TIDMMHM
Marsh & McLennan Companies, Inc. (NYSE:MMC), a global
professional services firm offering clients advice and solutions in
risk, strategy and people, today reported financial results for the
fourth quarter and year ended December 31, 2018.
Dan Glaser, President and CEO, said: "Marsh & McLennan had
an outstanding finish to the year. In the fourth quarter, we
produced strong underlying revenue growth of 5%, including 6% in
Risk & Insurance Services and 3% in Consulting. Excluding the
impact of the new revenue standard, we generated adjusted operating
income growth of 15% in the quarter and delivered 180 basis points
of overall adjusted margin expansion."
"For the year, Marsh & McLennan generated strong underlying
revenue growth of 4%, adjusted operating income growth of 8% and
adjusted EPS growth of 11%. This marks another year of double-digit
adjusted EPS growth following 15% growth in 2017."
"In addition to our impressive underlying performance, we had
another active year of acquisitions and delivered on our capital
return commitments. The highlight of the year was our agreement to
acquire Jardine Lloyd Thompson Group. This combination will enhance
capabilities for our clients, increase opportunities for our
colleagues and create value for our shareholders," concluded Mr.
Glaser.
Consolidated Results
Consolidated revenue in the fourth quarter of 2018 was $3.7
billion, an increase of 1% compared with the fourth quarter of
2017, or 4% excluding the impact of the new revenue standard, ASC
606, adopted on January 1, 2018. On an underlying basis, revenue
increased 5%. Operating income declined 7% to $621 million.
Adjusted operating income, which excludes noteworthy items as
presented in the attached supplemental schedules, increased 7% to
$731 million. Excluding the impact of ASC 606, adjusted operating
income rose 15% to $785 million.
On a per share basis, net income attributable to the Company in
the fourth quarter increased to $0.30 from $0.06 in the prior year.
Adjusted earnings per share of $1.09 rose 4% from the prior year
period. Adjusted earnings per share includes an $0.08 reduction
from the impact of ASC 606. Excluding the impact of ASC 606,
adjusted EPS increased 11%.
For the year 2018, revenue was $15 billion, an increase of 7%
compared with 2017, or 4% on an underlying basis. Earnings per
share increased 13% to $3.23. Adjusted earnings per share increased
11% to $4.35 compared with $3.92 in 2017.
Risk & Insurance Services
Risk & Insurance Services revenue was $1.9 billion in the
fourth quarter of 2018, down 2% compared with the fourth quarter of
2017, or an increase of 5% excluding the impact of ASC 606. On an
underlying basis, revenue increased 6%. Operating income of $383
million declined 7% from the prior year, and adjusted operating
income declined 1% to $418 million. Excluding the impact of ASC
606, adjusted operating income increased 16%. For the year 2018,
revenue was $8.2 billion, an increase of 8%, or 5% on an underlying
basis. Operating income rose 8% to $1.9 billion while adjusted
operating income rose 11%.
Marsh's revenue in the fourth quarter of 2018 was $1.8 billion,
up 6% on an underlying basis. In U.S./Canada, underlying revenue
rose 7%. International operations produced underlying revenue
growth of 5%, reflecting underlying growth of 8% in Asia Pacific,
8% in Latin America and 3% in EMEA. For the year 2018, Marsh's
revenue increased to $6.9 billion, up 4% on an underlying
basis.
Guy Carpenter's fourth quarter revenue was $102 million, up 5%
on an underlying basis. For the year 2018, Guy Carpenter's revenue
increased to $1.3 billion, up 7% on an underlying basis.
Consulting
Consulting revenue was $1.8 billion in the fourth quarter of
2018, an increase of 4%, or 3% excluding the impact of ASC 606. On
an underlying basis, revenue increased 3%. Operating income of $294
million declined 5%. Adjusted operating income increased 16% to
$359 million. Excluding the impact of ASC 606, adjusted operating
income increased 9%. For the year 2018, revenue was $6.8 billion,
up 5%, or 3% on an underlying basis. Operating income was down 1%
and adjusted operating income increased 3%.
Mercer's revenue was $1.2 billion in the fourth quarter, an
increase of 3%, or 2% on an underlying basis. Wealth revenue
declined 1% on an underlying basis. Within Wealth, Defined Benefit
Consulting & Administration decreased 2% on an underlying
basis, while Investment Management & Related Services increased
1%. Health revenue increased 4% on an underlying basis and Career
increased 5% on an underlying basis. For the year 2018, Mercer's
revenue increased to $4.7 billion, up 3% on an underlying
basis.
Oliver Wyman Group's revenue was $577 million in the fourth
quarter, an increase of 7% on an underlying basis. For the year
2018, Oliver Wyman Group's revenue increased to $2 billion, up 5%
on an underlying basis.
Other Items
As part of the Company's planned financing for the proposed
acquisition of JLT, the Company issued $5 billion aggregate amount
of senior notes in January 2019. The various tranches consisted of
$700 million of 3.50% senior notes due 2020, $1 billion of 3.875%
senior notes due 2024, $1.25 billion of 4.375% senior notes due
2029, $500 million of 4.75% senior notes due 2039, $1.25 billion of
4.90% senior notes due 2049 and $300 million floating rate senior
notes due 2021.
Subject to receipt of required antitrust and regulatory
approvals, the transaction is expected to close in the spring of
2019. In order to protect the Company from exchange rate
volatility, the Company entered into a deal contingent forward
foreign exchange contract. In addition, in the fourth quarter of
2018, the Company entered into Treasury lock contracts to hedge the
economic risk of changes in interest rates related to a portion of
the senior notes discussed above.
The Company recorded a charge of $341 million in the fourth
quarter reflecting the change in fair value of these acquisition
related derivative contracts. These items are classified as
noteworthy and therefore excluded from adjusted results.
Conference Call
A conference call to discuss fourth quarter and full year 2018
results will be held today at 8:30 a.m. Eastern time. To
participate in the teleconference, please dial +1 800 263 0877.
Callers from outside the United States should dial +1 323 794 2094.
