CEO portrait image

Change is our work. For us,
it’s always about what
comes next.

Dan Glaser
President and Chief Executive Officer, Marsh McLennan

Photo by Alyssa Ringler. Courtesy of NYSE Group © 2022. All rights reserved.

To Our Shareholders,
Colleagues and Clients,

2021 was our company’s 150th year, and by almost
any measure the most successful in our history.

Marsh McLennan’s role has always been to advise clients in times of change and challenge—times like these, as the world continues to grapple with COVID-19 and its cascading economic and societal effects.

Change is our work. For us, it’s always about what comes next. Today our clients have new challenges that are increasingly complex, transcending institutional experience, business units and competitive arenas.

Every organization wants to build greater resilience to potential shocks and the agility to shape its own future. With expertise spanning risk, strategy and people, Marsh McLennan’s daily participation in virtually every industry and every market provides us with unique insight into what’s changing in and around the ecosystems that affect each of our clients.

As we continue to help our clients act decisively across more dimensions of their business, we’re growing at the highest rate in a generation. Our unique value comes from having the talent, the scope and the scale to change what is possible, and more than 80,000 colleagues who are champions for their clients and for each other. It all begins with people, and we are investing as never before to support our clients.

We are comfortable with the tension between delivering short-term results and investing for long-term growth.

  • Annual revenue of

    $19.8
    billion

  • Record
    high

    Adjusted operating
    income of $4.3 billion

  • Closed transactions
    totaling more than

    $16
    billion

    across 220+ acquisitions
    and investments since 2009

  • 23.9%

    Consolidated adjusted
    margin—an increase of
    1,510 basis points since
    2008

  • 14

    Consecutive

    Years

    of adjusted EPS growth

  • 12

    Consecutive

    Years

    of underlying revenue
    growth and dividend
    increases

Growth image

Growth doesn’t just happen
—it takes a clear vision,
alignment, commitment
and consistent execution.

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Delivering Through the Decades

Generating impressive results is something we've done throughout our 150-year history. Since going public in 1962, we have grown:

Revenue from $52 MILLION to nearly $20 billion

Adjusted EPS from 2 CENTS PER SHARE to over $6 per share*

*Split adjusted

Headcount from 3,000 COLLEAGUES to 83,000

This translates to an average of 11% revenue growth, 10% adjusted EPS growth and 6% headcount growth each year over this six-decade period.

Our sustained performance is a testament to the value that Marsh McLennan delivers for clients, colleagues and shareholders.

Delivering Through the Decades image
Investing in Our Future image
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Investing in Our Future

Remaining relevant for 150 years (and counting) requires constant innovation and investment. Here are a few recent examples of how we’re carrying this legacy forward:

The Marsh McLennan Cyber Risk Analytics Center brings together cyber risk data and analytics expertise across our firm and provides clients with a comprehensive assessment of their cyber threats, existing and future controls, and the potential economic impact.

Oliver Wyman’s Climate Action Navigator helps public- and private-sector leaders plot a path through climate science by identifying emissions at the industry and regional levels, and quantifying the effects of different carbon-reduction technologies and actions. These tools help business and government leaders to achieve their long-term climate goals and significantly enable the transition to low-carbon, climate-resilient investment in the corporate sector.

Mercer’s Skills-Edge is an innovative platform that allows employers to determine the most important skills for their future—and design a talent strategy to assess, acquire and retain them. Skills-Edge provides quantitative insight into the demand and value of skills, and supports both employees and organizations in rapidly reskilling for the future of work.

img for Our colleagues

Our colleagues act out of
purpose that extends
beyond commercial
success.

Best Place to Work
Carbon Neutral
Bloomberg
World's Most Ethical Companies

RECOGNITIONS

For the fourteenth time, Marsh McLennan earned a perfect score on the Human Rights Campaign’s Corporate Equality Index. Marsh McLennan is a certified CarbonNeutral® company as of September 2021. For the fourth year in a row, Marsh McLennan has been named to the Bloomberg Gender-Equality Index. Marsh McLennan was also recognized as one of the World’s most ethical companies and ethisphere.

“World’s Most Ethical Companies” and “Ethisphere” names and marks are registered trademarks of Ethisphere LLC.

WE ARE MARSH
McLENNAN

We are 80,000+ colleagues in four global businesses united by a common purpose—to make a difference in the moments that matter.

Three commitments unite us as we strive to live our purpose:

SUCCEEDING
TOGETHER.

We are in business to expand what’s possible for our clients and each other.

ACCELERATING
IMPACT.

We embrace change and create enduring client value.

ADVANCING
GOOD.

We strive to serve the greater good.

Risk & Insurance Services

 
  • Marsh
    Insurance Broking & Risk Management

  • Guy Carpenter
    Reinsurance & Capital Strategies

Consulting

 
  • Mercer
    Health, Wealth &
    Career Consulting

  • Oliver Wyman
    Strategy, Economic &
    Brand Consulting

Stock Information

 
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Shareholder Information

Information concerning the 2022 Annual Meeting of Stockholders can be found at proxy.mmc.com.

Copies of Marsh McLennan annual reports and Forms 10-K and 10-Q are available on the Company’s website. These documents also may be requested by contacting:

Marsh & McLennan Companies, Inc.
Investor Relations
1166 Avenue of the Americas
New York, NY 10036
Telephone: 212 345 1227
Website: mmc.com
Email:
mmc.investor.relations@mmc.com

Stockholders of record inquiring about reinvestment and payment of dividends, consolidation of accounts,stock certificate holdings, stock certificate transfers and address changes should contact:

EQ Shareowner Services
P.O. Box 64854
St. Paul, MN 55164-0854
Telephone: 800 457 8968 or
651 450 4064 (Outside US/Canada)

Mailing Address:
1110 Centre Pointe Curve,
Suite 101
Mendota Heights,
MN 55120-4100
EQ’s website:
shareowneronline.com

Stockholders who hold shares of March McLennan beneficially through a broker, bank or other intermediary organization should contact that organization for these services.

Marsh McLennan common stock (NYSE ticker symbol: MMC) is listed on the New York, Chicago and London Stock Exchanges.

Stockholders of record and other interested investors can purchase Marsh McLennan common stock directly through the Company’s transfer agent and the Administrator for the Plan, EQ Shareowner Services. A brochure on the Plan is available on the EQ Shareowner Services website or by contacting EQ Shareowner Services directly:

EQ Shareowner Services
P.O. Box 64854
St. Paul, MN 55164-0854
Telephone: 800 457 8968 or
651 450 4064 (Outside US/Canada)
EQ’s website:
shareowneronline.com

Marsh McLennan is committed to complying with all applicable accounting standards, internal accounting controls, audit practices and securities laws and regulations (collectively, “Accounting Matters”). To raise a complaint or concern regarding Accounting Matters, you may contact the Company by mail, telephone or online. You may review the Company’s procedures for handling complaints and concerns regarding Accounting Matters at marshmclennan.com.

By mail:
Marsh & McLennan Companies, Inc.
Audit Committee
c/o Connor Kuratek
Corporate Secretary
1166 Avenue of the Americas
New York, NY 10036

By telephone or online:
Visit ethicscomplianceline.com
for dialing instructions or to
raise a concern online.