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MHM: Marsh & McLennan: Marsh & McLennan Companies Reports Third Quarter 2013 Results

  MHM: Marsh & McLennan: Marsh & McLennan Companies Reports Third Quarter 2013
  Results

UK Regulatory Announcement

                     Adjusted Operating Income Rises 15%

       Revenue and Profitability Growth Across All Operating Companies

                      Adjusted EPS Increases 18% to $.46

                          GAAP EPS Increases to $.45

LONDON

Marsh & McLennan Companies, Inc. (NYSE:MMC), a global professional services
firm offering advice and solutions in risk, strategy, and human capital, today
reported financial results for the third quarter ended September 30, 2013.

Dan Glaser, president and CEO said: “Marsh & McLennan Companies delivered
another excellent quarter, continuing the strong earnings momentum that the
Company has achieved over the past several years. Adjusted operating income
increased 15%, reflecting excellent margin expansion in both of our operating
segments.

“In Risk and Insurance Services, Marsh produced underlying revenue growth
across all major geographies, and Guy Carpenter continued its long-term trend
of underlying revenue growth. In Consulting, both operating companies
contributed to underlying revenue growth, as Mercer increased revenue across
all lines of business, and Oliver Wyman returned to growth,” concluded Mr.
Glaser.

Consolidated Results

Consolidated revenue in the third quarter of 2013 was $2.9 billion, an
increase of 3% on a reported basis, or 4% on an underlying basis, compared
with the third quarter of 2012. Underlying revenue measures the change in
revenue using consistent currency exchange rates, excluding the impact of
certain items, such as acquisitions, dispositions, and transfers among
businesses. Operating income was $404 million, compared with $378 million in
the prior year period. Adjusted operating income, which excludes noteworthy
items as presented in the attached supplemental schedules, rose 15% in the
third quarter to $413 million.

Net income attributable to the Company was $253 million, or $.45 per share, in
the third quarter. This compares with $241 million, or $.44 per share, in the
prior year. Adjusted earnings per share grew 18% to $.46, compared with $.39
last year.

For the nine months ended September 30, 2013, net income attributable to the
Company was $1.1 billion, or $1.89 per share, compared with $917 million, or
$1.66 per share, in 2012. Adjusted earnings per share increased 17% to $1.91,
compared with $1.63 last year.

Risk and Insurance Services

Risk and Insurance Services revenue increased to $1.5 billion in the third
quarter of 2013, an increase of 4% on a reported basis, or 3% on an underlying
basis. Adjusted operating income increased 14% to $228 million. For the nine
months of 2013, segment revenue was $5 billion, an increase of 4% from the
prior year period, or 3% on an underlying basis. Adjusted operating income
rose 12% to $1.1 billion, compared with $1 billion last year.

Marsh's revenue in the third quarter of 2013 was $1.2 billion, an increase of
4% on a reported basis, or 3% on an underlying basis. International operations
had underlying revenue growth of 6% in the third quarter, reflecting growth of
15% in Latin America; 7% in Asia Pacific; and 3% in EMEA. In the US/Canada
division, underlying revenue grew 1%. Guy Carpenter's third quarter revenue
was $262 million, an increase of 5% on both a reported and underlying basis,
reflecting broad-based growth in North America, International, Global
Specialties, and UK Facultative.

Consulting

Consulting segment revenue was $1.4 billion in the third quarter, an increase
of 2% from the third quarter of 2012, or 4% on an underlying basis. Adjusted
operating income was $231 million, an increase of 13% from $204 million. For
the nine months of 2013, segment revenue was $4.2 billion, an increase of 1%
on a reported basis, or 2% underlying. Adjusted operating income rose 12% to
$625 million, compared with $556 million last year.

Mercer's revenue was $1.1 billion in the third quarter of 2013, an increase of
2%, or 4% on an underlying basis. Health grew 5% on an underlying basis;
Retirement increased 2%; Talent rose 2%; and Investments grew 8%. Oliver
Wyman's revenue was $365 million in the third quarter of 2013, an increase of
4% on a reported basis, or 2% on an underlying basis.

