Marsh McLennan says underlying revenue rose to $US6.35 billion ($9.78 billion) in the September quarter – the third straight period of 4% growth.

Last year, revenue grew 7% on an underlying basis, and president and CEO John Doyle says the latest quarter was “solid and tracked with expectations”.

The result reflects “the impact of lower fiduciary interest income, declining property and casualty pricing, and economic uncertainty affecting our clients, especially in the US”, he says. 

“As we said coming into the year, we anticipated impacts from a changing macro environment.

“We continue to expect to deliver mid single digit underlying revenue growth, solid growth in adjusted earnings per share, and our 18th consecutive year of reported margin expansion ... We’re pleased with our year-to-date performance in a complex environment.”

Asia-Pacific revenue rose 6% to $US361 million ($556 million). In North America, underlying growth was 3%.

Marsh says it continues to see continued drops in overall rates, particularly in property reinsurance and property catastrophe reinsurance.

“Barring significant changes in large loss activity, as well as the broader macro environment, we anticipate insurance and reinsurance market conditions seen so far this year will likely continue in 2026,” Mr Doyle said.