News
Marsh & McLennan Companies Reports Third Quarter 2017 Results
October 26, 2017 at 7:01 AM EDT
Media Contact
Email:media@mmc.com
Total Revenue Growth of 7% and Underlying Revenue Growth of 3%
Growth in Operating Income of 4% and Adjusted Operating Income of 11%
GAAP EPS Rises 4% to
"Through the first nine months we have generated underlying revenue growth in all four operating companies and solid earnings growth. With strong performance through the first three quarters of the year, we believe the Company is well positioned to deliver underlying revenue growth, margin expansion in both segments, and strong earnings per share growth for the full year," concluded Mr. Glaser.
Consolidated Results
Consolidated revenue in the third quarter of 2017 was
For the nine months ended
Risk & Insurance Services
Risk & Insurance Services revenue was
Marsh's revenue in the third quarter was
Consulting
Consulting revenue in the third quarter was
Mercer's revenue was
Oliver Wyman Group's revenue was
Other Items
The effective tax rate in the third quarter of 2017 was 26.2% compared with 26.8% in the prior year period. For the nine months of 2017, the effective tax rate was 25.9% compared with 28.4% for the prior year period. The tax rate in 2017 includes the impact of the required change in accounting for equity awards.
The Company repurchased 2.6 million shares of its common stock for
During the quarter, Marsh acquired
Conference Call
A conference call to discuss third quarter 2017 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," "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: (1) the impact of any investigations, reviews or other activity by regulatory or law enforcement authorities, including the ongoing investigation into the aviation insurance and reinsurance sector; (2) the impact from lawsuits, other contingent liabilities and loss contingencies arising from errors and omissions, breach of fiduciary duty or other claims against us; (3) our ability to compete effectively and adapt to changes in the competitive environment, including to respond to disintermediation, pricing pressures and technological and other types of innovation; (4) our exposure to potential civil damages, criminal penalties or other consequences, such as reputational impact, if we fail to comply with applicable U.S. and non-U.S. laws and regulations; (5) our organization's ability to maintain adequate safeguards to protect the security of our information systems and confidential, personal or proprietary information, particularly given the volume of our vendor network and the need to patch software vulnerabilities; (6) our ability to successfully recover if we experience a business continuity problem due to cyberattack, natural disaster or otherwise; (7) the impact of macroeconomic, political, regulatory or market conditions on us, our clients and the industries in which we operate; (8) the financial and operational impact of complying with laws and regulations where we operate, including the E.U.'s General Data Protection Regulation; (9) our ability to attract and retain key employees; (10) the impact on our competitive position of our tax rate relative to our competitors; (11) the impact of fluctuations in foreign exchange, interest rates and securities markets on our results; (12) the effect of our global pension obligations on our financial position, earnings and cash flows and the impact of low interest rates on those obligations; and (13) the impact of changes in accounting rules or in our accounting estimates or assumptions, including the impact of the adoption of the new revenue recognition standard.
The factors identified above are not exhaustive.
