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Marsh & McLennan Companies Inc MMC

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Morningstar’s Analysis

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Marsh McLennan Continues to See Strong Growth in Third Quarter

Brett Horn, CFA Senior Equity Analyst

Analyst Note

| Brett Horn, CFA |

Marsh McLennan’s unusually strong growth continued in the third quarter. The narrow-moat company has benefited this year from higher insurance market pricing and the macroeconomic rebound, and these tailwinds have combined with easy comparisons to produce outsized growth. However, the company has achieved only modest organic growth historically, and this is our expectation over the long term. The company is tracking ahead of our expectations this year, and we expect to increase our $112 fair value estimate by about 5%, but we continue to believe the shares are materially overvalued.

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Company Profile

Business Description

Marsh McLennan is a professional-services firm that provides advice and solutions in the areas of risk, strategy, and human capital. The company operates through two main segments: risk and insurance services and consulting. In risk and insurance services, the firm offers services via Marsh (an insurance broker) and Guy Carpenter (a risk and reinsurance specialist). The consulting division comprises Mercer (a provider of human resource services) and Oliver Wyman (a management and economic consultancy).

1166 Avenue of the Americas
New York, NY, 10036-2774
T +1 212 345-5000
Sector Financial Services
Industry Insurance Brokers
Most Recent Earnings Sep 30, 2021
Fiscal Year End Dec 31, 2020
Stock Type Cyclical
Employees 44,100