Marsh & McLennan Companies, Inc.

Commercial insurance placements renew annually across Marsh and Guy Carpenter's books, with large-enterprise client retention consistently cited above 95%, and total revenue grew each year from FY2020 through FY2025 including the COVID-affected year. Mercer's benefits consulting adds further recurring fee income, though Oliver Wyman's project-based work introduces some variability in forward visibility.

Revenue splits roughly 57% Risk and Insurance Services and 43% Consulting as of FY2025, with no single segment exceeding two-thirds of consolidated revenue. All four businesses serve B2B corporate clients, creating correlated demand exposure in broad economic downturns despite the multi-segment structure.

The United States accounts for approximately 47.6% of revenue, the United Kingdom 14.7%, and the remaining 37.7% distributed across Latin America, EMEA, and Asia Pacific based on FY2024 disclosures. No single non-US country approaches 10% of revenue, providing meaningful multi-region balance, though the US share slightly exceeds the threshold for the highest diversification tier.

Insurance brokerage exhibits operating leverage once client relationships and placement infrastructure are established, supporting 18 consecutive years of adjusted operating margin expansion. Consulting headcount-driven delivery limits the scale economics available in the brokerage segment, and the $7.75 billion McGriff acquisition introduced integration costs that temporarily constrain margin optionality.

Commercial insurance brokerage is mission-critical for corporate clients, with Mercer's benefit and pension advisory similarly embedded in employers' recurring compliance obligations across 130+ countries. Oliver Wyman's strategy consulting is more discretionary and project-based, representing the portion of the revenue mix most exposed to corporate spending cycles.