Further information concerning
Marsh & McLennan Companies, Inc. |
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Three Months Ended |
Nine Months Ended |
||||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||||
Revenue | $ | 3,341 | $ | 3,135 | $ | 10,339 | $ | 9,847 | |||||||||
Expense: | |||||||||||||||||
Compensation and Benefits | 1,906 | 1,817 | 5,786 | 5,543 | |||||||||||||
Other Operating Expenses | 838 | 746 | 2,383 | 2,273 | |||||||||||||
Operating Expenses | 2,744 | 2,563 | 8,169 | 7,816 | |||||||||||||
Operating Income | 597 | 572 | 2,170 | 2,031 | |||||||||||||
Interest Income | 2 | — | 6 | 4 | |||||||||||||
Interest Expense | (60 | ) | (47 | ) | (178 | ) | (141 | ) | |||||||||
Investment (Loss) Income | (2 | ) | — | 3 | (2 | ) | |||||||||||
Income Before Income Taxes | 537 | 525 | 2,001 | 1,892 | |||||||||||||
Income Tax Expense | 140 | 141 | 519 | 538 | |||||||||||||
Net Income Before Non-Controlling Interests | 397 | 384 | 1,482 | 1,354 | |||||||||||||
Less: Net Income Attributable to Non-Controlling Interests | 4 | 5 | 19 | 22 | |||||||||||||
Net Income Attributable to the Company | $ | 393 | $ | 379 | $ | 1,463 | $ | 1,332 | |||||||||
Net Income Per Share Attributable to the Company: | |||||||||||||||||
- Basic | $ | 0.77 | $ | 0.73 | $ | 2.85 | $ | 2.56 | |||||||||
- Diluted | $ | 0.76 | $ | 0.73 | $ | 2.81 | $ | 2.54 | |||||||||
Average Number of Shares Outstanding | |||||||||||||||||
- Basic | 512 | 518 | 514 | 520 | |||||||||||||
- Diluted | 519 | 523 | 520 | 525 | |||||||||||||
Shares Outstanding at 9/30 | 511 | 516 | 511 | 516 | |||||||||||||
Marsh & McLennan Companies, Inc.
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Components of Revenue Change* | |||||||||||||||||
Three Months Ended |
% Change |
Currency |
Acquisitions/ |
Underlying |
|||||||||||||
2017 | 2016 | ||||||||||||||||
Risk and Insurance Services | |||||||||||||||||
Marsh | $ | 1,482 | $ | 1,364 | 9% | — | 6% | 3% | |||||||||
Guy Carpenter | 270 | 260 | 4% | — | — | 4% | |||||||||||
Subtotal | 1,752 | 1,624 | 8% | — | 5% | 3% | |||||||||||
Fiduciary Interest Income | 11 | 8 | |||||||||||||||
Total Risk and Insurance Services | 1,763 | 1,632 | 8% | — | 5% | 3% | |||||||||||
Consulting | |||||||||||||||||
Mercer | 1,149 | 1,109 | 4% | 1% | 3% | — | |||||||||||
Oliver Wyman Group | 438 | 404 | 8% | 1% | — | 7% | |||||||||||
Total Consulting | 1,587 | 1,513 | 5% | 1% | 2% | 2% | |||||||||||
Corporate / Eliminations | (9 | ) | (10 | ) | |||||||||||||
Total Revenue | $ | 3,341 | $ | 3,135 | 7% | 1% | 3% | 3% | |||||||||
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 |
|||||||||||||
2017 | 2016 | ||||||||||||||||
Marsh: | |||||||||||||||||
EMEA | $ | 426 | $ | 394 | 8% | 2% | 8% | (2)% | |||||||||
Asia Pacific | 164 | 153 | 7% | — | — | 7% | |||||||||||
Latin America | 95 | 88 | 8% | (3)% | 3% | 9% | |||||||||||
Total International | 685 | 635 | 8% | 1% | 5% | 2% | |||||||||||
U.S. / Canada | 797 | 729 | 9% | — | 6% | 3% | |||||||||||
Total Marsh | $ | 1,482 | $ | 1,364 | 9% | — | 6% | 3% | |||||||||
Mercer: | |||||||||||||||||
Defined Benefit Consulting & Administration | $ | 336 | $ | 351 | (5)% | 1% | — | (5)% | |||||||||
Investment Management & Related Services | 194 | 154 | 26% | 3% | 14% | 10% | |||||||||||
Total Wealth | 530 | 505 | 5% | 1% | 4% | (1)% | |||||||||||
Health | 401 | 397 | 1% | 1% | — | — | |||||||||||
Career | 218 | 207 | 5% | 1% | 3% | 2% | |||||||||||
Total Mercer | $ | 1,149 | $ | 1,109 | 4% | 1% | 3% | — | |||||||||
