News
Marsh & McLennan Companies Reports Third Quarter 2015 Results
October 27, 2015 at 7:00 AM EDT
Media Contact
Email:media@mmc.com
GAAP EPS and Adjusted EPS Increase 13%
Higher Adjusted Operating Income and Margin Expansion
Consolidated Results
Consolidated revenue in the third quarter of 2015 was
For the nine months ended
Risk and Insurance Services
Risk & Insurance Services revenue was
Marsh's revenue in the third quarter of 2015 was
Consulting
Consulting revenue of
Mercer's revenue was
Other Items
In the third quarter of 2015,
Conference Call
A conference call to discuss third quarter 2015 results will be held
today at
About
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," "future," "intend," "plan," "project" and similar terms, and future or conditional tense verbs like "could," "may," "might," "should," "will" and "would." For example, we may use forward-looking statements when addressing topics such as: the outcome of contingencies; the expected impact of acquisitions and dispositions; the impact of competition; pension obligations; the impact of foreign currency exchange rates; our effective tax rates; changes in our business strategies and methods of generating revenue; the development and performance of our services and products; changes in the composition or level of our revenues; our cost structure, dividend policy, cash flow and liquidity; future actions by regulators; and the impact of changes in accounting rules.
Forward-looking statements are subject to inherent risks and uncertainties. Factors that could cause actual results to differ materially from those expressed or implied in our forward-looking statements include, among other things:
- our ability to maintain adequate safeguards to protect the security of confidential, personal or proprietary information, and the potential for the improper disclosure or use of such information, whether due to human error, improper action by employees, vendors or third parties, or as a result of a cyberattack;
- the impact of competition on our business, including the impact of our corporate tax rate, which is higher than the tax rate of our international competitors;
- the impact of fluctuations in foreign currency exchange rates, particularly in light of the strength of the U.S. dollar against most other currencies worldwide;
- the impact on our global pension obligations of changes in discount rates and asset returns, as well as projected salary increases, mortality rates, demographics and inflation, and the impact of cash contributions required to be made to our global defined benefit pension plans due to changes in the funded status of those plans;
- our exposure to potential liabilities arising from errors and omissions claims against us;
- our exposure to potential civil remedies or criminal penalties if we fail to comply with foreign and U.S. laws that are applicable in the domestic and international jurisdictions in which we operate;
- the extent to which we are able to retain existing clients and attract new business, and our ability to effectively incentivize and retain key employees;
- our ability to make acquisitions and dispositions and to integrate, and realize expected synergies, savings or benefits from, the businesses we acquire;
- our ability to successfully recover should we experience a disaster or other business continuity problem;
- the impact of changes in interest rates and deterioration of counterparty credit quality on our cash balances and the performance of our investment portfolios;
- the impact of potential rating agency actions on our cost of financing and ability to borrow, as well as on our operating costs and competitive position;
- changes in applicable tax or accounting requirements; and
- potential income statement effects from the application of FASB's ASC Topic No. 740 ("Income Taxes") regarding accounting treatment of uncertain tax benefits and valuation allowances, including the effect of any subsequent adjustments to the estimates we use in applying this accounting standard.
The factors identified above are not exhaustive.
