MARSH & MCLENNAN COMPANIES, INC. – 10-Q – Management's Discussion and Analysis of Financial Condition and Results of Operations.

General

Marsh & McLennan Companies, Inc. and its consolidated subsidiaries (the
"Company") is a global professional services firm offering clients advice in the
areas of risk, strategy and people. The Company's 86,000 colleagues advise
clients in over 130 countries. With annual revenue of approximately $20 billion,
the Company helps clients navigate an increasingly dynamic and complex
environment through four market-leading businesses. Marsh provides data-driven
risk advisory services and insurance solutions to commercial and consumer
clients. Guy Carpenter develops advanced risk, reinsurance and capital
strategies that help clients grow profitably and identify and capitalize on
emerging opportunities. Mercer delivers advice and solutions that help
organizations create a dynamic world of work, shape retirement and investment
outcomes, and unlock health and well being for a changing workforce. Oliver
Wyman Group serves as a critical strategic, economic and brand advisor to
private sector and governmental clients.

The Company conducts business through two segments:

•Risk and Insurance Services includes risk management activities (risk advice,
risk transfer and risk control and mitigation solutions) as well as insurance
and reinsurance broking and services. The Company conducts business in this
segment through Marsh and Guy Carpenter.

•Consulting includes health, wealth and career consulting services and products,
and specialized management, economic and brand consulting services. The Company
conducts business in this segment through Mercer and Oliver Wyman Group.

The results of operations in the Management Discussion & Analysis ("MD&A")
includes an overview of the Company's consolidated three and nine months ended
September 30, 2022 results compared to the corresponding periods in 2021, and
should be read in conjunction with the consolidated financial statements and
notes. This section also includes a discussion of the key drivers impacting the
Company's financial results of operations both on a consolidated basis and by
reportable segments.

We describe the primary sources of revenue and categories of expense for each
segment in the discussion of segment financial results. A reconciliation of
segment operating income to total operating income is included in Note 18,
Segment Information, in the notes to the consolidated financial statements
included in Part I, Item 1 of this report.

For information on the three and nine months ended September 30, 2021 results
and similar comparisons, see "Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations" of our Form 10-Q for the quarter
ended September 30, 2021.

This MD&A contains forward-looking statements as that term is defined in the
Private Securities Litigation Reform Act of 1995. See "Information Concerning
Forward-Looking Statements" at the outset of this report.

Financial Highlights

•Consolidated revenue for the three months ended September 30, 2022 was $4.8
billion, an increase of 4% or 8% on an underlying basis compared to the
corresponding quarter in the prior year. For the nine months ended September 30,
2022, consolidated revenue was $15.7 billion, an increase of 7% or 9% on an
underlying basis compared to the corresponding period in the prior year.

•Consolidated operating income increased $51 million, or 7% to $791 million for
the three months ended September 30, 2022, compared to the corresponding quarter
in the prior year. Net income attributable to the Company was $546 million.
Earnings per share increased 3% to $1.08. For the nine months ended September
30, 2022, consolidated operating income increased $274 million, or 8% to $3.6
billion compared to the corresponding period in the prior year. Net income
attributable to the Company was $2.6 billion. Earnings per share increased 12%
to $5.11.

•Risk and Insurance Services revenue for the three months ended September 30,
2022 was $2.8 billion, an increase of 6%, or 9% on an underlying basis.
Operating income was $529 million, compared with $403 million in the
corresponding quarter in the prior year. For the nine months ended September 30,
2022, Risk and Insurance Services revenue was $9.7 billion, an increase of 7%,
or 10% on an underlying basis. Operating income was $2.6 billion, compared with
$2.4 billion for the corresponding period in the prior year.

•Consulting revenue for the three months ended September 30, 2022 was $2.0
billion, an increase of 1%, or 8% on an underlying basis. Operating income was
$350 million, compared with $404 million in the corresponding quarter in the
prior year. For the nine months ended September 30, 2022, Consulting

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revenue was $6.0 billion, an increase of 6%, or 9% on an underlying basis.
Operating income was $1.2 billion, compared with $1.1 billion for the
corresponding period in the prior year.

•In April 2022, Mercer sold its U.S. affinity business that provided insurance
marketing, brokerage and administration to association and affinity groups for
cash proceeds of approximately $140 million and a net gain of $112 million.

•In June 2022, Marsh McLennan Agency ("MMA") acquired Clark Insurance, a
full-service independent insurance agency in Maine.

•In September 2022, Oliver Wyman acquired Booz Allen Hamilton's management
consulting business serving the Middle East and North Africa regions.

•Results for the nine months ended September 30, 2022, include a loss of
$52 million on the deconsolidation of the Company's Russian businesses and other
related charges. In June 2022, the Company also entered into a definitive
agreement to exit its businesses in Russia and transfer ownership of its Russian
entities to local management which are currently pending regulatory approvals.

•In the third quarter of 2022, the Company repurchased 3.1 million shares of
stock for $500 million. For the nine months ended September 30, 2022, the
Company repurchased 10.1 million shares for $1.6 billion.

For additional details, refer to the Consolidated Results of Operations and
Liquidity and Capital Resources sections in this MD&A.

Acquisitions and dispositions impacting the Risk and Insurance Services and
Consulting segments are discussed in Note 8, Acquisitions and Dispositions, in
the notes to the consolidated financial statements.

Deconsolidation of Russia

On February 24, 2022, Russian forces launched a military invasion of Ukraine. In
response, the United States, the European Union, United Kingdom and other
governments have imposed significant economic sanctions on Russia, and Russia
has responded with counter-sanctions. The war in Ukraine has disrupted
international commerce and the global economy.

In the first quarter of 2022, the Company concluded that it did not meet the
accounting criteria for control over its wholly-owned Russian businesses due to
the evolving trade and economic sanctions, and recorded a loss of $52 million on
the deconsolidation of the Russian businesses and other related charges.

In June 2022, the Company entered into a definitive agreement to exit its
businesses in Russia and transfer ownership to local management pending
regulatory approvals. Refer to Note 8, Acquisitions and Dispositions, in the
notes to the consolidated financial statements for additional information on the
deconsolidation of the Russian businesses.

The war in Ukraine has continued to result in worldwide geopolitical and
macroeconomic uncertainty. The Company continues to monitor the ongoing
situation and its potential impact on our business, financial condition, results
of operations and cash flows.

Business Update related to COVID-19

For nearly three years, the COVID-19 pandemic has impacted businesses globally
including in every geography in which the Company operates. Our businesses have
remained resilient throughout the pandemic and demand for our advice and
services remains strong. The ultimate extent of the impact of COVID-19 to the
Company will depend on future developments that it is unable to predict.

Factors that could adversely affect the Company's financial statements related
to the financial and operational impact of COVID-19 are outlined in "Item 1A -
Risk Factors" in the Company's Form 10-K for the year ended December 31, 2021.

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