Other Items

In the third quarter of 2013, the Company had investment income of $14
million, compared with an investment loss of $4 million a year ago. Investment
income in the current quarter includes $13 million of carried interest from
Trident III no longer subject to claw-back.

The Company’s adjusted tax rate increased to 32.4% in the third quarter,
largely due to discrete items.

In the third quarter, the Company repurchased 3.6 million shares of its common
stock for $150 million.

At September 30, 2013, cash and cash equivalents was $2.2 billion and net
debt, which is total debt less cash and cash equivalents, was $1 billion. In
September, the Company issued $250 million of 2.55% senior notes due in 2018
and $250 million of 4.05% senior notes due in 2023. The Company intends to use
the net proceeds for general corporate purposes, including the redemption in
October 2013 of $250 million of the outstanding principal amount of existing
5.75% senior notes due September 2015.

Conference Call

A conference call to discuss third quarter 2013 results will be held today at
8:30 a.m. Eastern time. To participate in the teleconference, please dial +1
800 949 2165. Callers from outside the United States should dial +1 719 325
4937. The access code for both numbers is 3881351. The live audio webcast may
be accessed at www.mmc.com. A replay of the webcast will be available
approximately two hours after the event.

About Marsh & McLennan Companies

MARSH & McLENNAN COMPANIES (NYSE:MMC) is a global professional services firm
offering clients advice and solutions in the areas of risk, strategy, and
human capital. Marsh is a global leader in insurance broking and risk
management; Guy Carpenter is a global leader in providing risk and reinsurance
intermediary services; Mercer is a global leader in talent, health,
retirement, and investment consulting; and Oliver Wyman is a global leader in
management consulting. Marsh & McLennan Companies’ 54,000 colleagues worldwide
provide analysis, advice, and transactional capabilities to clients in more
than 100 countries. The Company prides itself on being a responsible corporate
citizen and making a positive impact in the communities in which it operates.
Visit www.mmc.com for more information.

              INFORMATION CONCERNING FORWARD-LOOKING STATEMENTS

This press release contains “forward-looking statements,” as defined in the
Private Securities Litigation Reform Act of 1995. These statements, which
express management's current views concerning future events or results, use
words like “anticipate,” “assume,” “believe,” “continue,” “estimate,”
“expect,” “future,” “intend,” “plan,” “project” and similar terms, and future
or conditional tense verbs like “could,” “may,” “might,” “should,” “will” and
“would.” For example, we may use forward-looking statements when addressing
topics such as: the outcome of contingencies; the expected impact of
acquisitions and dispositions; the impact of competition; pension obligations;
the impact of foreign currency exchange rates; our effective tax rates;
changes in our business strategies and methods of generating revenue; the
development and performance of our services and products; changes in the
composition or level of our revenues; our cost structure, dividend policy,
cash flow and liquidity; future actions by regulators; and the impact of
changes in accounting rules.

Forward-looking statements are subject to inherent risks and uncertainties.
Factors that could cause actual results to differ materially from those
expressed or implied in our forward-looking statements include, among other
things:

  *our exposure to potential liabilities arising from errors and omissions
    claims against us;
  *our ability to make acquisitions and dispositions and to integrate, and
    realize expected synergies, savings or benefits from the businesses we
    acquire;
  *the impact of competition, including with respect to our geographic reach,
    the sophistication and quality of our services, our pricing relative to
    competitors, our customers' option to self-insure or utilize internal
    resources instead of consultants, and our corporate tax rates relative to
    a number of our competitors;
  *the extent to which we retain existing clients and attract new business,
    and our ability to incentivize and retain key employees;
  *our ability to maintain adequate physical, technical and administrative
    safeguards to protect the security of data and the potential of a system
    or network disruption that results in regulatory penalties, remedial costs
    and/or the improper disclosure of data;
  *our exposure to potential criminal sanctions or civil remedies if we fail
    to comply with foreign and U.S. laws and regulations that are applicable
    to our international operations, including trade sanctions laws relating
    to countries such as Cuba, Iran, Sudan and Syria, anti-corruption laws
    such as the U.S. Foreign Corrupt Practices Act and the U.K. Bribery Act
    2010, local laws prohibiting corrupt payments to government officials, as
    well as import and export restrictions;
  *changes in the funded status of our global defined benefit pension plans
    and the impact of any increased pension funding resulting from those
    changes;
  *our ability to successfully recover should we experience a disaster or
    other business continuity problem, such as an earthquake, hurricane,
    flood, terrorist attack, pandemic, security breach, cyber attack, power
    loss, telecommunications failure or other natural or man-made disaster;
  *the impact of changes in interest rates and deterioration of counterparty
    credit quality on our results related to our cash balances and investment
    portfolios, including corporate and fiduciary funds;
  *the impact on our net income caused by fluctuations in foreign currency
    exchange rates;
  *the potential impact of rating agency actions on our cost of financing and
    ability to borrow, as well as on our operating costs and competitive
    position;
  *changes in applicable tax or accounting requirements; and
  *potential income statement effects from the application of FASB's ASC
    Topic No. 740 (“Income Taxes”) regarding accounting treatment of uncertain
    tax benefits and valuation allowances, including the effect of any
    subsequent adjustments to the estimates we use in applying this accounting
    standard.

The factors identified above are not exhaustive. Marsh & McLennan Companies
and its subsidiaries operate in a dynamic business environment in which new
risks may emerge frequently. Accordingly, we caution readers not to place
undue reliance on the above forward-looking statements, which speak only as of
the dates on which they are made. The Company undertakes no obligation to
update or revise any forward-looking statement to reflect events or
circumstances arising after the date on which it is made. Further information
concerning Marsh & McLennan Companies and its businesses, including
information about factors that could materially affect our results of
operations and financial condition, is contained in the Company's filings with
the Securities and Exchange Commission, including the “Risk Factors” section
of our most recently filed Annual Report on Form10-K.


Marsh & McLennan Companies, Inc.
Consolidated Statements of Income
(In millions, except per share figures)
(Unaudited)

                          Three Months Ended        Nine Months Ended
                             September 30,               September 30,
                             2013        2012          2013       2012
Revenue                      $ 2,932      $ 2,845      $ 9,146     $ 8,922 
Expense:
Compensation and             1,824         1,760         5,393       5,332
Benefits
Other Operating              704          707          2,165       2,167   
Expenses
Operating Expenses           2,528        2,467        7,558       7,499   
Operating Income             404           378           1,588       1,423
Interest Income              5             6             13          18
Interest Expense             (40     )     (44     )     (124    )   (135    )
Investment Income            14           (4      )     58          20      
Income Before Income         383           336           1,535       1,326
Taxes
Income Tax Expense           123          90           463         387     
Income from Continuing       260           246           1,072       939
Operations
Discontinued                 (1      )     1            6           (1      )
Operations, Net of Tax
Net Income Before
Non-Controlling              259           247           1,078       938
Interests
Less: Net Income
Attributable to              6            6            24          21      
Non-Controlling
Interests
Net Income
Attributable to the          $ 253        $ 241        $ 1,054     $ 917   
Company
Basic Net Income Per
Share
- Continuing                 $ 0.46       $ 0.44       $ 1.91      $ 1.68  
Operations
- Net Income
Attributable to the          $ 0.46       $ 0.44       $ 1.92      $ 1.68  
Company
Diluted Net Income Per
Share
- Continuing                 $ 0.45       $ 0.43       $ 1.88      $ 1.66  
Operations
- Net Income
Attributable to the          $ 0.45       $ 0.44       $ 1.89      $ 1.66  
Company
Average Number of
Shares Outstanding
- Basic                      549          544          549         544     
- Diluted                    558          552          558         552     
Shares Outstanding at        547          544          547         544     
9/30



