- Adjusted EPS increased 11% to $2.72, while GAAP EPS was $2.45.
- Adjusted operating income rose 14% to $2.1 billion, with an adjusted operating margin expansion of 50 basis points to 29.5%.
- Consulting segment revenue was $2.4 billion, up 7% (3% underlying growth), with adjusted operating income up 9%.
- Dividend increased 10% to $0.90 per share, marking 16 consecutive years of dividend increases.
- Fiduciary interest income declined to $99 million, down $26 million year-over-year due to lower interest rates.
- Guy Carpenter revenue was $677 million, up 7% (5% underlying growth), despite soft pricing environment.
- Interest expense increased to $243 million due to higher debt from McGriff acquisition.
- Marsh & McLennan reported consolidated revenue of $7 billion for Q2 2025, a 12% increase year-over-year, with 4% underlying growth.
- Marsh revenue was $3.8 billion, up 18% (5% underlying growth), with strong international growth.
- Mercer revenue was $1.5 billion, up 9% (3% underlying growth), with assets under management at $670 billion, up 36% year-over-year driven by acquisitions and net inflows.
- Oliver Wyman revenue was $873 million, up 5% (3% underlying growth).
- Risk and Insurance Services (RIS) revenue grew 15% to $4.6 billion, with 4% underlying growth; adjusted operating income in RIS increased 16% with margin expansion.
- Share repurchases totaled $300 million in the quarter.
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- Compensation, general, administrative, and servicing expenses were marginally lower, with transaction expenses down by $5 million.
- Earnings available for distribution were $32.1 million or $0.39 per share, and economic net interest income was $69 million.
- Economic return on GAAP book value was 0.5% for the quarter and 9.8% year-to-date; economic net interest income return on average equity was 10.5%.
- GAAP net income for Q2 2025 was $14 million or $0.17 per share, with GAAP book value at $20.91 per share.
- Total leverage was 4.5:1, with recourse leverage at 1.8:1, increased due to higher investments in agency securities.
- Yield on average interest-earning assets was 6%, average cost of funds was 4.5%, resulting in a net interest spread of 1.5%.
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