Marsh McLennan, the global leader in professional services spanning risk, strategy, and people, has officially released its financial results for the first quarter of 2026, signaling a robust start to the fiscal year. The company reported total revenue of $7.6 billion, representing an 8% increase compared to the same period in 2025. On an underlying basis, which adjusts for currency fluctuations and acquisitions or disposals, revenue grew by 4%. This performance underscores the firm’s resilience and the sustained demand for its specialized brokerage and consulting services amidst a complex global economic landscape.
The first-quarter figures reflect a balanced contribution from the company’s two primary business segments: Risk & Insurance Services and Consulting. Adjusted operating income for the group rose by 8% to $2.4 billion, while adjusted earnings per share (EPS) also saw an 8% uptick, reaching $3.29. These metrics indicate that the firm has successfully translated its top-line growth into bottom-line profitability, maintaining steady margins despite ongoing inflationary pressures and shifting market dynamics.
Performance Analysis of Risk and Insurance Services
The Risk & Insurance Services (RIS) division, which encompasses the operations of Marsh and Guy Carpenter, remains the primary engine of the company’s revenue. For the first quarter of 2026, the segment generated $5.1 billion in revenue, a 6% increase on a reported basis and 3% on an underlying basis. This growth was fueled by a combination of high client retention rates and new business wins across both the insurance brokerage and reinsurance sectors.
Marsh, the world’s leading insurance broker and risk advisor, reported revenue of $3.7 billion. On an underlying basis, Marsh’s revenue grew by 8%, a figure that highlights the critical role the firm plays in helping clients navigate an increasingly volatile risk environment. Notably, international markets outperformed the North American sector during this period. The sustained demand for risk advisory services is largely attributed to the heightening complexity of global risks, including climate change, cyber threats, and geopolitical instability, all of which require the sophisticated data analytics and placement expertise that Marsh provides.
Guy Carpenter, the firm’s reinsurance brokerage arm, reported revenue of $1.2 billion for the quarter. This represents a 3% increase on a reported basis and a 2% increase on an underlying basis. The reinsurance market in early 2026 has been characterized by a continued focus on capital efficiency and risk transfer, as primary insurers seek to manage their exposures in a disciplined manner. Guy Carpenter’s steady performance suggests a stabilizing reinsurance market where demand remains consistent, even as pricing cycles show signs of moderation in certain lines of business.
Consulting Segment and Mercer’s Strategic Growth
The Consulting segment, comprising Mercer and Oliver Wyman, demonstrated significant momentum during the first quarter. Revenue for this division surged by 11% to reach $2.6 billion, while operating income saw a substantial 15% increase, totaling $525 million. This segment’s performance highlights the growing corporate need for strategic advice regarding workforce management, retirement benefits, and investment strategies.
Mercer, a global leader in redefining the world of work and reshaping retirement and investment outcomes, reported $1.7 billion in revenue, an 11% increase compared to the previous year. The growth was primarily driven by Mercer’s Health and Wealth businesses. As global demographics shift and healthcare costs continue to rise, employers are increasingly seeking Mercer’s expertise to design sustainable benefit programs. Furthermore, the Wealth business benefited from favorable market conditions and an increased focus on outsourced chief investment officer (OCIO) services, as institutional investors look for specialized guidance in a volatile interest rate environment.
While specific figures for Oliver Wyman were integrated into the broader consulting totals, the overall segment’s double-digit growth suggests that the management consulting arm continues to capture market share in high-stakes areas such as financial services transformation, energy transition, and digital strategy.
Geographic Revenue Trends and Regional Insights
A breakdown of the company’s performance by geography reveals a diverse growth profile across the globe. The Europe, Middle East, and Africa (EMEA) region led the way with 6% underlying revenue growth. This performance was bolstered by strong activity in European industrial sectors and emerging opportunities in the Middle East’s diversifying economies.
The Asia Pacific region followed closely with 5% underlying growth, reflecting the continued economic expansion and the increasing maturity of insurance markets in nations such as India and various Southeast Asian countries. In North America, the US and Canada recorded a 3% underlying growth rate. While more modest than the international figures, this growth represents a solid performance in a highly mature and competitive market, where Marsh McLennan maintains a dominant position.
