NEW YORK (AP) — Marsh & McLennan Companies Inc., the nation's largest insurance brokerage, reported yesterday that its first-quarter profit declined from a year earlier period in which earnings were boosted by the sale of a servicing unit.The New York-based brokerage also said in a statement that it would buy back some $500 million of its stock.

Marsh earned $268 million, or 47 cents a share, for the three months ended March 31, down from $416 million, or 75 cents a share, a year earlier.

The latest results included 5 cents in one-time charges for restructuring and other items, while the year-earlier total was boosted by a 32 cents-per-share gain from Marsh & McLennan's sale of a management services company.

Revenue was $2.81 billion, up 5 percent from $2.67 billion a year earlier.

Analysts surveyed by Thomson Financial had expected profit of 50 cents a share on revenue of $2.88 billion.

Marsh & McLennan, which still is trying to recover its footing following a January 2005 settlement of state and federal probes into its sales practices, announced in February that it was selling its Putnam Investments division to a Canadian financial services company for $3.9 billion in cash.

Excluding Putnam results, net income from operations was $228 million, or 41 cents a share, in the quarter, up from $200 million, or 36 cents per share, a year earlier.

"We met our overall corporate performance expectations while we continued to position Marsh for success in the future," Michael G. Cherkasky, president and chief executive officer of MMC, said in a statement.

He said the sale of Putnam was expected to close in the second quarter.

The share repurchase, Cherkasky added, was being launched "in recognition of MMC's improving operating performance and greatly strengthened financial position." Revenue growth was strongest in Marsh & McLennan's Mercer human resource and specialty consulting unit, rising 13 percent to $1.13 billion from $1 billion a year earlier, the company said.

Revenue held steady in the Kroll risk consulting unit at $235 million and grew 1 percent in the insurance division to $1.5 billion. The insurance division results were held down by premium rate declines as well as a drop in retention of customers in the United States, Marsh & McLennan said.