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, transfers among businesses and the deconsolidation of Marsh India. |
Effective January 1, 2017, Mercer established a Wealth business reflecting a unified client strategy for its former Retirement and Investment business. The 2016 information in the chart above has been conformed to the current presentation. Please refer to the "Supplemental Information - Mercer" schedules included in the first quarter 2017 press release for additional information about the Wealth business. |
* Components of revenue change may not add due to rounding. |
Marsh & McLennan Companies, Inc. |
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Components of Revenue Change* | |||||||||||||||||
Nine Months Ended |
% Change |
Currency |
Acquisitions/ |
Underlying |
|||||||||||||
2017 | 2016 | ||||||||||||||||
Risk and Insurance Services | |||||||||||||||||
Marsh | $ | 4,692 | $ | 4,411 | 6% | (1)% | 4% | 3% | |||||||||
Guy Carpenter | 948 | 919 | 3% | (1)% | — | 4% | |||||||||||
Subtotal | 5,640 | 5,330 | 6% | (1)% | 4% | 3% | |||||||||||
Fiduciary Interest Income | 28 | 20 | |||||||||||||||
Total Risk and Insurance Services | 5,668 | 5,350 | 6% | (1)% | 4% | 3% | |||||||||||
Consulting | |||||||||||||||||
Mercer | 3,335 | 3,227 | 3% | (1)% | 2% | 2% | |||||||||||
Oliver Wyman Group | 1,370 | 1,303 | 5% | (1)% | — | 6% | |||||||||||
Total Consulting | 4,705 | 4,530 | 4% | (1)% | 2% | 3% | |||||||||||
Corporate / Eliminations | (34 | ) | (33 | ) | |||||||||||||
Total Revenue | $ | 10,339 | $ | 9,847 | 5% | (1)% | 3% | 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 |
|||||||||||||
2017 | 2016 | ||||||||||||||||
Marsh: | |||||||||||||||||
EMEA | $ | 1,512 | $ | 1,443 | 5% | (2)% | 7% | 1% | |||||||||
Asia Pacific | 484 | 482 | 1% | — | (7)% | 7% | |||||||||||
Latin America | 274 | 252 | 9% | (1)% | 4% | 7% | |||||||||||
Total International | 2,270 | 2,177 | 4% | (2)% | 3% | 3% | |||||||||||
U.S. / Canada | 2,422 | 2,234 | 8% | — | 5% | 3% | |||||||||||
Total Marsh | $ | 4,692 | $ | 4,411 | 6% | (1)% | 4% | 3% | |||||||||
Mercer: | |||||||||||||||||
Defined Benefit Consulting & Administration | $ | 1,010 | $ | 1,083 | (7)% | (2)% | (2)% | (3)% | |||||||||
Investment Management & Related Services | 572 | 454 | 26% | 1% | 15% | 10% | |||||||||||
Total Wealth | 1,582 | 1,537 | 3% | (1)% | 3% | 1% | |||||||||||
Health | 1,239 | 1,207 | 3% | (1)% | 1% | 2% | |||||||||||
Career | 514 | 483 | 6% | (1)% | 3% | 4% | |||||||||||
Total Mercer | $ | 3,335 | $ | 3,227 | 3% | (1)% | 2% | 2% | |||||||||
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, transfers among businesses and the deconsolidation of Marsh India. |
Effective January 1, 2017, Mercer established a Wealth business reflecting a unified client strategy for its former Retirement and Investment business. The 2016 information in the chart above has been conformed to the current presentation. Please refer to the "Supplemental Information - Mercer" schedules included in the first quarter 2017 press release for additional information about the Wealth business. |
* Components of revenue change may not add due to rounding. |
Marsh & McLennan Companies, Inc. |
Reconciliation of Non-GAAP Measures |
Three Months Ended September 30 |
(Millions) (Unaudited) |
Overview
The Company reports its financial results in accordance with accounting
principles generally accepted in
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 business,
to assess performance for employee compensation purposes 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.