The access code for both numbers is 9442283. The live audio webcast
may be accessed at mmc.com. A replay of the webcast will be
available approximately two hours after the event.
About Marsh & McLennan Companies
Marsh & McLennan (NYSE:MMC) is the world's leading
professional services firm in the areas of risk, strategy and
people. The company's over 65,000 colleagues advise clients in over
130 countries. With annual revenue of $15 billion, Marsh &
McLennan helps clients navigate an increasingly dynamic and complex
environment through four market-leading firms. Marsh advises
individual and commercial clients of all sizes on insurance broking
and innovative risk management solutions. Guy Carpenter develops
advanced risk, reinsurance and capital strategies that help clients
grow profitably and pursue emerging opportunities. Mercer delivers
advice and technology-driven solutions that help organizations meet
the health, wealth and career needs of a changing workforce. Oliver
Wyman serves as a critical strategic, economic and brand advisor to
private sector and governmental clients. For more information,
visit mmc.com, follow us on LinkedIn and Twitter @mmc_global or
subscribe to BRINK.
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:
-- our ability to successfully consummate, integrate or achieve the
intended benefits of the acquisition of JLT;
-- the impact of any investigations, reviews, market studies or other
activity by regulatory or law enforcement authorities, including
the
ongoing investigations by the European and Brazilian
competition
authorities;
-- the impact from lawsuits, other contingent liabilities and loss
contingencies arising from errors and omissions, breach of
fiduciary
duty or other claims against us;
-- 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 large volume of
our
vendor network and the need to patch software
vulnerabilities;
-- our ability to compete effectively and adapt to changes in the
competitive environment, including to respond to
disintermediation,
digital disruption and other types of innovation;
-- the financial and operational impact of complying with laws and
regulations where we operate, including cybersecurity and data
privacy
regulations such as the E.U.'s General Data Protection
Regulation,
anti-corruption laws and trade sanctions regimes;
-- the impact of macroeconomic, political, regulatory or market
conditions on us, our clients and the industries in which we
operate,
including the impact and uncertainty around Brexit or the
inability to
collect on our receivables;
-- the regulatory, contractual and reputational risks that arise based on
insurance placement activities and various broker and
consulting
revenue streams;
-- our ability to manage risks associated with our investment management
and related services business, including potential conflicts
of
interest between investment consulting and fiduciary
management
services;
-- our ability to successfully recover if we experience a business
continuity problem due to cyberattack, natural disaster or
otherwise;
-- the impact of changes in tax laws, guidance and interpretations,
including related to certain provisions of the U.S. Tax Cuts and
Jobs
Act, or disagreements with tax authorities;
-- the impact of fluctuations in foreign exchange and interest rates on
our results; and
-- the impact of changes in accounting rules or in our accounting
estimates or assumptions, including the impact of the adoption
of the
revenue recognition, pension and lease accounting standards.
The factors identified above are not exhaustive. Marsh &
McLennan Companies and its subsidiaries operate in a dynamic
business environment in which new risks emerge frequently.
Accordingly, we caution readers not to place undue reliance on any
forward-looking statements, which are based only on information
currently available to us and speak only as of the dates on which
they are made. The Company undertakes no obligation to update or
revise any forward-looking statement to reflect events or
circumstances arising after the date on which it is made.
Further information concerning Marsh & McLennan Companies
and its businesses, including information about factors that could
materially affect our results of operations and financial
condition, is contained in the Company's filings with the
Securities and Exchange Commission, including the "Risk Factors"
section and the "Management's Discussion and Analysis of Financial
Condition and Results of Operations" section of our most recently
filed Annual Report on Form 10-K.
Marsh & McLennan Companies, Inc.Consolidated Statements of
Income(In millions, except per share figures)(Unaudited)
Three Months Ended Twelve Months Ended
December 31, December 31,
2018 2017 2018 2017
Revenue $ 3,712 $ 3,685 $ 14,950 $ 14,024
Expense:
Compensation 2,163 2,114 8,605 8,085
and Benefits
Other Operating 928 901 3,584 3,284
Expenses
Operating Expenses 3,091 3,015 12,189 11,369
Operating Income 621 670 2,761 2,655
Other Net Benefit 21 16 215 201
Credits (a)
Interest Income 3 3 11 9
Interest Expense (92 ) (59 ) (290 ) (237 )
Investment Income 12 12 (12 ) 15
(Loss)
Acquisition (341 ) - (441 ) -
Related
Derivative
Contracts (b)
Income Before 224 642 2,244 2,643
Income Taxes
Income Tax Expense 65 614 574 1,133
Income from 159 28 1,670 1,510
Continuing
Operations
Discontinued - 2 - 2
Operations,
Net of Tax
Net Income Before 159 30 1,670 1,512
Non-Controlling
Interests
Less: Net Income 6 1 20 20
Attributable
to Non-Controlling
Interests
Net $ 153 $ 29 $ 1,650 $ 1,492
Income Attributable
to the Company
Basic Net Income
Per Share
- Continuing $ 0.30 $ 0.05 $ 3.26 $ 2.91
Operations
- Net Income $ 0.30 $ 0.06 $ 3.26 $ 2.91
Attributable
to the Company
Diluted Net Income
Per Share
- Continuing $ 0.30 $ 0.05 $ 3.23 $ 2.87
Operations
- Net Income $ 0.30 $ 0.06 $ 3.23 $ 2.87
Attributable
to the Company
Average Number
of Shares
Outstanding
- Basic 504 510 506 513
- Diluted 509 517 511 519
Shares Outstanding 504 509 504 509
at 12/31
(a) Effective January 1, 2018, ASC 715, as amended, changed
the presentation of net periodic pension cost and net
periodic postretirement cost. The Company has restated prior
years and quarters for this revised presentation.
