NEW YORK (Bloomberg) Marsh & McLennan Cos., the world's biggest insurance brokerage, said second-quarter profit rose 2.9 percent on higher revenue from corporate consulting services. The company said it would buy back $1.5 billion of its shares.

Net income increased to $177 million, or 31 cents, from $172 million, or 31 cents, a year earlier, the New York-based company said in a statement yesterday. Profit excluding discontinued operations, severance payments, and other costs was 29 cents a share, 6 cents less than the estimate of Meyer Shields, an analyst at Stifel Nicolaus Co. in Baltimore.

Marsh & McLennan's revenue advanced seven percent to $2.82 billion, fuelled by growth in units that help companies arrange employee benefits, conduct background checks and develop new products. Results at Marsh Inc., the company's flagship insurance brokerage, disappointed analysts even as sales rose for the first time since a 2004 probe of bid-rigging.