Marsh & McLennan Cos. Inc. reported fourth-quarter 2016 net income attributable to the company of $436 million, or 84 cents per share, up from $375 million, or 71 cents per share, in the year-ago quarter.
Adjusted EPS for the quarter was 89 cents, compared with 71 cents in the prior-year period.
The S&P Capital IQ consensus normalized EPS estimate for the quarter was 83 cents.
Operating income for the quarter increased to $633 million from $594 million in the year-ago period.
Consolidated revenue for the quarter increased 1% to $3.36 billion from $3.34 billion in the prior-year quarter. On an underlying basis, revenue increased 3%. Underlying revenue measures the change in revenue using consistent currency exchange rates, excluding the impact of certain items that affect comparability such as acquisitions, dispositions, transfers among businesses and the deconsolidation of Marsh India.
Revenue from risk and insurance services grew 4% year over year to $1.79 billion from $1.73 billion. Consulting revenue fell 2% to $1.58 billion, compared with $1.61 billion in the year-ago period.
During the fourth quarter, the company repurchased 2.6 million shares for $175 million.
The company also announced that it closed its acquisition of privately held insurance broker J. Smith Lanier & Co.
For the full year 2016, the company reported net income attributable to the company of $1.77 billion, or $3.38 per share, up from $1.60 billion, or $2.98 per share, in 2015. Adjusted EPS for the year was $3.42 per share, up from $3.05 per share in the previous year.
The S&P Capital IQ consensus normalized EPS estimate for 2016 was $3.36.