Marsh & McLennan Companies, Inc. | ||||||||||||||||
Consolidated Statements of Income | ||||||||||||||||
(In millions, except per share figures) |
||||||||||||||||
(Unaudited) |
||||||||||||||||
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Revenue | $ | 3,115 | $ | 3,141 | $ | 9,555 | $ | 9,705 | ||||||||
Expense: | ||||||||||||||||
Compensation and Benefits | 1,878 | 1,904 | 5,434 | 5,619 | ||||||||||||
Other Operating Expenses | 776 | 792 | 2,296 | 2,321 | ||||||||||||
Operating Expenses | 2,654 | 2,696 | 7,730 | 7,940 | ||||||||||||
Operating Income | 461 | 445 | 1,825 | 1,765 | ||||||||||||
Interest Income | 3 | 6 | 9 | 16 | ||||||||||||
Interest Expense | (41 | ) | (45 | ) | (117 | ) | (129 | ) | ||||||||
Investment Income | 34 | 26 | 39 | 37 | ||||||||||||
Income Before Income Taxes | 457 | 432 | 1,756 | 1,689 | ||||||||||||
Income Tax Expense | 128 | 127 | 500 | 487 | ||||||||||||
Income from Continuing Operations | 329 | 305 | 1,256 | 1,202 | ||||||||||||
Discontinued Operations, Net of Tax | 2 | (1 | ) | (1 | ) | (4 | ) | |||||||||
Net Income Before Non-Controlling Interests | 331 | 304 | 1,255 | 1,198 | ||||||||||||
Less: Net Income Attributable to Non-Controlling Interests | 8 | 7 | 31 | 27 | ||||||||||||
Net Income Attributable to the Company | $ | 323 | $ | 297 | $ | 1,224 | $ | 1,171 | ||||||||
Basic Net Income Per Share | ||||||||||||||||
- Continuing Operations | $ | 0.61 | $ | 0.55 | $ | 2.29 | $ | 2.15 | ||||||||
- Net Income Attributable to the Company | $ | 0.61 | $ | 0.55 | $ | 2.29 | $ | 2.14 | ||||||||
Diluted Net Income Per Share | ||||||||||||||||
- Continuing Operations | $ | 0.60 | $ | 0.54 | $ | 2.27 | $ | 2.12 | ||||||||
- Net Income Attributable to the Company | $ | 0.61 | $ | 0.54 | $ | 2.27 | $ | 2.11 | ||||||||
Average Number of Shares Outstanding | ||||||||||||||||
- Basic | 528 | 544 | 534 | 547 | ||||||||||||
- Diluted | 533 | 551 | 540 | 554 | ||||||||||||
Shares Outstanding at 9/30 | 522 | 542 | 522 | 542 | ||||||||||||
Marsh & McLennan Companies, Inc. | ||||||||||||||||||||
Supplemental Information - Revenue Analysis | ||||||||||||||||||||
Three Months Ended September 30, 2015 |
||||||||||||||||||||
(Millions) (Unaudited) |
||||||||||||||||||||
Components of Revenue Change* | ||||||||||||||||||||
Three Months Ended |
% Change |
Currency |
Acquisitions/ |
Underlying |
||||||||||||||||
2015 | 2014 | |||||||||||||||||||
Risk and Insurance Services | ||||||||||||||||||||
Marsh | $ | 1,317 | $ | 1,338 | (2 | )% | (7 | )% | 4 | % | 2 | % | ||||||||
Guy Carpenter | 261 | 266 | (2 | )% | (4 | )% | - | 2 | % | |||||||||||
Subtotal | 1,578 | 1,604 | (2 | )% | (7 | )% | 3 | % | 2 | % | ||||||||||
Fiduciary Interest Income | 6 | 6 | ||||||||||||||||||
Total Risk and Insurance Services | 1,584 | 1,610 | (2 | )% | (7 | )% | 3 | % | 2 | % | ||||||||||
Consulting | ||||||||||||||||||||
Mercer | 1,090 | 1,112 | (2 | )% | (8 | )% | 1 | % | 5 | % | ||||||||||
Oliver Wyman Group | 450 | 429 | 5 | % | (6 | )% | 2 | % | 9 | % | ||||||||||
Total Consulting | 1,540 | 1,541 | - | (7 | )% | 1 | % | 6 | % | |||||||||||
Corporate / Eliminations | (9 | ) | (10 | ) | ||||||||||||||||
Total Revenue | $ | 3,115 | $ | 3,141 | (1 | )% | (7 | )% | 2 | % | 4 | % | ||||||||
Revenue Details
The following table provides more detailed revenue information for certain of the components presented above:
Components of Revenue Change* | ||||||||||||||||||||
Three Months Ended |
% Change |