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 and
nine months ended
Risk & |
Consulting |
Corporate/ |
Total | ||||||||||||||
Three Months Ended September 30, 2017 | |||||||||||||||||
Operating income (loss) | $ | 314 | $ | 329 | $ | (46 | ) | $ | 597 | ||||||||
Add (Deduct) impact of Noteworthy Items: | |||||||||||||||||
Restructuring (a) | 3 | 2 | 3 | 8 | |||||||||||||
Adjustments to acquisition related accounts (b) | 5 | (1 | ) | — | 4 | ||||||||||||
Other Settlement, Legal and Regulatory (c) | 15 | — | — | 15 | |||||||||||||
Operating income adjustments | 23 | 1 | 3 | 27 | |||||||||||||
Adjusted operating income (loss) | $ | 337 | $ | 330 | $ | (43 | ) | $ | 624 | ||||||||
Operating margin | 17.8 | % | 20.7 | % | N/A | 17.9 | % | ||||||||||
Adjusted operating margin | 19.1 | % | 20.8 | % | N/A | 18.7 | % | ||||||||||
Three Months Ended September 30, 2016 | |||||||||||||||||
Operating income (loss) | $ | 315 | $ | 308 | $ | (51 | ) | $ | 572 | ||||||||
Add (Deduct) impact of Noteworthy Items: | |||||||||||||||||
Restructuring (a) | (1 | ) | — | 2 | 1 | ||||||||||||
Adjustments to acquisition related accounts (b) | (13 | ) | 1 | — | (12 | ) | |||||||||||
Other | 1 | — | — | 1 | |||||||||||||
Operating income adjustments | (13 | ) | 1 | 2 | (10 | ) | |||||||||||
Adjusted operating income (loss) | $ | 302 | $ | 309 | $ | (49 | ) | $ | 562 | ||||||||
Operating margin | 19.2 | % | 20.4 | % | N/A | 18.2 | % | ||||||||||
Adjusted operating margin | 18.5 | % | 20.4 | % | N/A | 18.0 | % | ||||||||||
(a) Includes severance and related charges from restructuring activities, adjustments to restructuring liabilities for future rent under non-cancellable leases and other real estate costs, and restructuring costs related to the integration of recent acquisitions. |
(b) Primarily includes the change in fair value as measured each quarter of contingent consideration related to acquisitions. |
(c) Reflects the settlement of the final legacy litigation, originally filed in 2006, regarding Marsh's use of market service agreements. |
Marsh & McLennan Companies, Inc. |
Reconciliation of Non-GAAP Measures |
Nine Months Ended September 30 |
(Millions) (Unaudited) |
Adjusted Operating Income (Loss) and Adjusted Operating Margin (cont'd)
Risk & |
Consulting |
Corporate/ |
Total | ||||||||||||||
Nine Months Ended September 30, 2017 | |||||||||||||||||
Operating income (loss) | $ | 1,455 | $ |
853 |
$ | (138 | ) | $ | 2,170 | ||||||||
Add (Deduct) impact of Noteworthy Items: | |||||||||||||||||
Restructuring (a) | 7 | 18 | 7 | 32 | |||||||||||||
Adjustments to acquisition related accounts (b) | (5 | ) | 2 | — | (3 | ) | |||||||||||
Other Settlement, Legal and Regulatory (c) | 15 | — | — | 15 | |||||||||||||
Operating income adjustments | 17 | 20 | 7 | 44 | |||||||||||||
Adjusted operating income (loss) | $ | 1,472 | $ | 873 | $ | (131 | ) | $ | 2,214 | ||||||||
Operating margin | 25.7 | % | 18.1 | % | N/A | 21.0 | % | ||||||||||
Adjusted operating margin | 26.0 | % | 18.6 | % | N/A | 21.4 | % | ||||||||||
Nine Months Ended September 30, 2016 | |||||||||||||||||
Operating income (loss) | $ | 1,340 | $ | 838 | $ | (147 | ) | $ | 2,031 | ||||||||
Add (Deduct) impact of Noteworthy Items: | |||||||||||||||||
Restructuring (a) | 2 | 1 | 6 | 9 | |||||||||||||
