Marsh · NYSE:MRSH
Marsh — Marsh & McLennan Companies — Q2 2025 Earnings Presentation
30 slides from Marsh's earnings presentation, Jul 17, 2025
Slide 1: Marsh McLennan Investor Presentation
Marsh McLennan Investor Presentation Results through second quarter 2025
Slide 2: Forward-Looking Statements
Forward-Looking Statements The factors identified above are not exhaustive. Marsh McLennan and its subsidiaries (collectively, the "Company") operate in a dynamic business environment in which new risks emerge frequently. This presentation contains "forward-looking statements," as defined in Accordi
Slide 3: Marsh McLennan is a Global Leader in Risk, Strategy and People
Marsh McLennan is a Global Leader in Risk, Strategy and People World-class businesses Our purpose: A compelling investment • Strong recurring revenue base and client retention We build the • Capital-light business with substantial free cash flow generation confidence to • Superior track record of to
Slide 4: A Unique Collection of Capabilities Across Market-Leading Businesses
A Unique Collection of Capabilities Across Market-Leading Businesses Insurance broking and risk Reinsurance and capital Consulting and solutions in Strategy, economic and management solutions strategies investments, retirement, brand consulting talent and rewards, health and benefits • #1 insurance
Slide 5: Compelling Investment with Sustained Exceptional Performance
Compelling Investment with Sustained Exceptional Performance Total Revenue Adjusted Net Adjusted EPS Free Total Shareholder Growth Operating Income Growth Cash Flow Return (TSR) (NOI) Margin 8% +1,330 13% 17% 963% CAGR bps CAGR CAGR Since 2019-2024 2010-2024 2010-2024 2010-2024 YE 20101 2024 extende
Slide 6: Exceptional Track Record of Value Creation
Exceptional Track Record of Value Creation GAAP Revenue Adjusted Operating Margin Adjusted EPS $ billions $24.5 26.8% $8.80 6% +1,330 13% CAGR bps CAGR Note: Reconciliation of Non-GAAP measures included in Appendix. 6
Slide 7: Runway for Continued Margin Expansion and Operating Efficiencies
Runway for Continued Margin Expansion and Operating Efficiencies Consistent Operating Leverage Over Time 10% 8% Underlying Revenue • 2024 marks our 17th consecutive year of expanding adjusted Growth 6% operating margins 4% 2% 0% • We consistently aim for revenue growth that outpaces -2% -4% Underlyi
Slide 8: Significant Addressable Market Opportunity
Significant Addressable Market Opportunity Global Non-Life US Health Global Insurance Premiums1 Direct Written Premiums2 Retirement Assets3 $4.6tn $1.2tn $56.5tn 6% 8% 6% CAGR CAGR CAGR $1.2tn $0.2tn $15.3tn 2001 2024 2001 2024 2001 2023 Vast addressable markets provide significant and sustainable d
Slide 9: Strong Underpinnings for Continued Growth Across Cycles
Strong Underpinnings for Continued Growth Across Cycles Solid demand for Innovating to Favorable Further upside Consistent our advice and serve clients in business mix shift from collaboration by investments in solutions, driven by new and emerging towards higher growth design across talent, adding
Slide 10: Capital-Light Business Model with Substantial Free Cash Flow Generation
Capital-Light Business Model with Substantial Free Cash Flow Generation Free Cash Flow CAGR of 17%1 • Capital-light business model with Free Cash Flow (FCF) FCF as % of Revenue $4.0bn substantial free cash flow generation • $4 billion of free cash flow in 2024, translating to a strong FCF margin of
Slide 11: Balanced and Disciplined Capital Management is a Core Part of Our Strategy
Balanced and Disciplined Capital Management is a Core Part of Our Strategy 1 2 3 4 5 Balance Drive growth Target raising Favor deploying Return excess efficiency and through organic dividend, reducing capital to capital through flexibility of investment share count grow through share capital structu
Slide 12: Significant Value Creation Through Acquisitions in Key Growth Areas
Significant Value Creation Areas of M&A Through Acquisitions in Key Growth Areas Re Solutions 2024 was the largest acquisition year in MMC’s history • Marsh McLennan Agency • Geographic expansion $ billions ~$27bn1 (MMA) Cumulative Current Year • Specialty capabilities • Mid-market international • B
Slide 13: Marsh McLennan Agency Has Been Central to Our M&A Strategy
Marsh McLennan Agency Has Been Central to Our M&A Strategy 6.0 ~$5bn 5.0 130 115 • MMA has been a key part of our 109 4.0 expansion in the middle market, both 94 83 3.5 at Marsh and Mercer 75 3.0 3.0 56 • The middle market is an attractive 2.5 segment of the market with strong 35 2.0+ growth momentu
Slide 14: Consistent Return of Capital to Shareholders Through Dividends and Buybacks
Consistent Return of Capital to Shareholders Through Dividends and Buybacks Cumulative Share Repurchases ($bn) Dividends Per Share Cumulative Current Year $11 $3.05 $10 $9 $2.60 $2.25 $7 11% CAGR $2.00 $1.84 $6 $6 $1.74 $5 $1.58 $5 $1.43 $1.30 $4 $1.18 $1.06 $3 $0.96 $0.90 $2 $1 <$1 2012 2013 2014 2
Slide 15: Innovative Solutions Deliver Meaningful Client Impact and Drive Growth