Latin America recorded a 2% underlying growth rate. Although lower than other regions, this growth occurred against a backdrop of varied macroeconomic conditions across the continent. The firm’s ability to maintain positive growth in this region demonstrates the essential nature of its services even in fluctuating economic environments.
Capital Allocation and Financial Strategy
During the first quarter of 2026, Marsh McLennan continued to execute a disciplined capital allocation strategy aimed at maximizing shareholder value. The company repurchased 4.2 million shares of its common stock for a total of $750 million. This buyback program reflects management’s confidence in the firm’s long-term growth prospects and its commitment to returning excess capital to investors.
In terms of debt management, the company issued $600 million in senior notes during the quarter. The proceeds from this issuance were utilized to repay an equivalent amount of maturing debt. By refinancing its obligations, Marsh McLennan has successfully managed its maturity profile and maintained a strong balance sheet. This proactive financial management ensures the company retains the liquidity and flexibility necessary to pursue strategic acquisitions and invest in technological innovations.
Leadership Perspective and Strategic Outlook
John Doyle, President and CEO of Marsh McLennan, expressed satisfaction with the start of the year. In his official statement, Doyle noted that the results reflect the firm’s market leadership and the deep trust clients place in their expertise. He emphasized that the company’s investments in data and insights are paying off, allowing Marsh McLennan to provide unparalleled value in an era defined by uncertainty.
"We had a solid start to the year," Doyle stated. "Our results reflect Marsh’s market leadership, our clients’ trust in our team’s expertise, and the strength of our data and insights. We remain focused on helping our clients navigate the most pressing challenges of our time, from the evolving nature of risk to the transformation of the global workforce."
Industry analysts observe that Marsh McLennan’s "One Enterprise" strategy—which focuses on collaboration across its four main brands—is a key differentiator. By offering integrated solutions that combine insurance placement with strategic consulting and human capital advice, the firm is able to capture a larger share of client spend and address multifaceted corporate problems that traditional, siloed firms might struggle to solve.
Broader Economic Context and Industry Implications
The first-quarter results of 2026 arrive at a pivotal time for the global insurance and consulting industries. Following several years of "hard" market conditions—characterized by rising premiums and restricted capacity—the insurance industry is seeing a transition toward a more nuanced environment. While certain lines, such as property and casualty, remain sensitive to catastrophe losses and inflation, other areas are seeing increased competition.
Marsh McLennan’s ability to grow its brokerage revenue by 8% in this context suggests that the demand for professional intermediation remains high. Clients are not merely looking for the lowest price; they are seeking sophisticated risk transfer mechanisms and alternative risk financing solutions, such as captives, which Marsh is well-positioned to provide.
In the consulting realm, the 11% growth reported by Mercer and its peers reflects a broader corporate shift toward resilience. Companies are grappling with the "future of work," including the integration of artificial intelligence and the management of remote or hybrid workforces. Mercer’s growth in the health and wealth sectors indicates that employee wellbeing and long-term financial security have become core components of corporate strategy, rather than just administrative functions.
Chronology of Recent Developments
To understand the 2026 Q1 performance, it is essential to look at the trajectory of the company over the preceding 24 months. Throughout 2024 and 2025, Marsh McLennan aggressively expanded its digital capabilities, acquiring several boutique firms specializing in cyber risk analytics and ESG (Environmental, Social, and Governance) consulting. These acquisitions have now been fully integrated, contributing to the "underlying growth" seen in the latest reports.
Furthermore, the company has spent the last two years strengthening its presence in high-growth markets. The outperformance of the EMEA and Asia Pacific regions in early 2026 is the direct result of strategic investments made in those regions in 2024, including the expansion of local offices and the hiring of top-tier regional talent.
Conclusion and Future Projections
As Marsh McLennan moves further into 2026, the firm appears well-positioned to sustain its momentum. The combination of steady growth in the Risk & Insurance segment and high-velocity growth in Consulting provides a diversified revenue stream that can withstand various economic cycles.
Investors and market observers will likely keep a close eye on the company’s ability to maintain its margins as it continues to invest in technology. The firm’s focus on leveraging data and analytics to provide "predictive" rather than just "reactive" risk advice is expected to be a major theme for the remainder of the year. With a strong capital position, a clear strategic direction, and a dominant market presence, Marsh McLennan’s Q1 results set a high bar for the rest of the fiscal year, suggesting that the company is on track to deliver another year of record-breaking performance in the professional services sector.