Adjustments to acquisition related accounts (b) | 7 | 2 | — | 9 | |||||||||||||
Disposal/deconsolidation of business (d) | (12 | ) | (6 | ) | — | (18 | ) | ||||||||||
Other | 1 | — | — | 1 | |||||||||||||
Operating income adjustments | (2 | ) | (3 | ) | 6 | 1 | |||||||||||
Adjusted operating income (loss) | $ | 1,338 | $ | 835 | $ | (141 | ) | $ | 2,032 | ||||||||
Operating margin | 25.0 | % | 18.5 | % | N/A | 20.6 | % | ||||||||||
Adjusted operating margin | 25.1 | % | 18.5 | % | N/A | 20.7 | % | ||||||||||
(a) Includes severance and related charges from restructuring activities and the Mercer business restructure (initially announced in Q4 2016), adjustments to restructuring liabilities related to future rent under non-cancellable leases and other real estate costs, as well as restructuring costs related to the integration of recent acquisitions. |
(b) Primarily includes the change in fair value as measured each quarter of contingent consideration related to acquisitions. |
(c) Reflects the settlement of the final legacy litigation, originally filed in 2006, regarding Marsh's use of market service agreements. |
(d) Relates to a net gain on the deconsolidation of Marsh's India subsidiary and contingent proceeds related to the disposal of Mercer's U.S. defined contribution recordkeeping business. The amounts are excluded from GAAP revenue in the calculation of adjusted operating margin. |
Marsh & McLennan Companies, Inc. |
Reconciliation of Non-GAAP Measures |
Three and Nine Months Ended September 30 |
(Millions) (Unaudited) |
Adjusted Income, Net of Tax and Adjusted Earnings per Share
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. Adjusted EPS is calculated by dividing the Company's adjusted
income, net of tax, by MMC's 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
and nine months ended
Three Months Ended |
Three Months Ended |
||||||||||||||||||||||||
Amount |
Adjusted |
Amount |
Adjusted |
||||||||||||||||||||||
Income from continuing operations | $ | 397 | $ | 384 | |||||||||||||||||||||
Less: Non-controlling interest, net of tax | 4 | 5 | |||||||||||||||||||||||
Subtotal | $ | 393 | $ | 0.76 | $ | 379 | $ | 0.73 | |||||||||||||||||
Operating income adjustments | $ | 27 | $ | (10 | ) | ||||||||||||||||||||
Impact of income taxes | (10 | ) | (7 | ) | |||||||||||||||||||||
17 | 0.03 | (17 | ) | (0.04 | ) | ||||||||||||||||||||
Adjusted income, net of tax | $ | 410 | $ | 0.79 | $ | 362 | $ | 0.69 | |||||||||||||||||
Nine Months Ended |
Nine Months Ended |
||||||||||||||||||||||||
Amount |
Adjusted |
Amount |
Adjusted |
||||||||||||||||||||||
Income from continuing operations | $ | 1,482 | $ | 1,354 | |||||||||||||||||||||
Less: Non-controlling interest, net of tax | 19 | 22 | |||||||||||||||||||||||
Subtotal | $ | 1,463 | $ | 2.81 | $ | 1,332 | $ | 2.54 | |||||||||||||||||
Operating income adjustments | $ | 44 | $ | 1 | |||||||||||||||||||||
Impact of income taxes | (16 | ) | (7 | ) | |||||||||||||||||||||
28 | 0.06 | (6 | ) | (0.01 | ) | ||||||||||||||||||||
Adjusted income, net of tax | $ | 1,491 | $ | 2.87 | $ | 1,326 | $ | 2.53 | |||||||||||||||||
Marsh & McLennan Companies, Inc. |
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Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Consolidated | ||||||||||||||||
