculated in accordance with
GAAP in the following tables.
The Company believes these non-GAAP financial measures provide useful
supplemental information that enables investors to better compare the
Company’s performance across periods. Management also uses these measures
internally to assess the operating performance of its businesses, to assess
performance for employee compensation, and to decide how to allocate
resources. However, investors should not consider these non-GAAP measures in
isolation from, or as a substitute for, the financial information that the
Company reports in accordance with GAAP. The Company's non-GAAP measures
include adjustments that reflect how management views its businesses, and may
differ from similarly titled non-GAAP measures presented by other companies.
Adjusted Operating Income (Loss) and Adjusted Operating Margin
Adjusted operating income (loss) is calculated by excluding the impact of
certain noteworthy items from the Company's GAAP operating income (loss). The
following tables identify these noteworthy items and reconcile adjusted
operating income (loss) to GAAP operating income (loss), on a consolidated and
reportable segment basis, for the three months ended March 31, 2022 and 2021.
The following tables also present adjusted operating margin. For the three
months ended March 31, 2022 and 2021, adjusted operating margin is calculated
by dividing the sum of adjusted operating income and identified intangible
asset amortization by consolidated or segment adjusted revenue.
Risk & Insurance Consulting Corporate/ Total
Services
Eliminations
Three Months Ended March 31, 2022
Operating income (loss) $ 1,121 $ 392 $ (68 ) $ 1,445
Operating margin 31.6 % 19.5 % N/A 26.0 %
Add (deduct) impact of noteworthy items:
Restructuring (a) 15 7 8 30
Changes in contingent consideration (b) 10 — — 10
JLT acquisition-related costs and other (c) 12 1 — 13
JLT legacy E&O provision (d) — (10 ) — (10 )
Legal claims (e) 30 — — 30
Deconsolidation of Russian businesses and other related charges (f) 40 12 — 52
Operating income adjustments 107 10 8 125
Adjusted operating income (loss) $ 1,228 $ 402 $ (60 ) $ 1,570
Total identified intangible amortization expense $ 78 $ 13 $ — $ 91
Adjusted operating margin 36.5 % 20.6 % N/A 29.7 %
Three Months Ended March 31, 2021
Operating income (loss) $ 1,060 $ 361 $ (63 ) $ 1,358
Operating margin 32.9 % 19.3 % N/A 26.7 %
Add (deduct) impact of noteworthy items:
Restructuring (a) 17 11 6 34
Changes in contingent consideration (b) 6 (6 ) — —
JLT acquisition-related costs (c) 11 1 — 12
Other (2 ) 3 — 1
Operating income adjustments 32 9 6 47
Adjusted operating income (loss) $ 1,092 $ 370 $ (57 ) $ 1,405
Total identified intangible amortization expense $ 86 $ 14 $ — $ 100
Adjusted operating margin 36.6 % 20.5 % N/A 29.6 %
(a) Restructuring activities reflect costs related to the Company's global
information technology and HR functions, JLT integration costs, Marsh (RIS)
operational excellence and adjustments to restructuring liabilities for future
rent under non-cancellable leases.
(b) Primarily includes the change in fair value of contingent consideration
related to acquisitions and dispositions as measured each quarter.
(c) Includes retention costs and legal charges related to the acquisition of JLT.
(d) Reflects recoveries under indemnities for a legacy JLT E&O matter relating
to suitability of advice provided to individuals for defined benefit pension
transfers in the U.K.
(e) Settlement charges and legal costs related to strategic recruiting.
(f) Loss on deconsolidation of Russian businesses and other related charges. The
loss on deconsolidation is included in revenue and excluded from underlying
revenue calculations and adjusted operating margin.
Marsh & McLennan Companies, Inc.
Reconciliation of Non-GAAP Measures
Three Months Ended March 31
(In millions, except per share data)
(Unaudited)
Adjusted income, net of tax is calculated as the Company's GAAP income from
continuing operations, adjusted to reflect the after tax impact of the
operating income adjustments in the preceding tables and the additional items
listed below. Adjusted EPS is calculated by dividing the Company’s adjusted
income, net of tax, by average number of shares outstanding-diluted for the
relevant period. The following tables reconcile adjusted income, net of tax to
GAAP income from continuing operations and adjusted EPS to GAAP EPS for the
three month periods ended March 31, 2022 and 2021.
Three Months Ended Three Months Ended
March 31, 2022
March 31, 2021
Amount Adjusted Amount Adjusted
EPS
EPS
Net income before non-controlling interests, as reported $ 1,086 $ 998
Less: Non-controlling interest, net of tax 15 15
Subtotal $ 1,071 $ 2.10 $ 983 $ 1.91
Operating income adjustments $ 125 $ 47
Investments adjustment (a) (9 ) —
Income tax effect of adjustments (b) (18 ) (9 )
98 0.20 38 0.08
Adjusted income, net of tax $ 1,169 $ 2.30 $ 1,021 $ 1.99
(a) Represents mark-to-market gains primarily related to the Company’s
investment in Alexander Forbes ("AF").
(b) For items with an income tax impact, the tax effect was calculated using an
effective tax rate based on the tax jurisdiction for each item.
Marsh & McLennan Companies, Inc.
