Guy Carpenter posts 5% organic growth in Q2, revenue reaches $677m

Reinsurance broker Guy Carpenter, part of Marsh McLennan, reported 5% organic growth in Q2 2025 with $677m in revenue.

Risk & Insurance Services revenue, of which Guy Carpenter is part, saw organic growth of 4% to reach revenue of $4.6 billion in Q2 2025.

Operating income for Risk & Insurance Services in Q2 increased 11% to $1.4 billion, while adjusted operating income increased 16% to $1.6 billion. 

For the six months ended June 30, 2025, Risk & Insurance Services revenue was $9.4 billion, an increase of 13%, or 4% on an organic basis.

Operating income for the six-month period rose 7% to $3.1 billion, and adjusted operating income increased 12% to $3.5 billion. 

At the same time, brokerage Marsh, which also sits within the Risk & Insurance Services segment, saw Q2 revenue of $3.8 billion, an increase of 18%, or 5% on an organic basis.

In the US/Canada, Marsh’s underlying revenue for Q2 rose 4%. Second-quarter international operations produced underlying revenue growth of 7%, including 8% in EMEA, 4% in Asia Pacific, and 3% in Latin America. 

For the six months ended June 30, 2025, Marsh’s underlying revenue growth was 5%. 

Parent group Marsh McLennan’s total consolidated net income for the second quarter was $1.2 billion.

Consolidated revenue in the second quarter of 2025 was $7 billion or 4% on an underlying basis. 

Marsh McLennan H1 net income was $2.6 billion.  

In an earnings call with analysts, group CFO Mark McGivney said that Marsh McLennan expects mid-single digit underlying revenue growth, margin expansion and solid growth in adjusted income for the full year. 

John Doyle, Marsh McLennan president and CEO, said: “We had another solid quarter with 12% revenue growth reflecting continued momentum across our business and the contribution from acquisitions. We generated 4% underlying revenue growth, 14% growth in adjusted operating income, and 11% growth in adjusted EPS. In addition, we recently announced a 10% increase in our dividend.

“Our performance demonstrates the enduring value we provide to clients, as well as our consistent execution in a complex and dynamic environment.”

However, looking ahead to the full year, McGivney warned that the economic backdrop, especially in light of continued uncertainty around global trade policies “could turn out to be materially different than our assumptions”.

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