Marsh & McLennan Companies, Inc.
Supplemental Information - Revenue Analysis
Three Months Ended September 30, 2013
(Millions) (Unaudited)

                                                    Components of Revenue Change*
                   Three Months Ended          %                        Acquisitions/
                   September 30,               Change      Currency   Dispositions    Underlying
                                               GAAP        Impact       Impact            Revenue
                   2013        2012          Revenue
Risk and
Insurance
Services
Marsh              $ 1,235       $ 1,192       4   %       (2   )%      2      %          3     %
Guy                262          249          5   %       —            1      %          5     %
Carpenter
Subtotal           1,497         1,441         4   %       (2   )%      2      %          4     %
Fiduciary
Interest           7            10      
Income
Total Risk
and                1,504        1,451        4   %       (2   )%      2      %          3     %
Insurance
Services
Consulting
Mercer             1,072         1,054         2   %       (2   )%      (1     )%         4     %
Oliver Wyman       365          351          4   %       1    %       1      %          2     %
Group
Total              1,437        1,405        2   %       (1   )%      —                 4     %
Consulting
Corporate /        (9      )     (11     )
Eliminations
Total              $ 2,932      $ 2,845      3   %       (1   )%      1      %          4     %
Revenue


Revenue Details

The following table provides more detailed revenue information for certain of
the components presented above:


                                                   Components of Revenue Change*
                    Three Months Ended          %                        Acquisitions/
                    September 30,               Change      Currency   Dispositions    Underlying
                                                GAAP        Impact       Impact            Revenue
                    2013          2012          Revenue
Marsh:
EMEA                $ 387         $ 376         3   %       —            —                 3     %
Asia Pacific        165           165           —           (8   )%      —                 7     %
Latin America       94           81           15  %       (11  )%      11     %          15    %
Total               646           622           4   %       (3   )%      1      %          6     %
International
U.S. / Canada       589          570          3   %       —            3      %          1     %
Total Marsh         $ 1,235      $ 1,192      4   %       (2   )%      2      %          3     %
Mercer:
Health              $ 378         $ 354         7   %       —            1      %          5     %
Retirement          325           334           (3  )%      (1   )%      (4     )%         2     %
Talent              179           179           —           (2   )%      —                 2     %
Investments         190          187          2   %       (6   )%      —                 8     %
Total Mercer        $ 1,072      $ 1,054      2   %       (2   )%      (1     )%         4     %


Notes
Underlying revenue measures the change in revenue using consistent currency
exchange rates, excluding the impact of certain items such as: acquisitions,
dispositions and transfers among businesses.

* Components of revenue change may not add due to rounding.



Marsh & McLennan Companies, Inc.
Supplemental Information - Revenue Analysis
Nine Months Ended September 30, 2013
(Millions) (Unaudited)

                                                  Components of Revenue Change*
                   Nine Months Ended           %                        Acquisitions/
                   September 30,               Change      Currency   Dispositions    Underlying
                                               GAAP        Impact       Impact            Revenue
                   2013          2012          Revenue
Risk and
Insurance
Services
Marsh              $ 4,020       $ 3,869       4   %       (1   )%      2      %          3     %
Guy                922          881          5   %       —            —                 5     %
Carpenter
Subtotal           4,942         4,750         4   %       (1   )%      2      %          3     %
Fiduciary
Interest           21           31      
Income
Total Risk
and                4,963        4,781        4   %       (1   )%      2      %          3     %
Insurance
Services
Consulting
Mercer             3,157         3,086         2   %       (1   )%      —                 4     %
Oliver Wyman       1,052        1,088        (3  )%      1    %       —                 (3    )%
Group
Total              4,209        4,174        1   %       (1   )%      —                 2     %
Consulting
Corporate /        (26     )     (33     )
Eliminations
Total              $ 9,146      $ 8,922      3   %       (1   )%      1      %          3     %
Revenue


