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Marsh Q2 revenue rises 6% as Guy Carpenter reinsurance declines
Marsh posted $7.4 billion in Q2 revenue, with risk and insurance services up to $4.8 billion while Guy Carpenter revenue fell to $664 million amid a softer reinsurance pricing backdrop.
Marsh reported consolidated Q2 2026 revenue of $7.4 billion, up 6% year over year, helped by growth in insurance broking and consulting that partially offset a decline in reinsurance revenue, according to Insurance Business.
Risk and insurance services generated $4.8 billion, up 4% on a GAAP basis and 3% on an underlying basis. Adjusted earnings per share increased 9% to $2.96, while GAAP EPS rose to $2.63, and adjusted operating income climbed 5% to $2.2 billion, with GAAP operating income up 4% to $1.9 billion.
Within the risk and insurance services segment, Marsh Risk delivered $4.1 billion in Q2 revenue, up 6% GAAP and 4% on an underlying basis, with underlying growth of 4% in US and Canada and 5% in international markets including EMEA and Asia Pacific, while Latin America led at 8%. Mercer revenue rose to $1.6 billion, up 7% GAAP and 5% on an underlying basis, with wealth up 8% underlying, health up 3%, and career up 2%.
Guy Carpenter, Marsh’s reinsurance broking unit, reported Q2 revenue of $664 million, down 2% on both a GAAP and underlying basis, and underlying revenue was flat for the six months ended June 30. Marsh’s Global Insurance Market Index showed global commercial insurance rates fell 5% in Q1 2026 for the seventh straight quarterly decline, and Guy Carpenter’s July 2026 renewal report said the global property catastrophe rate-on-line index was down 16% at midyear, a pricing environment that Marsh said compresses commission income tied to premium volume. Marsh also said its Thrive program restructuring costs totaled $58 million in Q2 and $103 million for the first six months of 2026.