MMC Boasts Strong First Quarter

Marsh & McLennan Companies has reported strong revenue earnings growth for the first quarter. Revenues rose 13 percent to $2.7 billion from $2.4 billion in 1999. Net income grew 21 percent to $337 million from $279 million and earnings per share rose 16 percent to $1.19 from $1.03 last year.

The company also saw revenues rise 3 percent to $1.3 billion and operating income increased 10 percent to $324 million. The integration of Sedgwick is proceeding successfully and consolidation savings, as planned, will grow through the remainder of this year and into 2001.

Putnam Investment’s assets under management at quarter-end reached $422 billion compared with $306 billion at the end of the first quarter 1999 and $391 billion at year-end 1999.