Supplemental Information
Three Months Ended March 31
(Millions) (Unaudited)
Three Months Ended
March 31,
2022 2021
Consolidated
Compensation and benefits $ 3,100 $ 2,807
Other operating expenses 1,004 918
Total expenses $ 4,104 $ 3,725
Depreciation and amortization expense $ 89 $ 97
Identified intangible amortization expense 91 100
Total $ 180 $ 197
Stock option expense $ 5 $ 21
Risk and Insurance Services
Compensation and benefits $ 1,801 $ 1,610
Other operating expenses 627 555
Total expenses $ 2,428 $ 2,165
Depreciation and amortization expense $ 43 $ 50
Identified intangible amortization expense 78 86
Total $ 121 $ 136
Consulting
Compensation and benefits $ 1,164 $ 1,074
Other operating expenses 454 438
Total expenses $ 1,618 $ 1,512
Depreciation and amortization expense $ 26 $ 29
Identified intangible amortization expense 13 14
Total $ 39 $ 43
Marsh & McLennan Companies, Inc.
Consolidated Balance Sheets
(Millions)
(Unaudited) December 31,
March 31,
2021
2022
ASSETS
Current assets:
Cash and cash equivalents $ 772 $ 1,752
Net receivables 5,963 5,586
Other current assets 1,053 926
Total current assets 7,788 8,264
Goodwill and intangible assets 18,974 19,127
Fixed assets, net 865 847
Pension related assets 2,246 2,270
Right of use assets 1,825 1,868
Deferred tax assets 530 551
Other assets 1,460 1,461
TOTAL ASSETS $ 33,688 $ 34,388
LIABILITIES AND EQUITY
Current liabilities:
Short-term debt $ 1,191 $ 17
Accounts payable and accrued liabilities 3,084 3,165
Accrued compensation and employee benefits 1,400 2,942
Current lease liabilities 331 332
Accrued income taxes 308 198
Dividends payable 273 —
Total current liabilities 6,587 6,654
Fiduciary liabilities 10,461 9,622
Less - cash and cash equivalents held in a fiduciary capacity (10,461 ) (9,622 )
— —
Long-term debt 10,552 10,933
Pension, post-retirement and post-employment benefits 1,515 1,632
Long-term lease liabilities 1,831 1,880
Liabilities for errors and omissions 352 355
Other liabilities 1,695 1,712
Total equity 11,156 11,222
TOTAL LIABILITIES AND EQUITY $ 33,688 $ 34,388
Marsh & McLennan Companies, Inc.
Consolidated Statements of Cash Flows
(Millions) (Unaudited)
Three Months Ended
March 31,
2022 2021
Operating cash flows:
Net income before non-controlling interests $ 1,086 $ 998
Adjustments to reconcile net income to cash used for operations:
Depreciation and amortization 180 197
Non cash lease expense 77 79
Deconsolidation of Russian businesses 39 —
Share-based compensation expense 105 78
Net (gain) loss on investments, disposition of assets and other (17 ) (9 )
Changes in assets and liabilities:
Accrued compensation and employee benefits (1,528 ) (1,167 )
Net receivables (429 ) (404 )
Other changes to assets and liabilities (6 ) 4
Contributions to pension and other benefit plans in excess of current year (125 ) (102 )
credit
Operating lease liabilities (84 ) (82 )
Net cash used for operations (702 ) (408 )
Financing cash flows:
Purchase of treasury shares (500 ) (112 )
Net proceeds from issuance of commercial paper 825 —
Repayments of debt (4 ) (4 )
Net issuance of common stock from treasury shares (100 ) (58 )
Net distributions of non-controlling interests and deferred/contingent (20 ) (40 )
consideration
Dividends paid (272 ) (237 )
Increase in fiduciary liabilities 926 190
Net cash provided by (used for) financing activities 855 (261 )
Investing cash flows:
Capital expenditures (122 ) (69 )
Net (purchase) sale of long-term investments and other (9 ) 2
Dispositions (4 ) —
Acquisitions (24 ) —
Net cash used for investing activities (159 ) (67 )
Effect of exchange rate changes on cash, cash equivalents, and cash and cash (136 ) (36 )
equivalents held in a fiduciary capacity
Decrease in cash, cash equivalents, and cash and cash equivalents held in a (142 ) (772 )
fiduciary capacity
Cash, cash equivalents, and cash and cash equivalents held in a fiduciary 11,375 10,674
capacity at beginning of period
Cash, cash equivalents, and cash and cash equivalents held in a fiduciary $ 11,233 $ 9,902
capacity at end of period
Reconciliation of cash, cash equivalents, and cash and cash equivalents held
in a fiduciary capacity to the Consolidated Balance Sheets
Three Months Ended March 31, 2022 2021
(In millions)
Cash and cash equivalents $ 772 $ 1,120
Cash and cash equivalents held in a fiduciary capacity 10,461 8,782
Total cash, cash equivalents, and cash and cash equivalents held in a $ 11,233 $ 9,902
fiduciary capacity
Media Contact:
Erick R. Gustafson
Marsh McLennan
+1 202 263 7788
erick.gustafson@mmc.com
(mailto:erick.gustafson@mmc.com)
Investor Contact:
Sarah DeWitt
Marsh McLennan
+1 212 345 6750
sarah.dewitt@mmc.com (mailto:sarah.dewitt@mmc.com)
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