Marsh & McLennan Companies CEO Dan Glaser says he is happy with the group’s start to the year, after first-quarter profit came in relatively flat at $US481 million ($628.42 million).

“Underlying revenue increased 4% on a consolidated basis, reflecting growth across all operating companies,” he said.

“Underlying growth was 2% in risk and insurance services and 6% in consulting. Earnings per share (EPS) increased 3% to US91 cents ($1.20). Adjusted EPS was US92 cents ($1.21).

“We are off to a strong start to the year, and believe the company is well positioned to deliver underlying revenue growth, meaningful margin expansion in both operating segments and strong earnings per share growth.”

Consolidated revenue for the first quarter was $US3.3 billion ($4.33 billion).

Investment income was $US3 million ($3.93 million) in the red, compared with $US2 million ($2.62 million) in the black in the corresponding quarter last year.

Broker Marsh produced revenue of $US1.5 billion ($1.97 billion), an increase of 2% on an underlying basis.

International operations produced underlying revenue growth of 2%, with rises of 1% in Europe, the Middle East and Africa, 3% in Asia-Pacific and 6% in Latin America.

In the US and Canada underlying revenue gained 2%.

Reinsurance broker Guy Carpenter’s revenue increased 3% to $US374 million ($491.2 million).

Overall risk and insurance services revenue was $US1.9 billion ($2.49 billion), up 2% on an underlying basis.