Marsh says it enjoyed another solid performance last year and is well placed despite lower interest rates and weaker pricing.

Net income attributable to the company rose to $US4.16 billion ($5.97 billion) from $4.06 ($5.83 billion), and revenue increased 10% to $US26.98 billion ($38.72 billion).

The company, previously branded Marsh McLennan, says adjusted operating income at its risk and insurance services division rose 12%, while for consulting it increased 10%.

“Looking ahead, despite headwinds from lower interest rates, and decreasing insurance and reinsurance pricing, we’re well positioned for another solid year,” president and CEO John Doyle told an earnings conference call.

Mr Doyle says in 40 years in the business world, he has never seen such a complex environment for clients, amid “an era of polycrises”.

“Ground wars, trade wars, culture wars, social unrest, AI disruption and extreme weather are all creating enormous challenges for businesses,” he said. “But there’s also opportunity in the complexity.”

Fourth-quarter consolidated revenue was $US6.6 billion ($9.5 billion), up 9% on a year earlier, while on an underlying basis it rose 4%.

Marsh Risk revenue for the quarter was $US3.7 billion ($5.3 billion), an increase of 10%, or 3% on an underlying basis. In the US and Canada, underlying revenue grew 3%, and for the international arm it increased 4%, including gains of 6% in Europe the Middle East and Africa, and 2% in Asia-Pacific. Latin America reported a 4% decline.

Reinsurance broker Guy Carpenter’s revenue in the quarter was $US215 million ($308 million), an increase of 7%, or 5% on an underlying basis.

During the year, Marsh completed the integration of US broking business McGriff, the company’s largest acquisition, which was announced in late 2024.