Revenue Details

The following table provides more detailed revenue information for certain of
the components presented above:


                                                     Components of Revenue Change*
                    Nine Months Ended           %                        Acquisitions/
                    September 30,               Change      Currency   Dispositions    Underlying
                                                GAAP        Impact       Impact            Revenue
                    2013        2012          Revenue
Marsh:
EMEA                $ 1,436       $ 1,408       2   %       —            —                 3     %
Asia Pacific        496           488           2   %       (4   )%      —                 6     %
Latin America       260          242          7   %       (9   )%      4      %          13    %
Total               2,192         2,138         3   %       (2   )%      —                 4     %
International
U.S. / Canada       1,828        1,731        6   %       —            4      %          2     %
Total Marsh         $ 4,020      $ 3,869      4   %       (1   )%      2      %          3     %
Mercer:
Health              $ 1,135       $ 1,058       7   %       —            1      %          6     %
Retirement          1,006         1,044         (4  )%      (1   )%      (4     )%         1     %
Talent              435           436           —           (2   )%      2      %          (1    )%
Investments         581          548          6   %       (3   )%      —                 9     %
Total Mercer        $ 3,157      $ 3,086      2   %       (1   )%      —                 4     %


Notes
Underlying revenue measures the change in revenue using consistent currency
exchange rates, excluding the impact of certain items such as: acquisitions,
dispositions and transfers among businesses.

* Components of revenue change may not add due to rounding.



Marsh & McLennan Companies, Inc.
Non-GAAP Measures
Three Months Ended September 30
(Millions) (Unaudited)

The Company presents below certain additional financial measures that are
"non-GAAP measures," within the meaning of Regulation G under the Securities
Exchange Act of 1934. These measures are: adjusted operating income (loss);
adjusted operating margin; and adjusted income, net of tax.

The Company presents these non-GAAP measures to provide investors with
additional information to analyze the Company's performance from period to
period. Management also uses these measures to assess performance for
incentive compensation purposes and to allocate resources in managing the
Company's businesses. However, investors should not consider these non-GAAP
measures in isolation from, or as a substitute for, the financial information
that the Company reports in accordance with GAAP. The Company's non-GAAP
measures reflect subjective determinations by management, and may differ from
similarly titled non-GAAP measures presented by other companies.

Adjusted Operating Income (Loss) and Adjusted Operating Margin
Adjusted operating income (loss) is calculated by excluding the impact of
certain noteworthy items from the Company's GAAP operating income or loss. The
following tables identify these noteworthy items and reconcile adjusted
operating income (loss) to GAAP operating income or (loss), on a consolidated
and segment basis, for the three months ended September 30, 2013 and 2012. The
following tables also present adjusted operating margin, which is calculated
by dividing adjusted operating income by consolidated or segment GAAP revenue.


                         Risk &                       Corporate/
                      Insurance   Consulting   Eliminations   Total
                         Services
Three Months Ended
September 30, 2013
Operating income         $  222       $  232        $   (50   )      $ 404 
(loss)
Add (Deduct)
impact of
Noteworthy Items:
Restructuring            —             (1      )      5                4
charges (a)
Adjustments to
acquisition              6             —              —                6
related accounts
(b)
Other                    —            —             (1        )      (1    )
Operating income         6            (1      )      4               9     
adjustments
Adjusted operating       $  228       $  231        $   (46   )      $ 413 
income (loss)
Operating margin         14.8    %     16.1    %      N/A              13.8  %
Adjusted operating       15.2    %     16.0    %      N/A              14.1  %
margin
Three Months Ended
September 30, 2012
Operating income         $  222       $  205        $   (49   )      $ 378 
(loss)
Add (Deduct)
impact of
Noteworthy Items:
Restructuring            6             —              4                10
charges (a)
Adjustments to
acquisition              (25     )     (1      )      —                (26   )
related accounts
(b)
Other                    (2      )     —             (2        )      (4    )
Operating income         (21     )     (1      )      2               (20   )
adjustments
Adjusted operating       $  201       $  204        $   (47   )      $ 358 
income (loss)
Operating margin         15.3    %     14.6    %      N/A              13.3  %
Adjusted operating       13.9    %     14.5    %      N/A              12.6  %
margin


(a) Primarily severance, future rent under non-cancellable leases, and
integration costs related to cost reduction activities for recent
acquisitions.