Currency |
Acquisitions/ |
Underlying |
||||||||||||||||
2015 | 2014 | |||||||||||||||||||
Marsh: | ||||||||||||||||||||
EMEA | $ | 378 | $ | 414 | (9 | )% | (10 | )% | 1 | % | 1 | % | ||||||||
Asia Pacific | 156 | 175 | (10 | )% | (13 | )% | 2 | % | 1 | % | ||||||||||
Latin America | 86 | 99 | (14 | )% | (21 | )% | 2 | % | 6 | % | ||||||||||
Total International | 620 | 688 | (10 | )% | (13 | )% | 1 | % | 2 | % | ||||||||||
U.S. / Canada | 697 | 650 | 7 | % | (2 | )% | 7 | % | 2 | % | ||||||||||
Total Marsh | $ | 1,317 | $ | 1,338 | (2 | )% | (7 | )% | 4 | % | 2 | % | ||||||||
Mercer: | ||||||||||||||||||||
Health | $ | 394 | $ | 392 | - | (4 | )% | (2 | )% | 6 | % | |||||||||
Retirement | 317 | 330 | (4 | )% | (8 | )% | 2 | % | 2 | % | ||||||||||
Investments | 202 | 213 | (5 | )% | (14 | )% | 3 | % | 6 | % | ||||||||||
Talent | 177 | 177 | 1 | % | (8 | )% | 3 | % | 6 | % | ||||||||||
Total Mercer | $ | 1,090 | $ | 1,112 | (2 | )% | (8 | )% | 1 | % | 5 | % | ||||||||
Notes |
Underlying revenue measures the change in revenue using consistent currency exchange rates, excluding the impact of certain items that affect comparability such as: acquisitions, dispositions and transfers among businesses. |
* Components of revenue change may not add due to rounding. |
Marsh & McLennan Companies, Inc. | ||||||||||||||||||||
Supplemental Information - Revenue Analysis | ||||||||||||||||||||
Nine Months Ended September 30, 2015 | ||||||||||||||||||||
(Millions) (Unaudited) |
||||||||||||||||||||
Components of Revenue Change* | ||||||||||||||||||||
Nine Months Ended |
% Change |
Currency |
Acquisitions/ |
Underlying |
||||||||||||||||
2015 | 2014 | |||||||||||||||||||
Risk and Insurance Services | ||||||||||||||||||||
Marsh | $ | 4,217 | $ | 4,280 | (1 | )% | (7 | )% | 3 | % | 3 | % | ||||||||
Guy Carpenter | 904 | 942 | (4 | )% | (4 | )% | (1 | )% | 1 | % | ||||||||||
Subtotal | 5,121 | 5,222 | (2 | )% | (6 | )% | 2 | % | 2 | % | ||||||||||
Fiduciary Interest Income | 16 | 18 | ||||||||||||||||||
Total Risk and Insurance Services | 5,137 | 5,240 | (2 | )% | (6 | )% | 2 | % | 2 | % | ||||||||||
Consulting | ||||||||||||||||||||
Mercer | 3,173 | 3,244 | (2 | )% | (7 | )% | 1 | % | 4 | % | ||||||||||
Oliver Wyman Group | 1,275 | 1,249 | 2 | % | (6 | )% | 2 | % | 6 | % | ||||||||||
Total Consulting | 4,448 | 4,493 | (1 | )% | (7 | )% | 1 | % | 5 | % | ||||||||||
Corporate / Eliminations | (30 | ) | (28 | ) | ||||||||||||||||
Total Revenue | $ | 9,555 | $ | 9,705 | (2 | )% | (7 | )% | 2 | % | 3 | % | ||||||||
Revenue Details
The following table provides more detailed revenue information for certain of the components presented above:
Components of Revenue Change* | ||||||||||||||||||||
Nine Months Ended |
% Change |
Currency |
Acquisitions/ |
Underlying |
||||||||||||||||
2015 | 2014 | |||||||||||||||||||
Marsh: | ||||||||||||||||||||
EMEA | $ | 1,380 | $ | 1,509 | (9 | )% | (11 | )% | 1 | % | 2 | % | ||||||||
Asia Pacific | 480 | 520 | (8 | )% | (10 | )% | 1 | % | 1 | % | ||||||||||
Latin America | 262 | 285 | (8 | )% | (17 | )% | 3 | % | 5 | % | ||||||||||
Total International | 2,122 | 2,314 | (8 | )% | (11 | )% | 1 | % | 2 | % | ||||||||||
U.S. / Canada | 2,095 | 1,966 | 7 | % | (1 | )% | 5 | % | 3 | % | ||||||||||
Total Marsh | $ | 4,217 | $ | 4,280 | (1 | )% | (7 | )% | 3 | % | 3 | % | ||||||||
Mercer: | ||||||||||||||||||||
Health | $ | 1,169 | $ | 1,173 | - | (4 | )% | (2 | )% | 5 | % | |||||||||
