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MARSH & Mclennan COMPANIES MARSH & McLENNAN COMPANIES MARSH & McLENNAN COMPANIES ANNUAL REPORT 2012 M ARSH & McLENNAN Companies, INC. ANNUAL REPORT 2012 Marsh & McLennan Companies, Inc. Marsh & McLennan 1166 Avenue of the Americas NY 10036 New York, www.mmc.com SHAREHOLDER INFORMATION MARSH & McLENNAN COMPANIES is a global professional ANNUAL MEETING FINANCIAL INFORMATION The 2013 Annual Meeting of Shareholders will be held at Copies of Marsh & McLennan Companies annual reports and services firm offering clients advice and solutions in the areas of risk, strategy, 10:00 a.m., Thursday, May 16, 2013 in the 2nd floor Forms 10-K and 10-Q are available on the Company’s website. and human capital. auditorium of the McGraw-Hill Building, 1221 Avenue These documents also may be requested by contacting: of the Americas, New York, NY 10020. INVESTOR RELATIONS MARSH is a global leader in insurance broking and risk management. INVESTOR INFORMATION Marsh & McLennan Companies, Inc. Shareholders of record inquiring about reinvestment and 1166 Avenue of the Americas GUY CARPENTER is a global leader in risk and reinsurance intermediary services. payment of dividends, consolidation of accounts, stock New York, NY 10036 certificate holdings, stock certificate transfers, and address Telephone: 212 345 5462 Website: www.mmc.com MERCER is a global leader in talent, health, retirement, and investment consulting. changes should contact: Wells Fargo Shareowner Services STOCK LISTINGS P.O. Box 64874 Marsh & McLennan Companies common stock OLIVER WYMAN is a global leader in management consulting. St. Paul, MN 55164-0874 (ticker symbol: MMC) is listed on the New York, Chicago, Telephone: 800 457 8968 or and London Stock Exchanges. Our approximately 54,000 employees worldwide provide analysis, advice, and 651 450 4064 (Outside the US and Canada) Mailing Address: PROCEDURES FOR RAISING COMPLAINTS AND transactional capabilities to clients in more than 100 countries. The Company 1110 Centre Pointe Curve, Suite 101 CONCERNS REGARDING ACCOUNTING MATTERS prides itself on being a responsible corporate citizen and making a positive impact Mendota Heights, MN 55120-4100 Marsh & McLennan Companies is committed to complying in the communities in which it operates. Wells Fargo’s website: www.shareowneronline.com with all applicable accounting standards, internal accounting controls, audit practices, and securities laws and regulations Shareholders who hold shares of Marsh & McLennan (collectively, “Accounting Matters”). To raise a complaint or Companies beneficially through a broker, bank, or other concern regarding Accounting Matters, you may contact the intermediary organization should contact that organization Company in writing, by telephone, or online. You may review for these services. the Company’s procedures for handling complaints and concerns regarding Accounting Matters at www.mmc.com. DIRECT PURCHASE PLAN Shareholders of record and other interested investors BY MAIL: can purchase Marsh & McLennan Companies common stock Marsh & McLennan Companies, Inc. directly through the Company’s transfer agent and the Audit Committee Administrator for the Plan, Wells Fargo. A brochure on the c/o Corporate Secretary Plan is available on the Wells Fargo website or by contacting 1166 Avenue of the Americas, Legal Department Wells Fargo directly: New York, NY 10036 Wells Fargo Shareowner Services BY TELEPHONE: P.O. Box 64856 Marsh & McLennan Companies Ethics & Compliance Line St. Paul, MN 55164-0874 In Canada, the United States, Puerto Rico, and Guam: 800 381 2105 Telephone: 800 457 8968 or Outside Canada, the United States, Puerto Rico, and Guam: Use 651 450 4064 (Outside the US and Canada) your country’s direct dial telephone number or AT&T Direct® Wells Fargo’s website: www.shareowneronline.com service number to reach the Marsh & McLennan Companies Ethics & Compliance Line toll-free. ONLINE: www.ethicscomplianceline.com This annual report contains “forward-looking statements,” as defined in the Private Securities Litigation Reform Act of 1995. Please see “Information Concerning Forward-Looking Statements” on page i in the Form 10-K included in this annual report. LETTER FROM DAN GLASER, PRESIDENT AND CHIEF EXECUTIVE OFFICER DEAR SHAREHOLDER I am honored to be President and CEO of Marsh & McLennan Companies. The prospect of what we can accomplish in the near term and in the years ahead is energizing and exciting. As the world comes to grips with large, complex problems, we provide clients with unmatched capabilities in risk, strategy, and human capital. We help clients manage and transfer risk, which allows them to conduct and grow their businesses wherever the opportunities exist. They look to us for advice and solutions that enable them to advance and serve the needs of