For the first time since its founding in 1871, global professional services firm Marsh McLennan has broken the $20-billion-dollar mark in global revenues.
The firm is the parent company of four global professional services groups: Mercer, which provides human capital consulting; strategy and management consulting-focused Oliver Wyman; Marsh; and two insurance and reinsurance services businesses, Marsh and Guy Carpenter. The revenue news places Marsh McLennan among the top global strategy consultancies by revenue, along with firms like McKinsey, Boston Consulting Group, and Bain & Company. It sits ahead of Kearney, Strategy&, L.E.K. Consulting, Roland Berger, and Arthur D. Little.
The report comes on the heels of a long streak of growth for Marsh McLennan, with Chief Executive Officer John Doyle reporting “2022 was an outstanding year for Marsh McLennan. We generated revenue growth of 5% (underlying growth of 9%) while continuing to invest in our talent and capabilities, both organically and through acquisitions.”
The firm’s consulting division accounted for more than $8 billion of its overall $20.7 billion in total revenue, with Oliver Wyman standing as the group’s top performer, booking 2022 revenues of $2.8 billion on top of 10% growth, 13% in underlying terms. While its growth was a minor downturn from its performance in 2021, where businesses surged back from COVID-19 pandemic disruption, its 10% rise in revenue over the past year is still a significant jump over its pre-pandemic growth average of around 7%.
2022 was a standout year for Oliver Wyman in more ways than one, with its purchase of Booz Allen Hamilton’s management consulting business in the Middle East and North Africa region, along with its purchase of Perth-based advisory Azure Consulting and its launch of new offices in Austria, Belgium, and Abu Dhabi, growing its reach to 70 offices in 30 nations worldwide.
Additionally, Oliver Wyman received a four-star rating or was “frequently recommended” across six lines of business including operations management, strategy, organization & change, risk & compliance, and finance in a list of the world’s best management consulting firms compiled by market research firm Statista and published by Forbes in 2022.
With its stable of professional services businesses standing strong and Oliver Wyman leading the charge, it is likely that Marsh McLennan will continue to set growth records for itself in the coming years.