Retirement | 973 | 1,032 | (6 | )% | (8 | )% | 2 | % | - | |||||||||||
Investments | 614 | 622 | (1 | )% | (12 | )% | 2 | % | 9 | % | ||||||||||
Talent | 417 | 417 | - | (7 | )% | 3 | % | 5 | % | |||||||||||
Total Mercer | $ | 3,173 | $ | 3,244 | (2 | )% | (7 | )% | 1 | % | 4 | % | ||||||||
Notes |
Underlying revenue measures the change in revenue using consistent currency exchange rates, excluding the impact of certain items that affect comparability such as: acquisitions, dispositions and transfers among businesses. |
* Components of revenue change may not add due to rounding. |
Marsh & McLennan Companies, Inc. |
Non-GAAP Measures |
Three Months Ended September 30 |
(Millions) (Unaudited) |
The Company presents below certain additional financial measures that are "non-GAAP measures," within the meaning of Regulation G under the Securities Exchange Act of 1934. These measures are: adjusted operating income (loss); adjusted operating margin; and adjusted income, net of tax. |
The Company presents these non-GAAP measures to provide investors with additional information to analyze the Company's performance from period to period. Management also uses these measures to assess performance for incentive compensation purposes and to allocate resources in managing the Company's businesses. 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 reflect subjective determinations by management, 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 or loss. The following tables identify these noteworthy items and reconcile adjusted operating income (loss) to GAAP operating income or loss, on a consolidated and segment basis, for the three months ended September 30, 2015 and 2014. The following tables also present adjusted operating margin, which is calculated by dividing adjusted operating income by consolidated or segment GAAP revenue. |
Risk & |
Consulting |
Corporate/ |
Total | |||||||||||||
Three Months Ended September 30, 2015 | ||||||||||||||||
Operating income (loss) | $ | 225 | $ | 285 | $ | (49 | ) | $ | 461 | |||||||
Add impact of Noteworthy Items: | ||||||||||||||||
Restructuring charges (a) | 1 | - | 2 | 3 | ||||||||||||
Adjustments to acquisition related accounts (b) | 22 | - | - | 22 | ||||||||||||
Operating income adjustments | 23 | - | 2 | 25 | ||||||||||||
Adjusted operating income (loss) | $ | 248 | $ | 285 | $ | (47 | ) | $ | 486 | |||||||
Operating margin | 14.2 | % | 18.5 | % | N/A | 14.8 | % | |||||||||
Adjusted operating margin | 15.7 | % | 18.5 | % | N/A | 15.6 | % | |||||||||
Three Months Ended September 30, 2014 | ||||||||||||||||
Operating income (loss) | $ | 229 | $ | 274 | $ | (58 | ) | $ | 445 | |||||||
Add (Deduct) impact of Noteworthy Items: | ||||||||||||||||
Restructuring charges (a) | 2 | - | 2 | 4 | ||||||||||||
Adjustments to acquisition related accounts (b) | 11 | - | - | 11 | ||||||||||||
Other | - | - | (2 | ) | (2 | ) | ||||||||||
Operating income adjustments | 13 | - | - | 13 | ||||||||||||
Adjusted operating income (loss) | $ | 242 | $ | 274 | $ | (58 | ) | $ | 458 | |||||||
Operating margin | 14.2 | % | 17.8 | % | N/A | 14.2 | % | |||||||||
Adjusted operating margin | 15.0 | % | 17.8 | % | N/A | 14.6 | % | |||||||||
(a) Primarily severance, future rent under non-cancellable leases, and integration costs related to recent acquisitions. |
(b) Primarily includes the change in fair value as measured each quarter of contingent consideration related to acquisitions. |