(b) To hedge the risk of appreciation of
the pound sterling ("GBP") denominated
purchase price of JLT relative to the U.S. dollar ("USD"), the
Company entered into a deal contingent forward exchange contract to,
solely upon consummation of the acquisition, purchase GBP and sell
USD at a contracted exchange rate. An
unrealized loss of $225 million and
$325 million, respectively, related to the fair value changes to this
derivative has been recognized in the
consolidated statement of income
for the three and twelve month periods ended December 31, 2018.
In addition, to hedge the economic risk of increases
in interest rates prior to its issuance
of fixed rate debt in January 2019, the Company
entered into Treasury locks contracts
in the fourth quarter of 2018 related to a portion
of the debt. These economic hedges were
not designated as accounting hedges. The Company
recorded an unrealized loss of $116
million related to the change in fair value of
this derivative in the consolidated statement
of income for the three and twelve periods ended
December 31, 2018. The Company terminated
and settled the Treasury rate lock contracts on
January 8, 2019, recognizing an additional
charge of $6 million that will be recognized
in the first quarter of 2019.
Marsh & McLennan Companies, Inc.Consolidated Statements of
Income - Impact of Revenue Standard(In millions, except per share
figures)(Unaudited)
The Company adopted the revenue standard ("ASC 606") using
the modified retrospective method, applied to all
contracts. The guidance requires entities that elected
the modified retrospective method to disclose
the impact to financial statement line items as a
result of applying the new guidance (rather than
previous U.S. GAAP). The table below shows the impacts
on the consolidated statement of income.
Three Months Ended Twelve Months Ended
December 31, 2018 December 31, 2018
As Reported RevenueStandardImpact Prior toAdoption As Reported RevenueStandardImpact Prior toAdoption
Revenue $ 3,712 $ 129 $ 3,841 $ 14,950 $ 2 $ 14,952
Expense:
Compensation 2,163 75 2,238 8,605 17 8,622
and Benefits
Other 928 - 928 3,584 - 3,584
Operating
Expenses
Operating 3,091 75 3,166 12,189 17 12,206
Expenses
Operating 621 54 675 2,761 (15 ) 2,746
Income
Other Net 21 - 21 215 - 215
Benefit
Credits
Interest 3 - 3 11 - 11
Income
Interest (92 ) - (92 ) (290 ) - (290 )
Expense
Investment 12 - 12 (12 ) - (12 )
Income
(Loss)
Acquisition (341 ) - (341 ) (441 ) - (441 )
Related
Derivative
Contracts
Income Before 224 54 278 2,244 (15 ) 2,229
Income Taxes
Income Tax 65 14 79 574 (4 ) 570
Expense
Net Income 159 40 199 1,670 (11 ) 1,659
Before
Non-Controlling
Interests
Less: Net 6 - 6 20 - 20
Income
Attributable
to
Non-Controlling
Interests
Net $ 153 $ 40 $ 193 $ 1,650 $ (11 ) $ 1,639
Income
Attributable
to the Company
Net Income
Per Share
Attributable
to the Company
- Basic $ 0.30 $ 0.08 $ 0.38 $ 3.26 $ (0.02 ) $ 3.24
- Diluted $ 0.30 $ 0.08 $ 0.38 $ 3.23 $ (0.02 ) $ 3.21
Average Number
of Shares
Outstanding
- Basic 504 504 504 506 506 506
- Diluted 509 509 509 511 511 511
Shares 504 504 504 504 504 504
Outstanding
at 12/31
Marsh & McLennan Companies, Inc.Supplemental Information -
Revenue AnalysisThree Months Ended December 31(Millions)
(Unaudited)
Components of Revenue Change*
Three Months Ended % ChangeGAAPRevenue CurrencyImpact Acquisitions/ Revenue StandardImpact UnderlyingRevenue
December 31, Dispositions/Other
2018 2017
Risk and Insurance
Services
Marsh $ 1,804 $ 1,712 5 % (3 )% 2 % - 6 %
Guy Carpenter 102 239 (57 )% (1 )% - (61 )% 5 %
Subtotal 1,906 1,951 (2 )% (3 )% 2 % (7 )% 6 %
Fiduciary Interest 19 11
Income
Total Risk and 1,925 1,962 (2 )% (3 )% 2 % (7 )% 6 %
Insurance
Services
Consulting
Mercer 1,228 1,193 3 % (2 )% 2 % 1 % 2 %
Oliver Wyman Group 577 546 6 % (2 )% - - 7 %
Total Consulting 1,805 1,739 4 % (2 )% 2 % 1 % 3 %
Corporate (18 ) (16 )
/ Eliminations
Total Revenue $ 3,712 $ 3,685 1 % (2 )% 2 % (3 )% 5 %
Revenue Details
The following table provides more detailed revenue information
for certain of the components presented above:
Components of Revenue Change*
Three Months Ended % ChangeGAAPRevenue CurrencyImpact Acquisitions/Dispositions/Other RevenueStandardImpact UnderlyingRevenue
December 31,
2018 2017
Marsh:
EMEA $ 522 $ 521 - (2 )% - - 3 %
Asia Pacific 169 161 5 % (3 )% - - 8 %
Latin America 121 130 (8 )% (20 )% 5 % - 8 %
Total International 812 812 - (5 )% 1 % - 5 %
U.S. / Canada 992 900 10 % - 3 % - 7 %
Total Marsh $ 1,804 $ 1,712 5 % (3 )% 2 % - 6 %
Mercer:
Defined Benefit Consulting $ 320 $ 371 (14 )% (2 )% (9 )% - (2 )%
& Administration
Investment Management 223 195 15 % (4 )% 17 % - 1 %
& Related Services
Total Wealth 543 566 (4 )% (3 )% - - (1 )%
Health 449 409 10 % (1 )% 4 % 4 % 4 %
Career 236 218 8 % (3 )% 6 % - 5 %
Total Mercer $ 1,228 $ 1,193 3 % (2 )% 2 % 1 % 2 %
Note:
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, changes
in estimate methodology and the impact of the new revenue standard.
* Components of revenue change may not add due to rounding.
