General

Marsh & McLennan Companies, Inc. and its consolidated subsidiaries (the
"Company") is a global professional services firm offering clients advice and
solutions in risk, strategy and people. Its businesses include: Marsh, the
insurance broker, intermediary and risk advisor; Guy Carpenter, the risk and
reinsurance specialist; Mercer, the provider of HR and Investment related
financial advice and services; and Oliver Wyman, the management, economic and
brand consultancy. With 76,000 colleagues worldwide and annual revenue of $17
billion, the Company provides analysis, advice and transactional capabilities to
clients in more than 130 countries.
The Company operates through two segments:
•      Risk and Insurance Services includes risk management activities (risk
       advice, risk transfer and risk control and mitigation solutions) as well
       as insurance and reinsurance broking and services. The Company conducts
       business in this segment through Marsh and Guy Carpenter.


•      Consulting includes wealth, health and career consulting services and
       products, and specialized management, economic and brand consulting
       services. The Company conducts business in this segment through Mercer and
       Oliver Wyman.


A reconciliation of segment operating income to total operating income is
included in Note 18 to the consolidated financial statements included in Part I
Item 1 in this report. The accounting policies used for each segment are the
same as those used for the consolidated financial statements.
For information on the second quarter and six month periods ended June 30,2019
results and similar comparisons, see "Item 7. Management's Discussion and
Analysis of Financial Condition and Results of Operations" of our Form 10-Q for
the quarterly and year-to-date periods ended June 30, 2019.
Business Update Related To COVID-19
In March 2020, the World Health Organization declared the Coronavirus (COVID-19)
a pandemic. The outbreak spread quickly around the world, including essentially
every geography in which the Company operates. The pandemic has created
uncertainty around the impact on the global economy and has resulted in impacts
to the financial markets and asset values. Governments implemented various
restrictions around the world, including closure of non-essential businesses,
travel, shelter-in-place requirements for citizens and other restrictions.
The Company took a number of precautionary steps to safeguard its businesses and
colleagues from COVID-19, including implementing travel restrictions, arranging
work from home capabilities and flexible work policies. Through the end of the
second quarter, nearly all of the Company's colleagues have continued working
fully in a remote work environment, with virtually no disruption to the Company
as a whole and its ability to serve clients. The safety and well-being of our
colleagues continues to be our first priority.
Over the past several months, many countries have begun to "re-open" their
economies, with various conditions imposed by each jurisdiction. The Company has
re-opened offices in various locations around the world, while ensuring that it
continues to adhere to guidelines and orders issued by national, state and local
governments. The timing of office re-openings will vary based on the conditions
and restrictions in each location, but it remains uncertain the extent to which
colleagues will return to offices for the remainder of the year. However, the
Company expects it will continue its ability to service effectively while
colleagues remain in a remote work environment.
The Company has taken various actions to maintain liquidity in response to the
potential impacts of COVID-19, including establishment of a new committed credit
facility in April 2020, and actions to reduce expenses and capital expenditures.
The ultimate extent of the COVID-19 impact to the Company will depend on
numerous evolving factors and future developments that it is not able to
predict. Factors that could adversely affect the Company's financial statements
related to the financial and operational impact of COVID-19 are outlined in
"Item 1A - Risk Factors" in the Company's Form 10-Q for the quarter ended March
31, 2020.

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Acquisition of JLT
On April 1, 2019, the Company completed its acquisition (the "Transaction") of
all of the outstanding shares of Jardine Lloyd Thompson Group plc ("JLT"), a
public company organized under the laws of England and Wales. Under the terms of
the Transaction, JLT shareholders received £19.15 in cash for each JLT share,
which values JLT's existing issued and to be issued share capital at
approximately £4.3 billion (or approximately $5.6 billion based on an exchange
rate of U.S. $1.31:£1).
JLT's results of operations for the period January 1, 2019 through March 31,
2019 are not included in the Company's results of operation for 2019.
By virtue of the acquisition of JLT, the Company assumed the legal liabilities
and became responsible for JLT's litigation and regulatory exposures as of April
1, 2019. Please see the "Risk Factors" section of our most recently filed Annual
Report on Form 10-K for risks associated with the acquisition.
The Company's results for the three and six month periods ended June 30, 2020
were impacted by JLT related acquisition, restructuring and integration costs as
well as legacy MMC restructuring programs as discussed in Note 15 to the
consolidated financial statements.
Acquisitions and dispositions impacting the Risk and Insurance Services and
Consulting segments are discussed in Note 8 to the consolidated financial
statements.
This Management's Discussion & Analysis ("MD&A") contains forward-looking
statements as that term is defined in the Private Securities Litigation Reform
Act of 1995. See "Information Concerning Forward-Looking Statements" at the
outset of this report.

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