Marsh & McLennan Companies, Inc. |
Non-GAAP Measures |
Nine Months Ended September 30 |
(Millions) (Unaudited) |
The Company presents below certain additional financial measures that are "non-GAAP measures," within the meaning of Regulation G under the Securities Exchange Act of 1934. These measures are: adjusted operating income (loss); adjusted operating margin; and adjusted income, net of tax. |
The Company presents these non-GAAP measures to provide investors with additional information to analyze the Company's performance from period to period. Management also uses these measures to assess performance for incentive compensation purposes and to allocate resources in managing the Company's businesses. 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 reflect subjective determinations by management, 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 or loss. The following tables identify these noteworthy items and reconcile adjusted operating income (loss) to GAAP operating income or loss, on a consolidated and segment basis, for the nine months ended September 30, 2015 and 2014. The following tables also present adjusted operating margin, which is calculated by dividing adjusted operating income by consolidated or segment GAAP revenue. |
Risk & |
Consulting |
Corporate/ |
Total | |||||||||||||
Nine Months Ended September 30, 2015 | ||||||||||||||||
Operating income (loss) | $ | 1,185 | $ | 781 | $ | (141 | ) | $ | 1,825 | |||||||
Add (Deduct) impact of Noteworthy Items: | ||||||||||||||||
Restructuring charges (a) | 3 | - | 5 | 8 | ||||||||||||
Adjustments to acquisition related accounts (b) | 51 | (5 | ) | - | 46 | |||||||||||
Other | - | - | (1 | ) | (1 | ) | ||||||||||
Operating income adjustments | 54 | (5 | ) | 4 | 53 | |||||||||||
Adjusted operating income (loss) | $ | 1,239 | $ | 776 | $ | (137 | ) | $ | 1,878 | |||||||
Operating margin | 23.1 | % | 17.6 | % | N/A | 19.1 | % | |||||||||
Adjusted operating margin | 24.1 | % | 17.5 | % | N/A | 19.7 | % | |||||||||
Nine Months Ended September 30, 2014 | ||||||||||||||||
Operating income (loss) | $ | 1,170 | $ | 746 | $ | (151 | ) | $ | 1,765 | |||||||
Add (Deduct) impact of Noteworthy Items: | ||||||||||||||||
Restructuring charges (a) | 4 | - | 6 | 10 | ||||||||||||
Adjustments to acquisition related accounts (b) | 22 | - | - | 22 | ||||||||||||
Other | - | - | (1 | ) | (1 | ) | ||||||||||
Operating income adjustments | 26 | - | 5 | 31 | ||||||||||||
Adjusted operating income (loss) | $ | 1,196 | $ | 746 | $ | (146 | ) | $ | 1,796 | |||||||
Operating margin | 22.3 | % | 16.6 | % | N/A | 18.2 | % | |||||||||
Adjusted operating margin | 22.8 | % | 16.6 | % | N/A | 18.5 | % | |||||||||
(a) Primarily severance, future rent under non-cancellable leases, and integration costs related to recent acquisitions. |
(b) Primarily includes the change in fair value as measured each quarter of contingent consideration related to acquisitions. |
Marsh & McLennan Companies, Inc. |
Non-GAAP Measures |
Three and Nine Months Ended September 30 |
(Millions) (Unaudited) |
Adjusted income, net of tax |
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 set forth in the preceding tables; divided by MMC's average number of shares outstanding-diluted for the period. |
Reconciliation of the Impact of Non-GAAP Measures on diluted earnings per share - |
|||||||||||||||||||||||
Three Months Ended |
Three Months Ended |
||||||||||||||||||||||
