Marsh bemoans softening market as income falls by two thirds
Marsh and McLennan today reported its net income was $134m for the first quarter of 2005 (2004: $446m).It added consolidated revenues totaled $3.2bn, and that the results include pretax charges for restructuring, employee retention, incremental regulatory and compliance, and potential Putnam fund reimbursement expenses of approximately $225m.
In the break down of results MMC stressed its risk management and insurance broking revenues declined 19 percent to $1.2bn “due to the termination of market services agreements”, adding the effect ofOnly users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
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