Marsh & McLennan Companies, Inc.Supplemental Information -
Revenue AnalysisTwelve Months Ended December 31(Millions)
(Unaudited)
Components of Revenue Change*
Twelve Months Ended % ChangeGAAPRevenue CurrencyImpact Acquisitions/Dispositions/Other RevenueStandardImpact UnderlyingRevenue
December 31,
2018 2017
Risk and Insurance Services
Marsh $ 6,877 $ 6,404 7 % - 3 % - 4 %
Guy Carpenter 1,286 1,187 8 % 1 % - - 7 %
Subtotal 8,163 7,591 8 % 1 % 3 % - 5 %
Fiduciary Interest Income 65 39
Total Risk and Insurance 8,228 7,630 8 % - 3 % - 5 %
Services
Consulting
Mercer 4,732 4,528 5 % 1 % 1 % - 3 %
Oliver Wyman Group 2,047 1,916 7 % 1 % - - 5 %
Total Consulting 6,779 6,444 5 % 1 % 1 % - 3 %
Corporate / Eliminations (57 ) (50 )
Total Revenue $ 14,950 $ 14,024 7 % 1 % 2 % - 4 %
Revenue Details
The following table provides more detailed revenue information
for certain of the components presented above:
Components of Revenue Change*
Twelve Months Ended % ChangeGAAPRevenue CurrencyImpact Acquisitions/Dispositions/Other RevenueStandardImpact UnderlyingRevenue
December 31,
2018 2017
Marsh:
EMEA $ 2,132 $ 2,033 5 % 3 % 1 % - -
Asia Pacific 683 645 6 % - - - 5 %
Latin America 400 404 (1 )% (10 )% 3 % - 6 %
Total International 3,215 3,082 4 % 1 % 1 % - 2 %
U.S. / Canada 3,662 3,322 10 % - 5 % - 6 %
Total Marsh $ 6,877 $ 6,404 7 % - 3 % - 4 %
Mercer:
Defined Benefit Consulting $ 1,279 $ 1,381 (7 )% 1 % (5 )% - (4 )%
& Administration
Investment Management 906 767 18 % - 9 % - 9 %
& Related Services
Total Wealth 2,185 2,148 2 % 1 % - - 1 %
Health 1,735 1,648 5 % - 1 % - 4 %
Career 812 732 11 % - 6 % - 5 %
Total Mercer $ 4,732 $ 4,528 5 % 1 % 1 % - 3 %
Note:
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, changes
in estimate methodology and the impact of the new revenue standard.
* Components of revenue change may not add due to rounding.
Marsh & McLennan Companies, Inc.Reconciliation of Non-GAAP
MeasuresIncludes Revenue Standard ImpactThree Months Ended December
31(Millions) (Unaudited)
Overview
The Company reports its financial results in accordance
with accounting principles generally
accepted in the United States (referred to
in this release as "GAAP" or "reported"
results). The Company also refers to and presents
below certain additional non-GAAP financial
measures, within the meaning of Regulation
G under the Securities Exchange Act
of 1934. These measures are:adjusted operating income
(loss),adjusted operating margin, adjusted
income, net of taxandadjusted earnings per
share (EPS). The Company has included
reconciliations of these non-GAAP financial
measures to the most directly comparable
financial measure calculated in accordance
with GAAP in the following tables.
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 businesses, 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. The
Company's non-GAAP measures include adjustments that
reflect how management views our businesses,
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 reconcileadjusted
operating income (loss)to GAAP
operating income or loss, on a consolidated
and segment basis, for the three
months ended December 31, 2018. The following
tables also presentadjusted operating
margin. For the three months ended December
31, 2018,adjusted operating marginis
calculated by dividingadjusted operating incomeby
consolidated or segment GAAP revenue
adjusted for the subsidiary or affiliate transactions discussed below.
Risk &InsuranceServices Consulting Corporate/Eliminations Total
Three Months Ended
December 31, 2018
Operating income $ 383 $ 294 $ (56 ) $ 621
(loss)
Add (Deduct)
impact of
Noteworthy Items:
Restructuring (a) 12 51 3 66
Adjustments to 6 7 - 13
acquisition
related accounts
(b)
JLT acquisition 5 - 7 12
related
costs (c)
Subsidiary or 11 6 - 17
affiliate
transactions (d)
Other 1 1 - 2
Operating income 35 65 10 110
adjustments
Adjusted operating $ 418 $ 359 $ (46 ) $ 731
income (loss)
Operating margin 19.9 % 16.3 % N/A 16.7 %
Adjusted operating 21.6 % 19.8 % N/A 19.6 %
margin
(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.
Reflects severance and consulting
costs relating to the Marsh simplification initiative
and Mercer's business restructure.
(b) Primarily includes the change in fair value as measured each
quarter of contingent consideration related to acquisitions.
(c) Primarily related to legal and consulting costs
in connection with the JLT acquisition.
(d) Dispositions or deconsolidation of businesses
and results of certain equity method
investments are reflected as an increase
or decrease of other revenue, which is
reflected as part of revenue in the consolidated
statements of income. These items
are removed from GAAP revenue in the calculation
of adjusted operating margin.
Note:
Comparative financial information for the three months
ended December 31, 2017 is presented on page 11.
Marsh & McLennan Companies, Inc.Reconciliation of Non-GAAP
Measures - Comparable Accounting BasisExcludes the Revenue Standard
ImpactThree Months Ended December 31(Millions) (Unaudited)
As discussed earlier, the Company has adopted
the new revenue standard using
the modified retrospective method, which requires the disclosure
of the impacts of the standard on each financial statement line item.
The non-GAAP measures below present an analysis of results
reflecting 2018 financial information excluding
the impact of the application
of ASC 606, to facilitate a comparison to the 2017 results.
Except for the adjustment for the effects of ASC 606 in 2018, these
non-GAAP measures are calculated as described on the prior page.
