Marsh & McLennan
Q2 2022 Earnings Call
Jul 21, 2022, 8:30 a.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Operator
Welcome to the Marsh McLennan's second quarter 2022 financial results conference call. Today's call is being recorded. Second quarter 2022 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 a more detailed discussion of those factors, please refer to our earnings release for this quarter and to our most recent SEC filings, including 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 Dan Glaser, president and CEO of Marsh McLennan.
Dan Glaser -- President and Chief Executive Officer
Good morning, and thank you for joining us to discuss our second quarter results reported earlier today. I'm Dan Glaser, president and CEO of Marsh McLennan. Joining me on the call today is John Doyle, our group president and COO; 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 was outstanding. Top line momentum continued across our business, extending our strongest run of quarterly underlying growth in over two decades. We generated robust top and bottom line results, topping tough comparables in the prior year. Underlying growth of 10% in the quarter reflects considerable strength across our organization.
It represents the fifth consecutive quarter of 10% or higher top line growth, building on 13% growth a year ago. Adjusted operating income of $1.3 billion was a second quarter record and grew 8% on top of 24% in the second quarter of 2021. Adjusted EPS growth of 8% is notable, given our 33% growth in the second quarter of 2021, costs related to our strategic talent investments and the rebound of expenses such as T&E. We also completed the highest level of quarterly share repurchases in over a decade, buying back $600 million of stock.