Marsh & McLennan Companies
Q2 2023 Earnings Call
Jul 20, 2023, 8:30 a.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Operator
Welcome to Marsh McLennan's earnings conference call. Today's call is being recorded. Second quarter 2023 financial results and supplemental information were issued earlier this morning. They are available on the company's website at marshmclennan.com.
Please note that remarks made today may include forward-looking statements. Forward-looking statements are subject to risks and uncertainties, and a variety of factors may cause actual results to differ materially from those contemplated by such statements. For more detailed discussion of those factors, please refer to our earnings release for this quarter and to our most recent SEC filings included our most recent Form 10-K, all of which are available on the Marsh McLennan website. During the call today, we may also discuss certain non-GAAP financial measures.
For a reconciliation of these measures to the most closely comparable GAAP measures, please refer to the schedule in today's earnings release. [Operator instructions] I'll now turn this over to John Doyle, president and CEO of Marsh McLennan.
John Doyle -- President and Chief Executive Officer
Good morning and thank you for joining us to discuss our second quarter results reported earlier today. I'm John Doyle, president and CEO of Marsh McLennan. Joining me on the call is Mark Mcgivney, our CFO; and the CEOs of our businesses: Martin South of Marsh, Dean Klisura of Guy Carpenter, Martine Ferland of Mercer, and Nick Studer of Oliver Wyman. Also with us this morning is Sarah Dewitt, head of investor relations.
Marsh McLennan's second quarter results were excellent. We performed well across our businesses and geographies, extended the best run of quarterly underlying revenue growth in over two decades, and generated double-digit growth in adjusted EPS. Top-line momentum continued with 11% underlying revenue growth on top of 10% growth in the second quarter of last year. Adjusted operating income grew 17% versus a year ago.
Our adjusted operating margin expanded 100 basis points compared to the second quarter of 2022. And adjusted EPS grew 16%. We also raised our quarterly dividend by 20% to $0.71 and completed $300 million of share repurchases during the quarter. I'm pleased with our performance, especially when viewed in the context of the current macroeconomic and geopolitical environment.