Amount |
Diluted |
Amount |
Diluted |
||||||||||||||||||||
Income from continuing operations | $ | 329 | $ | 305 | |||||||||||||||||||
Less: Non-controlling interest, net of tax | 8 | 7 | |||||||||||||||||||||
Subtotal | $ | 321 | $ | 0.60 | $ | 298 | $ | 0.54 | |||||||||||||||
Operating income adjustments | $ | 25 | $ | 13 | |||||||||||||||||||
Impact of income taxes | (8 | ) | (4 | ) | |||||||||||||||||||
17 | 0.03 | 9 | 0.02 | ||||||||||||||||||||
Adjusted income, net of tax | $ | 338 | $ | 0.63 | $ | 307 | $ | 0.56 | |||||||||||||||
Nine Months Ended |
Nine Months Ended |
||||||||||||||||||||||
Amount |
Diluted |
Amount |
Diluted |
||||||||||||||||||||
Income from continuing operations | $ | 1,256 | $ | 1,202 | |||||||||||||||||||
Less: Non-controlling interest, net of tax | 31 | 27 | |||||||||||||||||||||
Subtotal | $ | 1,225 | $ | 2.27 | $ | 1,175 | $ | 2.12 | |||||||||||||||
Operating income adjustments | $ | 53 | $ | 31 | |||||||||||||||||||
Impact of income taxes | (15 | ) | (11 | ) | |||||||||||||||||||
38 | 0.07 | 20 | 0.04 | ||||||||||||||||||||
Adjusted income, net of tax | $ | 1,263 | $ | 2.34 | $ | 1,195 | $ | 2.16 | |||||||||||||||
Marsh & McLennan Companies, Inc. | ||||||||||||||
Supplemental Information | ||||||||||||||
(Millions) (Unaudited) |
||||||||||||||
Three Months Ended |
Nine Months Ended |
|||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||
Depreciation and amortization expense | $ | 77 | $ | 76 | $ | 233 | $ | 225 | ||||||
Identified intangible amortization expense | $ | 31 | $ | 22 | $ | 79 | $ | 64 | ||||||
Stock option expense | $ | 5 | $ | 4 | $ | 18 | $ | 14 | ||||||
Capital expenditures | $ | 73 | $ | 83 | $ | 249 | $ | 285 | ||||||
Marsh & McLennan Companies, Inc. | ||||||||
Consolidated Balance Sheets | ||||||||
(Millions) |
||||||||
(Unaudited) |
December 31, |
|||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 1,330 | $ | 1,958 | ||||
Net receivables | 3,517 | 3,377 | ||||||
Other current assets | 679 | 720 | ||||||
Total current assets | 5,526 | 6,055 | ||||||
Goodwill and intangible assets | 8,342 | 7,933 | ||||||
Fixed assets, net | 786 | 809 | ||||||
Pension related assets | 1,182 | 967 | ||||||
Deferred tax assets | 667 | 876 | ||||||
Other assets | 1,260 | 1,200 | ||||||
TOTAL ASSETS | $ | 17,763 | $ | 17,840 | ||||
LIABILITIES AND EQUITY | ||||||||
Current liabilities: | ||||||||
Short-term debt | $ | 62 | $ | 11 | ||||
Accounts payable and accrued liabilities | 1,759 | 1,883 | ||||||
Accrued compensation and employee benefits | 1,313 | 1,633 | ||||||
Accrued income taxes | 107 | 178 | ||||||
Dividends payable | 163 | - | ||||||
Total current liabilities | 3,404 | 3,705 | ||||||
Fiduciary liabilities | 4,374 | 4,552 | ||||||
Less - cash and investments held in a fiduciary capacity | (4,374 | ) | (4,552 | ) | ||||
- | - | |||||||
Long-term debt | 4,422 | 3,376 | ||||||
Pension, post-retirement and post-employment benefits | 2,114 | 2,244 | ||||||
Liabilities for errors and omissions | 358 | 341 | ||||||
Other liabilities | 1,083 | 1,041 | ||||||
Total equity | 6,382 | 7,133 | ||||||
TOTAL LIABILITIES AND EQUITY | $ | 17,763 | $ | 17,840 | ||||
View source version on businesswire.com: http://www.businesswire.com/news/home/20151027005843/en/
Source:
Media:
Marsh & McLennan Companies
Edward L.
Dandridge, +1-212-345-9751
ed.dandridge@mmc.com
or
Investors:
Marsh
& McLennan Companies
Keith Walsh, +1-212-345-0057
keith.walsh@mmc.com