NEW YORK (Reuters) -- Marsh & McLennan Cos. Inc., the world's largest insurance broker and owner of money manager Putnam Investments, yesterday said second-quarter income, before items, rose 18 percent, topping analysts' expectations.

New York-based Marsh & McLennan, which operates Marsh & McLenann Global Broking and Marsh McLennan Management Services in Bermuda, said net income before a charge for its acquisition of Sedgwick Group was $228 million compared with $193 million a year ago.

On a per-share basis, income rose 14 percent to 82 cents from 72 cents from last year and analysts' consensus estimate of 80 cents tallied by market research firm First Call Corp.

Including the $84 million charge for Sedgwick's integration, net income fell eight percent to $177 million, or 63 cents a share, from $193 million, or 72 cents a share.

Marsh & McLennan said it sees an additional charge of an unspecified size in the fourth quarter for further integration of Sedgwick.

Shares of Marsh & McLennan rose 69 cents to $78.50 on the New York Stock Exchange.

Second-quarter revenues rose 22 percent to $2.2 billion compared with $1.8 billion in the year-earlier quarter.

Revenue in its core risk and insurance services business rose 39 percent to $1.1 billion as benefits of its Sedgwick acquisition take hold.

At Putnam, revenues rose 12 percent to $661 million due to equity markets, new sales and continuing expense management.

Mercer Consulting Group posted revenues of $492 million, compared with $379 million in the year-earlier quarter.

"We are pleased to report that Sedgwick's integration into our operating companies has been very successful and we are meeting our targets for consolidation savings,'' Chairman A.J.C. Smith said.