Risk &InsuranceServices Consulting Corporate/Eliminations Total
Three Months Ended
December 31, 2018
Operating income $ 456 $ 275 $ (56 ) $ 675
(loss)
without adoption
Add impact of
Noteworthy
Items:
Restructuring (a) 12 51 3 66
Adjustments to 6 7 - 13
acquisition
related accounts
(b)
JLT acquisition 5 - 7 12
related
costs (c)
Subsidiary or 11 6 - 17
affiliate
transactions (d)
Other 1 1 - 2
Operating income 35 65 10 110
adjustments
Adjusted operating $ 491 $ 340 $ (46 ) $ 785
income (loss)
Operating margin - 22.0 % 15.4 % N/A 17.6 %
Comparable basis
Adjusted operating 23.6 % 19.0 % N/A 20.4 %
margin
- Comparable basis
Three Months Ended
December 31, 2017
Operating income $ 413 $ 309 $ (52 ) $ 670
(loss)
Add impact of
Noteworthy
Items:
Restructuring (a) 4 1 3 8
Adjustments to 5 1 - 6
acquisition
related accounts
(b)
Other 1 - - 1
Operating income 10 2 3 15
adjustments
Adjusted operating $ 423 $ 311 $ (49 ) $ 685
income (loss)
Operating margin 21.0 % 17.8 % N/A 18.2 %
Adjusted operating 21.6 % 17.9 % N/A 18.6 %
margin
(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.
Reflects severance and consulting costs
in 2018 relating to the Marsh simplification initiative
and Mercer's business restructure.
(b) Primarily includes the change in fair value as measured each
quarter of contingent consideration related to acquisitions.
(c) Primarily related to legal and consulting costs
in connection with the JLT acquisition.
(d) Dispositions or deconsolidation of businesses
and results of certain equity method
investments are reflected as an increase
or decrease of other revenue, which is
reflected as part of revenue in the consolidated
statements of income. These items
are removed from GAAP revenue in the calculation
of adjusted operating margin.
Marsh & McLennan Companies, Inc.Reconciliation of Non-GAAP
MeasuresIncludes Revenue Standard ImpactTwelve Months Ended
December 31(Millions) (Unaudited)
Overview
The Company reports its financial results in accordance
with accounting principles generally
accepted in the United States (referred to
in this release as "GAAP" or "reported"
results). The Company also refers to and presents
below certain additional non-GAAP financial
measures, within the meaning of Regulation
G under the Securities Exchange Act
of 1934. These measures are:adjusted operating income
(loss),adjusted operating margin,adjusted
income, net of tax andadjusted earnings per
share (EPS). The Company has included
reconciliations of these non-GAAP financial
measures to the most directly comparable
financial measure calculated in accordance
with GAAP in the following tables.
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 businesses, 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. The
Company's non-GAAP measures include adjustments that
reflect how management views our businesses,
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 reconcileadjusted
operating income (loss)to GAAP
operating income or loss, on a consolidated
and segment basis, for the twelve
months ended December 31, 2018. The following
tables also presentadjusted operating
margin. For the twelve months ended December
31, 2018,adjusted operating marginis
calculated by dividingadjusted operating incomeby
consolidated or segment GAAP revenue
adjusted for the subsidiary or affiliate transactions discussed below.
Risk &InsuranceServices Consulting Corporate/Eliminations Total
Twelve Months
Ended
December
31, 2018
Operating $ 1,864 $ 1,099 $ (202 ) $ 2,761
income
(loss)
Add (Deduct)
impact of
Noteworthy
Items:
Restructuring 99 52 10 161
(a)
Adjustments 22 10 - 32
to
acquisition
related
accounts
(b)
JLT 5 - 7 12
acquisition
related
costs (c)
Subsidiary or (35 ) 6 - (29 )
affiliate
transactions
(d)
Other 1 - - 1
Operating 92 68 17 177
income
adjustments
Adjusted $ 1,956 $ 1,167 $ (185 ) $ 2,938
operating
income (loss)
Operating 22.7 % 16.2 % N/A 18.5 %
margin
Adjusted 23.9 % 17.2 % N/A 19.7 %
operating
margin
(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.
Reflects severance and consulting costs
in 2018 relating to the Marsh simplification initiative
and Mercer's business restructure.
(b) Primarily includes the change in fair value as measured each
quarter of contingent consideration related to acquisitions.
(c) Primarily related to legal and consulting costs
in connection with the JLT acquisition.
(d) Dispositions or deconsolidation of businesses
and results of certain equity method
investments are reflected as an increase
or decrease of other revenue, which is
reflected as part of revenue in the consolidated
statements of income. These items
are removed from GAAP revenue in the calculation
of adjusted operating margin.
Note:
Comparative financial information for the twelve months
ended December 31, 2017 is presented on page 13.
Marsh & McLennan Companies, Inc.Reconciliation of Non-GAAP
Measures - Comparable Accounting BasisExcludes the Revenue Standard
ImpactTwelve Months Ended December 31(Millions) (Unaudited)
As discussed earlier, the Company has adopted
the new revenue standard using
the modified retrospective method, which requires the disclosure
of the impacts of the standard on each financial statement line item.
The non-GAAP measures below present an analysis of results
reflecting 2018 financial information excluding
the impact of the application
of ASC 606, to facilitate a comparison to the 2017 results.
Except for the adjustment for the effects of ASC 606 in 2018, these
non-GAAP measures are calculated as described on the prior page.
Risk &InsuranceServices Consulting Corporate/Eliminations Total
Twelve Months
Ended
December
31, 2018
Operating $ 1,864 $ 1,084 $ (202 ) $ 2,746
income
(loss)
without
adoption
Add (Deduct)
impact of
Noteworthy
Items:
Restructuring 99 52 10 161
(a)
Adjustments to 22 10 - 32
acquisition
related accounts
(b)
JLT acquisition 5 - 7 12
related
costs (c)
Subsidiary or (35 ) 6 - (29 )
affiliate
transactions
(d)
Other 1 - - 1
Operating 92 68 17 177
income
adjustments
Adjusted $ 1,956 $ 1,152 $ (185 ) $ 2,923
operating
income (loss)
Operating 22.6 % 16.0 % N/A 18.4 %
margin -
Comparable
basis
Adjusted 23.9 % 17.0 % N/A 19.6 %
operating
margin
- Comparable
basis
Twelve Months
Ended
December
31, 2017
Operating $ 1,731 $ 1,110 $ (186 ) $ 2,655
income
(loss)
Add impact of
Noteworthy
Items:
Restructuring 11 19 10 40
(a)
Adjustments to - 3 - 3
acquisition
related accounts
(b)
Other 15 - - 15
Settlement,
Legal
and Regulatory
(e)
Other 1 - - 1
Operating 27 22 10 59
income
adjustments
Adjusted $ 1,758 $ 1,132 $ (176 ) $ 2,714
operating
income (loss)
Operating 22.7 % 17.2 % N/A 18.9 %
margin
Adjusted 23.0 % 17.6 % N/A 19.4 %
operating
margin
(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.
