General

Marsh & McLennan Companies, Inc. and its consolidated subsidiaries (the
"Company" or "Marsh McLennan") is a global professional services firm offering
clients advice in the areas of risk, strategy and people. The Company's 78,000
colleagues advise clients in 130 countries. With annual revenue over $18
billion, the Company helps clients navigate an increasingly dynamic and complex
environment through four market-leading businesses. Marsh advises individual and
commercial clients of all sizes on insurance broking and innovative risk
management solutions. Guy Carpenter develops advanced risk, reinsurance and
capital strategies that help clients grow profitably and pursue emerging
opportunities. Mercer delivers advice and technology-driven solutions that help
organizations redefine the world of work, reshape retirement and investment
outcomes, and unlock health and well being for a changing workforce. Oliver
Wyman Group serves as a critical strategic, economic and brand advisor to
private sector and governmental clients.
The Company conducts business 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 health, wealth 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 Group.
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 three and six months ended June 30, 2020 results and
similar comparisons, see "Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations" of our Form 10-Q for the quarter
ended June 30, 2020.
Business Update Related To COVID-19
It has been well over a year since the World Health Organization declared
COVID-19 a pandemic in March 2020, and the pandemic continues to impact
virtually every geography in which the Company operates. The safety and
well-being of our colleagues remains our first priority, while we continue to
serve the needs of our clients.

In certain parts of the world, governments continue to ease restrictions or fully reopen their economies as initial distribution and uptake of vaccinations contribute to reduced infection rate of the virus. While the vaccines are effective, uneven distribution has left many countries vulnerable to continued outbreaks and the emergence of variants of the virus has led to increased infection rates, even in areas where the vaccination rate is relatively high. Although the vast majority of colleagues continue to work in a remote environment, the Company will provide guidelines on a gradual and phased return to the office depending on the level of virus containment and local health and safety regulations. The Company expects to continue to service clients effectively in the current remote environment and as colleagues gradually return to the office.



Although the pandemic is ongoing, the Company had strong revenue growth through
the first six months of 2021 and benefited from the continued recovery of the
global economy. However, uncertainty remains in the economic outlook and the
ultimate extent of COVID-19 impact to the Company will depend on future
developments that it is unable to predict, including new "waves" of infection
from emerging variants of the virus, potential renewed restrictions by various
governments or agencies, and the effectiveness and distribution rate of
vaccines.
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-K for the year ended December 31, 2020.
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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