On this page of StockholderLetter.com we present the latest annual shareholder letter from MARSH & MCLENNAN COMPANIES, INC. — ticker symbol MMC. Reading current and past MMC letters to shareholders can bring important insights into the investment thesis.
Building the
2023 Annual Report


We partner with clients, colleagues, investors and communities to
-@47/   ?30   .:9  /09.0   ?:   ?3=4A0   ?3=:@23   ?30   ;:B0=   :1   ;0=>;0.?4A0   
Our strengths unite us across disciplines and around the world:
Being committed
partners
Applying

Delivering
actionable solutions
We work with curiosity, care and
integrity to understand our clients   
900/>   ,9/   09,-70   ?304=   >@..0>>   
We bring a distinct combination of
capabilities to clarify present and
1@?@=0   =4>6>   ,9/   :;;:=?@94?40>   
We provide practical solutions
to pressing challenges that help
-@>490>>0>   ,9/   .:88@94?40>   ?3=4A0
Our businesses:
Marsh
Mercer
Provides data-driven risk advisory services
and insurance solutions to commercial and
consumer clients
Delivers advice and technology-driven solutions
?3,?   307;   :=2,94E,?4:9>   =0/0  90   ?30   B:=7/   :1   B:=6
Guy Carpenter
Oliver Wyman
Develops advanced risk, reinsurance and capital
>?=,?0240>   ?3,?   307;   .7409?>   2=:B   ;=:  ?,-7D   ,9/   
pursue emerging opportunities
Serves as a critical strategic, economic and brand
advisory to private sector and governmental clients
   Marsh McLennan
has the specialized
capabilities and
expertise to help
clients navigate
complexity   and
see possibility and
seize opportunity.   
John Q. Doyle
Marsh McLennan
2
 @47/492   ?30   .:9  /09.0   ?:   ?3=4A0
To our
colleagues
A year ago in this letter,
I described the exciting
opportunity we had tto write
?30   90C?   .3,;?0=   :1   :@=   
?30   90C?   .3,;?0=
:1
growth, together.
company   s growt
pleased
This year, I   m p
?:   =0;:=?   B0   =0   :11   ?:   ,9   
?:   =0;:=?   B0   =
outstanding start.
#30   ;0=1:=8
#30   ;0=1:=8,9.0   B0   /074A0=0/   49                  
4>   ,   ?0>?,809?   ?:   :@=   /0;?3   :1   ?,709?      
4>   ,   ?0>?,8
continued execution on strategic
continu
initiatives and momentum across our
initiat
-@>490>>       ?   ,7>:   =0  0.?>   ?30   A,7@0   ?3,?   
our clients place on the work we do.
o
Today   s operating environment is
uncertain and complex, with geopolitical
turbulence, economic volatility and
technological disruption among the
dynamics in play.
help clients navigate complexity   and
-@47/   .:9  /09.0   ?:   >00   ;:>>4-474?D   ,9/   
seize opportunity.
Helping clients and communities thrive is
?30   80,94921@7   B:=6   ?3,?   :@=   8:=0   ?3,9   
                     .:770,2@0>   ,=:@9/   ?30   B:=7/   3,A0   
?30   ;=4A47020   :1   /:492   0A0=D   /,D      #30   
/08,9/   1:=   :@=   >0=A4.0>   ,9/   >:7@?4:9>   
8,60>   @>   .:9  /09?   49   :@=   :B9   1@?@=0   
and allows us to continue to attract the
best talent across markets.
Amid uncertainty and complexity, we
see opportunity: to deliver superior
client outcomes, to reinvest in our
capabilities to drive sustainable growth,
?:   -0.:80   8:=0   0  .409?   ,9/   .:990.?0/      
,9/   ?:   .:9?49@0   2090=,?492   A,7@0   1:=   
our shareholders.
I am excited to bring you up to date on
our progress.
 >   ?30   B:=7/   >   70,/492   ;=:10>>4:9,7   
>0=A4.0>     =8   49   ?30   ,=0,>   :1   =4>6      >?=,?02D   
and people, Marsh McLennan has the
specialized capabilities and expertise to
3
 • shareholder letter icon 3/29/2024 Letter Continued (Full PDF)
 • stockholder letter icon 3/31/2023 MMC Stockholder Letter
 • stockholder letter icon More "Insurance Brokers" Category Stockholder Letters
 • Benford's Law Stocks icon MMC Benford's Law Stock Score = 92


