Marsh & McLennan has reported strong contributions from its reinsurance broking arm, Guy Carpenter, in what it described as “robust financial results” for the fourth quarter and full year ended December 31.

Net income attributable to the parent company was $821 million in Q4, up from $788 million in Q4 2024. Net income for the year was $4.2 billion, compared with about $4.1 billion in 2024.

Marsh said a strong part of that involved contributions from Guy Carpenter, which was a “pillar of steady growth”. The reinsurance broker’s revenue for the quarter was up 7 per cent to $215 million and up 6 per cent for the year to $2.5 billion.

Marsh said: “This performance reflects sustained demand for reinsurance solutions as property and casualty carriers continue to navigate evolving risk environments. The unit’s growth, although more modest than Marsh’s flagship insurance-broking business, contributed meaningfully to the group’s overall results.”

The parent said its overall results reflect continued resilience across its core risk and consulting businesses despite a challenging macroeconomic backdrop.

For the full year 2025, Marsh posted revenue of $27 billion, up 10 per cent year-over-year on a GAAP [generally accepted accounting principles] basis.

In the fourth quarter, revenue climbed 9 per cent to $6.6 billion, with adjusted earnings per share up 10 per cent to $2.12.

President and CEO John Doyle credited the performance to broad-based demand across Marsh’s global segments, successful integration of recent acquisitions, and strategic investments in digital tools and client programmes.

Mr Doyle said: “Our fourth-quarter results capped another solid year for Marsh. For the full year, we generated 10 per cent revenue growth, 4 per cent underlying revenue growth, double-digit adjusted net operating income growth, 9 per cent adjusted EPS growth and our 18th consecutive year of reported margin expansion.

“We also launched our new brand, successfully completed the integration of McGriff and announced our Thrive programme.”

“Our team performed well in a complex environment, and we are positioned for sustained momentum in 2026.”

The Risk & Insurance Services segment — which includes Marsh Risk and Guy Carpenter — grew 9 per cent in the fourth quarter to $4.0 billion in revenue and 12 per cent for the full year to $17.3 billion, underscoring the division’s central role in the firm’s performance. Marsh Risk alone showed strong double-digit annual growth.

Other major operating units also posted gains, including revenue from consulting which increased 8 per cent in Q4 and 7 per cent for the year.

Mercer, the benefits and investment consultancy, saw 9 per cent Q4 revenue growth and 8 per cent for the year.

Marsh said its 2025 results came alongside strategic announcements including a rebrand, the integration of the McGriff acquisition, and a programme to accelerate client impact across digital platforms.

The company also completed 10.1 million share repurchases totalling $2.0 billion, a significant capital return to shareholders.

While investor reaction has been mixed — with broader market pressures softening some industry peer stocks — analysts say Marsh’s diversified business model and disciplined underwriting focus position it well for continued growth in 2026.