Reflects severance and consulting costs
in 2018 relating to the Marsh simplification initiative
and Mercer's business restructure.
(b) Primarily includes the change in fair value as measured each
quarter of contingent consideration related to acquisitions.
(c) Primarily related to legal and consulting costs
in connection with the JLT acquisition.
(d) Dispositions or deconsolidation of businesses
and results of certain equity method
investments are reflected as an increase
or decrease of other revenue, which is
reflected as part of revenue in the consolidated
statements of income. These items
are removed from GAAP revenue in the calculation
of adjusted operating margin.
(e) 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
MeasuresIncludes the Revenue Standard ImpactThree and Twelve Months
Ended December 31(Millions) (Unaudited)
Adjusted Income, Net of Tax and Adjusted Earnings per Share
Adjusted income,net of taxis 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 and investments
gains or losses related to the impact of mark-to-market adjustments
on certain equity securities previously recorded
to equity, change in fair value of the acquisition related
derivative contracts, amortization of bridge
financing fees, pension settlement charges and adjustments to
provisional 2017 tax estimates.Adjusted EPSis calculated
by dividing the Company'sadjusted income, net of tax, by
MMC's average number of shares outstanding-diluted
for the relevant period. The following tables reconcileadjusted
income, net of taxto GAAP income from continuing
operations andadjusted EPSto GAAP EPS for the three
and twelve months ended December 31, 2018.
Three Months Ended Twelve Months Ended
December 31, 2018 December 31, 2018
Amount Adjusted EPS Amount Adjusted EPS
Income $ 159 $ 1,670
from
continuing
operations
Less: 6 20
Non-controlling
interest,
net
of tax
Subtotal $ 153 $ 0.30 $ 1,650 $ 3.23
Operating $ 110 $ 177
income
adjustments
(from
pages
10 and 12)
Investments (8 ) 29
adjustment
(a)
Pension 42 42
settlement
charge (b)
Change in 341 441
fair
value
of
acquisition
related
derivative
contracts
(c)
Amortization 27 30
of bridge
financing
fees (d)
Impact of (113 ) (139 )
income
taxes
on above
items
Adjustments 6 (5 )
to
provisional
2017
tax
estimates
(e)
405 0.79 575 1.12
Adjusted $ 558 $ 1.09 $ 2,225 $ 4.35
income,
net of tax
(a) Mark-to-market adjustments for investments
classified as available for sale
under prior guidance were recorded to equity,
net of tax. Beginning January
1, 2018 such adjustments must be recorded
as part of investment income. Prior
periods were not restated. The Company excludes such mark-to-market
gains or losses from its calculation of
adjusted earnings per share. The Company
recorded mark-to-market gains of $8 million
and $54 million for the three
and twelve-month periods ended December
31, 2018, respectively, which are
included in Investment Income in the Consolidated Statement of Income.
The Company has an investment in Alexander Forbes ("AF"), which
is accounted for using the equity method. AF's shares (which
are publicly traded on the Johannesburg stock exchange) have
been trading below the Company's carrying value. Based
on the extent of and duration over which the shares have traded
below the Company's carrying value, the Company determined
the decline was other than temporary and in the third quarter
recorded a charge of $83 million in Investment loss.
(b) Pension settlement charge resulting from lump
sum settlements elected by participants
in primarily certain U.K. pension plans. Recognition of these payments
as a partial settlement was required because
in each respective plan the lump
sum payments exceeded the total of interest
and service cost for the year.
(c) Reflects the change in fair value of
the deal contingent foreign exchange
contract and treasury rate locks related to the acquisition of JLT.
(d) Reflects amortization of the bridge financing fees related to
the pending acquisition of JLT recorded in interest expense.
(e) Relates to final adjustments to provisional
2017 year-end estimates of transition
taxes and U.S. deferred tax assets and
liabilities from U.S. tax reform.
Note:
Comparative financial information for the three and twelve
months ended December 31, 2017 is presented on page 15.
Marsh & McLennan Companies, Inc.Reconciliation of Non-GAAP
Measures - Comparable Accounting BasisExcludes the Revenue Standard
ImpactThree and Twelve Months Ended December 31(Millions)
(Unaudited)
As discussed earlier, the Company adopted the new revenue standard using
the modified retrospective method, which requires the disclosure of
the impacts of the standard on each financial statement line item. The
non-GAAP measures below present an analysis of results reflecting
2018 financial information excluding the impact of the application of
ASC 606, to facilitate a comparison to the 2017 results. Except
for the adjustment for the effects of ASC 606 in 2018, these non-GAAP
measures are calculated as described on the prior page.