MMC Shareholder/Stockholder Letter Transcript:

Building the
2023 Annual Report



We partner with clients, colleagues, investors and communities to
-@47/   ?30   .:9  /09.0   ?:   ?3=4A0   ?3=:@23   ?30   ;:B0=   :1   ;0=>;0.?4A0   
Our strengths unite us across disciplines and around the world:
Being committed
partners
Applying

Delivering
actionable solutions
We work with curiosity, care and
integrity to understand our clients   
900/>   ,9/   09,-70   ?304=   >@..0>>   
We bring a distinct combination of
capabilities to clarify present and
1@?@=0   =4>6>   ,9/   :;;:=?@94?40>   
We provide practical solutions
to pressing challenges that help
-@>490>>0>   ,9/   .:88@94?40>   ?3=4A0   

Our businesses:
Marsh
Mercer
Provides data-driven risk advisory services
and insurance solutions to commercial and
consumer clients
Delivers advice and technology-driven solutions
?3,?   307;   :=2,94E,?4:9>   =0/0  90   ?30   B:=7/   :1   B:=6
Guy Carpenter
Oliver Wyman
Develops advanced risk, reinsurance and capital
>?=,?0240>   ?3,?   307;   .7409?>   2=:B   ;=:  ?,-7D   ,9/   
pursue emerging opportunities
Serves as a critical strategic, economic and brand
advisory to private sector and governmental clients

   Marsh McLennan
has the specialized
capabilities and
expertise to help
clients navigate
complexity   and
see possibility and
seize opportunity.   
John Q. Doyle
Marsh McLennan
2
 @47/492   ?30   .:9  /09.0   ?:   ?3=4A0

To our
colleagues
A year ago in this letter,
I described the exciting
opportunity we had tto write
?30   90C?   .3,;?0=   :1   :@=   
?30   90C?   .3,;?0=
:1
growth, together.
company   s growt
pleased
This year, I   m p
?:   =0;:=?   B0   =0   :11   ?:   ,9   
?:   =0;:=?   B0   =
outstanding start.
#30   ;0=1:=8
#30   ;0=1:=8,9.0   B0   /074A0=0/   49                  
4>   ,   ?0>?,809?   ?:   :@=   /0;?3   :1   ?,709?      
4>   ,   ?0>?,8
continued execution on strategic
continu
initiatives and momentum across our
initiat
-@>490>>       ?   ,7>:   =0  0.?>   ?30   A,7@0   ?3,?   
our clients place on the work we do.
o
Today   s operating environment is
uncertain and complex, with geopolitical
turbulence, economic volatility and
technological disruption among the
dynamics in play.
help clients navigate complexity   and
-@47/   .:9  /09.0   ?:   >00   ;:>>4-474?D   ,9/   
seize opportunity.
Helping clients and communities thrive is
?30   80,94921@7   B:=6   ?3,?   :@=   8:=0   ?3,9   
                     .:770,2@0>   ,=:@9/   ?30   B:=7/   3,A0   
?30   ;=4A47020   :1   /:492   0A0=D   /,D      #30   
/08,9/   1:=   :@=   >0=A4.0>   ,9/   >:7@?4:9>   
8,60>   @>   .:9  /09?   49   :@=   :B9   1@?@=0   
and allows us to continue to attract the
best talent across markets.
Amid uncertainty and complexity, we
see opportunity: to deliver superior
client outcomes, to reinvest in our
capabilities to drive sustainable growth,
?:   -0.:80   8:=0   0  .409?   ,9/   .:990.?0/      
,9/   ?:   .:9?49@0   2090=,?492   A,7@0   1:=   
our shareholders.
I am excited to bring you up to date on
our progress.
 >   ?30   B:=7/   >   70,/492   ;=:10>>4:9,7   
>0=A4.0>     =8   49   ?30   ,=0,>   :1   =4>6      >?=,?02D   
and people, Marsh McLennan has the
specialized capabilities and expertise to
3



shareholder letter icon 3/29/2024 Letter Continued (Full PDF)
 

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