Insurance broker Marsh reported consolidated revenue of $7.4 billion during the second quarter, an increase of 6% over Q2 2025, or 5% on an underlying (organic) basis.
Q2 operating income increased 4% to $1.9 billion, while net income attributable to the company was $1.3 billion. Earnings per share during the second quarter were $2.63, compared with $2.45 in Q2 2025.
For the six months ended June 30, 2026, consolidated revenue was $15.0 billion, an increase of 7% on a GAAP basis, or 4% on an underlying (organic) basis, compared to the prior-year period.
Marsh’s Risk and Insurance Services (RIS) segment (comprising Marsh Risk and reinsurance broker Guy Carpenter) reported Q2 revenue of $4.8 billion during the second quarter of 2026, an increase of 4%, or 3% on an underlying (organic) basis. Operating income increased 2% to $1.5 billion in Q2, while adjusted operating income increased 3% to $1.7 billion.
RIS’ revenue for the six months ended June 30, 2026 was $9.9 billion, an increase of 5%, or 3% on an organic basis.
Marsh Risk and Guy Carpenter
Marsh Risk’s revenue in the second quarter of 2026 was $4.1 billion, an increase of 6%, or 4% on an organic basis. In U.S./Canada, underlying revenue growth was 4%. In International, underlying revenue growth was 5%, which included 5% growth in EMEA, 5% growth in Asia Pacific, and 8% growth in Latin America.
For the six months ended June 30, 2026, Marsh Risk’s underlying revenue growth was 4%.
Marsh’s reinsurance unit, Guy Carpenter, reported Q2 revenue of $664 million, a decrease of 2%, on both a GAAP and organic basis. For the six months ended June 30, 2026, Guy Carpenter’s revenue was flat on an organic basis.
Marsh CFO Mark McGivney blamed the unit’s drop in organic growth “in part to the soft catastrophe reinsurance market, along with cedent consolidation,” according to a market commentary published by Meyer Shields, a Keefe Bruyette & Woods equities analyst.
U.S. catastrophe reinsurance rates for non-loss impacted accounts dropped by 15-20% during the June 1 reinsurance renewals, while Marsh’s property-catastrophe rate on-line decreases accelerated to -16% at June 1 from -12% at January 1, the KBW report added.
Topics Profit Loss Reinsurance