Three Months Ended Three Months Ended
December 31, 2018 December 31, 2017
Amount Adjusted EPS Amount Adjusted EPS
Income from $ 199 $ 28
continuing
operations,
(2018
prior to the
impact
of ASC 606)
Less: 6 1
Non-controlling
interest, net
of tax
Subtotal $ 193 $ 0.38 $ 27 $ 0.05
Operating $ 110 $ 15
income
adjustments
(from page
11)
Investments (8 ) -
adjustment
(a)
Pension 42 54
settlement
charge (b)
Change in 341 -
fair
value
of
acquisition
related
derivative
contracts (c)
Amortization 27 -
of bridge
financing
fees (d)
Impact of (113 ) (12 )
income
taxes
on above
items
Adjustments/Impact 6 460
of
U.S. tax
reform
(e)
405 0.79 517 1.00
Adjusted $ 598 $ 1.17 $ 544 $ 1.05
income,
net of tax
Twelve Months Ended Twelve Months Ended
December 31, 2018 December 31, 2017
Amount Adjusted EPS Amount Adjusted EPS
Income from $ 1,659 $ 1,510
continuing
operations,
(2018
prior to the
impact
of ASC 606)
Less: 20 20
Non-controlling
interest, net
of tax
Subtotal $ 1,639 $ 3.21 $ 1,490 $ 2.87
Operating $ 177 $ 59
income
adjustments
(from page
13)
Investments 29 -
adjustment
(a)
Pension 42 54
settlement
charge (b)
Change in 441 -
fair
value
of
FX acquisition
related
derivative
contracts
(c)
Amortization 30 -
of bridge
financing
fees (d)
Impact of (139 ) (28 )
income
taxes
on above
items
Adjustments/Impact (5 ) 460
of
U.S. tax
reform
(e)
575 1.12 545 1.05
Adjusted $ 2,214 $ 4.33 $ 2,035 $ 3.92
income,
net of tax
(a) Mark-to-market adjustments for investments
classified as available for sale
under prior guidance were recorded to equity,
net of tax. Beginning January
1, 2018 such adjustments must be recorded
as part of investment income. Prior
periods were not restated. The Company excludes such mark-to-market
gains or losses from its calculation of
adjusted earnings per share. The Company
recorded mark-to-market gains of $8 million
and $54 million for the three
and twelve-month periods ended December
31, 2018, respectively, which are
included in Investment Income in the Consolidated Statement of Income.
The Company has an investment in AF, which is accounted for using
the equity method. AF's shares (which are publicly traded
on the Johannesburg stock exchange) have been trading below
the Company's carrying value. Based on the extent
of and duration over which the shares have traded below the
Company's carrying value, the Company determined the
decline was other than temporary and in the third quarter
recorded a charge of $83 million in Investment loss.
(b) Pension settlement charge resulting from lump
sum settlements elected by participants
in primarily certain U.K. pension plans. Recognition of these payments
as a partial settlement was required because
in each respective plan the lump
sum payments exceeded the total of interest
and service cost for the year.
(c) Reflects the change in fair value of
the deal contingent foreign exchange
contract and treasury rate locks related to the acquisition of JLT.
(d) Reflects amortization of the bridge financing fees related to
the pending acquisition of JLT recorded in interest expense.
(e) Relates to final adjustments to provisional
2017 year-end estimates of transition
taxes and U.S. deferred tax assets and
liabilities from U.S. tax reform.
Marsh & McLennan Companies, Inc.Supplemental
InformationThree and Twelve Months Ended December 31(Millions)
(Unaudited)
Three Months Ended December 31, Twelve Months Ended December 31,
ExcludesImpact ofRevenueStandard ExcludesImpact ofRevenueStandard
2018 2018 2017 2018 2018 2017
Consolidated
Compensation $ 2,163 $ 2,238 $ 2,114 $ 8,605 $ 8,622 $ 8,085
and Benefits
Other operating expenses 928 928 901 3,584 3,584 3,284
Total Expenses $ 3,091 $ 3,166 $ 3,015 $ 12,189 $ 12,206 $ 11,369
Depreciation and $ 75 $ 75 $ 78 $ 311 $ 311 $ 312
amortization
expense
Identified intangible 48 48 47 183 183 169
amortization expense
Total $ 123 $ 123 $ 125 $ 494 $ 494 $ 481
Stock option expense $ 2 $ 2 $ 1 $ 22 $ 22 $ 20
Risk and Insurance
Services
Compensation $ 1,069 $ 1,141 $ 1,087 $ 4,485 $ 4,490 $ 4,171
and Benefits
Other operating expenses 473 473 462 1,879 1,879 1,728
Total Expenses $ 1,542 $ 1,614 $ 1,549 $ 6,364 $ 6,369 $ 5,899
Depreciation and $ 31 $ 31 $ 37 $ 139 $ 139 $ 143
amortization
expense
Identified intangible 40 40 39 151 151 139
amortization expense
Total $ 71 $ 71 $ 76 $ 290 $ 290 $ 282
Consulting
Compensation $ 1,007 $ 1,010 $ 938 $ 3,760 $ 3,772 $ 3,573
and Benefits
Other operating expenses 504 504 492 1,920 1,920 1,761
Total Expenses $ 1,511 $ 1,514 $ 1,430 $ 5,680 $ 5,692 $ 5,334
Depreciation and $ 24 $ 24 $ 23 $ 98 $ 98 $ 99
amortization
expense
Identified intangible 8 8 8 32 32 30
amortization expense
Total $ 32 $ 32 $ 31 $ 130 $ 130 $ 129
Marsh & McLennan Companies, Inc.Consolidated Balance
Sheets(Millions) (Unaudited)
December 31, 2018 December 31, 2017
ASSETS
Current assets:
Cash and cash equivalents $ 1,066 $ 1,205
Net receivables 4,317 4,133
Other current assets 551 224
Total current assets 5,934 5,562
Goodwill and intangible assets 11,036 10,363
Fixed assets, net 701 712
Pension related assets 1,688 1,693
Deferred tax assets 680 669
Other assets 1,539 1,430
TOTAL ASSETS $ 21,578 $ 20,429
LIABILITIES AND EQUITY
Current liabilities:
Short-term debt $ 314 $ 262
Accounts payable and 2,675 2,083
accrued liabilities
Accrued compensation and 1,778 1,718
employee benefits
Accrued income taxes 157 199
Total current liabilities 4,924 4,262
Fiduciary liabilities 5,001 4,847
Less - cash and investments (5,001 ) (4,847 )
held
in a fiduciary capacity
- -
Long-term debt 5,510 5,225
Pension, post-retirement and 1,911 1,888
post-employment benefits
Liabilities for errors 287 301
and omissions
Other liabilities 1,362 1,311
Total equity 7,584 7,442
TOTAL LIABILITIES AND EQUITY $ 21,578 $ 20,429
Note:
Effective January 1, 2018, the Company, upon the adoption
of the new revenue recognition standard, recorded
a cumulative effect adjustment, net of tax resulting
in an increase to the opening balance
of retained earnings of $364 million, with offsetting
increases/decreases to other balance sheet accounts,
e.g. accounts receivable, other current assets,
other assets and deferred income taxes.
