Marsh & McLennan Companies, Inc. (NYSE:MMC) Q1 2024 Earnings Conference Call April 18, 2024 8:30 PM ET
Company Participants
John Doyle - President & Chief Executive Officer
Mark McGivney - Chief Financial Officer
Martin South - Chief Executive Officer, Marsh
Dean Klisura - Chief Executive Officer, Guy Carpenter
Nick Studer - Chief Executive Officer, Oliver Wyman
Pat Tomlinson - Chief Executive Officer, Mercer
Conference Call Participants
David Motemaden - Evercore ISI
Jimmy Bhullar - JPMorgan
Elyse Greenspan - Wells Fargo
Greg Peters - Raymond James
Michael Zaremski - BMO Capital Markets
Yaron Kinar - Jefferies
Meyer Shields - KBW
Robert Cox - Goldman Sachs
Operator
Welcome to Marsh McLennan's Earnings Conference Call. Today's call is being recorded. First quarter 2024 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 will now turn this over to John Doyle, President and CEO of Marsh McLennan.
John Doyle
Good morning. Thank you for joining us to discuss our first quarter results reported earlier today. I'm John Doyle, President and CEO of Marsh McLennan.
On the call with me is Mark McGivney, our CFO, and the CEOs of our businesses: Martin South of Marsh; Dean Klisura of Guy Carpenter; Nick Studer of Oliver Wyman; and Pat Tomlinson of Mercer, who is joining us -- joining this call for the first time. Welcome, Pat. Also with us today is Sarah DeWitt, Head of Investor Relations.
Marsh McLennan had a strong start to 2024. Our first quarter results were excellent, and we are well-positioned for another good year. Top-line [Technical Difficulty] continued with 9% underlying revenue growth, which was on top of 9% growth in the first quarter of last year. All of our businesses had strong revenue growth with Marsh, Mercer and Oliver Wyman accelerating growth from the fourth quarter. We grew adjusted operating income by 11% from a year ago. Our adjusted operating margin expanded 80 basis points compared to the first quarter of 2023. We had adjusted EPS growth of 14%. And we completed $300 million of share repurchases in the quarter.