Innovative Solutions Deliver Meaningful Client Impact and Drive Growth Examples of Innovation • We empower our clients to thrive by driving the development of cutting-edge solutions Sentrisk , CatStop+ • Leveraging Marsh McLennan’s expertise, data cyber reinsurance AI-powered supply and insights, we
Slide 16: A Differentiated Colleague Value Proposition
A Differentiated Colleague Value Proposition: Colleagues Can Be At Their Best At Marsh McLennan Thoughtfully and Impact Leadership Culture strategically investing in our talent Create solutions Develop Thrive in a vibrant that have impact as a leader and inclusive culture ~12k organic colleague adds
Slide 17: Environmental, Social & Governance (ESG) is a Commitment
Environmental, Social & Governance (ESG) is a Commitment to our Shareholders, Colleagues and Communities Environmental Social Governance • Achieved certification as a • Empower our colleagues to be at their • Commitment to maintaining a diverse CarbonNeutral® company best at Marsh McLennan and inclu
Slide 18: Marsh McLennan is Well Positioned for Continued Outstanding Performance
Marsh McLennan is Well Positioned for Continued Outstanding Performance MMC had another great year in 2024 Our focus on investing for sustained growth We are investing in our talent, capabilities, while delivering today is generating technology and innovations that help our consistent results and ad
Slide 19: Appendix
Appendix
Slide 20: Diversified Across Businesses and Geographies
Diversified Across Businesses and Geographies MMC1 Revenue (trailing twelve months): $25.8 billion Revenue By Business Revenue By Geography Guy Carpenter 10% Canada 4% EMEA Mercer 32% 23% Marsh 54% Oliver U.S. Asia Pac Wyman 49% 11% 13% Latam & Carib. 4% 1 For trailing twelve months ended June 30, 2
Slide 21: Marsh
130 150+ 45k Trailing Twelve Months Revenue1: $13.9 billion countries with Marsh years of service global specialists operations Canada 4% With offices in more than 130 EMEA countries, Marsh is the world’s leading 27% insurance broker and risk advisor Asia Pac We provide industry-focused brokerage, U
Slide 22: Guy Carpenter
~$70bn 100+ 60+ in annual global years in business offices worldwide Trailing Twelve Months Revenue1: $2.6 billion premiums placed Canada Leading global reinsurance broker 2% EMEA Guy Carpenter delivers a powerful 40% combination of reinsurance broking expertise, capital solutions, and global analyt
Slide 23: Mercer
#1 #1 $670bn $17.5tn+ health & benefits OCIO2 of AUM3 of AUA4 broker1 Trailing Twelve Months Revenue7: $5.9 billion Mercer is a global leader across health, wealth and career Canada 5% EMEA Mercer helps clients realize their 34% investment objectives, shape the future of work, and enhance health and
Slide 24: Oliver Wyman
30+ 70+ 7,000 countries cities professionals Trailing Twelve Months Revenue1: $3.5 billion Canada 3% Oliver Wyman is a global leader in management consulting EMEA Oliver 43% Wyman Oliver Wyman combines deep industry 77% knowledge with specialized expertise in strategy, operations, risk management, U
Slide 25: Reconciliation of Non-GAAP Measures
Marsh McLennan Reconciliation of Non-GAAP Measures ($ millions) Adjusted Operating Income and Adjusted Operating Margin 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025* Revenue 10,730 9,831 10,550 11,526 11,924 12,261 12,951 12,893 13,211 14,024 14,950 16,65
Slide 26: Risk & Insurance Services
Risk & Insurance Services Reconciliation of Non-GAAP Measures ($ millions) Adjusted Operating Income and Adjusted Operating Margin 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025* Revenue 5,466 5,284 5,557 6,079 6,350 6,596 6,931 6,869 7,143 7,630 8,228 9,59
Slide 27: Consulting
Consulting Reconciliation of Non-GAAP Measures ($ millions) Adjusted Operating Income and Adjusted Operating Margin 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025* Revenue 5,196 4,609 5,042 5,487 5,613 5,701 6,059 6,064 6,112 6,444 6,779 7,143 6,976 7,789 8
Slide 28: Adjusted Earnings Per Share (EPS)
Marsh McLennan Reconciliation of Non-GAAP Measures Adjusted Earnings Per Share (EPS) 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025* Diluted EPS, Continuing $0.88 $0.70 $0.96 $1.00 $1.73 $2.13 $2.42 $2.61 $2.98 $3.38 $2.87 $3.23 $ 3.41 $ 3.94 $ 6.13 $6
Slide 29: Free Cash Flow
Marsh McLennan Reconciliation of Non-GAAP Measures ($ millions) Free Cash Flow 20081 2009 2010 2011 2012 2013 20141 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025* Net cash provided by 940 640 722 1,705 1,322 1,341 2,119 1,888 2,007 1,893 2,428 2,361 3,382 3,516 3,465 4,258 4,302 4,917 opera
Slide 30: We are leaders in risk, strategy and people
We are leaders in risk, strategy and people. One company, with four global businesses, united by a shared Purpose to build the confidence to thrive through the power of perspective. Copyright © 2024 Marsh & McLennan Companies, Inc. All rights reserved.
Marsh & McLennan Companies — Q2 2025 Earnings Presentation on 6ix