their people and to analyze and strategize paths to growth. We believe we are an integral part of the evolving business landscape — as we have been throughout our history — and are proud to provide important services that support economic growth. Our work, which is made possible by the extraordinary contributions and knowledge of our colleagues, will continue to define our success as we earn our place among the elite companies of the world. Importantly, we see being elite as more than the ability to generate shareholder returns. It is also about making Marsh & McLennan Companies a great place to work, where colleagues feel pride in the quality and impact of their work — for the success of our clients, each other, and the enterprise. My journey as CEO begins with this powerful foundation. You have my commitment that we will build on our success by finding new ways to grow, invest, innovate, and realize the full potential of our businesses. 2012 IN REVIEW Marsh & McLennan Companies produced another year of impressive financial results. Revenue of $11.9 billion grew 4% on an underlying basis. Combined with disciplined expense management, this produced 12% growth in adjusted operating income,* with meaningful margin expansion. EXCELLENT RESULTS ACROSS OUR BUSINESSES For the third consecutive year, we delivered growth in revenue and profitability in our four operating companies. Our Risk and Insurance Services segment produced underlying revenue growth of 5% in 2012, with both Marsh and Guy Carpenter contributing. Adjusted operating income rose 12%, with significant margin expansion to 20.5%, the segment’s highest level since 2003. Over the past five years, the adjusted margin for Risk and Insurance Services has more than doubled, despite lower fiduciary interest income, higher pension * For a reconciliation of non-GAAP results to expense, significant investments in the business, and a challenging economic and GAAP results, as related to all non-GAAP pricing environment. This speaks to the strength of our core earnings and underlines references presented in this letter, please the operating leverage we have built into this business. refer to the Company’s Form 8-K, dated February 12, 2013, available on the Company’s website at www.mmc.com. Dan Glaser Marsh achieved strong underlying revenue growth and, notably, a record level of President and Chief Executive Officer new business. Guy Carpenter reported its 16th consecutive quarter of underlying Marsh & McLennan Companies revenue growth. This was driven in 2012 by its international operations, a key area of focus for Guy Carpenter’s strategy for long-term growth. We’re proud of Risk and Insurance Services’ performance. Marsh and Guy Carpenter have the deepest talent base in the industry, dynamic cultures, and industry-leading intellectual capital. The Consulting segment also delivered solid underlying revenue growth in 2012, supported by both Mercer and Oliver Wyman. The results demonstrate the substantial progress we have made in executing our strategy to increase profitability, despite a challenging economic environment, particularly in Europe. Adjusted operating income increased 14%, and the margin expanded substantially to its highest level since 2004. Mercer had a strong year and excellent start on its path to profitable growth. It has undertaken a comprehensive review of its operations and has embarked on a long-term strategy to increase profitability and broaden client relationships. Oliver Wyman produced reasonable underlying revenue growth given the weak macroeconomic environment in 2012, especially in Europe. Despite these head- winds, the company grew in areas that present significant opportunities, including health and life sciences, communications, and financial services. CONSISTENT STRATEGY YIELDS RESULTS One of the hallmarks of an elite firm is consistent performance. As our results demonstrate, we are successfully executing the four-pillar strategy for long-term growth we introduced at our 2010 Investor Day. We are confident that this strategy continues to be the right course for our future. We are committed to: • Produce long-term growth in revenue and earnings. • Maintain low capital requirements. • Generate high levels of cash. • Manage the risk profile of the Company. Based on the successful implementation of this strategy, we expect to create exceptional value and superior returns for investors. Our specific goals over the long term are to generate at least 10% growth in adjusted organic operating income, growth in adjusted earnings per share approaching 13%, and, when combined with our dividend, total shareholder return of approximately 16%. Over the past three years, we have successfully delivered on our commitment to produce long-term revenue and earnings growth:
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