(b) Primarily includes the change in fair value as measured each quarter of
contingent consideration related to acquisitions.



Marsh & McLennan Companies, Inc.
Non-GAAP Measures
Nine Months Ended September 30
(Millions) (Unaudited)

The Company presents below certain additional financial measures that are
"non-GAAP measures," within the meaning of Regulation G under the Securities
Exchange Act of 1934. These measures are: adjusted operating income (loss);
adjusted operating margin; and adjusted income, net of tax.

The Company presents these non-GAAP measures to provide investors with
additional information to analyze the Company's performance from period to
period. Management also uses these measures to assess performance for
incentive compensation purposes and to allocate resources in managing the
Company's businesses. However, investors should not consider these non-GAAP
measures in isolation from, or as a substitute for, the financial information
that the Company reports in accordance with GAAP. The Company's non-GAAP
measures reflect subjective determinations by management, and may differ from
similarly titled non-GAAP measures presented by other companies.

Adjusted Operating Income (Loss) and Adjusted Operating Margin
Adjusted operating income (loss) is calculated by excluding the impact of
certain noteworthy items from the Company's GAAP operating income or loss. The
following tables identify these noteworthy items and reconcile adjusted
operating income (loss) to GAAP operating income or (loss), on a consolidated
and segment basis, for the nine months ended September 30, 2013 and 2012. The
following tables also present adjusted operating margin, which is calculated
by dividing adjusted operating income by consolidated or segment GAAP revenue.


                       Risk &                       Corporate/
                    Insurance   Consulting   Eliminations   Total
                       Services
Nine Months
Ended September
30, 2013
Operating income       $ 1,111      $  624        $   (147  )      $ 1,588 
(loss)
Add (Deduct)
impact of
Noteworthy
Items:
Restructuring          5             1              11               17
charges (a)
Adjustments to
acquisition            16            —              —                16
related accounts
(b)
Other                  (1      )     —             (1        )      (2      )
Operating income       20           1             10              31      
adjustments
Adjusted
operating income       $ 1,131      $  625        $   (137  )      $ 1,619 
(loss)
Operating margin       22.4    %     14.8    %      N/A              17.4    %
Adjusted               22.8    %     14.9    %      N/A              17.7    %
operating margin
Nine Months
Ended September
30, 2012
Operating income       $ 1,024      $  552        $   (153  )      $ 1,423 
(loss)
Add (Deduct)
impact of
Noteworthy
Items:
Restructuring          6             7              8                21
charges (a)
Adjustments to
acquisition            (20     )     (3      )      —                (23     )
related accounts
(b)
Other                  (2      )     —             (5        )      (7      )
Operating income       (16     )     4             3               (9      )
adjustments
Adjusted
operating income       $ 1,008      $  556        $   (150  )      $ 1,414 
(loss)
Operating margin       21.4    %     13.2    %      N/A              15.9    %
Adjusted               21.1    %     13.3    %      N/A              15.8    %
operating margin


(a) Primarily severance, future rent under non-cancellable leases, and
integration costs related to cost reduction activities for recent
acquisitions.

(b) Primarily includes the change in fair value as measured each quarter of
contingent consideration related to acquisitions.



Marsh & McLennan Companies, Inc.
Non-GAAP Measures
Three and Nine Months Ended September 30
(Millions) (Unaudited)

Adjusted income, net of tax

Adjusted income, net of tax is calculated as: the Company's GAAP income from
continuing operations, adjusted to reflect the after-tax impact of the
operating income adjustments set forth in the preceding table; divided by
MMC's average number of shares outstanding-diluted for the period.