Compensation and Benefits | $ | 1,906 | $ | 1,817 | $ | 5,786 | $ | 5,543 | ||||||||
Other operating expenses | 838 | 746 | 2,383 | 2,273 | ||||||||||||
Total Expenses | $ | 2,744 | $ | 2,563 | $ | 8,169 | $ | 7,816 | ||||||||
Depreciation and amortization expense | $ | 78 | $ | 77 | $ | 234 | $ | 231 | ||||||||
Identified intangible amortization expense | 42 | 32 | 122 | 99 | ||||||||||||
Total | $ | 120 | $ | 109 | $ | 356 | $ | 330 | ||||||||
Stock option expense | $ | 2 | $ | 3 | $ | 19 | $ | 18 | ||||||||
Capital expenditures | $ | 73 | $ | 60 | $ | 217 | $ | 174 | ||||||||
Risk and Insurance Services | ||||||||||||||||
Compensation and Benefits | $ | 999 | $ | 924 | $ | 2,947 | $ | 2,779 | ||||||||
Other operating expenses | 450 | 393 | 1,266 | 1,231 | ||||||||||||
Total Expenses | $ | 1,449 | $ | 1,317 | $ | 4,213 | $ | 4,010 | ||||||||
Depreciation and amortization expense | $ | 36 | $ | 35 | $ | 106 | $ | 105 | ||||||||
Identified intangible amortization expense | 35 | 26 | 100 | 83 | ||||||||||||
Total | $ | 71 | $ | 61 | $ | 206 | $ | 188 | ||||||||
Consulting | ||||||||||||||||
Compensation and Benefits | $ | 825 | $ | 807 | $ | 2,583 | $ | 2,506 | ||||||||
Other operating expenses | 433 | 398 | 1,269 | 1,186 | ||||||||||||
Total Expenses | $ | 1,258 | $ | 1,205 | $ | 3,852 | $ | 3,692 | ||||||||
Depreciation and amortization expense | $ | 25 | $ | 25 | $ | 76 | $ | 75 | ||||||||
Identified intangible amortization expense | 7 | 6 | 22 | 16 | ||||||||||||
Total | $ | 32 | $ | 31 | $ | 98 | $ | 91 | ||||||||
Marsh & McLennan Companies, Inc. |
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(Unaudited) |
December 31, |
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ASSETS | |||||||||
Current assets: | |||||||||
Cash and cash equivalents | $ | 1,078 | $ | 1,026 | |||||
Net receivables | 3,909 | 3,643 | |||||||
Other current assets | 228 | 215 | |||||||
Total current assets | 5,215 | 4,884 | |||||||
Goodwill and intangible assets | 10,420 | 9,495 | |||||||
Fixed assets, net | 728 | 725 | |||||||
Pension related assets | 1,155 | 776 | |||||||
Deferred tax assets | 947 | 1,097 | |||||||
Other assets | 1,225 | 1,213 | |||||||
TOTAL ASSETS | $ | 19,690 | $ | 18,190 | |||||
LIABILITIES AND EQUITY | |||||||||
Current liabilities: | |||||||||
Short-term debt | $ | 13 | $ | 312 | |||||
Accounts payable and accrued liabilities | 2,002 | 1,969 | |||||||
Accrued compensation and employee benefits | 1,377 | 1,655 | |||||||
Accrued income taxes | 229 | 146 | |||||||
Dividends payable | 193 | — | |||||||
Total current liabilities | 3,814 | 4,082 | |||||||
Fiduciary liabilities | 5,128 | 4,241 | |||||||
Less - cash and investments held in a fiduciary capacity | (5,128 | ) | (4,241 | ) | |||||
— | — | ||||||||
Long-term debt | 5,475 | 4,495 | |||||||
Pension, post-retirement and post-employment benefits | 1,948 | 2,076 | |||||||
Liabilities for errors and omissions | 316 | 308 | |||||||
Other liabilities | 1,006 | 957 | |||||||
Total equity | 7,131 | 6,272 | |||||||
TOTAL LIABILITIES AND EQUITY | $ | 19,690 | $ | 18,190 | |||||
View source version on businesswire.com: http://www.businesswire.com/news/home/20171026005715/en/
Source:
Marsh & McLennan Companies
Media:
Laura
Schooler, +1 212 345 0370
laura.schooler@mmc.com
or
Investors:
Dan
Farrell, +1 212 345 3713
daniel.farrell@mmc.com