Marsh & McLennan Companies, Inc.Consolidated Balance Sheets
- Impact of Revenue Standard(Millions) (Unaudited)
As discussed earlier, the Company adopted the new revenue
standard (ASC 606) using the modified retrospective
method, applied to all contracts. The guidance requires
entities that elected the modified retrospective
method to disclose the impact to financial statement
line items as a result of applying the new guidance
(rather than previous U.S. GAAP). The table below shows
the impacts on the consolidated balance sheet.
December 31, 2018
As Reported Impact ofRevenueStandard Prior toAdoption
ASSETS
Current assets:
Cash and cash $ 1,066 $ - $ 1,066
equivalents
Net receivables 4,317 (68 ) 4,249
Other current 551 (326 ) 225
assets
Total current 5,934 (394 ) 5,540
assets
Goodwill and 11,036 - 11,036
intangible
assets
Fixed assets, 701 - 701
net
Pension related 1,688 - 1,688
assets
Deferred tax 680 107 787
assets
Other assets 1,539 (242 ) 1,297
TOTAL ASSETS $ 21,578 $ (529 ) $ 21,049
LIABILITIES
AND EQUITY
Current
liabilities:
Short-term debt $ 314 $ - $ 314
Accounts payable 2,675 (129 ) 2,546
and
accrued
liabilities
Accrued 1,778 - 1,778
compensation
and
employee
benefits
Accrued income 157 - 157
taxes
Total current 4,924 (129 ) 4,795
liabilities
Fiduciary 5,001 - 5,001
liabilities
Less - cash and (5,001 ) - (5,001 )
investments
held
in a fiduciary
capacity
- - -
Long-term debt 5,510 - 5,510
Pension, 1,911 - 1,911
post-retirement
and
post-employment
benefits
Liabilities 287 - 287
for errors
and omissions
Other 1,362 (25 ) 1,337
liabilities
Total equity 7,584 (375 ) 7,209
TOTAL $ 21,578 $ (529 ) $ 21,049
LIABILITIES
AND EQUITY
Marsh & McLennan Companies, Inc.Consolidated Statements of
Cash Flows(Millions) (Unaudited)
For the Years Ended December 31,
2018 2017
Operating cash flows:
Net income before $ 1,670 $ 1,512
non-controlling
interests
Adjustments to reconcile
net income
to cash provided
by operations:
Depreciation and 311 312
amortization
of fixed
assets and capitalized
software
Amortization of intangible 183 169
assets
Adjustments and payments (4 ) (24 )
related to contingent
consideration liability
Loss on deconsolidation 11 -
of a business
(Benefit) Provision for (39 ) 396
deferred income taxes
Loss (Gain) on investments 12 (15 )
Loss (Gain) on disposition (48 ) 10
of assets
Share-based compensation 193 149
expense
Change in fair value 441 -
of acquisition
related derivative contracts
Changes in assets
and liabilities:
Net receivables (78 ) (454 )
Other current assets 26 (3 )
Other assets (37 ) (199 )
Accounts payable and 23 87
accrued liabilities
Accrued compensation and 68 63
employee benefits
Accrued income taxes (40 ) 37
Contributions to pension (291 ) (457 )
and other benefit plans
in excess of current
year expense/credit
Other liabilities 9 406
Effect of exchange 18 (96 )
rate changes
Net cash provided 2,428 1,893
by operations
Financing cash flows:
Purchase of treasury shares (675 ) (900 )
Net increase in commercial - -
paper
Proceeds from issuance 591 987
of debt
Repayments of debt (263 ) (315 )
Payment of bridge loan fees (35 ) -
Shares withheld for (67 ) (49 )
taxes on vested
units - treasury shares
Issuance of common stock 93 166
from treasury shares
Payments of deferred (117 ) (136 )
and contingent
consideration for
acquisitions
Distributions of (30 ) (22 )
non-controlling
interests
Dividends paid (807 ) (740 )
Net cash used for financing (1,310 ) (1,009 )
activities
Investing cash flows:
Capital expenditures (314 ) (302 )
Net (purchases) sales of 4 (13 )
long-term investments
Proceeds from sales 3 8
of fixed assets
Dispositions 110 -
Acquisitions (884 ) (655 )
Other, net (8 ) 6
Net cash used for investing (1,089 ) (956 )
activities
Effect of exchange (168 ) 251
rate changes
on cash and cash equivalents
Increase (decrease) in cash (139 ) 179
and cash equivalents
Cash and cash equivalents 1,205 1,026
at beginning of year
Cash and cash equivalents $ 1,066 $ 1,205
at end of year
In 2017, U.S. tax reform had significant impacts on certain line
items in the reconciliation of Net income before non-controlling
interests to net cash provided from operating cash flows. The impact
of income taxes is reflected in the following line items:
Deferred tax provision- $396 million, Net receivables- $(73) million,
Other assets- $(164) million and Other liabilities- $340
million, or a net impact of $499 million. In 2018, the impact
of income taxes on those line items netted to $(18) million.
Media:Erick R. GustafsonMarsh & McLennan Companies+1 202 263
7788erick.gustafson@mmc.comInvestors:Dan FarrellMarsh &
McLennan Companies+1 212 345 3713daniel.farrell@mmc.com
View source version on businesswire.com:
https://www.businesswire.com/news/home/20190131005429/en/
This information is provided by Business Wire
(END) Dow Jones Newswires
January 31, 2019 07:00 ET (12:00 GMT)
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