Reconciliation of the Impact of Non-GAAP Measures on diluted earnings per share -

                      Three Months Ended             Three Months Ended September
                   September 30,                30,
                      2013                           2012
                      Amount          Diluted      Amount            Diluted
                                        EPS                              EPS
Income from
continuing                  $ 260                            $ 246
operations
Less:
Non-controlling             6                               6     
interest, net
of tax
Subtotal                    $ 254       $ 0.45               $ 240       $ 0.43
Add (deduct):
operating             $ 9                            $ (20 )
income (loss)
adjustments
Impact of             (4  )                          (4    )
income taxes
                            5          0.01                (24   )     (0.04  )
Adjusted
income, net of              $ 259      $ 0.46              $ 216      $ 0.39 
tax



                      Nine Months Ended September       Nine Months Ended September
                   30,                             30,
                      2013                              2012
                      Amount             Diluted      Amount           Diluted
                                           EPS                             EPS
Income from
continuing                   $ 1,072                           $ 939
operations
Less:
Non-controlling              24                               21    
interest, net
of tax
Subtotal                     $ 1,048       $ 1.88              $ 918       $ 1.66
Add (deduct):
operating             $ 31                              $ (9 )
income (loss)
adjustments
Impact of             (11  )                            (7   )
income taxes
                             20           0.03               (16   )     (0.03  )
Adjusted
income, net of               $ 1,068      $ 1.91             $ 902      $ 1.63 
tax
                                                  


Marsh & McLennan Companies, Inc.
Supplemental Information
(Millions) (Unaudited)

                                   Three Months Ended   Nine Months Ended
                                      September 30,          September 30,
                                      2013      2012       2013      2012
Depreciation and amortization         $  71       $ 68       $  213      $ 201
expense
Identified intangible                 $  18       $ 19       $  53       $ 53
amortization expense
Stock option expense                  $  3        $ 3        $  15       $ 23
Capital expenditures                  $  96       $ 100      $  288      $ 249



Marsh & McLennan Companies, Inc.
Consolidated Balance Sheets
(Millions) (Unaudited)

                                             September 30,   December 31,
                                                2013              2012
ASSETS
                                                                  
Current assets:
Cash and cash equivalents                       $  2,174          $  2,301
Net receivables                                 3,294             3,058
Other current assets                            693              604        
Total current assets                            6,161             5,963
                                                                  
Goodwill and intangible assets                  7,353             7,261
Fixed assets, net                               824               809
Pension related assets                          780               260
Deferred tax assets                             1,020             1,223
Other assets                                    838              772        
TOTAL ASSETS                                    $  16,976        $  16,288  
                                                                  
LIABILITIES AND EQUITY
                                                                  
Current liabilities:
Short-term debt                                 $  583            $  260
Accounts payable and accrued liabilities        1,830             1,721
Accrued compensation and employee               1,194             1,473
benefits
Accrued income taxes                            148               110
Dividends payable                               138              —          
Total current liabilities                       3,893             3,564
                                                                  
Fiduciary liabilities                           4,657             3,992
Less - cash and investments held in a           (4,657     )      (3,992     )
fiduciary capacity
                                                —                 —
Long-term debt                                  2,623             2,658
Pension, post-retirement and                    1,975             2,094
post-employment benefits
Liabilities for errors and omissions            380               460
Other liabilities                               985               906
                                                                  
Total equity                                    7,120            6,606      
TOTAL LIABILITIES AND EQUITY                    $  16,976        $  16,288  


Marsh & McLennan Companies
Media:
Laura Cora, +1 212-345-2731
laura.cora@mmc.com
or
Investor:
Keith Walsh, +1 212-345-0057
keith.walsh@mmc.com

Contact:

Marsh & McLennan Companies
 
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