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 more than 85,000 colleagues
advise clients in over 130 countries. With annual revenue of over $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
technology-driven solutions that help organizations redefine the future of work,
shape retirement and investment outcomes, and advance 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 solutions and products, and
specialized management, strategic, 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 results for the three months
ended March 31, 2023, compared to the corresponding quarter in 2022, 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 and comparability of the Company's results of operations and
liquidity and capital resources for the three months ended March 31, 2022, refer
to "Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations" of our Form 10-Q for the quarter ended March 31, 2022.

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

Non-GAAP measures

The Company reports its financial results in accordance with accounting
principles generally accepted in the United States (U.S.), referred to as in
accordance with "GAAP" or "reported" results. The Company also refers to and
presents a non-GAAP financial measure in non-GAAP revenue, within the meaning of
Regulation G and Item 10(e) of Regulation S-K in accordance with the Securities
Exchange Act of 1934. The Company has included a reconciliation of this non-GAAP
financial measure to the most directly comparable financial measure calculated
in accordance with GAAP as part of the consolidated revenue and expense
discussion. Percentage changes, referred to as non-GAAP underlying revenue, are
calculated by dividing the period over period change in non-GAAP revenue by the
prior period non-GAAP revenue.

The Company believes this non-GAAP financial measure provides useful
supplemental information that enables investors to better compare the Company's
performance across periods. Management also uses this measure internally to
assess the operating performance of its businesses and to decide how to allocate
resources. However, investors should not consider this non-GAAP measure in
isolation from, or as a substitute for, the financial information that the
Company reports in accordance with GAAP. The Company's non-GAAP measure includes
adjustments that reflect how management views its businesses and may differ from
similarly titled non-GAAP measures presented by other companies.

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Financial Highlights

•Consolidated revenue for the three months ended March 31, 2023 was $5.9
billion, an increase of 7% or 9% on an underlying basis.

•Consolidated operating income increased $281 million, or 19% to $1.7 billion
for the three months ended March 31, 2023, compared to the corresponding quarter
in the prior year. Net income attributable to the Company was $1.2 billion.
Earnings per share on a diluted basis increased from $2.10 to $2.47, or 18%
compared to the corresponding quarter in the prior year.

•Risk and Insurance Services revenue for the three months ended March 31, 2023
was $3.9 billion, an increase of 10%, or 11% on an underlying basis. Operating
income was $1.4 billion compared with $1.1 billion in the corresponding quarter
in the prior year.

•Consulting revenue for the three months ended March 31, 2023 was $2.0 billion,
an increase of 1%, or 5% on an underlying basis. Operating income was $411
million, compared with $392 million in the corresponding quarter in the prior
year.

•The Company issued $600 million of 5.45% senior notes due 2053.

•In the first quarter of 2023, the Company repurchased 1.8 million shares of
stock for $300 million.

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.

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