Guy Carpenter, the reinsurance broking arm of Marsh, generated revenue of $215 million for the fourth quarter of 2025 and revenue of $2.5 billion for the full year 2025, an increase of 7% (5% on an underlying basis) and 6% (5% on an underlying basis), respectively, compared to the same periods in 2024.
The strong performance of Guy Carpenter in Q4 and full year 2025 supported Group-wide Q4’25 consolidated revenue of $6.6 billion, an increase of 9% on Q4’24, or 4% on an underlying basis. At the same time, operating income increased 7% to $1.2 billion for the quarter, while net income rose by 4% to $821 million.
For the full year, revenue increased by 10%, or 4% on an underlying basis to $27 billion, as operating income rose 7% to $6.2 billion, and net income increased to $4.2 billion from $4.1 billion in 2024.
Guy Carpenter sits within Marsh’s Risk & Insurance Services arm, which also includes Marsh Risk, the insurance broking arm. In Q4’25, Marsh Risk generated revenue of $3.7 billion, an increase of 10% year on year, with underlying growth of 3% in US/Canada, and 4% growth in International. For the full year 2025, Marsh Risk has reported revenue of $14.4 billion, up 15% on 2024’s total.
All in all, the Risk & Insurance Services division achieved revenue of $4 billion in Q4’25, an increase of 9% on the prior year, while operating income rose by 8% to $830 million. For the full year, revenue increased by 12% to $17.3 billion, while operating income hit $4.6 billion, reflecting growth of 6% on the prior year.
Within its Consulting business, which includes Mercer and Marsh Management Consultancy, revenue increased by 8% to $2.6 billion in Q4’25, and increased by 7% to $9.8 billion for the full year. Operating income rose 4% to $483 million in the quarter, and rose 7% to $1.9 billion for the full year 2025.
Mercer’s revenue was $1.6 billion for the quarter and $6.2 billion for the full year 2025, so up 9% and 8%, respectively, on the previous year.
Marsh Management Consulting’s revenue increased by 8% to $1 billion for the quarter and increased by 6% to $3.6 billion for the full year, when compared with the same periods in 2024.
“Our fourth quarter results capped another solid year for Marsh. For the full year, we generated 10% revenue growth, 4% underlying revenue growth, double-digit adjusted NOI growth, 9% adjusted EPS growth and our 18th consecutive year of reported margin expansion. We also launched our new brand, successfully completed the integration of McGriff and announced our Thrive program,” said John Doyle, President and CEO.
“Our team performed well in a complex environment, and we are positioned for sustained momentum in 2026,” added Doyle.
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